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

avatar

You are viewing a single comment's thread:

What a shame that the tax man took that much of your mom's savings! An expensive lesson to pass on to your kids.

I have not been able to save for my retirement yet, nope. Life was pretty rough for more than a decade and now all focus goes to saving to buy property and take it from there.

Definitely not smart to only listen to a bank advisor as they probably want to get out of this situation the best themselves, as it seems to have happened here as well.

!PIMP !LADY

silvergoldstackers
0
0
0.000
3 comments
avatar

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

0
0
0.000
Reply
avatar

I can only imagine sis, you worked really hard to secure things for you and the children but it came with a hefty fee :(

!LADY !PIMP

0
0
0.000
Reply