23.1 - RETIREMENT PLANNING INTRODUCTION TO RRSPs To Retire...

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Unformatted text preview: RETIREMENT PLANNING INTRODUCTION TO RRSPs To Retire in Comfort Save 30% of Before Tax Income Sources of Retirement Income Government Plans Company Pension Plan Personal Savings (RRSPs) Inheritances Lottery Winnings Government Pension Plans Old Age Security: $5,661 Canada Pension Plan/ Quebec Pension Plan: $9,945 Annual Income: $15,606 Company Pension Plans Only 42% are members “Cadillac” plans are rare Rule of Thumb 70% of your final earnings Replacing Today’s Income Your Income 10 Years 20 Years 30 Years 40 Years Today Later Later Later Later $40,000 $54,000 $72,000 $97,000 $130,000 $60,000 $81,000 $108,000 $146,000 $196,000 $80,000 $108,000 $144,000 $194,000 $261,000 $100,000 $134,000 $181,000 $243,000 $326,000 3% Inflation Rate RRSP OVER VIEW Registered Retirement Savings Plans (RRSPs) • Contributions are tax deductible • Income grows tax deferred • Pay income tax when withdrawal •...
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This note was uploaded on 11/13/2011 for the course CIVE 2*** taught by Professor - during the Spring '11 term at Carleton CA.

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23.1 - RETIREMENT PLANNING INTRODUCTION TO RRSPs To Retire...

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