RRSP/TFSA and retirement questions
My wife and I have separate assets and I have absolutely no debt whatsoever. I just recently started up the company RRSP plan with CanadaLife and it's 5% matching contributions. With no debt and our lifestyle and no debt I can save 40% of my net pay for savings as well.
I plan on immediately maxing out my TFSA to the $81,500 limit with GIC's but the RRSP contribution is confusing. My salary is around 84,000 per year and I was planning on putting in 35K this year and then just keep rolling my refund back into RRSP's until I retire. I'm risk adverse so I used 4% as my return calcs and it's sizable when I retire.
Is there software that can calculate the sweet spot for me with respect to contributions? It seems there there is a point where the tax savings really drop off and my calculated refund doesn't increase that much.
Other than RRSP's and GIC's are there any other low risk or guaranteed investments that I should look at? My TFSA will be maxed and have it so I'll use up all my RRSP room and just sitting on cash in the bank seems like a bad idea - at least huge sums.
I'm a late bloomer to retirement savings so I just planned on investing and saving every dime I can. Sorry for the meandering post of financial ineptitude.