Every year during tax season in Canada, there is a rush to make contributions to Registered Retirement Savings Plans (RRSPs), especially for people who are approaching retirement.
Bitcoin and other cryptocurrencies - a form of virtual currency first established in 2009 - are shaping up to be the investment trend for 2018.
Cryptocurrencies are being touted as the future of monetary transactions, eliminating the need for banks and other financial institutions as cryptocurrencies are decentralized - meaning their networks aren't run by a single person or company.
Despite promises of doubling or even tripling retirement funds through cryptocurrency investments, many financial experts are cautioning against investing in cryptocurrencies, particularly for people who plan to access their retirement funds soon.
Because of their digital nature, cryptocurrency investments can be stolen by hackers - propped up by the fact it can be very easy to lose the digital key that functions as the only proof of a cryptocurrency transaction and ownership.
It's not just cryptocurrencies though - most financial experts caution against any kind of investment that could fluctuate quickly or be seen as a "risk" for people who might need their retirement savings sooner rather than later.
So, if not cryptocurrencies, where should retirees and soon-to-be retirees invest their money in 2018? That's where IFA's experts can help. Click one of the icons below to arrange an interview today.
Mr. Don M. Blandin President and CEO
Don M. Blandin was appointed President and CEO of the Investor Protection Trust in June 2004
Dr. Robert E. Roush Professor and Director
Dr. Roush trains healthcare professionals about the role of age-related changes in making executive decisions about finances.