Help me settle a debate I'm having with myself! I'm trying to decide if we should continue contributing money towards my husband's RRSP.
The details:
-he makes 75k/year, going up to a max of 85k in about 3 years
-his pension contributions (teacher) eat up most of his RRSP room. This money can never be converted to a RRIF or cash, it must be taken as a pension (so for early retirement, the only option is a reduced amount)
-he has about 3k/year of RRSP room accumulating each year
-he has about 25k of RRSP room left from previous years (we were going by the assumption that when his income was lower, it really didn't make sense to add more to his RRSP, especially considering his pension)
-we are working on catching up on our TFSAs; his will be completed by the end of 2016
Should we still be contributing to his RRSP? Should we wait until he is at his max income? Should we wait until we've maxed out our TFSAs? If we choose not to, the money will be going towards catching up on our TFSAs.