#7696848 - 05/17/14 12:12 PM
What would you do with an extra 30K?
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108417
Loc: Barrie, Ont,
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Pension plan at work is 'winding down' so I've got a wee bit over 30k to play with. In order not to get fucked on taxes I need to transfer it into something else. LIRA, RRSP, etc.. Maybe a RRSP focusing on ETFs instead of your standard mutual funds? TD’s e-Series mutual funds perhaps? I already pay high MERs on my current RRSP account, would like a change of pace to be honest. I've got an appointment with my FA in a few weeks, just wondering what some of you guys would do.
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy 
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#7696913 - 05/17/14 02:13 PM
Re: What would you do with an extra 30K?
[Re: LNXGUY]
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Risk E. Business, esq.
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 46488
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Just to clear this up, your current pension with your work is winding down and you have to move it to your bank? If that's the case that pension will have to be moved into a LIRA and you have no choice (can't be under RRSP, just a FYI). If you bank with TD then you have to fill out a special form to get access to TD E-series if you haven't already (this is in order to open up a LIRA through easy web). If you have waterhouse then you have access to e series funds already, you will just have to request to open a waterhouse LIRA account to move the money into.
After that's done use the couch potato 4 fund td e series split w/ MER of ~0.3% That should just about cover you and you can forget about it.
Go ahead and cancel your appointment with your FA 
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#7696921 - 05/17/14 02:23 PM
Re: What would you do with an extra 30K?
[Re: Risk E. Business, esq.]
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The Postman
A-List Member also The Man
Post Master Sr
Registered: 02/13/02
Posts: 5215
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I did that recently with my leftover pension from the OLG. Put almost $30k into a LIRA and took part in cash after tax. I "think" you can also port it over to your current pension if your employer allows you to do so.
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#7696934 - 05/17/14 02:32 PM
Re: What would you do with an extra 30K?
[Re: The Postman]
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Risk E. Business, esq.
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 46488
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How did you manage to take cash out of a LIRA? What was the total penalty on that?
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#7696981 - 05/17/14 03:23 PM
Re: What would you do with an extra 30K?
[Re: Risk E. Business, esq.]
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The Postman
A-List Member also The Man
Post Master Sr
Registered: 02/13/02
Posts: 5215
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It came out before the rest went into the lira. The paperwork I was sent had a few options. Fully into lira, partial into lira with some cash back, or transfer into another pension plan.
I'd have to look over the documents, but I do believe the cash part I got was what my contribution to the plan was while I was enrolled in it.
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#7697089 - 05/17/14 06:26 PM
Re: What would you do with an extra 30K?
[Re: The Postman]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108417
Loc: Barrie, Ont,
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Thanks Vas, I was reading about the 4 TD e-series funds couch potato recommends lastnight. I think that's what I'll do come Monday (Talk to TD about opening up a LIRA via easyweb)
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
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#7697100 - 05/17/14 06:44 PM
Re: What would you do with an extra 30K?
[Re: Risk E. Business, esq.]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108417
Loc: Barrie, Ont,
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I owe you a beer kind sir.
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
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#7697105 - 05/17/14 06:51 PM
Re: What would you do with an extra 30K?
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108417
Loc: Barrie, Ont,
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Give me the 30k for my e series
I've got $1 with your name on it! 
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
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#7697111 - 05/17/14 06:58 PM
Re: What would you do with an extra 30K?
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 108417
Loc: Barrie, Ont,
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Trade for your crusty sweater
Holy shit I forgot you still had that 
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
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#7697192 - 05/17/14 10:01 PM
Re: What would you do with an extra 30K?
[Re: LNXGUY]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38067
Loc: Ca�ada
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God damnit
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#7697211 - 05/17/14 10:29 PM
Re: What would you do with an extra 30K?
[Re: Senor Eduardo_82]
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hyper-s2k
Post Master Supreme
Registered: 12/01/05
Posts: 14556
Loc: T dot O dot, Canada
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All this money talk - and nobody said "hookers and blow"?
Am I on CSI or some other forum? :p
_________________________
'08 //M3 - now @ 90,xxx km - wtf did i do?
'13 x1 - now @ 99,xxx km - a2b car
'10 x3 - now @ 123,xxx km - time 2 go?
'03 s2k - now @ 80,xxx km - a2a car
'08 535i - sold @ 149,421 km - cashed out just in time!
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'01 rav4 - killed @ 155,879 km - RIP old friend
"Driving in the snow is like sex. If you want to avoid accidents, abstinence is the best policy. If you're gonna take her for a spin, use protection." - Rick Mercer
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#7698167 - 05/19/14 09:06 AM
Re: What would you do with an extra 30K?
[Re: Risk E. Business, esq.]
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f22b-dohc
Post Master Supreme
Registered: 09/09/05
Posts: 11227
Loc: canadia
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How did you manage to take cash out of a LIRA? What was the total penalty on that?
This actually happened to me... I filled up forms to move lira and my new fa told me it turned to cash and I could invest it anyway I wanted... Called my previous holder and they told me no penalty 
_________________________
JB weld is your friend
Chewbacca makes me yawn *Yawn*
"rolling -----on my 2.0, with the rag top down so my hair can blow..."
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#7698247 - 05/19/14 10:08 AM
Re: What would you do with an extra 30K?
[Re: f22b-dohc]
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Risk E. Business, esq.
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 46488
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How did you manage to take cash out of a LIRA? What was the total penalty on that? This actually happened to me... I filled up forms to move lira and my new fa told me it turned to cash and I could invest it anyway I wanted... Called my previous holder and they told me no penalty
When the lira transfers it's in cash value and you can invest it anyway you want. We are talking about withdrawing the cash out of the actual account.
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#7699483 - 05/20/14 08:18 AM
Re: What would you do with an extra 30K?
[Re: Screamin' Type-R]
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Lost^
Lost^
Unregistered
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down payment on a house.
or buy a ton of beef jerky.
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