Current Status:
| Shortfall for added income/month | $212,521.73 | ||
| Planned Additional Savings | |||
| ESOP Contributions w/AVC 4% | 251.76 | 26 | $52,366.08 |
| ESOP Dividends | $15,893.23 | ||
| Group RRSP (bonuses) | 12.5 | 26 | $2,600.00 |
| Tax Refunds and Bonuses | 5000 | 1 | $40,000.00 |
| Mortgage paid off (three years, but using one payment per month) | 800 | 14 | $44,210.53 |
| Shortfall Remaining | $57,451.89 | ||
| Annual addition required | $7,181.49 | ||
| Monthly addition required | $598.46 |
I've been taking what's called at work "the Christmas Bonus" (just because of the timing) as cash to help pay for Christmas as well as other bill. We've decided to close the "Bank of Nana and Grandpa" and to put the bonus money into my RRSPs, as well as my tax refund (hopefully). Putting the cash-payout of the bonus still results in less money (cash plus tax refund) than if I had the entire pre-tax bonus put into a RRSP.
The real conicidence is that there was a corporate e-mail yesterday that announced how our bonus will be calcualted in the future. Bad news is that the only RRSP plans that I can put the money into is a group PPSP plan. Oooookaaaay.... Looks like I have to hook in to the group RRSP provider and set up an account and then direct at least $12.50 a pay into the plan plus the start-up amount.
Does pull down my numbers, but the tracking will really the impacts as the bonuses are paid out over the years. Lower tax refunds but more money into savings.
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