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Retirement: It’s nice to get out of the rat race, but you have to learn to get along with less cheese. ~ Gene Perret Update: This article is featured in the Money Hackers Carnival #108 – Dare or Truth! at Eliminate the Muda. Thanks. I love that theme! It’s also included in the Carnival of Financial Planning Edition #133 by The Skilled Investor. Thank you! I’ve had a [...] Continue reading Should You Take Money Out of RRSPs to Pay Off Debt? Today, there are three kinds of people: the haves, the have-nots, and the have-not-paid- for-what-they-haves. ~ Earl Wilson Update: This post was included in the 245th Carnival of Personal Finance at Budgets Are Sexy. Thanks! RRSPs work best for the haves. The have-nots might be better off starting with TFSAs, and the have-not-paid-for-what-they-haves should pay down debt first. That would pretty much sum up my general view of [...] Continue reading RRSP vs. Paying Down Debt Life is not long, and too much of it must not pass in idle deliberation how it shall be spent. ~ Samuel Johnson Our series on RRSP Basics continues today with some information on how and when to take money out of your RRSP. Withdrawing Money Before You Retire The idea behind RRSPs is that you won’t be taking any money out until you retire. But as we all [...] Continue reading RRSPs: Taking Money Out The road leading to a goal does not separate you from the destination; it is essentially a part of it. ~ Charles DeLint Update: This article appears in the Carnival of Personal Finance #242 – Fun Tax Facts at Cash Money Life. Thanks Patrick! Yesterday we began a series on RRSP Basics with a primer on what an RRSP is and who should use them. Today, we’re going [...] Continue reading RRSPs: What Should You Put in Them? Warning: Dates in Calendar are closer than they appear. ~ Author Unknown Registered Retirement Savings Plans (RRSPs) were introduced by the Government of Canada in 1957 as a means of encouraging Canadians to save for retirement. That need has only grown over the decades as corporate pensions have been cut and the number of companies matching contributions has dwindled. Many pension plans took a huge hit when the [...] Continue reading RRSPs: Who Needs Them? |
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