Saturday, August 8, 2009

Employer Sponsored RSP's started..

I recently discovered that my employer actually has an RSP plan. I got the forms atleast one or two months ago and finally handed them in this past week. Today was payday and it was my first contribution.

Basically if you are a full time employee and have been there atleast a year you get your contributions matched 25% up to a maximum of like $600 yearly I think. It's not that much but hey it's still free money. I've decided to deduct $50 from each pay. Half of it is going to the company's stocks and half is going to another fund which I can't remember the name of. Basically I looked at the rates of return and picked one that had a high rate of return.

Anyways the deductions are pre-tax which is great because my paycheck is really not that much lower!! So I am really on my way to retirement savings now, and the best part is I don't really have to think about it now because its all automatic :)


Dolly Iris said...

I still haven't signed up for mine. I am so mad at myself. Must do this weekend. Thanks for the reminder!

hklover86 said...

Hey no problem! It took me forever too!