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10-22-2007, 06:44 AM
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#1
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Full time employment: Posting here.
Join Date: Oct 2007
Location: Montreal
Posts: 940
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Bank retirement funds
As a total newb to the retirement scene i am wondering how a bank runs a retirement fund account.I have a good pension from my employer but i also have about $60000 in the bank as a guaranteed investment (GiC) if i turned this $60k into an income fund would the bank just take the monthly payout from the capital? or do they just pay me the interest on the $60k? and what kind of monthly payment could i expect on $60k?:confused:
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10-22-2007, 10:44 AM
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#2
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Full time employment: Posting here.
Join Date: Oct 2007
Location: Montreal
Posts: 940
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By the lack of response I guess an Individual Pension Plan set up by a bank must be a local phenomenon'.
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"Second star to the right and straight on till morning"
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10-22-2007, 11:06 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Perhaps if you provided a symbol or more info it would be easier to respond.
Most "GIC"s are a selection in a 401K, like a stable value account. Banks offer them in their 401K's because they are deathly afraid of their employees taking risk, and would prefer them to underperform over the years..........
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10-22-2007, 11:26 AM
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#4
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Full time employment: Posting here.
Join Date: Oct 2007
Location: Montreal
Posts: 940
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Quote:
Originally Posted by FinanceDude
Perhaps if you provided a symbol or more info it would be easier to respond.
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What kind of more info?
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"Second star to the right and straight on till morning"
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10-22-2007, 12:04 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by jambo101
What kind of more info?
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A symbol or name for the $60,000 would be a start. read my post again...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-22-2007, 12:52 PM
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#6
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Full time employment: Posting here.
Join Date: Oct 2007
Location: Montreal
Posts: 940
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I guess the American equivalent would be a 401k or as we call them in Canada Registered Retirement savings plan that is accumulated year by year and has some tax benefits when purchased,it is usually invested in mutual funds or the more secure "guaranteed investments".I'll probably end up talking to the bank about it but in this computer age most banking is done on line and as a result the main bank has closed all its branch offices so its quite a drive to get to it..
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"Second star to the right and straight on till morning"
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10-22-2007, 01:24 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by jambo101
I guess the American equivalent would be a 401k or as we call them in Canada Registered Retirement savings plan that is accumulated year by year and has some tax benefits when purchased,it is usually invested in mutual funds or the more secure "guaranteed investments".I'll probably end up talking to the bank about it but in this computer age most banking is done on line and as a result the main bank has closed all its branch offices so its quite a drive to get to it..
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Well, Canadien investments are a "whole nother world" to me..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-22-2007, 01:30 PM
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#8
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Full time employment: Posting here.
Join Date: Oct 2007
Location: Montreal
Posts: 940
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Due to the strange obsession of this forum to not list location under the user name i have no idea where any one comes from.
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"Second star to the right and straight on till morning"
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10-22-2007, 01:46 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by jambo101
Due to the strange obsession of this forum to not list location under the user name i have no idea where any one comes from.
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It's not a requirement......anonymity is a powerful thing.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-22-2007, 01:47 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Well, I AM strange, because and my location is Texas...
$60k should provide maybe $3k/yr (at 5% interest), so $250/mo, without touchng principle. Not adjusted for inflation.
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Have Funds, Will Retire
...not doing anything of true substance...
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10-22-2007, 05:12 PM
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#11
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Full time employment: Posting here.
Join Date: Oct 2007
Location: Montreal
Posts: 940
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Thanks HFWR thats what i was looking for .As for the user locale i am on many forums and this is the only one that has the lack of user location listed and if some one wants to do something with the givens of Jambo101 living in Montreal i say good luck, i have seen another forum where there are no user names and every one logs in as "guest"
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