5. Sex? I guess it’s assumed you don’t get any unless special occasionThis quote is hidden because you are ignoring this member. Show Quote
Leave Canada, live where it's cheap
Live in an RV, Cabin, or Boat
No Debts / >30K Year of Income
No Debts / >50K Year of Income
No Debts / >80K Year of Income
Make Due with Government Pension
Work until I die
5. Sex? I guess it’s assumed you don’t get any unless special occasionThis quote is hidden because you are ignoring this member. Show Quote
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
I fell short of my retirement goals because I decided to retire earlier
Last edited by JudasJimmy; 05-28-2019 at 09:45 AM.
I'll probably be living in a van down by the river... just like most people.
I'll share that van with you bud.This quote is hidden because you are ignoring this member. Show Quote
I started seeing a financial planner at my parents request and it doesn’t seem like retirement is even an option until 70+ at my rate lol.
Well, yeah... you have to make sure he gets his MERsThis quote is hidden because you are ignoring this member. Show Quote
...
Last edited by Sugarphreak; 08-18-2019 at 04:56 PM.
If wife and I can maintain savings goals for the next 20 years, we should be in the low 7 figures for retirement.
Inflation is a bitch though and who knows what life will through at you along the way.
.
Last edited by KRyn; 03-11-2022 at 11:06 AM.
That single letter probably worth $4-$5M.This quote is hidden because you are ignoring this member. Show Quote
I’m debating getting out of the race car gameThis quote is hidden because you are ignoring this member. Show Quote
Exactly what I was going to say. The 1st mill is the toughest...This quote is hidden because you are ignoring this member. Show Quote
I had kids fairly late and likely won't retire until the youngest is out of the house. That is more of a factor than savings. Just don't see myself retiring until he's done university and independent.
Last edited by CLiVE; 05-31-2019 at 12:34 PM.
...
Last edited by Sugarphreak; 08-18-2019 at 04:56 PM.
I prefer driving other people’s racecars.This quote is hidden because you are ignoring this member. Show Quote
.
Last edited by KRyn; 03-11-2022 at 11:06 AM.
Surprisingly high.This quote is hidden because you are ignoring this member. Show Quote
I subscribed to this mindset when living in Canada and had no desire for children. The way Canadians spend so much time working and earning to raise kids to be successful and independent defeats the whole point of having them in my mind - why have a kid if you're just playing taxi driver between various activities and working extra hours to support their development?This quote is hidden because you are ignoring this member. Show Quote
Now that I'm living in Spain and seeing how Spanish families work, I can see the appeal to having children again. My girlfriend's grandma cooks the family an epic lunch every Sunday and I'm sure it's a big part of what keeps her going (she's 89 and still very mentally and physically capable- she still makes whipped cream, muffins, bechamel, etc. by hand and walks several kms per day). Anyways, I only mention it because it feels like in Spain the time and closeness of families make the whole child-rearing experience more worthwhile and like there is a give and take over a lifetime.
I know each family is different and families like this exist in Canada; it just seems to be more common in Spain and thus the cultural differences have really changed my mentality. I'm also lucky enough to be in a financial position where if I had kids now I'd be able to spend the majority of my time raising them and it wouldn't impact my retirement plans much (perhaps it would even be my 'work replacement' project for a while).
Unless you're making bank or get lucky, how can one afford to even get ahead in Alberta, let alone retire?
Let's say you're a DINK couple making $120k. After taxes, mortage, car loans, general living and RSP you're left with nothing.
$120,000
$ 72,000.....-$48,000........40% to taxes
$ 47,000.....-$25,000........Mortgage
$ 37,000.....-$10,000........Insurance
$ 32,000.....-$5,000.........Car loan
$ 27,000.....-$5,000.........Gas/Car repair
$ 22,000.....-$5,000.........Food/Entertainment
$ 0.....-$22,000.......RSP
sig deleted by moderator, click here for info
If $120k is household income and evenly earned between partners the taxes paid would be under $30k
And if they’re contributing $11k each to rrsp then it would drop another $8k
I'd likely start that number at $150k + you have Bonus + LTIP + Pension + RRSP matching that will come into play over careers.This quote is hidden because you are ignoring this member. Show Quote
I think that's where the gravy really kicks in.
Example. Current company does 5% pension on their own dime for 5 years then 10% for the follow 5 years then DB Pension of 1.4% x Years of Service in DB x 3 Year Avg of Highest Salary years. (Say you make $150k as your highest 3 years in your career and were in the DB plan for 15 years = 1.4 * 15 = $31.5K/year of income from pension + whatever other savings you have + the 5 years of 5% of salary saved + 5 years of 10% salary saved.