Went down to the bank because my rrsps were about to become due
April 25, 2008 12:40pm CST
So the investment manager suggested that I keep them for another five years and she would turn them into a RIF once I reached the minimum amount. But she told me that I could still contribute to an RRSP until I turned seventy. That is the opinion I got when I applied from Canada Pension, I had to stop working and stop contributing. I thought once you reached 65, that was it. So now I can put a little money from my checking account until I have enough for the RIF. So my question is this? Did you get financial advise that was easily misunderstand and by doing so, you were put at a disadvantage as preparing for your future or it did not matter as you did not have much in the first place?
• United States
26 Apr 08
When we opened our IRAs, the lady that helped us at the bank was very good at explaining things to us so we left totally knowing what was going on. Unfortunately, we had to cash them in when we got way behind on our house payments and they were bout ready to foreclose. Sucks cause now neither one of us has any kind of retirement for our future.
26 Apr 08
We can withdraw us for education and house payments,. Luckily our sons saved for their university themselves and worked through university, and we scrimped to keep up our mortgage payments. I do not have that much. I will have to up my retirement payments.