Retirement income sources go way beyond investments

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The financial industry sometimes overlooks the significant differences in investment knowledge from one person to the next. Some people are savvy, self-directed investors, while others do not understand the difference between an RRSP and a TFSA.

Recent research by Angus Reid for Tangerine found that only 74 per cent of those surveyed knew that TFSA stands for tax-free savings account. Despite being around much longer than the TFSA, the RSP acronym was only known by 39 per cent. Retirement savings plans are often referred to as RRSPs or registered retirement savings plans as well.