Re: Friday's Canadian job report is NOT good news!1 week ago
I contributed to RRSPs since I was in my 30s and did quite well, but never withdrew anything until after I converted them to RRIFs at age 65 and since then just with drew the minimum, so the taxes are minimal. Pretty tough to retire on them but I do get an extra $500 a month which comes in handy. Later in life I started contributing to T.F.S.A. , it's a good place to park money until you need it for something. Just having the account doesn't do one's credit rating any harm either. A good rule of thumb (if you can manage it) is to save 20% of income. Putting it into a house accomplishes the same thing. It's all potential money.
For example back in your day you could work at a plant and your first job would have only been to push a button so some bins could be filled. That got your foot in the door, and automation didnt exist. Nowadays experience is required for anything so not just any joe boot strap can get those 30$/hr job. Your basically fighting to stay ahead of inevitability as oppsed to just showing up like back in your day. Attendance and being clean cut alone isnt good enough now. Our schools havent adapted to this fact and as such people are struggling and not able to save.