Quote:
Originally Posted by Derek Sutton
So this isn't going to set any of us for for early retirement but I will share something I found out recently. My company has no pension but they match RRSP contributions up to 5% (pre tax), it is all through Manulife. You can go online and change your contirbution % how you want. I tinkered with mine for a bit last year and found that my take home is (very) slightly more by increasing my contribution from 5% to 7%. Son instead of saving 10% annualy I save 12% and get an extra $14 a month on my pay cheque.
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I get a similar deal from my employer, they automatically put 6% in a pension and 2% in non-registered company stock and will match up to 4% of your choice of RRSP/TFSA/non-registered.
Even then Sunlife says I'm still falling short by about $100 per month of what I will need, to retire by 65.