This episode is all about how our family friend made all the right financial decisions but didn’t get rewarded at all for it when she retired. So if you want to learn how to make the right financial decisions for YOUR life, you’ll want to listen to this episode.
Sometimes, traditional fincancial advice really doesn’t work out very well. In this story of our family friend, she was very prudent and took to heart all the traditional finacial advice that she was given…and as she retired, most of her hard work over the course of 50 years was unravelled in an instant.
Payed into CCP for 47 years. Got less than $5000 in total before she passed away.
47.7% of what she had in RRSPs were taken as taxes, and the remainder was given to her beneficiaries.
That’s a problem. That’s not fair. And some of these problems could have been avoided.
There are several places that you can save your money that will not be subject to the kind of income tax that our family friend had to incure. For a list of what those places are and why you’d want to use them download the resources below.