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Registered retirement savings plan. A registered retirement savings plan ( RRSP) ( French: régime enregistré d'épargne-retraite, REER ), or retirement savings plan ( RSP ), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts.
The goal of retirement planning is to achieve financial independence . The process of retirement planning aims to: [1] Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire. Identify actions to improve readiness-to-retire. Acquire financial planning knowledge.
Registered retirement income fund. A registered retirement income fund ( RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue Agency .
Here’s how to invest your money after retirement so it can continue to last you through your golden years. 1. Calculate your retirement expenses. When you were saving for retirement, you were ...
6. Review and adjust your budget regularly. Rest assured: Life doesn’t stop because you’ve retired. And neither should your financial planning. Make a plan to check in your budget every month ...
Planning for retirement is one of the hardest money issues people face, as the uncertainties of dealing with a goal that's years or even decades away are hard to navigate. In this edition of our ...
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