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Post by Ty Kissner on Feb 19, 2009 20:27:14 GMT -5
Investing for your retirement is soo much easier in canada,
Our banks and financial companies have G.I.C and rrsps, also known as Guaranteed Investment Certificate and Registered retirement savings plans with a GIC The financial institution pays you to borrow your money for a set number of months or years.
A Registered Retirement Savings Plan or RRSP is an account that provides tax benefits for saving for retirement in Canada. RRSP refers to a provision in the Income Tax Act that allows a person to shelter financial property from income taxes.
RRSPs may reduce taxes in up to three ways:
Contributions to RRSPs, up to limits described below, may be deducted from income before calculating income tax due. Income earned within the account (interest, corporate dividends, trust distributions, capital gains) is not taxed until money is withdrawn from the plan, allowing the plan to grow faster than the same investments would grow if they were held outside the plan and thus subject to tax. Money may be withdrawn from an RRSP in tax years when one is in a lower income-tax bracket because of lower income (due to retirement, unemployment, etc.) than tax years when one makes contributions.
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Post by Erick "Zap" Szczap on Feb 19, 2009 21:45:08 GMT -5
^GICs are like CDs or bonds. That's all. And what you described of an RRSP is the same concept as an IRA.
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Post by Anthony Snook on Feb 19, 2009 23:27:34 GMT -5
The 10K was just a figure I picked. I didn't lose that much compaired to others that I hear of. Maybe a grand, over the last year or so. Matt, 30 years until I retire, 32.5 yrs until I withdraw my money from my 401K. A little ways down the road I can't stand losing ANY money, even though I know its "not really money now". I'm in 2 funds. 90% in the fund that NEVER loses, and 10% in the other thats not much risk. Thanks guys, I feel REALLY smart now
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Post by Guy Windover on Feb 20, 2009 6:42:55 GMT -5
I try not to think of my 401k, i droped my contribution to about 1% and dont plan on looking at it for a while. Actually now is not the time to decrease unless you really can't afford it. The best time to buy stock is when it is in the basement. Like housing, buy low sell high. Too often we buy high and sell when things drop. More millionaires were created during the depression. Why? Things were cheaper and deals were to be had.
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Post by Mat Helmer on Feb 20, 2009 8:13:35 GMT -5
I try not to think of my 401k, i droped my contribution to about 1% and dont plan on looking at it for a while. Actually now is not the time to decrease unless you really can't afford it. The best time to buy stock is when it is in the basement. Like housing, buy low sell high. Too often we buy high and sell when things drop. More millionaires were created during the depression. Why? Things were cheaper and deals were to be had. I sure wish I had a million dollars to throw into stocks and investments right now! MANY bargains to be had.
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Post by Andrew Fournier on Feb 20, 2009 13:35:41 GMT -5
I'm still lost in the sauce Gary. If Invest $10,000 and lose it all. My money went somewhere. It won't be there if I want it, if I have a balance of 0. So it went somewhere.......right. For example, if you invested $10,000 in Ford Stock. Say Ford goes broke, then they are worthless. You're money went down the drain with the company. They are worthless, like your investment. They owe other companies money to pay off their insane debt or whatever it is that bankruptcy for giant corporations entails. I think the CEO's will probably have an ice cream party with your 10k though.
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Post by chrislydman on Feb 20, 2009 14:05:29 GMT -5
My sincere sympathy goes out to folks who have this type of retirement set-up. Lucky, or Blessed, whichever you choose to deem it, I was able to serve 23 yrs in our military, and have a solid pension, life ins, health-care etc. That, coupled with some wise investment guidance from a guy who was as dedicated to the market as I was to my job, I'm fairly set. Not saying I didn't earn it, I have the scars to prove I did....I just feel for folks in this position. Just the other day, a maintenance man at my gym told me he figured he had his retirement delayed by approximately ten yrs due to losses. Ouch. Chin up...Or as we used to say in the dive Navy, nose down, butt up
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Post by Gary Roberts on Feb 20, 2009 14:17:39 GMT -5
tim. just trying to keep it simple
gary
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Post by Tim "Powerhouse" Parker on Feb 20, 2009 23:35:20 GMT -5
tim. just trying to keep it simple gary 10-4
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