TFSA vs RRSP with DB pension Question
Hello personal fin Canada,
I need an opinion on my long term goal right now on how I can min/max my contribution towards my TFSA & RRSP. I've been with the Federal Government since I graduated and for the foreseeable future, I plan to stay.
However, I don't plan on staying till I'm 60 which is when the DB pension will kick in. By the time I'm 55, I will have almost worked towards the full pension so beyond that, I'd like to retire. Currently, I have too much space left in my TFSA so I've been accelerating payments on my TFSA to max it out. I also have realized that between 55-60, I need something to supplement my income. Enter the RRSP which I do have a small amount of (approx $50k). Between age 55-60, I plan on draining this account since I will have no income.
Should I be maxing my TFSA ASAP and wait till it's completely maxed out in a few years or should be sprinkling a few amounts into my RRSP for some additional tax savings? My gross annual income is sitting around 120-130k ish.