$756,000 retirement

[ZenOps]

http://business.financialpost.com/pe...l-of-Canadians

High low? Just glad to be at zero?

[ExtraSlow]

They refer to that as the amount of "retirement savings" required, but what I'd like to know is what new worth do I need where if I live to a rioe old age my net worth will go to zero.

Dying broke is the goal.

[mr2mike]

Just go broke by 80yrs old.
Commit a white collar crime. Head to prison.
Become the cool old guy at prison with your old school stories of how it used to be.
Free TV, Free food, free shelter. Basically the same as a retirement home (including the random, non-coherent shouting).
#Lifehack

[max_boost]

Lol sure

Ppl dunno what they want so knowing how much to have for retirement? Haha survival first loll

[Hallowed_point]

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They refer to that as the amount of "retirement savings" required, but what I'd like to know is what new worth do I need where if I live to a rioe old age my net worth will go to zero.

Dying broke is the goal.

Totally. Well not if I have kids. It would be nice to leave something behind for them.

[G-ZUS]

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Just go broke by 80yrs old.
Commit a white collar crime. Head to prison.
Become the cool old guy at prison with your old school stories of how it used to be.
Free TV, Free food, free shelter. Basically the same as a retirement home (including the random, non-coherent shouting).
#Lifehack

Good plan!

[Xtrema]

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They refer to that as the amount of "retirement savings" required, but what I'd like to know is what new worth do I need where if I live to a rioe old age my net worth will go to zero.

Dying broke is the goal.

$1.5M at 60 for 2018 for a couple.

$700K house
$800K savings

$800K savings * 2% return = $16K.
Gov programs should give you = $24K

$40K should keep the lights on.

$30K for hobby and travel and random shit but expect this budget will reduces over time as you become less mobile. You are out of $ by 85.

Sell you house and move into a retirement home, the $700K house in today's dollar will sustain you for another 10-20 years depending level of service you want.

You are broke by ~97-100.

I didn't anticipate the market, hence 2% return. Also didn't anticipate future government screwing with RRSP/IF or CPP/OAS rules.

[ZenOps]

The go flat broke and then go big at 65 (not 80) is the US thing to do. Canadians I think; tend to be hoarders - its a natural thing for peoplekind to do because of the weather/climate.

[Twin_Cam_Turbo]

My goal was $2 million savings plus a home worth $500k+. Probably more realistic at $750k savings and a home for me though.

[rage2]

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Just go broke by 80yrs old.
Commit a white collar crime. Head to prison.
Become the cool old guy at prison with your old school stories of how it used to be.
Free TV, Free food, free shelter. Basically the same as a retirement home (including the random, non-coherent shouting).
#Lifehack

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Good plan!

Until you drop the soap in the shower.

[ExtraSlow]

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Totally. Well not if I have kids. It would be nice to leave something behind for them.

I plan on my kids getting and education and maybe some help with thier first houses, but not planning on leaving them an inheritance.
If I die at 90, my kids will be in thier fifties, what the fuck do they need a windfall at that point for?

Once my kids have kids, if I'm sitting on extra cash I'd be much better off spending the bunk of it to improve my quality of life and to do cool stuff with my grandkids while I'm still alive.

Had this chat with my mom. Told her I'd be very disappointed of she left much of an inheritance. She agreed and has recently ramped up her spending to draw down the funds a bit.

[Hallowed_point]

My biggest concern when my Dad croaks is what I'm going to do with all of his various music and collectable memorabilia that he has scattered about the house and random storage lockers around
Vancouver. The guy is a hoarder.

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I plan on my kids getting and education and maybe some help with thier first houses, but not planning on leaving them an inheritance.
If I die at 90, my kids will be in thier fifties, what the fuck do they need a windfall at that point for?

Fair enough. That's true. But not all of us will live to 90.

[max_boost]

756 doesn’t make feel safe or rich or anything.

Biggest concern isn’t retirement, it’s avodijng boredom lol

[Hallowed_point]

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756 doesn’t make feel safe or rich or anything.

Biggest concern isn’t retirement, it’s avodijng boredom lol

Don't retire then. Have an active hobby/job type thing.

[HiTempguy1]

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Had this chat with my mom. Told her I'd be very disappointed of she left much of an inheritance. She agreed and has recently ramped up her spending to draw down the funds a bit.

My mom always talks about this inheritance thing. If they live to 90 (likely), I'll be 60 by then Like wtf do I need that money for? And if I ever had kids, they don't need more than a RESP. Yes, more money is almost always better for the kids, but I always tell my parents to spend their f*&king money because I don't want it and they've worked harder than anybody I've ever met.

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Fair enough. That's true. But not all of us will live to 90.

A lot will. Those who take care of their health and don't get cancer have a very good chance of doing so.

And finally, does everyone just plan on retiring at 60 outright? I'd go crazy. Currently, the plan is to "retire" at 55, and then either continue doing what I've already started full time, partially delegate those tasks to others, and then look into other business opportunities/activities I can earn money at that I truly enjoy. I could never see "stopping" earning money unless I am physically incapable of doing so.

Also, hopefully fully immersive virtual reality is a thing by then :p

[Xtrema]

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Until you drop the soap in the shower.

Free butt sex too, score if you are into that.

[suntan]

Hoping to have $1.5 million by the time I retire.

My present value is enough that my puny $12K/yr contribution matters less and less.

[max_boost]

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Don't retire then. Have an active hobby/job type thing.

Basically lol

Everything will depend on health.

[Hallowed_point]

Who here wants to be the geriatric in the cool car who can barely see/move/react? Not me. I'd rather have fun toys before things go downhill physically and mentally. But
I'm not car show shiner guy,

[ExtraSlow]

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Fair enough. That's true. But not all of us will live to 90.

If you die earlier, assuming you have entered "traditional" retirement, your wealth should be even higher, so that's a case where there might be an "accidental" inheritance, and that's no big risk.

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My mom always talks about this inheritance thing. If they live to 90 (likely), I'll be 60 by then Like wtf do I need that money for? And if I ever had kids, they don't need more than a RESP. Yes, more money is almost always better for the kids, but I always tell my parents to spend their f*&king money because I don't want it and they've worked harder than anybody I've ever met.

Yeah, spend that money with your kids and grandkids when they can make the best use of it, and when you can build memories with them! Go on a vacation with them while you are still healthy enough to travel, buy the teenagers a car or something. Put a big down payment on the first house for your kids, pay their way through university.

I think our society is far too obsessed with accumulating wealth and many people don't even think what they are saving for.