[meford4u]

NOS2Go4Me,Feb 26 2009, 01:39 PM Wrote:

meford4u,Feb 26 2009, 01:08 PM Wrote:Can you picture yourself as a retiree with no pension?
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This is a commensurate example of being responsible for your own retirement funds, at least in part.

As for GM, only one thing comes to mind:


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Dumb statement Adam.

Why, why would an individual have an RRSP when their company pension, old age security and CPP amounts to them paying back their old age security and CPP if they had an RRDP and forced into withdrawls at age 75? That doesn't make sense.

So why would I have RRSP's? I don't.

Why? My wife and I both have incomes and retirees pensions that would have us paying back excessive amounts of income taxes once we reach the age of 75. Our CPP and 65+ pensions from the government would have to be returned as our income would not justify such a pension. Having paid into the pension funds over the last 30+ years(when I retire) I want to get something back for my money.

So why have RRSP?

I realize most of you are long from thinking about retiring, but the RRSP route is not as lucritive as most think. Ask a retiree who will retire in your financial position. I did and I have benefitted greatly from the advice. The banks want you to invest and pay later. Pay now and reap the rewards of investments outside an RRSP.