RRSP Bingo
When you talk to an investment person, do you feel like you are at an RRSP Bingo game? I have a card to help you out at these meetings.
Pensions and Spousal RRSPs
Are pensions and spousal RRSPs natural financial enemies of each other, or do they compliment your retirement plan perfectly ?
I did my RRSP and TFSA Now What?
After contributing to my RRSP and TFSA, I often hear people ask, “Now what?” It’s a fair question—but the real question should be: What did you invest in once the money landed?
Far too many people drop funds into a TFSA “savings” account earning 1.2%, or worse, let their advisor push them into mutual funds with high MERs (Management Expense Ratios)—sometimes as high as 3.2%! That’s not wealth-building. That’s giving your money away in fees.
The TFSA is a powerful tool, but only if used properly. It’s not just a tax-sheltered savings account—it can (and should) be a vehicle for investing in low-fee, long-term growth assets. The same goes for your RRSP.
Bottom line? If you’re handing over $2,000 to a stranger at a bank and saying, “Do something with it,” you need to spend more time learning about your money than shopping for your next TV. Otherwise, the real cost isn’t the MER—it’s missed opportunity.
Keywords: TFSA, MER, RRSP, personal finance, Canadian investing, mutual fund fees, financial literacy, low-fee investing
The 4% Draw Down Theory (again)
The 4% draw down theory for withdrawing money from your RIF (your RRSP once you have changed it) has some interesting issues if you live too long.
The 4% Draw Down Theory
The 4% draw down theory is that when you retire you withdraw at least 4% of your retirement savings each year (normally), but is that normal?
