Home
Q & A

Time to Consolidate

I had a RRSP and a pension plan with a company I just left after 9 years. It was a matching program and I hated the company (Sunlife) that managed it. Their statements were difficult to read and they never seemed to do what you wanted unless you hounded them. I benefited from stock options, which are in a US account at the bank. I received large bonuses, which I tucked away in ING (They are awesome you forget you money is there and it keeps growing and they NEVER BUG YOU) I am now with another company (oil and gas) where I have a savings plan (10% they match 10%) with 2 other financial institutions (Manulife & Scotia McLeod (company shares)). What I am thinking is I need to consolidate all of this. Do you think this is a good idea???

Name withheld          

I do think that consolidating is a good idea when:

  1. It makes your life simpler, and
  2. You’re not sacrificing any return on your investment.

So, look carefully at where you’re planning to move the money to see if your return will match or exceed the returns you’re earning on your existing plan. I know past performance is no predictor of future performance, but year-over-year averages are a good thing to look at to see how the plan has been doing.
Have Your Say Gail Speaks Your Questions Gail's Articles Gail's Books
Gail's Blog | Til Debt Do Us Part | Splitsville | Have Your Say | Gail Speaks | Your Questions | Gail's Articles | Gail's Books
The contents of this website are of a general nature and should not be construed as financial advice.
Individuals must seek professional counseling based on their specific needs before making a financial decision.
©Gail Vaz-Oxlade. Contents of this website may not be reproduced in any form without the written permission of the author.   Site by cobourginternet.com   Site map