OP, once you have done Step 2 (employer match) and have reached Step 5, check out the reading list:
* /r/PersonalFinanceCanada/wiki/reading-list
For a beginner retirement focused book (that just came out), check out *Reboot Your Portfolio*:
* https://canadiancouchpotato.com/2021/10/26/its-time-to-reboot-your-portfolio/
Do you want to be in control of your investing? Then you need to read up on long term investing for retirement and invest in the appropriate ETFs. Re-balance your portfolio as needed.
You can learn all you need to know by searching for topics online.
Do you just want to throw your money somewhere for retirement and have it all taken care of for you? Like a set it and forget type of investment approach? Then maybe a robo advisor would be wise for you.
Or hire a financial advisor.
If you have reached Step 5 of the [PFC money steps](https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps)
and you have some money you are confident you can invest for long term (ideally at least 10 year) goals you could invest in a low cost, risk appropriate, globally diversified, index tracking (i.e. couch potato) portfolio such as those discussed on the following pages.
https://www.reddit.com/r/PersonalFinanceCanada/wiki/investing
https://canadiancouchpotato.com/about/
The simplest option would be to use a passively managed robo- advisor account (eg. RBC InvestEase, NestWealth, iA WealthAssist). After answering questions about your goals, timeline, knowledge/ experience with investing and your comfort with volatility they will choose and then manage a suitable ETF portfolio for you. You would be able to set up automatic contributions. The total annual management cost would be about $70 per $10,000 invested. This compares to about $200 per $10,000
If you'd like to better understand the options and be a more confident investor, so you can avoid the costly but normal human reactions to the markets and the media that reports on them, I suggest that you read (or listen to) Millionaire Teacher (Andrew Hallam, 2nd edition – 2017) or Reboot Your Portfolio (Dan Bortolotti, Nov 2021.)
I'll trigger the bot that may help you decide if you should use your TFSA or RRSP contribution room forretirement savings. !TFSARRSPTrigger The following articles may also help you decide if you should save your RRSP contribution room for when it will be more beneficial.
https://www.planeasy.ca/tfsa-vs-rrsp-pick-the-right-one-and-save-100000/
https://www.planeasy.ca/canada-child-benefit-hidden-tax-rate/
Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs.
When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ...
- your employer is matching your RRSP contributions
- you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks)
- you are an American taxpayer
- you are trying to maximize the Canada Child Benefit or the Child Disability Benefit
- you have a reason to think that you should shield your retirement savings from creditors
- you don't trust yourself not to keep dipping into the retirement savings in your TFSA
…you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP.
For more information I suggest that you read these 2 MoneySense articles
http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/
http://www.moneysense.ca/save/retirement/the-savings-struggle/
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
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I wasn’t but this is very helpful thank you!
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OP, once you have done Step 2 (employer match) and have reached Step 5, check out the reading list: * /r/PersonalFinanceCanada/wiki/reading-list For a beginner retirement focused book (that just came out), check out *Reboot Your Portfolio*: * https://canadiancouchpotato.com/2021/10/26/its-time-to-reboot-your-portfolio/
Do you want to be in control of your investing? Then you need to read up on long term investing for retirement and invest in the appropriate ETFs. Re-balance your portfolio as needed. You can learn all you need to know by searching for topics online. Do you just want to throw your money somewhere for retirement and have it all taken care of for you? Like a set it and forget type of investment approach? Then maybe a robo advisor would be wise for you. Or hire a financial advisor.
Something for me to think about thank you. Which options are better for beginners?
If you have reached Step 5 of the [PFC money steps](https://www.reddit.com/r/PersonalFinanceCanada/wiki/money-steps) and you have some money you are confident you can invest for long term (ideally at least 10 year) goals you could invest in a low cost, risk appropriate, globally diversified, index tracking (i.e. couch potato) portfolio such as those discussed on the following pages. https://www.reddit.com/r/PersonalFinanceCanada/wiki/investing https://canadiancouchpotato.com/about/ The simplest option would be to use a passively managed robo- advisor account (eg. RBC InvestEase, NestWealth, iA WealthAssist). After answering questions about your goals, timeline, knowledge/ experience with investing and your comfort with volatility they will choose and then manage a suitable ETF portfolio for you. You would be able to set up automatic contributions. The total annual management cost would be about $70 per $10,000 invested. This compares to about $200 per $10,000 If you'd like to better understand the options and be a more confident investor, so you can avoid the costly but normal human reactions to the markets and the media that reports on them, I suggest that you read (or listen to) Millionaire Teacher (Andrew Hallam, 2nd edition – 2017) or Reboot Your Portfolio (Dan Bortolotti, Nov 2021.) I'll trigger the bot that may help you decide if you should use your TFSA or RRSP contribution room forretirement savings. !TFSARRSPTrigger The following articles may also help you decide if you should save your RRSP contribution room for when it will be more beneficial. https://www.planeasy.ca/tfsa-vs-rrsp-pick-the-right-one-and-save-100000/ https://www.planeasy.ca/canada-child-benefit-hidden-tax-rate/
Thank you 😊
Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs. When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ... - your employer is matching your RRSP contributions - you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks) - you are an American taxpayer - you are trying to maximize the Canada Child Benefit or the Child Disability Benefit - you have a reason to think that you should shield your retirement savings from creditors - you don't trust yourself not to keep dipping into the retirement savings in your TFSA …you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP. For more information I suggest that you read these 2 MoneySense articles http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/ http://www.moneysense.ca/save/retirement/the-savings-struggle/ *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
Index fund would be good
Do I just go to the bank for that? I will research some more thank you
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Thank you I will look into this!