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You Retirement Goals? - Page 5 - Beyond.ca - Car Forums

View Poll Results: What is your retirement Plan?

Voters
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  • Leave Canada, live where it's cheap

    19 11.73%
  • Live in an RV, Cabin, or Boat

    3 1.85%
  • No Debts / >30K Year of Income

    10 6.17%
  • No Debts / >50K Year of Income

    32 19.75%
  • No Debts / >80K Year of Income

    60 37.04%
  • Make Due with Government Pension

    7 4.32%
  • Work until I die

    31 19.14%
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Thread: You Retirement Goals?

  1. #81
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    Quote Originally Posted by rx7boi View Post
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    Statistically speaking, literature shows that being in agreement in 4 aspects of life are predictors of a lasting marriage:

    1. Religion
    2. Money
    3. Children, how to raise them and with which family values
    4. Inlaws and how to deal with them
    5. Sex? I guess it’s assumed you don’t get any unless special occasion
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

  2. #82
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    I fell short of my retirement goals because I decided to retire earlier
    Last edited by JudasJimmy; 05-28-2019 at 09:45 AM.

  3. #83
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    I'll probably be living in a van down by the river... just like most people.

  4. #84
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    Quote Originally Posted by masoncgy View Post
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    I'll probably be living in a van down by the river... just like most people.
    I'll share that van with you bud.

  5. #85
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    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.

  6. #86
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    Feb 2005
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    Quote Originally Posted by Twin_Cam_Turbo View Post
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    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 MERs

  7. #87
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    ...
    Last edited by Sugarphreak; 08-18-2019 at 04:56 PM.

  8. #88
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    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.

  9. #89
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    .
    Last edited by KRyn; 03-11-2022 at 11:06 AM.

  10. #90
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    Quote Originally Posted by masoncgy View Post
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    I'll probably be living in a van down by the river... just like most people.
    That single letter probably worth $4-$5M.

  11. #91
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    Quote Originally Posted by KRyn View Post
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    It's simple really, because racecar.
    I’m debating getting out of the race car game

  12. #92
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    Sep 2002
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    Quote Originally Posted by xrayvsn View Post
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    That’s not usually how it goes. The first million takes the longest to reach. The next million takes incrementally less time, and so on.
    Exactly what I was going to say. The 1st mill is the toughest...
    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.

  13. #93
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    ...
    Last edited by Sugarphreak; 08-18-2019 at 04:56 PM.

  14. #94
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    Quote Originally Posted by Sugarphreak View Post
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    Just remember, nobody gets out alive... race car assassins will be around every corner
    I prefer driving other people’s racecars.

  15. #95
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    .
    Last edited by KRyn; 03-11-2022 at 11:06 AM.

  16. #96
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    Quote Originally Posted by KRyn View Post
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    I start the bidding at $10,000.00!
    Surprisingly high.

  17. #97
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    Sep 2002
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    Quote Originally Posted by A790 View Post
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    I am glad you feel this way. You should be having kids.

    I think of kids and I think of a massive encumbrance on my life and how I want to live. I do not have any interest in kids whatsoever. I recognize how important they are to our society and our future, but am not in any way interested in raising my own.
    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?

    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).

  18. #98
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    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

  19. #99
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    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

  20. #100
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    Quote Originally Posted by M.alex View Post
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    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
    I'd likely start that number at $150k + you have Bonus + LTIP + Pension + RRSP matching that will come into play over careers.

    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.

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