RE: Ready to Retire? Part 2, The RRIF Trap. 2015 $50 1 Troy oz. Gold Maple Leaf

I can understand at the surface why my Mom insisted in preserving her RRSP/RRIF since I know that she considers that savings as her security. Her Advisor was a bit self serving knowing that he would be earning account trailing fees the longer she keeps these funds in their Banks investment instruments.

In my plan, I will be drawing down my RRIF using my excess tax headroom and depositing into my Tax Free Savings Account (TFSA) as possible. I hope I don't need to draw from this account but only if something is urgent. Otherwise, I can hand this account over to my kids TAX FREE!

Buying a home for my kids to grow up was my first goal but I had to have a life makeover. I fast tracked graduated as a Nurse in under a year. Got a job before I graduated. Worked long hours, extra shifts, Overtime and holidays. My roommate looked after my boys. Accumulated a chunk of savings, borrowed from my RRSP, and my Mom gifted me enough cash to afford a conventional mortgage. I was real careful picking a home with the right location. etc, etc.

This can explain why I'm now sick so I'm retiring early. I'm so Burned out.
!LADY
!PIMP