Retired 82-year-old lawyer builds $600,000 TFSA with a ‘buy what you know’ strategy
sorrapong/iStockPhoto / Getty Images
Well-spoken and quick-minded at the age of 82, Dorothy manages her own tax-free savings account, now worth more than $600,000. Other Trouncers may have million-dollar TFSAs, but Dorothy spends little time on hers. It was set up in 2009 and contributions have been maxed out ($102,000).
Dorothy, a retired Winnipeg lawyer, also managed her husband’s TFSA but when he passed away, it was divided equally among their children. On her grandchildren’s birthdays, she contributes funds to their accounts at Wealthsimple.
At first, her investments “would copy the holdings” of some mutual funds, such as the RBC Canadian Dividend Fund. To increase the compounding of returns, she…
