You Retirement Goals?

[Toilet_X]

Work til i die is surpisingly high. And here i thought ol terlet d was one of few

[Disoblige]

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Money is useless... personally I only care about the things I can exchange it for

Any more money than that is a burden IMO

Health > Money
Rather be still able to play certain sports and be active when I'm 65+ than have 50 mill in the bank. Life is boring when you're old and you can't do shit.

[Tik-Tok]

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Health > Money
Rather be still able to play certain sports and be active when I'm 65+ than have 50 mill in the bank. Life is boring when you're old and you can't do shit.

Nah, lots of stuff you can spend your money on.

[KPHMPH]

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Health > Money
Rather be still able to play certain sports and be active when I'm 65+ than have 50 mill in the bank. Life is boring when you're old and you can't do shit.

I didn’t say you can’t have both ....

[davidI]

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You can never have to much money.

I'd rather have time.

Obviously, money is needed for a decent living but there comes a point where I value my time just as much as what I can spend.

[you&me]

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I'd rather have time.

Obviously, money is needed for a decent living but there comes a point where I value my time just as much as what I can spend.

He never said you can't have both of those, either.

That said, to a certain extent, more money can buy more time (I'm sure you know this, more than most around here).

More money means being able to pay for services that take up your time, freeing you to spend your time doing things you'd rather. Cleaning, cooking, errands, repairs... all of those can take up a significant amount of your time. "But, but, I like to cook" - well, that's not the point... No one likes scrubbing their toilets or dusting their window sills... Having money means you can pay someone to do that.

And money is not useless without the things you can exchange it for. Having an "excess" of money means security. Exchanging it for "things" is one thing, but not having to worry about costs if / when something unexpected crops up is pretty priceless... There can be a lot of crappy situations that only get worse if you have the additional stress of how you can afford the solution... I'd rather be in a position where that isn't a factor.

[89coupe]

I feel like I’m semi retired now. I’m self employed, make my own hours, make a very good living, and have zero debt.

I’m currently looking into diversifying my portfolio more, been heavily invested in the O&G sector for 26 years and I feel it’s time to look elsewhere. The future isn’t looking bright for O&G and I don’t want to lose all my gains on the downslide.

Took me 8 years to pay my house off, best feeling ever.

Now I’m focused on heavily investing. I have to wait 10 more years, my youngest will be in University at that time and then the Wife and I can start travelling the world.

That is my goal, to be able to travel on a whim and see the world.

Big houses and fancy cars don’t get me excited anymore, they seem more like a burden then an enjoyment.

[suntan]

We have around $550K saved up for retirement. I'm finding whatever piddly amounts I contribute to my RRSP is rather useless now. 20 years still.

Mortgage will be paid off in three years when the term ends. I'm going to lump sum pay off the rest. Paying off early during the term seems to be rather pointless so I'll probably just shove some of that money into a 3 year GIC.

Now for hookers and blow.

[89coupe]

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We have around $550K saved up for retirement. I'm finding whatever piddly amounts I contribute to my RRSP is rather useless now. 20 years still.

Mortgage will be paid off in three years when the term ends. I'm going to lump sum pay off the rest. Paying off early during the term seems to be rather pointless so I'll probably just shove some of that money into a 3 year GIC.

Now for hookers and blow.

Why is paying off your term early pointless? You are paying interest monthly, where as if you have the money to pay it off now, you avoid paying that interest.

[nzwasp]

You have 20 years to retirement? I’m sure I pictured you as being in your 60s already

[ercchry]

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Why is paying off your term early pointless? You are paying interest monthly, where as if you have the money to pay it off now, you avoid paying that interest.

depends... if its a fixed term from a big bank with an inflated "posted rate" the IRD could be more than the difference from his GIC and the remaining interest left.... if variable with 3 month interest penalty... then yeah. agreed... but he could also be in a MCAP value-flex... and have zero options to payout early.

[suntan]

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Why is paying off your term early pointless? You are paying interest monthly, where as if you have the money to pay it off now, you avoid paying that interest.

I end up saving like $1000. Might as well just hold onto the money in case my arms get cutoff or something.

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You have 20 years to retirement? I’m sure I pictured you as being in your 60s already

Get off my lawn.

[89coupe]

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I end up saving like $1000. Might as well just hold onto the money in case my arms get cutoff or something.

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Get off my lawn.

What type of mortgage do you have?

I paid mine out early, it was a $1043.00 penalty vs $358/mth interest if I would have waited out the term.

I was prime minus .95 fixed variable

[suntan]

It's a 20/20 mortgage, I could raise the payment quite a bit or payoff some. But it's only at 2.49%.

I can't pay it off in its entirety right now. Even if I'm aggressive I still end up with a couple of years of payments.

[89coupe]

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It's a 20/20 mortgage, I could raise the payment quite a bit or payoff some. But it's only at 2.49%.

I can't pay it off in its entirety right now. Even if I'm aggressive I still end up with a couple of years of payments.

Sorry I guess I miss interpreted your post above, it made it sound like your mortgage would be paid off at the end of your 3 year term, if you currently are paying 2.49% your monthly interest will total way more then if you were to pay it out entirely now and pay the penalty. I assumed you had the money available to pay it now. My bad

[ercchry]

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Sorry I guess I miss interpreted your post above, it made it sound like your mortgage would be paid off at the end of your 3 year term, if you currently are paying 2.49% your monthly interest will total way more then if you were to pay it out entirely now and pay the penalty. I assumed you had the money available to pay it now. My bad

2.49% sounds like a fixed term, not variable... so IRD which can be substantial ie. scotia's posted rate is 4.15%, so 4.15-2.49 is 1.66%, so he would have to pay that for the remaining term... so if his GIC pays more than 0.83% he is winning.

[ianmcc]

Our goal is freedom 55 for my wife so that gives us 5 years and 18 days-I plan on retiring at the same time.
Between our RRSPs, TFSA and current residence we should eclipse 7 figures net worth sometime prior to that.
The house will be paid off and sold so we can downsize to a smaller car-friendly community kind of like Lethbridge with the Street Wheelers probably in southern Alberta.
Pick up a vintage RV like a Travco and in winter head south till the butter melts.
Will be drawing my work pension on top of things which is exclusive of our net worth figures. We want to retire early enough to enjoy our golden years!

[89coupe]

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2.49% sounds like a fixed term, not variable... so IRD which can be substantial ie. scotia's posted rate is 4.15%, so 4.15-2.49 is 1.66%, so he would have to pay that for the remaining term... so if his GIC pays more than 0.83% he is winning.

You keep saying GIC??? What does that have to do with paying off his mortgage? Are you assuming he would use a GIC to pay his mortgage off? I’m assuming he has liquid cash available. I’m confused as to what you are trying to say???

Is there a higher penalty for discharging a fixed rate mortgage vs a variable rate fixed term?

Just curious, as I’m not sure what you are trying to explain.

Or are you saying it’s better for him to put the money into a GIC vs using it to pay off the mortgage?

Looks like a 3 year GIC pays out 1.6% annually on a 3 year. Peanuts

[ercchry]

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You keep saying GIC??? What does that have to do with paying off his mortgage? Are you assuming he would use a GIC to pay his mortgage off? I’m assuming he has liquid cash available. I’m confused as to what you are trying to say???

Is there a higher penalty for discharging a fixed rate mortgage vs a variable rate fixed term?

Just curious, as I’m not sure what you are trying to explain.

Or are you saying it’s better for him to put the money into a GIC vs using it to pay off the mortgage?

Looks like a 3 year GIC pays out 1.6% annually on a 3 year. Peanuts

yes, he originally noted he was going to invest in a GIC till his term is up. fixed uses interest rate differential and it is calculated of the posted rate by the big banks, not current "special" rates that they actually offer at market value... its pretty slimy and somewhere where the monolines shine as they do not have a inflated posted rate

EDIT: plenty of higher GICs, look at Equitable bank, or home trust

[suntan]

I was just thinking of getting a Simplii GIC, rate's not bad for a three year.