No, I haven’t started working on my stack of books I promised to review. I did, however, find Preet’s book in the Ottawa Public Library and had a quick read through it. This is a great book for folks who want to learn about RRSPs.
The book has short punchy chapters, which is great for folks like me with short attention spans. Many are simple recaps of previous articles Preet has written. Many of the later chapters capture the more intricate topics of RRSPs like:
- RRIFs and how they fit into the RRSP solution.
- Locked in Retirement accounts, and their possible uses (including ways to unlock them).
- Spousal RRSPs, a topic near and dear to my heart.
- Life Long Learning Plans and The Home Buyer’s Plan the two ways to get money out of an RRSP “early”.
- Holding your mortgage in your RRSP.
- RRSP meltdowns, or using your RRSP the wrong way
I also like that Preet’s introduction mentions the now infamous doubling penny saving plan. A fun arithmetic trick, that will surprise some folk.
I would recommend this book, however, I took it out of the library. It is a quick read, and also a good reference book to have. You need to understand the power of an RRSP, although this book doesn’t really touch on TFSAs and how they have changed the retirement game. The book misses the TFSA because it was published in 2008.
I am also a friend of the author (for full disclosure).
Title: Rrsps: The Definitive Book on Registered Retirement Savings Plans
Author: Preet Banerjee