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Subject: How do you plan to retire in Canada |
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This is an interested topic. I always picture how I gonna retire in Canada consider this may be my future home. I wonder if anybody of you have a plan or discuss with your financial planer here. There are chances that you may not retire in Canada or back to home country? How do you think?
For me, doesn?t matter my income is so low right now, still I will retire in the future. I remember back to my teenage or high school, I never saved up a penny, I always told myself I would save when I have much more income.
I am 24 years old right now. I had a RRSP (Register Retire Saving Plan) for half year already. I contribute 10% of my total bi-week paycheck into this account before I use single penny of them. Just want to earn each cents of interest rather than just pay all amounts before March 1st. All income, 10% mandatory deduct for myself. (Including GST refund, bonus) I opened RRSP the first day when I have job after I finished my degree.
People think I am crazy; there are tons of 20 something to do rather than RRSP contribution.
The reason why I do this, I figure out for immigrants like me, the risk of retirement is much more than normal Canadian. I have to depend on RRSP instead of CPP (Canadian Pension Plan).
One more thing, if I really successfully land in Canada, I would consider buy property rather than change my 1986 Corolla, you know what? I hate to say so, most of Asian just pay too much attention on their car, car only gives you depreciation. I never care about what kind of car do I drive, really, for people in the West Coast, I am not sure about Sharon, in my mind everyday is about how to give yourself a property to retire in this heaven. It just sounds too weird to talk about this kind of topic from a 24 years old guy, right?
I want to hear of you guys comment about your retire plan in Canada.
[16-02-2005,19:56] [***.25.33.94] Yijie |
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(in reply to: How do you plan to retire in Canada) By the way, I am not marry yet but I have serious relationship with my girl friend, we figure out we will retire at the same time. 57 will be my retire age, 55 will be her.
[16-02-2005,19:57] [***.25.33.94] Yijie |
(in reply to: How do you plan to retire in Canada) Are you sure you survive till then? Mean at 55? What happens if (God forbidden) you pass at 45?
Regards
[17-02-2005,01:06] [***.188.105.16] SAQ |
(in reply to: How do you plan to retire in Canada) hey, how come you said so, this is offend to me
[17-02-2005,03:16] [**.66.78.119] Yijie |
(in reply to: How do you plan to retire in Canada) Yijie... you are talking about something our yet to be Canadians would have trouble relating to. They do not understand how we talk about retirement ages and our plans to get there. RRSP´s are not really on the radar screen of an immigration applicant. They are generally concerned about finding work, getting settled and making sure the cash flow starts happening.
Our responder was commenting about what happens in between 25 and 55! He has a point.
I think you risked a subject that is outside most forum members area of familiarity and interest (at least for now)
[17-02-2005,14:19] [***.81.114.40] sharon |
(in reply to: How do you plan to retire in Canada) Just want to hear from people here about their plans of retirement. I know most urgent problems are trying to settle down, find a job start to have cash follow. However, do you have a plan? Business needs a business plan, and then you can talk to bankers about future loan payment. Even though it??s a plan which changed quite lot until you retire. 24 years old is not a retired age for me, doesn??t matter it??s a time for me to concern about retirement. Same as any immigrants here, doesn??t matter you are not Canadian citizen yet, you still have to plan your future life in Canada. How you gonna send you kids to schools, how to apply Child Tax Return, How to find out your future.
I will say if you really wanna survive in Canada, of course you can. There are so many physical jobs to start cash flow. Even be a pizza driver can earn up to 10 bucks/hour in my town. The only thing you need is a car and you want to work.
Sorry, maybe I am too naive to imagine these topics will be popular in this season.
[17-02-2005,14:39] [**.66.78.119] Yijie |
(in reply to: How do you plan to retire in Canada) If a person is thinking of retirement at the age of 24, I think he is already retired
[17-02-2005,18:33] [***.210.121.61] annonymous |
You Yijie... (in reply to: How do you plan to retire in Canada) Do you have attention- seeking issues???
[17-02-2005,19:37] [***.148.230.76] Fish |
(in reply to: How do you plan to retire in Canada) I disagree with that, your first paycheck has already been taken away your CPP.
[17-02-2005,20:00] [***.25.33.16] Yijie |
(in reply to: How do you plan to retire in Canada) Yijie... 95% of our posters do not know what CPP is!
In case anybody cares at this point - CPP is Canada Pension Plan. Every Canadian who works pays into a pension plan. Your employer pays half and you pay half (approximately). When you turn 65 the CPP plan starts to pay you a small cheque every month. That is what Yijie is talking about. Your first paycheque in Canada already has a built in retirement savings plan attached.
[18-02-2005,18:57] [***.81.114.40] sharon |
retirement (in reply to: How do you plan to retire in Canada) Thanks Sharon for that detail and to you, Yijie. Retirement is important and it is never too early to plan!
For my American colleagues looking to immigrate to Canada, the good news for you is that you can transfer your quarter credits from American Social Security over to the Canadian system through a Us - Canada Treaty. Therefore you lose nothing.
ron
[18-02-2005,21:03] [**.161.128.46] ron |
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