Retirement Stragies: 2018

[Xtrema]

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I think it's unrealistic to think you won't have to access the equity in your home in some fashion. Either downsizing or selling outright and renting or a reverse mortgage. That's for sure part of my plan.

If your primary residence is part of retirement strategy, paid if off ASAP and get ready to leave town when thing doesn't look right.

Last you need is to hold on to property in Detroit.

[mr2mike]

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So here is a question... what is the best way to make yourself poor on paper?

Read Marneau or Trudeau's "How-To" book?

[killramos]

Mincome and make money under the table.

[swak]

Currently save into RRSP, Group RRSP, TFSA and TFSA Direct Investing.. plus me and my friend are looking at a second home and going to start earning income from rental properties here soon.

But when it comes close to retirement, i plan to move to Mexico when I cash out on my RRSPs... Live like a rockstar down there is my plan. (better-halfs dad does it right now, life looks pretty pimp!)... hire someone to look after my places and get a modest income off that... And if I get sick of it in Mexico I have a place to come back to.

[max_boost]

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I started saving for retirement when I was 23 but I feel way behind still. My hope was to have at least $500k RRSP plus two homes and hopefully have my own business when I’m 65 which might be a long shot but I will sure try.

Smart man. I started around that age too when I started getting my shit together. Now what would it be like if I never liked buying women things or nice cars lol hoe much further ahead I would be in terms of numbers but I still get called boring haha damn

[Mostwanted]

Plan to save as much as I can +1 mil then move to the Philippines when im 55 and live a simple to above average life. . From my calculations pretty easy to live there comfortably for 35-50k a year LOL

[Tik-Tok]

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hoe much further ahead

Accurate

[bh87]

I can run a basic financial/retirement plan for anyone interested. It will show what you will have at retirement and how long it will last among other things

If interested PM me your email address and I will send you an email from work asking for:
Current Household Income
Current expenses
Current assets (fixed and liquid) and liabilities - including any term or whole life insurance and time frame of when mortgage will be paid off
Current Age
Expected retirement age
Life expectancy (if unsure I can make an assumption)

[HiTempguy1]

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I started saving for retirement when I was 23 but I feel way behind still. My hope was to have at least $500k RRSP plus two homes and hopefully have my own business when I’m 65 which might be a long shot but I will sure try.

I'm pretty similiar boat. Have the condo which I am renting out and the new commercial property which I think will have some serious value 20 years from now.

Next step once the business is up and fully running is to buy another condo. Then rinse and repeat. The hope being that by the time I retire, I have 5-10 condos/properties all paid off and basically taking the rental income as pure profit when I am retired, while slowly selling a property off every one or two years.

And if I stick with my current full time job for who knows how long, a sizeable pension.

[Sugarphreak]

...

[max_boost]

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Accurate

HAHA funny typo lol

I guess they always come out ahead in the end lol

[blownz]

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I kind of get the feeling that in the future, people who save for retirement are going to be punished for it.

This is personally my biggest fear. I have always used the assumption that CPP and OAS will be a bonus if it is there and that I need to take care of myself 100%. But even so, I have always been concerned about how the rate of inflation will affect my savings, plus my parents possibly having issues and needing financial help. And now to add to those concerns, our current provincial and federal governments seem hell bent on taking everything they can from the 'rich' and when it comes to retirement savings, it may not be the rich, but just the disciplined and planners that get hit. And I am most worried about that unknown.

It is honestly no wonder people that really make it end up moving assets out of the country. It is a lack of trust with the government.

My goal is to have enough money when I retire that if the government starts trying to tax assets or estates, that I can leave the country and never come back.

As for overall goal, I used to think (5-10 years ago) that if I had $2M at age 60 I would retire. I now think that I will need closer to $3M. But that is 19 years away, so I will probably still ratchet that up before then. This is why I save over 50% of my net pay.

[Gestalt]

Climate change will make Alberta home and land owners rich if we dont end up having to hive it back to the natives

[mr2mike]

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when it comes to retirement savings, it may not be the rich, but just the disciplined and planners that get hit.

Middle class are most at risk. That's upper middle class too.

At some point, spending money to find ways to pay less tax is actually the most effective way to retain your wealth. Not increasing salary, not saving more.
North American policies are ratcheting this point, lower and lower for people. When half of society pays little to no taxes, it doesn't take grade 12 math to see what's up.

[timdog]

canadiancouchpotato.com in terms of investing strategy.

mrmoneymustache.com in terms of how to not be a fucking idiot with your money and save more than you are. (this guy is hardcore, you dont have to treat his words as gospel but it's a good mindset to get yourself in and can inspire you to be more frugal and more focused on saving)

also, diversify in terms of RRSP and TFSA and other types of savings. I have a rental property that I plan on having paid off when i'm retired, which will result in a mostly passive income. RRSPs are great but will be a major pain in your ass if all of your income if going to come from there. taxes are undoubtedly going to be higher compared to what they are today, and there are rules around how quickly you need to empty out your RRSPs too.

dont rely on CPP, dont rely on inheritance, dont rely on anything from the government ever. if you get it, it's gravy.

simple calculation - think about how much income you want when you retire. multiply that number by 25 and thats the amount you need to withdrawal the income you want every year in perpetuity, and compensating for inflation. the challenge there is taking into account taxed income, non taxed income, passive income. but it's not difficult math to figure out.

[ExtraSlow]

Financialpost.com has an article out this week titled "The retirement advice most people don't expect: Spend more money, have more fun, give more away"
http://business.financialpost.com/pe...give-more-away

This article rings true for me because I have a relative who was recently given the same advice. A lifetime of saving, nearly zero expenses and a defined benefit pension meant she was actually accumulating wealth well into her seventies. Providing an inheritance wasn't a goal for her, so she's started giving more to charities and helping out family members.

[mr2mike]

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Providing an inheritance wasn't a goal for her, so she's started giving more to charities and helping out family members.

Because the inheritance has large tax implications. Helping family out now, doesn't. Just start slowly gifting it.

[ExtraSlow]

This is a good tip for all us middle aged ballers. Shit I'll start giving away my money today!

[Masked Bandit]

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Because the inheritance has large tax implications. Helping family out now, doesn't. Just start slowly gifting it.

I thought inheritance tax was a US thing and not applicable in Canada???

[mr2mike]

https://www.theglobeandmail.com/glob...ticle15439582/

Also the laws are changing. Trudeau and Morneau are working to make sure they get everything off the table and into their pockets.