Barry McFadden
11-01-2015, 10:12 AM
I know there are probably lots of members here that are retired or soon to be. I'm looking for a little information to see how other people handle their RRSP's. My situation is that I took a package from where I worked for 40 years. The deal was, I left in July 2013 and they have been paying me until September this year so this month I started my company pension. I have RRSP's of my own and I am wondering 2 things.
First: Do you continue to contribute to your RRSP's when you are on a pension or do you just let them accumulate as an investment. I tend to think that once you are retired you don't contribute anymore.
Second: What do you use them for? If you need the money for living expenses then I assume you would draw some out. If you really don't need them right now would you take some out for a new tool? (I'm eyeing a Robust lathe!) or some other indulgence. I have a feeling that if you save and save them for some emergency then you may never use them and they get passed on to your kids.
So, in a nutshell, do you use them up and enjoy a few things in your retirement or are you expected to leave them alone and possibly never get the chance to use them at all.....(you can't take it with you!!!)
First: Do you continue to contribute to your RRSP's when you are on a pension or do you just let them accumulate as an investment. I tend to think that once you are retired you don't contribute anymore.
Second: What do you use them for? If you need the money for living expenses then I assume you would draw some out. If you really don't need them right now would you take some out for a new tool? (I'm eyeing a Robust lathe!) or some other indulgence. I have a feeling that if you save and save them for some emergency then you may never use them and they get passed on to your kids.
So, in a nutshell, do you use them up and enjoy a few things in your retirement or are you expected to leave them alone and possibly never get the chance to use them at all.....(you can't take it with you!!!)