I've had money in mutual funds before. I only had invested a small amount of money, and withdrew it, closing the account, as soon as I "needed" money for something. Not a very good way to do things.
Now that I'm older, and hopefully a bit wiser, I'm looking into putting money in mutual funds again. Having my retirement funds in a bank account that is only earning 0.5% interest makes my tummy queasy. It's secure, but with a retirement timeline of only 25 or so years away, and next to nothing saved, I have got to start getting the magic of compound interest working in my favour, or risk being destitute in my old age.
I've used some calculators online, and decided that I would put my retirement monies in mutual funds with CIBC Mutual Funds, using their Index Portfolio Rebalancing Service, offered through PC Financial. I'm not suggesting anyone else should put their money there, I'm only talking about what I'm willing to do with my money.
I had the send me the appropriate paperwork required, along with a prospectus. I read through the materials, decided which fund I'm comfortable with putting my money into, and then pulled out the application. Goodness me. Why do these things have to be so darn complicated? It's going to take me the better part of a week to get it all filled it. Maybe I should take it to one of the PC Financial kiosks and have them go through it with me, just so I don't mess it up too badly.
I'm hoping the outcome of this venture is that one day I can live comfortably off the money I've saved for my retirement. I'm looking forward to sharing this journey with you.
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