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Ep. 4 - Simple and strategic ways to use a TFSA and RRSP
When it comes to saving and investing money, there are two acronyms that cause confusion for many people.We’re asked all the time to help clients decide whether to use aTFSA or RRSPto prepare for retirement.On this episode of WealthBeing, Travis and our guest, Lorena Milkert, Director of Retail and Business Banking at Island Savings, will make it simple to understand how the Tax-Free Savings Account and Registered Retirement Savings Plan work, when they’re a good fit for your goals, and a few times you might want to opt for other savings methods.
:54–Money Problem:A couple was working with Travis to figure out how to balance their different income levels, pension, and savings plans so they would be best prepared for retirement.
1:40 – Derrick, Travis and Lorenaexamine common questions and strategies related to TFSA and RRSP investing:
- how RRSPs and TFSAs are used to save money for retirement;
- maximum contribution limits for TFSAs and RRSPs;
- getting the best tax benefits from TFSAs and RRSPs;
- how and when to withdraw from TFSA and RRSPs;
- strategic use of spousal RRSPs;
- special rules for US investors;
- using small, frequent investments to build large retirement savings;
- which is the best option – TFSA or RRSP.
21:45– Weekly Financial Fix. Travis challenges you to do some research to fully understand your income needs and financial resources during retirement.
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By Island Savings - Valley First - Envision Financial - Enderby & District Financial | Divisions of First West Credit UnionWhen it comes to saving and investing money, there are two acronyms that cause confusion for many people.We’re asked all the time to help clients decide whether to use aTFSA or RRSPto prepare for retirement.On this episode of WealthBeing, Travis and our guest, Lorena Milkert, Director of Retail and Business Banking at Island Savings, will make it simple to understand how the Tax-Free Savings Account and Registered Retirement Savings Plan work, when they’re a good fit for your goals, and a few times you might want to opt for other savings methods.
:54–Money Problem:A couple was working with Travis to figure out how to balance their different income levels, pension, and savings plans so they would be best prepared for retirement.
1:40 – Derrick, Travis and Lorenaexamine common questions and strategies related to TFSA and RRSP investing:
- how RRSPs and TFSAs are used to save money for retirement;
- maximum contribution limits for TFSAs and RRSPs;
- getting the best tax benefits from TFSAs and RRSPs;
- how and when to withdraw from TFSA and RRSPs;
- strategic use of spousal RRSPs;
- special rules for US investors;
- using small, frequent investments to build large retirement savings;
- which is the best option – TFSA or RRSP.
21:45– Weekly Financial Fix. Travis challenges you to do some research to fully understand your income needs and financial resources during retirement.