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Retirement Plans and How to invest

harpreethwalia

Star Member
Dec 27, 2017
133
31
Not sure if this is already discussed but can someone make me understand how to proceed on investing in retirement plans in Canada.

1) I am currently working with an employer (43+% tax bracket) on full time basis
2) I relocated to Canada in Sep 2018. So just starting here.
3) I am 34 now
4) My salary will increase (not substantially but should be in 51 % tax bracket)
5) Employer will contribute as: a) 3% for employment between 6 months till 1 yr (b) 6% for employment from 1 yr to 2 yr (c) 9% for employment from 2 yr to 3 yr (d) 12% for employment between 3 yr and 4 yr (e) 15% for employment over 4 yrs
6) Goal is retirement

Based on above, how should I ans below

1) What type of retirement plan I should consider?
2) Should I consider a mix of both Tax saving and regular RRSP?
3) How much should I contribute? and how should I change it going forward?
4) Any way I should I frame my contribution or change later to better reflect my overall final saving

Any advise is appreciated. TIA
 

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it would be quite a task for someone to help you prepare for your retirement based on a few information in a forum post. At your income level you can certain afford to set up a meeting with a financial planner or an accountant who can take an extensive view over your finances and advise the best way going forward taking into consideration your goals, family situation and other factors.
 

harpreethwalia

Star Member
Dec 27, 2017
133
31
it would be quite a task for someone to help you prepare for your retirement based on a few information in a forum post. At your income level you can certain afford to set up a meeting with a financial planner or an accountant who can take an extensive view over your finances and advise the best way going forward taking into consideration your goals, family situation and other factors.
Make sense. Just wanted to still put it out there to see if something has done on similar grounds in past. Thanks for reply.