Sleepr2 Posted December 29, 2019 Share Posted December 29, 2019 2 hours ago, Mainecat said: If you kill yourself you would save all the money. Please ! Lead by example,👍 Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted December 29, 2019 Share Posted December 29, 2019 13 minutes ago, snoughnut said: I don't know what you're trying to say. All I'm saying is that Tom is assuming he's going to live 20 years in retirement and re-coup all his SS contributions and then he states it as a fact, which is wrong. Nobody knows what's going to happen tomorrow. Hows your retirement planning going? Have you saved enough to maintain a comfortable lifestyle? When do you plan to retire? 1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 1 minute ago, AKIQPilot said: Hows your retirement planning going? Have you saved enough to maintain a comfortable lifestyle? When do you plan to retire? In a nutshell. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted December 29, 2019 Share Posted December 29, 2019 16 minutes ago, snoughnut said: I don't know what you're trying to say. All I'm saying is that Tom is assuming he's going to live 20 years in retirement and re-coup all his SS contributions and then he states it as a fact, which is wrong. Nobody knows what's going to happen tomorrow. I will get back all I put in within 4 years. How about you? Quote Link to comment Share on other sites More sharing options...
snoughnut Posted December 29, 2019 Share Posted December 29, 2019 2 minutes ago, ArcticCrusher said: Stats could prove wrong, but what if he's right. Live for today is a sound plan nowhere. ...and who in the hell said it was? jesus christ smh Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 Just now, snoughnut said: ...and who in the hell said it was? jesus christ smh So what are we doing then? So much wasted knowledge goes on in here. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted December 29, 2019 Share Posted December 29, 2019 2 minutes ago, AKIQPilot said: Hows your retirement planning going? Have you saved enough to maintain a comfortable lifestyle? When do you plan to retire? 1 minute ago, AKIQPilot said: I will get back all I put in within 4 years. How about you? Well, my situation is just fine and what does that have to do with you saying you're going to live for 20 years and then stating it as a fact? Do you have a crystal ball? Do you realize how dumb you sound? Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 3 minutes ago, AKIQPilot said: I will get back all I put in within 4 years. How about you? Without interest though. I know, I know. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted December 29, 2019 Share Posted December 29, 2019 1 minute ago, ArcticCrusher said: So what are we doing then? So much wasted knowledge goes on in here. As usual, you're misunderstanding what I'm trying to say, which really isn't complicated. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 7 minutes ago, snoughnut said: As usual, you're misunderstanding what I'm trying to say, which really isn't complicated. I understand I can drop dead tomorrow. That doesn't change the plan in any way unless I'm only thinking about myself. Like CPP we can't get out of it or I would have. Heck I would have said fuck the wife's public pension cause I can do better myself and proved it. But we're stuck. So what are we trying to say? Spit it out. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted December 29, 2019 Share Posted December 29, 2019 2 minutes ago, ArcticCrusher said: I understand I can drop dead tomorrow. That doesn't change the plan in any way unless I'm only thinking about myself. Like CPP we can't get out of it or I would have. Heck I would have said fuck the wife's public pension cause I can do better myself and proved it. But we're stuck. So what are we trying to say? Spit it out. Good lord..............Tom said he was going to collect SS for 20 years and said it was a fact, that is not a fact, that is an assumption.......that is all. Quote Link to comment Share on other sites More sharing options...
The One Posted December 29, 2019 Share Posted December 29, 2019 My dad says GIC'S for the win , you know.what u have up front unlike rrsp's that in 20 years can be taxed more if the government wishes as the boomers die off BOOM goes the taxes !!! Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 13 minutes ago, snoughnut said: Good lord..............Tom said he was going to collect SS for 20 years and said it was a fact, that is not a fact, that is an assumption.......that is all. Tom is a good spirit. For someone who is not only OK but justified being shorted over 7 figures to help deal with those who can't help themselves. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 4 minutes ago, The One said: My dad says GIC'S for the win , you know.what u have up front unlike rrsp's that in 20 years can be taxed more if the government wishes as the boomers die off BOOM goes the taxes !!! Pure comic gold. What kind of GIC's negative one? Can you try and explain the bold please. Quote Link to comment Share on other sites More sharing options...
bussman Posted December 29, 2019 Share Posted December 29, 2019 2 hours ago, Anler said: That's why boomers need to die like right away... Have you read about how many millennials are having heart attacks already? Boomers and millennials all croak, us Gen X’ers take it all. Quote Link to comment Share on other sites More sharing options...
The One Posted December 29, 2019 Share Posted December 29, 2019 7 minutes ago, ArcticCrusher said: Pure comic gold. What kind of GIC's negative one? Can you try and explain the bold please. Gic's are all yours unlike rrsp in which we will be taxed and in the future they may tax rrsp higher , think about it BOZO by the way my parents did beyond wealthy and did it on their own!!! Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 3 minutes ago, The One said: Gic's are all yours unlike rrsp in which we will be taxed and in the future they may tax rrsp higher , think about it BOZO by the way my parents did beyond wealthy and did it on their own!!! No, GIC's are taxed at the highest tax rate in Canada as they are taxed as pure income, regardless of what investment vehicle they are in. In an RRSP you accumulate any gains tax free until you decide to flow them out. At that time they are taxed at your normal marginal income rate, ie there is no tax efficiency. In a TFSA whatever you make grows tax free. In an investment account, GIC's are taxed twice what a tax efficient stock or similar would be. Quote Link to comment Share on other sites More sharing options...
The One Posted December 29, 2019 Share Posted December 29, 2019 10 minutes ago, ArcticCrusher said: No, GIC's are taxed at the highest tax rate in Canada as they are taxed as pure income, regardless of what investment vehicle they are in. In an RRSP you accumulate any gains tax free until you decide to flow them out. At that time they are taxed at your normal marginal income rate, ie there is no tax efficiency. In a TFSA whatever you make grows tax free. In an investment account, GIC's are taxed twice what a tax efficient stock or similar would be. I will invest as my father directs me too , he sure made a pile of cash and is retired at decent age Quote Link to comment Share on other sites More sharing options...
The One Posted December 29, 2019 Share Posted December 29, 2019 14 minutes ago, ArcticCrusher said: No, GIC's are taxed at the highest tax rate in Canada as they are taxed as pure income, regardless of what investment vehicle they are in. In an RRSP you accumulate any gains tax free until you decide to flow them out. At that time they are taxed at your normal marginal income rate, ie there is no tax efficiency. In a TFSA whatever you make grows tax free. In an investment account, GIC's are taxed twice what a tax efficient stock or similar would be. David Trahair knows his shit also a family friend Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 1 minute ago, The One said: David Trahair knows his shit also a family friend You must not be paying attention then. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 (edited) 7 minutes ago, The One said: I will invest as my father directs me too , he sure made a pile of cash and is retired at decent age Wow. Think about it. Why would a GIC get a preferential tax treatment? Maybe Barb can chime in. Edited December 29, 2019 by ArcticCrusher Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 5 minutes ago, The One said: David Trahair knows his shit also a family friend He might but you don't. Quote Link to comment Share on other sites More sharing options...
Anler Posted December 29, 2019 Share Posted December 29, 2019 54 minutes ago, bussman said: Have you read about how many millennials are having heart attacks already? Boomers and millennials all croak, us Gen X’ers take it all. #winning! Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted December 30, 2019 Share Posted December 30, 2019 7 minutes ago, Anler said: #winning! Hopefully we bankrupt social security and you get abestosis before you ever see a dime. #whatImsayin Quote Link to comment Share on other sites More sharing options...
Anler Posted December 30, 2019 Share Posted December 30, 2019 3 minutes ago, DriftBusta said: Hopefully we bankrupt social security and you get abestosis before you ever see a dime. #whatImsayin Haha probably good chance of that anyways! Your welcome for my contributions in the meantime. 1 Quote Link to comment Share on other sites More sharing options...
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