1/25/2016

Jordan's Retirement Savings

We got some great news a few weeks ago.  Jordan's employer is increasing the amount that they will match for his RRSP.  I mean, the really great news is that he's actually working somewhere that has a retirement program!  It's the first time ever.

The company establishes contributions based on previous years profitability and the employee's salary.  I'm not sure what the actual formal is, but last year it was matching up to $24/pay and 2016 it's increasing to $42 and change a pay.  I like round numbers so we're going to contribute $50/pay to get the full match plus a few extra bucks of our own.

Yay, it's like free money
Granted he has to stay with this company for five years to keep all of the employer contributions, but that's still pretty awesome considering his industry doesn't often have retirement benefits of any sort.

It's not 10% of his salary - which would be nice, but it gets us halfway there.  If we can get another $200/month in savings for his retirement that would be ideal. Our ability to swing that will depend a lot on what we wind up doing for housing here in BC and what I wind up doing for work in a years time.

Time will tell.
Reactions:

3 comments:

  1. Wow! That's an impressive increase: 50% more since you are contributing $50. Congratulations! :)

    ReplyDelete
  2. That's great! What a nice surprise! It sounds like a good company to work for.

    ReplyDelete
  3. Thanks guys! I was so super excited! It'll be awesome to see Jordan's retirement savings start to climb :)

    ReplyDelete

Hi! Thank you for stopping by and leaving a message.

Followers

Links ♥