Topic: Entering the CF and YOUR Money....

[dapaterson]

RRSPs can serve additional benefit for long-serving CF or Public servants.  CFSA and PSSA benefits have certain penalties if drawn before certain age / years of service combinations. 

Delaying drawing payments from the CFSA or PSSA can reduce those penalties.  Using slow RRSP withdrawals to live off can permit an earlier retirement, and increased pension benefits by reducing or elminating the penalties.



re: Best RRSPs.  Find a bank with low-fee mutual funds to start, and begin monthly pre-authorized transfers.  As you get pay increases, increase your contributions (staying within your maximums).  A good advisor will help you balance TFSA and RRSP contributions; the appropriate mix will vary depending on your employment and income, since, at entry level, you're unlikely to be able to make maximum contributions to both.

[Rheostatic]

re: Best RRSPs.  Find a bank with low-fee mutual funds to start, and begin monthly pre-authorized transfers.  As you get pay increases, increase your contributions (staying within your maximums).  A good advisor will help you balance TFSA and RRSP contributions; the appropriate mix will vary depending on your employment and income, since, at entry level, you're unlikely to be able to make maximum contributions to both.

Thanks, I've read plenty on how much and how often to contribute, but I've found much less information on how RRSPs are structured.

[dapaterson]

A registered retirement account can be almost anything - savings type account, GICs, mutual funds, stocks, bonds... but in early years, it's probably easiest to accumulate in a low MER mutual fund.  Mutuals give you diversification.

Most of RRSP savings is putting it aside and monitoring it occasionally - but not obsessing about every fluctuation.

[Fotoshark]

I'm not sure if it's been added yet as there's a ton of pages to go thru but for those with or thinking about getting RRSPs, for every $1000 in a yr you gain $300 back on ur income tax.  The more you contribute the better.  I am fortunate to have grown up with family in the banking industry so I have an RRSP and a mutual fund on the go.  At one point I did have Canada savings bonds but the comparison in effort to make any gain on those compared to the many options the banks have was so not worth it that I cancelled em and went the bank investment route.  My RRSP is for retirement however.  The mutual fund is for savings, and knock on wood I've never really lost much on the market I've more or less gained more in the long run.

It's def worth it to invest ur money

-T.