When I stopped working I had half my money in a trading account and half in RRSPs. My taxes were less because after quitting work I still had dividend income, but took for my RRPS half of what I was getting in a salary when I worked. I do wish they had TFSA when I was saving for retirement. I am paying tax at a higher rate taking money from my RRSP than when I was funding my RRSP.
However, as time goes on the amount you have to take from RRIF accounts increases as do the taxes you pay. I think that if you are not paying tax at the top rate, the TFSA is better than RRSP account.
ReplyDeleteWhen I stopped working I had half my money in a trading account and half in RRSPs. My taxes were less
because after quitting work I still had dividend income, but took for my RRPS half of what I was getting
in a salary when I worked. I do wish they had TFSA when I was saving for retirement. I am paying tax at
a higher rate taking money from my RRSP than when I was funding my RRSP.
However, as time goes on the amount you have to take from RRIF accounts increases as do the taxes you pay.
I think that if you are not paying tax at the top rate, the TFSA is better than RRSP account.
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