PimpedOutPete

Hey Athena, I am right with you. I give myself less than 6 more years and I am done, both myself and my wife will be age 60 then. We have our home paid off, like weed mentioned we are pouring what we paid into our mortgage into a tax free account. We will sell our home in Calgary and purchase a home on Vancouver Island, case for case. Our advisor said we are at the 91% of where we want to live when we retire. Biggest obsticle is health, nothing in life is guaranteed.

Great conversation Guys. There are several points that have not been discussed when if comes to CPP (Canada Pension Plan). As we speak the US is facing a crisis in Social Security in which it potentially will be insolvent in 10 plus years. The reason I know is my wife and myself are the few in that we file taxes for the US and Canada. In the US system your social security payments go directly into the US Treasury where it can be used to pay people already on Social Security. It also is used to pay for programs such as Medicare. As we all know the cost of medical care is rising in the US like made and programs like Medicare continue to rise. There is a shortage of new members and plenty of baby boomers drawing which makes even more of problem. The benefit is you get more of a return with less put into it. In Canada, 1996 the federal government realized we were going into the same direction and they changed course. As a direct result of this public consultation process and internal review of the CPP, key changes were proposed and jointly approved by the Federal and provincial governments in 1997. Moved towards a hybrid structure to take advantage of investment earnings on accumulated assets. Create the CPP Investment Board that is independent from the federal government, and the government cant withdraw from it. It ended up making the program successful. The advantage to RRSP is that if you invest in a modest amount over the long hall, you can create a nice nest egg for retirement for you get much better rates of return compared to TFSA Tax Free Saving Account. Only issue? You need to invest long term. Also, when you retire, you do get to taxed but at the lowest rate and potentially may get a return still but Im not sure about that. Also which i think was not mentioned is you get to claim almost 20% of your RRSP contribution right off your return which is a bonus right away. Most employers will also match your contributions dollar for dollar up to 8%, that again it could be more. With the RRSP program The federal government will also let you use it for the Home Buyers Program and the Student Load Program. In both cases you can borrow X amount tax and interest free as long as you replay it in 20 years. For short term spending Weed is right on, Th TFSA Tax Free Saving Account is the way to go. Awesome topic guys.

Your fake news, so shush! lol

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Thank you Duc

Bahahahaa Nice!

Welcome to insanity.

Thats awful.

Wow, that's impressive

Mike sent me this pic, he got it at a yard sale.

Looks Great

Happy Birthday!

Awesome!

Thank you

Welcome back

As some of you may know, I work in healthcare and my two daughters are frontline RN's. Occasionally they receive inspirational cards from children. I wanted to share this one with you for its honest and funny as well.

That is awesome.

lol nice

Now that is fucking funny (lol).

That 2020 just doesn’t want to give up without a fight.

Whatever they have to do, good luck my friend.

Bahahaha what a fucking nut job.

That sucks! I wish others would listen to your situation and the effect this has had on you and your family Ron. I do wish you and your family the best during this Christmas season. Cheers my friend.

Wow Ron you are not getting much luck during this pandemic. You literally are a poster child to what this mess can do a family. I wish you the best of luck my friend.