Registered Retirement Savings Plan
A type of Defined Contribution PlanA form of retirement plan under which you and possibly your employer contribute to an account. You are able to withdraw money from the account after you attain a certain age. The name “defined contr... More available in Canada. No taxes are paid on the contributions or any changes in the market value of the investments in the account until the money is withdrawn. That is, your salary is reduced by the amount of your RRSP contributions in the year the contributions are made. Group RRSPs can be established by employers as part of a Defined Contribution PlanA form of retirement plan under which you and possibly your employer contribute to an account. You are able to withdraw money from the account after you attain a certain age. The name “defined contr... More, while individual RRSPs can be set up by individuals.
I am also a retired property-casualty actuaryA professional who assesses and manages the risks of financial investments, insurance policies and other potentially risky ventures. Source: www.investopedia.com/terms/a/actuary.asp More (someone who works with the math and statistics related to insurance). I spent a significant portion of my career building statistical models of all of the financial risks of an insurance company and interpreting their findings to help senior management make better financial decisions. I retired in my late 50’s, which one of my daughter’s friends thought clearly qualified me to write this blog. Read more about Susie Q