I want to move my pension/RRSPs.

[03ozwhip]

I know nothing about investing but what I do know is that what I have in my RBC RRSPs seems to be a downward spiral.

I've lost 2k in a week and I don't know on what or where. I have a feeling RBC isn't the best place to have these things. I don't contribute to these at all, I have other ones I contribute to, but am I just being a worrier or should I talk to someone else and have my stuff moved.

Thanks for helping out an investment idiot.
03ozwhip

[eblend]

Couple of ways to think about this:

1. Markets will always have ups and downs, idea is to buy low, sell high. Most people are scared when market is crashing, but that's an excellent buying opportunity, as you are buying "low", from people who sell low, which would basically be you in this situation. My mom lost something like 40k in 2008 and panicked and sold everything....losing 40k, which she could have gained back if she just left it.

2. You can easily move your RRSP to anywhere you want. You open a new account, and initiate the transfer from the new company, who will reach out to RBC and transfer the funds.

I think most banks are a terrible place to keep your money nowadays, as they usually have legacy products and crazy commission fees. Nowadays many people who want to be hand-off on their investments use ETFs, which are basically a collection of stocks, with low management fees, built in diversification ect. There are many different types of ETFs, so I suggest you research into this.

I personally use Questrade, it's an online platform for trading. I have my RRSP, LIRA, TFSA whatever accounts in there, and then you can keep it as cash (no interest earned at all), or buy individual stocks, or ETFs, or GICs ect. Simplest thing is ETFs, and that's what bulk of my investments are.

I don't follow the market daily, that will drive you nuts, but generally speaking, over the long run, you should be making money. If you watch it daily you will just stress out for no reason.

I am no investment guru, but know enough to get started. I am sure there are smarter guy here on this and will pipe in. If you end up with questrade, you can use my referral code and give me and you some benefit (i think it's like $50 or something)