In This Economy: How to handle RRSPs in an affordability crisis
The Big Story
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Navigating RSP Withdrawals for Life Events and Retirement
This chapter explores the options and implications of taking money out of an RSP for life events like buying a home or pursuing further education. It discusses programs like the home buyers program and the lifelong learning program, emphasizing the importance of understanding withdrawal limits, repayment time frames, tax consequences, and strategies to mitigate penalties. The discussion also covers accessing retirement funds through a RIF starting at age 55, stressing the need for careful planning to ensure financial security during retirement.
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