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Avice: Retirement Plan

Brookstone

Active member
Sep 11, 2004
1,600
2
38
Recently let go from my ft job. Choosing what to do with invested rrsp. Some advice from terbites. What would be the best option?
I do not have a new job yet and not sure when I will. I am actually looking to go back to school to upgrade my skills to hopefully work for myself afterwards.

-cash refund
-non locked in transfer to a retirement savings vehicle
-non locked in transfer to my RRIF
-non locked in transfer to the registered pension plan of my new employer
-transfer to an insurance company for the purchase of an immediate or deferred life annuity
 

theycallmebruce

Active member
Nov 17, 2002
1,107
1
38
First question is how old are you? as for the options: cash refund will be very tax costly to you. transferring into an rrsp will give you the best choice when it comes to flexibility. transferring into a RRIf will generate an annual income stream. moving the funds with you new employer is not a bad option but you mentioned that you have not yet secured new employment. purchasing an annuity is my last option because if you drop dead tomorrow, you lose everything
 
B

burt-oh-my!

Also, what tax bracket are you in for 2011, and what for 2012 (estimated)?
 
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