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QotD 2007-02-28


bradm
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Today's question: Do you have and contribute to a Registered Retirement Savings Plan? If so, are you maximizing your contributions? (And for any American skanks, do you have an IRA or a 401-K?)

I have an RRSP (and have had since about 1987 or 1988), and have contributed the maximum I'm allowed to it every year I can, certainly every year of the last 15 or so.

Aloha,

Brad

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I have one through my union (Great West London Life), since 1990. Every hour I work, I contribute five dollars ($5 an hour) into the RRSP, there is a weekly limit but I can't remember what it is. You really only hit it during the 7 day a week/12 hr a day jobs.

In the past I have maxed it out but I haven't in recent years with not working as much.

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5 bucks an hour to my pension and I work a lot of hours! RRSP would be a waste for someone like me because I'd get taxed like a mofro when it'd be time to collect.

That being said a lot of group pension plans have taken a hit over last few years. The government has been enforcing strict solvency rules for group pensions due to some pension plans going broke in the country. The problem is, the troubled pension plans (ie Stelco) are usually single employer pension plans, whereas mine is a Multiple Employee Pension Plan (a MEPP).

I can easily have 5 or 6 employers a year. The chance of 5 or 6 companies going broke (especially in today's construction boom)is pretty slim, however the gov has decided to categorize my plan (and all other MEPP's) the same as single employer plans. So my pay back has dropped from 3% to 1.5% and they have pushed back my retirement date three years.

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Guest Low Roller

You betcha! RRSPs, mutual funds, GICs, stock portfolio, UK pension fund, off-shore account(s)... It's so important to have a financial plan, otherwise you're just missing out. The interest a bank gives you is laughable, why waste time with it?

I'm rich biatch!

Chappelle voice>

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I contribute twice a month to my RRSP plan, but I have not maxed out my contributions yet. I also contribute to the Teacher Pension Plan. My contribution to that was just increased by 2% because of the influx of new teachers into the system. As teachers, we can not contribute as much to our RRSPs because of our pension.

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