WILL YOU STILL LOVE YOU WHEN YOUR 64?
Happy Valentines Day! Give yourself a Valentines Day gift by thinking about your retirement! Now is RRSP season and the banks have started to bombard us with sales pitches about your RRSP. Do you have an RRSP? Do you have an RRSP because your Union gives you one as one of the benefits? Will an RRSP benefit you when and if you retire?
First question to ask yourself is"Will I ever Retire?" Some people can't wait to retire because their work just doesn't turn them on. Others will never retire because they love their work, or know they will never have enough income to live on if they stop working. Some folks lead an unhealthy lifestyle and won't live till retirement age. Which one are you? Serious questions to ask yourself on such a romantic, heart warming day!
Besides, what's an RRSP anyway. Some people see it just as a quick tax deduction, some see it as a forced saving account. An RRSP is not really a tax deduction, but rather a tax deferral option. You will pay tax, just at a later date. Perhaps when your no longer working, and your tax rate is LOW. But if you don't ever plan to have a low tax rate, because your going to be richer and more famous in your golden years, then an RRSP is not the best for you. Also the tax laws regarding investing OIUTSIDE of an RRSP have changed so much, that many of the benefits of an RRSP can be had without the restrictions of an RRSP.
Every ones situation is different. If all the above is clear as mud, give me a call and we can discuss YOUR particular situation and future. In the meantime, eat some chocolate, its good for the heart.
First question to ask yourself is"Will I ever Retire?" Some people can't wait to retire because their work just doesn't turn them on. Others will never retire because they love their work, or know they will never have enough income to live on if they stop working. Some folks lead an unhealthy lifestyle and won't live till retirement age. Which one are you? Serious questions to ask yourself on such a romantic, heart warming day!
Besides, what's an RRSP anyway. Some people see it just as a quick tax deduction, some see it as a forced saving account. An RRSP is not really a tax deduction, but rather a tax deferral option. You will pay tax, just at a later date. Perhaps when your no longer working, and your tax rate is LOW. But if you don't ever plan to have a low tax rate, because your going to be richer and more famous in your golden years, then an RRSP is not the best for you. Also the tax laws regarding investing OIUTSIDE of an RRSP have changed so much, that many of the benefits of an RRSP can be had without the restrictions of an RRSP.
Every ones situation is different. If all the above is clear as mud, give me a call and we can discuss YOUR particular situation and future. In the meantime, eat some chocolate, its good for the heart.
posted by D.R. Jellis at 10:10 AM
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