We apologize

Nancy Young said:

"Gabby" <[email hidden]> wrote

Quoted message said:

Can you decide how much you put in to your 401K or is it a set percentage
of your income?

Last I heard you could shield up to 6% of your income, and
the company can match all of it or none of it. The company
I worked for matched dollar for dollar, towards the end they
went to the more standard 50 cents on the dollar.

nancy

I put 20% of my pre tax income into my 403b plan, but my employer only
matches the first 5%.
Goomba

Gabby a écrit :

Quoted message said:

Can you decide how much you put in to your 401K or is it a set percentageof
your income? Like Michel, I'm in Canada. The company DH works for allows
employees to chose from 3 levels of contributions. IIRC, 1, 2 or 3% of
employees' wages can be invested in their pension plan, with the company
matching the amounts. The same options (return of contributions or
roll-over into an RRSP) are available if employee leaves/is laid off before
reaching pension eligibility.

In Canada, for contributions to the federal employees' superannuation
plan (your actual retirement fund if you work within the federal
government) the contribution is fixed. An RRSP is over and above the
superannuation plan and the amount is dependent upon a calculation on
your tax return for the previous year. We also have the CPP (Canada
Pension Plan) which is a default monthly retirement payment to anyone
who reaches age 65. This amount can be subject to refund in part or in
whole in quarterly tax payments if your income from other sources is
too high, as my mother's was.

The amount eligible for RRSPs has increased considerably in the last
year, as I was able to put in three times more than last period. RRSPs
can also be used to finance pension buybacks with no penalty. If you
do not contribute the full amount in any given year, you can carry the
balance over indefinitely.

http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/menu-e.html

Personally, this stuff gives me a headache. My wife deals with all
matters of finance.

Nancy Young a écrit :

Quoted message said:

"Gabby" <[email hidden]> wrote

Quoted message said:

Can you decide how much you put in to your 401K or is it a set percentage
of your income?

Last I heard you could shield up to 6% of your income

Quoted message said:

From an RRSP FAQ on CBC:

"For the 2005 tax year, people can contribute up to 18 per cent of
their earned income from the previous year, up to a maximum of
$16,500."

"alsandor" <[email hidden]> wrote

Nancy Young a écrit :

Quoted message said:

"Gabby" <[email hidden]> wrote

Quoted message said:

Can you decide how much you put in to your 401K or is it a set
percentage
of your income?

Last I heard you could shield up to 6% of your income

Quoted message said:

From an RRSP FAQ on CBC:

Quoted message said:

"For the 2005 tax year, people can contribute up to 18 per cent of
their earned income from the previous year, up to a maximum of
$16,500."

I was just talking about the 401K plan.

nancy

Nancy Young a écrit :

Quoted message said:

Quoted message said:

From an RRSP FAQ on CBC:

Quoted message said:

"For the 2005 tax year, people can contribute up to 18 per cent of
their earned income from the previous year, up to a maximum of
$16,500."

I was just talking about the 401K plan.

And I'm just talking about RRSPs. This has nothing to do with other
retirement funds or Canada Pension Plan.

"alsandor" <[email hidden]> wrote

Quoted message said:

Nancy Young a écrit :

Quoted message said:

Quoted message said:

I was just talking about the 401K plan.

Quoted message said:

And I'm just talking about RRSPs. This has nothing to do with other
retirement funds or Canada Pension Plan.

Whatever, I just answered a question for Gabby.

nancy

Nancy Young said:

"Janet Bostwick" <[email hidden]> wrote

Quoted message said:

Thank you for letting us know. I applaud you for being a
responsible parent.

It's a little curious that I don't see the original message
in this thread, only responses.

Quite possibly your ISP filtered it as spam. I didn't see it either.

Brian

--
If televison's a babysitter, the Internet is a drunk librarian who
won't shut up.
-- Dorothy Gambrell (http://catandgirl.com)

"alsandor" <[email hidden]> wrote in message
news:[email hidden]...
Nancy Young a écrit :

Quoted message said:

"Gabby" <[email hidden]> wrote

Quoted message said:

Can you decide how much you put in to your 401K or is it a set
percentage
of your income?

Last I heard you could shield up to 6% of your income

Quoted message said:

From an RRSP FAQ on CBC:

"For the 2005 tax year, people can contribute up to 18 per cent of
their earned income from the previous year, up to a maximum of
$16,500."

But that's a totally different thing. We are talking about a plan to which
your employer also constributes. I was interested in knowing how much you
could put into such a plan where it would be matched by the employer. RRSPs
are self directed.

Gabby

"alsandor" <[email hidden]> wrote in message
news:[email hidden]...
Gabby a écrit :

Quoted message said:

Can you decide how much you put in to your 401K or is it a set percentage
of
your income? Like Michel, I'm in Canada. The company DH works for
allows
employees to chose from 3 levels of contributions. IIRC, 1, 2 or 3% of
employees' wages can be invested in their pension plan, with the company
matching the amounts. The same options (return of contributions or
roll-over into an RRSP) are available if employee leaves/is laid off
before
reaching pension eligibility.

In Canada, for contributions to the federal employees' superannuation
plan (your actual retirement fund if you work within the federal
government) the contribution is fixed. An RRSP is over and above the
superannuation plan and the amount is dependent upon a calculation on
your tax return for the previous year. We also have the CPP (Canada
Pension Plan) which is a default monthly retirement payment to anyone
who reaches age 65. This amount can be subject to refund in part or in
whole in quarterly tax payments if your income from other sources is
too high, as my mother's was.

The amount eligible for RRSPs has increased considerably in the last
year, as I was able to put in three times more than last period. RRSPs
can also be used to finance pension buybacks with no penalty. If you
do not contribute the full amount in any given year, you can carry the
balance over indefinitely.

http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/menu-e.html

Personally, this stuff gives me a headache. My wife deals with all
matters of finance.

"alsandor" <[email hidden]> wrote in message
news:[email hidden]...
Gabby a écrit :

Quoted message said:

Can you decide how much you put in to your 401K or is it a set percentage
of
your income? Like Michel, I'm in Canada. The company DH works for
allows
employees to chose from 3 levels of contributions. IIRC, 1, 2 or 3% of
employees' wages can be invested in their pension plan, with the company
matching the amounts. The same options (return of contributions or
roll-over into an RRSP) are available if employee leaves/is laid off
before
reaching pension eligibility.

| In Canada, for contributions to the federal employees' superannuation
| plan (your actual retirement fund if you work within the federal
| government) the contribution is fixed.

Yeah, I know, DH is retired from the military.

| The amount eligible for RRSPs has increased considerably in the last
| year, as I was able to put in three times more than last period. RRSPs
| can also be used to finance pension buybacks with no penalty. If you
| do not contribute the full amount in any given year, you can carry the
| balance over indefinitely.

It certainly hasn't gone up THAT much. From a max. of 13% to a max of 18%
in about 7 years.

Gabby