SLIDESHOW: 5 Excuses for Not Contributing to Your RRSP
I'm Contributing to My Kids' RESP Instead of My RRSP
Your kids can apply for scholarships and student loans. They can go to community college for two years before moving on to university. They can get a job and attend college part-time or even take a year between high school and college to work and save money. Their lives are still ahead of them. Retirement doesn't work the same way.
Key point: there are no RESPs, scholarships or low-cost, government-subsidized retirement loans for retirees. Taking a year to save extra money merely means delaying retirement and doing the same thing you've done for the past 40 years. And that's only if you're healthy enough to do so.
If you can afford to execute your retirement strategy in full and still save money for your kids' RESP, great. But if you have to choose between them, this is a time to be selfish. Your kids will thank you when you're at retirement age and you can babysit the grandchildren because you're not at work!