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Here's the Average Canadian TFSA and RRSP at Age 40

The article from MSN Money discusses the average savings in Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) for Canadians aged 40. According to the data, by age 40, the average Canadian has approximately $30,000 in their TFSA and $110,000 in their RRSP. The article highlights that these figures can vary significantly based on factors like income, employment status, and financial literacy. It also points out the importance of starting to save early due to the power of compound interest, and provides insights into how these savings vehicles work, including contribution limits and tax benefits. The piece emphasizes the need for Canadians to be proactive about their retirement planning, suggesting that those falling behind the average might need to adjust their savings strategies or seek financial advice.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/money/other/here-s-the-average-canadian-tfsa-and-rrsp-at-age-40/ar-AA1vmcXL ]