What is the maximum age at which you can contribute to your own registered retirement savings plan (RRSP)?

The maximum age at which you can contribute to your own registered retirement savings plan (RRSP) is 71. This is significant because after you turn 71, you are required to close your RRSP and convert it into a registered retirement income fund (RRIF) or purchase an annuity. Until that age, individuals can contribute to their RRSP, provided they have contribution room available and their income allows it.

This rule helps facilitate retirement planning by ensuring that individuals are transitioned into income-generating vehicles that support them during their retirement years once they reach this age threshold. Understanding this limit is crucial for effective retirement savings strategies, and it emphasizes the importance of planning ahead to maximize retirement contributions before reaching the age of 71.