Tuesday, February 01, 2005

How to painlessly increase your annual registered contribution

I've done that for the last three years. After getting my annual pay raise, I use the difference to increase my monthly RRSP (401k) contribution. Thus, I increase my contribution with no change on my pay. After three years, it turned out that I am now contributing the maximum amount. It was and still is painless and it is just like I never had that money.

Jack

7 Comments:

Anonymous Anonymous said...

I couldn't understand what you mean, could you explain this in further detail? Basically, how can you get to the maximum contribution(which implies you weren't at this level) without a pay increase(assuming annual pay rises are marginal in value[they're done to match up to consumer price index, aren't they?])

Thanks,
ravster

6:55 PM  
Blogger Jack said...

Hi,

I didn't mean to say that I have no pay rise at all. As I am a young worker, my annual pay rise includes a part relating to inflation and a part relating to the fact that I'm getting more experimented. I use the latter part to increase the contribution to my registered account. As a result, my net pay remains the same as before in terms of purchasing power.

6:55 AM  
Blogger Viajera said...

The best way to say it is save every raise or bonus and pretend that you never got it in the first place.

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