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There’s roughly $150-billion of extra savings in bank accounts as a result of measures to fight the pandemic by keeping people at home. Give some thought to putting some in a registered retirement savings plan before the March 1 contribution deadline
Economists expect some of these billions to be spent when the pandemic eases, which is both understandable and desirable. Consumer spending will be important in getting the economy back to normal levels. But money parked in savings also presents an unusual opportunity to build up your resources for retirement, especially if you’re part of the majority of people who don’t have workplace pensions.