Are you a HENRY? (High Earner Not Rich Yet)
Автор: Terri Spiller - Providing you Reliable Advice
Загружено: 2022-04-06
Просмотров: 822
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Terri Spiller
Wellington-Altus Private Wealth
306-380-0601
https://advisor.wellington-altus.ca/t...
Money Management in Saskatoon, Saskatchewan.
Are you a HENRY? A HENRY is a term for a high-income earner, a great saver… but not rich yet.
Are you putting the next dollar you save into a #RegisteredRetirementSavingsPlan or into a Tax-Free Savings Account? Why not consider doing both?
You may be thinking, “I don’t have the money to do both.”
But you can… and here’s how.
Let’s say you earned $115,000 gross annual income for the year and you managed to save 14% of your gross annual income or $16,100.
If you take that $16,100 and contribute to a Registered Retirement Savings Plan, given the current margin tax brackets, you defer tax at 38.5%.
That will provide you with a tax refund of $6,198.50. Contribute the $6,000 to your Tax-Free Savings Account, assuming you earn 8% a year, and repeat this strategy every year. After 20 years, you will have amassed over a million dollars in #retirementsavings!
If you’re a HENRY, call us today.
• Are you a HENRY? (High Earner Not Rich Yet)
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