A registered retirement savings plan (RRSP) is what Canadians need to set up if they want a become a snowbird in retirement. Can’t wait for my then-wrinkly skin to soak up le soleil!
(click on the bold-faced vocab words:))
RRSPs are so cool! My contributions reduce my taxable income. Yah, more $$ pour moi!
Plus, the $$ grows without the government taking a cut. Only upon withdrawal does the government get any of my $$.
RRSPs are available at banks. Single ladies, prepare yourself to check the “individual” box on the sign-up form. As usual, there are perks for those coupled up. And for those who like to be in control, there is a self-directed plan.
I’m planning to open a self-directed plan. No one else decides my ensembles, so why would I have someone else pick my investments?
I have a few more books to go before I take on the responsibility. My fave read so far has been The Wealthy Barber by Dave Chilton.
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)