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In This Economy: How to handle RRSPs in an affordability crisis
Apr 6, 2024
Certified financial planner Jackie Porter discusses RRSPs, including contribution strategies, flexibility of withdrawals, using funds for home purchases, and planning for retirement. The importance of debt repayment, emergency funds, and investment management are highlighted, with advice on navigating RRSPs in today's economy.
31:01
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Quick takeaways
- RRSPs offer tax advantages and shelter investments, but early withdrawals can incur penalties.
- Deciding between RRSPs and TFSAs involves balancing tax benefits and flexibility based on individual circumstances.
Deep dives
Understanding Registered Retirement Savings Plans (RRSPs)
Registered Retirement Savings Plans (RRSPs) are ideal for long-term savings, providing tax advantages and sheltering investments from taxes until retirement. While the goal is to leave funds untouched until retirement, life circumstances may necessitate withdrawals with potential penalties. Prioritizing debt repayment, building an emergency fund, and considering RRSP contributions for retirement or home purchases form key aspects of financial planning.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode