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Thread: Retirement income projections

  1. #81
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    Quote Originally Posted by Buster View Post
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    haha, I love my kids and didn't make the wrong choice. But the kids/no kids thing is a fork-in-the-road that you cannot undo. That doesn't mean you can't understand the benefits of the other fork - especially when you can clearly see it.

    Having said that, if life is about making choices which minimize regret, I think that having kids minimizes the risk of regret. My anecdotal observations are that people I know that did not have kids end up regretting that decision later, but sometimes very strongly. This assumes that no-kids choice was a choice and not related to a health reason.
    I'm just curious what type of offspring I would produce and the type of parent I would be but not curious enough to make it happen yet unless it's an accident lol
    max_boost is a name known to all

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    Quote Originally Posted by max_boost View Post
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    I'm just curious what type of offspring I would produce and the type of parent I would be but not curious enough to make it happen yet unless it's an accident lol
    With the girls you date I’m surprised there haven’t been multiple “accidents” by now

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    Quote Originally Posted by rx7boi View Post
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    You probably know this already but don't forget the one time unlocking to transfer up to 50% of your LIRA to an RRSP.

    Then you can go and buy several of those Beyond-coveted Raptors
    https://www.moneysense.ca/columns/as...ered-accounts/

    There are exceptions when a locked-in account can be withdrawn, either partially or entirely. Exceptions include extreme financial hardship or a shortened life expectancy; some provinces also allow unlocking based on your age.
    They did not say how much the life expectancy needs to be shortened. I could start smoking, catch COVID, or identify as an subjugated 40 year old white male with some money.

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    Quote Originally Posted by max_boost View Post
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    Meeting/dating my last gf was the single most expensive decision I've ever made but I would do it again.
    Last as in previous, or last as in never again

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    Quote Originally Posted by msommers View Post
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    Buy PPL and keep buying PPL on margin. The more the better.

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    If you can transfer other registered accounts into your TFSA, how come you can't just withdraw your entire TFSA and use that account as retirement $. Next coming year you get all that contribution room back, right? Then transfer your RRSP into your TFSA (full contribution amount), withdraw tax free, repeat next year.

    I know you can't do that, but seems logical when I'm thinking about it now

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    Quote Originally Posted by The_Rural_Juror View Post
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    https://www.moneysense.ca/columns/as...ered-accounts/



    They did not say how much the life expectancy needs to be shortened. I could start smoking, catch COVID, or identify as an subjugated 40 year old white male with some money.
    Depending on pension legislation, he just has to wait until 50 or 55, and the expectations don't apply. Once you hit the appropriate age, you can complete the 50% unlocking.
    Down side, the remaining 50% is converted to a LIF and you have to begin receiving annual minimum payments.

    - - - Updated - - -

    Quote Originally Posted by Disoblige View Post
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    If you can transfer other registered accounts into your TFSA, how come you can't just withdraw your entire TFSA tax free, then next coming year you get all that contribution room back, right? Then transfer your RRSP into your TFSA (full contribution amount), withdraw tax free, repeat next year.

    I know you can't do that, but seems logical when I'm thinking about it now
    The act of transferring your RRSP to your TFSA is not a tax-free move.
    The RRSP withdrawal to deposit into your TFSA would be considered taxable income.

    Remember, funds going into an RRSP are "before-tax" subject to tax when they are withdrawn, where funds going into a TFSA are "after-tax" and not subject to tax upon withdrawal.
    These opinions are entirely my own and do not represent any other person or organization.

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    Quote Originally Posted by dezmarez View Post
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    Remember, funds going into an RRSP are "before-tax" subject to tax when they are withdrawn, where funds going into a TFSA are "after-tax" and not subject to tax upon withdrawal.
    Oh yes, that little detail
    Brain fart

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    Quote Originally Posted by dezmarez View Post
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    Depending on pension legislation, he just has to wait until 50 or 55, and the expectations don't apply.
    One final bit of clarification. Do I actually have to be 50 or 55, or do I simply have to identify as one? Being an oppressed 40 year old white male adds at least 10 years to my age.

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    Quote Originally Posted by Tik-Tok View Post
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    10k will be Forest Lawn at the rate CoC is increasing taxes
    Quote Originally Posted by killramos View Post
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    Aspen will be EASILY 20k/mo by then, but man will we be a world class city eh!
    truth

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    Quote Originally Posted by Tik-Tok View Post
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    $10g a month doesn't seem enough to retire at 45 (and stay retired)
    That's $120K/year. 4% rule means $3M portfolio. But like Buster said, you probably need double that if you are doing it early.

    I theory, $60-80K/year is my budget but I only need to sustain that for 20-30 years and I know I definitely want to work til 50, 55 if I'm really bored and healthy enough (and I really want to maximize CPP from Feds).

    I still think I need to blow my wad by 75 and make it Canada's problem after that.

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    120k a year income, split between two people also means not particularly high taxes. So you should keep the vast majority of that.

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    Quote Originally Posted by ExtraSlow View Post
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    120k a year income, split between two people also means not particularly high taxes. So you should keep the vast majority of that.
    If you want to include CPP (early at 60) and OAS at 65, you are probably looking at only $40K top up from your portfolio to hit $60K.

    The only problem I can see from my circle is people with adult kids 20+ and they have not left home yet. While schooling cost has stopped, everything else has not. And those are the one that had their kids at 20s/30s. Now to my others who had them at 40s, it's definitely a way longer road ahead.

    And when it comes to retirement, you better damn sure both partners are on the same page. I laugh when an old colleague who retired is still looking for work. I asked him why and his wife won't retire and travel with him, so he's bored.
    Last edited by Xtrema; 06-03-2020 at 05:57 PM.

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    What are the current divorce rates? 40%? So definitely have a plan for that lol Sorry not hating, just pointing it out to those rich 40+white dudes who may or may not have a prenup hehe
    max_boost is a name known to all

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    Quote Originally Posted by max_boost View Post
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    What are the current divorce rates? 40%? So definitely have a plan for that lol Sorry not hating, just pointing it out to those rich 40+white dudes who may or may not have a prenup hehe
    Anyone with cash that doesn't have some type of separation agreement in place is... very risk-tolerant.

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    Wife and I had very even finances when we got married, made a prenup redundant. Since then, I think it's ended up pretty even too.

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    Quote Originally Posted by max_boost View Post
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    What are the current divorce rates? 40%? So definitely have a plan for that lol Sorry not hating, just pointing it out to those rich 40+white dudes who may or may not have a prenup hehe
    Most people who get married at 25-30 years of age dont have significant assets so a prenup wouldn't really help them in a divorce. Throw in some kids to the mix or have your wife stop working to raise them and really watch out.
    Quote Originally Posted by Gestalt View Post
    Im the one with a learning disability....

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    Quote Originally Posted by ExtraSlow View Post
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    Wife and I had very even finances when we got married, made a prenup redundant. Since then, I think it's ended up pretty even too.
    Separation agreement =/ pre-nup.

    If my wife and I split, we both know exactly how it's going down, who gets what, etc. Quick and easy.

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    Quote Originally Posted by A790 View Post
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    Separation agreement =/ pre-nup.

    If my wife and I split, we both know exactly how it's going down, who gets what, etc. Quick and easy.
    You don't have kids right? I don't think there is any "quick and easy" when splitting up with kids. Although I admit I haven't looked into it. I like this wife and intend to keep her.

  20. #100
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    That is lovely to hear. I hope your wife likes you and intends to keep you.

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