retirement plans, finances, etc.

[deleted] · 2016-12-11T16:14:00+00:00

[permanently deleted]

oldredder · 2016-12-11T18:50:50+00:00

We have TFSA instead of Roth IRA. The only way it works is if you only buy/sell from within the TFSA trading account. Your company retirement plan will not be eligible.

The one where they match funds sounds best of all since half the cash is theirs. Keep an eye out for conditions like limits that it's only up to x dollars or x% then "no more matching"

The main issues with retirement accounts is any fees applied before you can get the money, and any loss of the account (FULL loss, erased) if the company goes bankrupt, and, finally in the year you do retire if something's gone terribly wrong with currencies you might not get paid out, or you might get paid in a situation where it's not worth anything.

That's why the employer-matching is best because half the cash is theirs.

Those "choices" on the paper don't look great - any of them. "moneymarket" is the one that's the most risky so I say avoid it.

When retirement funds are invested in items that lose big in a crash the fund itself loses value meaning maybe no one gets paid out at retirement.

mbillion · 2016-12-11T18:51:26+00:00

At your age invest in high risk high growth opportunities, if there is a match always contribute at the last three match amount-otherwise you are literally leaving money on the table.

I could go on for days. 6-7 percent should be a baseline and 10-15 percent is a great stretch goal to put into savings every paycheck.

Donate first the match, next a Roth IRA, if you can max both of those out with your income, mutual funds should come next

PBRistasty · 2016-12-12T02:08:15+00:00

Don't focus on the plan, look at what each plan invests in. I'm in the US but this should apply to Canada as well. What you want to see is a plan with fairly aggressive investment strategies, and one where you have no interest in touching for years. At a minimum, this will lower your overall tax bracket, which at your age is a double bonus as you wont have many itemized deductions.

Title	retirement plans, finances, etc.
Author	covertRedOps
Upvotes	3
Comments	14
Date	December 11, 2016 2:38 PM UTC (9 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/5hqbjm/retirement_plans_finances_etc/
Archive Link	https://theredarchive.com/r/askTRP/retirement-plans-finances-etc.78954 https://theredarchive.com/post/78954

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