What is RRSP?

Royal Retirement Savings Fund

quote:

Originally posted by Amber:
what is 401K ...is that like the RRSP in Canada.. and is it locked in...thanks

yes and yes.

quote:

Originally posted by Terry Ishmael:
What is RRSP?

Registered Retirement Savings Plan
It is a Tax Free savings program and you have a maximum that you can put in each year. It has to close by age 72. My mother has one now she is living on the income from that plan. It is a great thing if you start young.

quote:

Originally posted by amral:

quote:

Originally posted by Terry Ishmael:
What is RRSP?

Registered Retirement Savings Plan
It is a Tax Free savings program and you have a maximum that you can put in each year. It has to close by age 72. My mother has one now she is living on the income from that plan. It is a great thing if you start young.

How early can you start to take distributions?

my mom started at 49, she moved it into a RRIF at age 69 (Registered Retirement Income Fund) if she dies before all the money is used up, it goes to her estate unlike a Annuity that dies when you die. Though Annuity have changed over the last 10 years now.

I am heading off to work now, I can tell you more later.

quote:

Originally posted by Amber:
what is 401K ...is that like the RRSP in Canada.. and is it locked in...thanks

Yes, the 401K is the US equivalent of the RRSP and you can lock it in.

quote:

Originally posted by Terry Ishmael:

quote:

Originally posted by amral:

quote:

Originally posted by Terry Ishmael:
What is RRSP?

Registered Retirement Savings Plan
It is a Tax Free savings program and you have a maximum that you can put in each year. It has to close by age 72. My mother has one now she is living on the income from that plan. It is a great thing if you start young.

How early can you start to take distributions?

I started in my early 20s.

quote:

Originally posted by RudeGyal:

I started in my early 20s.

same here I started at about age 24 with small monthly contributions. I still contribute monthly.