When planning your Registered Retirement Savings Plan (RRSP) contributions, it’s important to think about what you want to achieve today and tomorrow and not get caught up in past performance.

For example, do your current RRSP holdings reflect your preferred asset mix? If not, now may be a good time to rebalance your portfolio.

Rebalance and strengthen

An easy way to start is by allocating any new lump sum contributions toward an asset category that’s underweighted. You could also target a higher percentage of your regular contributions toward those investments or do a little of both.

As you choose specific investments within an asset class, look for opportunities to strengthen the quality of your portfolio. For example, within equities, you may want to increase your holdings in certain geographic markets for greater stability and long-term performance.

Top up your deposits

In addition, you may want to take advantage of any opportunity to top up your regular RRSP contributions.

If you have recently received a bonus or raise, for example, it may be appropriate to use a portion of your windfall to increase your RRSP contribution.

If you’ve already contributed the maximum for this year, you can catch up on any unused contribution room or contribute for next year. You will also want to consider how a TSFA fits into your plan.

An investment professional can help you choose investments to suit your retirement goals and comfort zone. Call Servus at 187SERVUSCU (1.877.378.8728) and make an appointment with one of our wealth advisors.

Servus Wealth Strategies Ltd. is a subsidiary of Servus Credit Union Ltd. offering financial planning, life insurance and investments. The information contained in this article is provided as a general source of information and should not be considered personal tax advice or investment advice.