How do immigrants plan their retiring saving?

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Subject: How do immigrants plan their retiring saving?
  This is kind of financial question; maybe person like me, 20s, should not think about this kind of question. However, I do believe if I start saving early, it will make me less stress when I am 40??50 years old.

Question is if immigrants here do want to retire in Canada or just go back to your home country. Did anybody here think about it how to retire in Canada?

I figure out people who immigrate to Canada is between middle age.

Have to speed up then you can catch up CPP (Canadian pension plan). But how???

I will share my personal experience.
The place I work is none-profit organization, not too many employees, I don??t have company sponsor group pension or group RRSP. (I am too young and too early to have those, only our director people got those benefit) I can only depend on my RRSP I saved from my first day of internship and my income. I think RRSP is good; it can cut down my taxable income, even though just a little bid, still not bad. And I have registered RRSP mutual fund account; all money grows in mutual fund goes to RRSP. Because I am young, I can throw my saving into long-term risky funds.


I save from my first job until right now, every paycheck, pay myself into RRSP first, then spend.

I feel finance is hard for our new immigrant who has limited income (unless you are rich with house and K car). Feel jealous to some immigrants each time when I go to Stanley park, not sure if they live happy, but for sure they are rich, they got elephant boat. Sigh!!! How they did that? For myself, working hard everyday might be barely got my shelter. How they got million dollars?

If I have a million dollars, I will buy your love----- Barenaked lady

[13-08-2005,16:15]
[**.66.78.44]
departure bay
(in reply to: How do immigrants plan their retiring saving?)
as a Canadian you will get Old age security at age 65. You will also get CPP which is based on your last 15 years of earning.

the best pension plan you can have is to own your own house. You will be able to borrow from your RRSP to do that.

Don´t worry. If you get your education and language skills improved, you will not be at the tourist info forever. Hopefully there will be someone in your life to help pay the bills and you will be able to save nicely for retirement.

yes, some people retire to their home country, particularly if the cost of living is much less.

[13-08-2005,16:22]
[***.20.170.23]
sharon
(in reply to: How do immigrants plan their retiring saving?)
for immigrants like me, I should say I am pretty satisfied with what I earn everyday, at least in Nanaimo, I have no problem pay off bills and no debt. because of living expense is way lower than Lower Mainland. Even compare with local kids, I feel proud I don´t smoke weed, at least I still live in a normal life.

However, thinking about purchase house after get PR, it´s so tough base on my current income. Not even talking about having kids!!!Therefore, as you said, have to spend money into education.

Everything has to wait until PR finished, then I might think about relocation.it´s also hard, all my buddies are in Nanaimo, haha~~~




[13-08-2005,16:32]
[**.66.78.44]
departure bay
(in reply to: How do immigrants plan their retiring saving?)


yep, Sharon. I am taking Grade 12 English and Grade 10 biology in my previous college adult based education department. You will surprise how much they charge me, 100 dollars for two courses, that´s for a term. Maybe they didn´t know I am not PR, not even asked.

Those classes are so fun, adult based education, most of people are even older than me, and they still come back and start from high school level. I swear it´s really worth to do so; I talk jokes in the class all the time and make some friends too. I like English literature, even though my writing is sux, I knew that. We all need passion to achieve our goal, do we?

[13-08-2005,16:40]
[**.66.78.44]
departure bay
school (in reply to: How do immigrants plan their retiring saving?)
I did part of a psychology degree (the interesting stuff) and a degree in marketing communications after I turned 30. I went to university right after highschool and hated it. I was not ready and did not know what I wanted to do.

Ran a business with my exhusband instead. Finally went to school when I was truly interested in the subject matter and loved every minute of it. Want to go back and do some more.


[13-08-2005,17:21]
[***.20.170.23]
sharon
(in reply to: How do immigrants plan their retiring saving?)
yep, I remebered back to my college, all my classmates are either have kids or married. One thing I appreciate North American education is students have passion to go to college. Back in Asia, why a lot of students go to take either business or CS, because of their parents told them to do or because it makes money. Not passion, not even for yourself.

I don´t have to take grade 12 english, I have already graduated from college? However, for my written English, and I want to try pronvincial. All my highschool age buddies think I am crazy to take Grade 12 and gotta go thru provincial.

[13-08-2005,17:29]
[**.66.78.44]
departure bay
(in reply to: How do immigrants plan their retiring saving?)
not sure what is available in Nanaimo. Vancouver School board offers a continuing education ESL program. I am hoping my guy will get involved. They assess you and then place you at the level they think you are. (1 of 8) they even offer business english classes which would cover stuff that is not part of every day vocabulary.

I think it is about $250 a level.

this will make you laugh. My guy is tutoring english. (he is fluent in french and arabic - learns his english from me and the tourists!) I sent him some ESL books and he must learn everything before he teaches it. He knows more about irregular verbs than I do! I am amazed how much he is learning. The big kick is when I call and he has his students talk to me. They think it is a big deal to speak to a CANADIAN.

[13-08-2005,19:42]
[***.20.170.23]
sharon
retirment (in reply to: How do immigrants plan their retiring saving?)
Or, fund your own retirement. Check out this website on simple living: www.rationalsimplicity.com
[14-08-2005,01:30]
[**.230.96.158]
Anon
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