Quantcast
How much should I contribute per year towards retirement? - Beyond.ca - Car Forums
Page 1 of 8 1 2 ... LastLast
Results 1 to 20 of 153

Thread: How much should I contribute per year towards retirement?

  1. #1
    Join Date
    Jun 2009
    Location
    Calgary
    My Ride
    X5D, Fiesta ST
    Posts
    7,542
    Rep Power
    56

    Default How much should I contribute per year towards retirement?

    Side question, how much should I contribute per year towards retirement? I’m 30 and I don’t have wild dreams in retirement, maybe a nice trip once a year and own a nice car ($150k?). What are others doing?

  2. #2
    Join Date
    Jan 2008
    Location
    Upstairs
    My Ride
    Natural Gas.
    Posts
    13,330
    Rep Power
    100

    Default

    Quote Originally Posted by Twin_Cam_Turbo View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Side question, how much should I contribute per year towards retirement? I’m 30 and I don’t have wild dreams in retirement, maybe a nice trip once a year and own a nice car ($150k?). What are others doing?
    Really you need to work backwards from a target retirement date. There's free calculators and spreadsheet templates to look at that.
    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  3. #3
    Join Date
    Sep 2012
    Location
    Calgary, AB
    Posts
    1,636
    Rep Power
    85

    Default

    Quote Originally Posted by Twin_Cam_Turbo View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Side question, how much should I contribute per year towards retirement? I’m 30 and I don’t have wild dreams in retirement, maybe a nice trip once a year and own a nice car ($150k?). What are others doing?
    Helps to have a spouse that can save too. About $1000/mth.

    Not saving in your 20s hampers retirement goals greatly. The future value of money when you're in your 20s is gigantic.

  4. #4
    Join Date
    Jan 2008
    Location
    Upstairs
    My Ride
    Natural Gas.
    Posts
    13,330
    Rep Power
    100

    Default

    The best day to start saving is yesterday. The second best is today. Starting immediately is more important than spending a lot of time getting a perfect plan.
    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  5. #5
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    ute
    Posts
    4,937
    Rep Power
    100

    Default

    Quote Originally Posted by ExtraSlow View Post
    This quote is hidden because you are ignoring this member. Show Quote
    The best day to start saving is yesterday. The second best is today. Starting immediately is more important than spending a lot of time getting a perfect plan.
    and start tracking the short term investment thread closely. And the crypto trading thread.

    It's a sure thing.

  6. #6
    Join Date
    Sep 2012
    Location
    Calgary, AB
    Posts
    1,636
    Rep Power
    85

    Default

    I saved up while my friends were partying it up. Now a lot of them are up shit creek. Ah well. Some of them would fucking kill me if they knew how much I saved. Some of them don't even have $10K. Like WTF.

  7. #7
    Join Date
    Jun 2009
    Location
    Calgary
    My Ride
    X5D, Fiesta ST
    Posts
    7,542
    Rep Power
    56

    Default

    Quote Originally Posted by ExtraSlow View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Really you need to work backwards from a target retirement date. There's free calculators and spreadsheet templates to look at that.
    I don’t really know when I want to retire, I can’t see myself enjoying sitting around but at the same time I don’t want to work forever doing the same thing I guess. I started saving at 23 but I fear inflation I guess.

  8. #8
    Join Date
    Sep 2012
    Location
    Calgary, AB
    Posts
    1,636
    Rep Power
    85

    Default

    You should fear inflation. It can wipe out savings in an instant. Thanks politicians!

  9. #9
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    ute
    Posts
    4,937
    Rep Power
    100

    Default

    Quote Originally Posted by suntan View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I saved up while my friends were partying it up. Now a lot of them are up shit creek. Ah well. Some of them would fucking kill me if they knew how much I saved. Some of them don't even have $10K. Like WTF.
    how old are you?

  10. #10
    Join Date
    Sep 2012
    Location
    Calgary, AB
    Posts
    1,636
    Rep Power
    85

    Default

    Wrong side of 45.

  11. #11
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    ute
    Posts
    4,937
    Rep Power
    100

    Default

    Quote Originally Posted by suntan View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Wrong side of 45.
    better than the alternative

  12. #12
    Join Date
    Sep 2012
    Location
    Calgary, AB
    Posts
    1,636
    Rep Power
    85

    Default

    Wrong end of a 69?

  13. #13
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    ute
    Posts
    4,937
    Rep Power
    100

    Default

    Quote Originally Posted by suntan View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Wrong end of a 69?
    There is no wrong end to a 69, by definition

  14. #14
    Join Date
    Sep 2012
    Location
    Calgary, AB
    Posts
    1,636
    Rep Power
    85

    Default

    Quote Originally Posted by Buster View Post
    This quote is hidden because you are ignoring this member. Show Quote
    There is no wrong end to a 69, by definition
    It is in prison!

  15. #15
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    ute
    Posts
    4,937
    Rep Power
    100

    Default

    Quote Originally Posted by suntan View Post
    This quote is hidden because you are ignoring this member. Show Quote
    It is in prison!
    Gay for the stay, friend. Gay for the stay. Hairy taints and all.

  16. #16
    Join Date
    Sep 2012
    Location
    Calgary, AB
    Posts
    1,636
    Rep Power
    85

    Default

    LOL OP gonna be like WTF tomorrow morning.

  17. #17
    Join Date
    Jan 2019
    Location
    The Big Char.
    My Ride
    *The First*
    Posts
    4,134
    Rep Power
    100

    Default

    You should save about 17% of your income. Make up an age you think you might retire at and imagine your age of death.
    Let me help! Arbitrarily pick retirement at 62 and death at 85. Then decide how much coin you'll require annually for that 23 years (this is the very difficult part and I can't help).
    Then make sure you're not penniless at 85 but also not so flush with cash that Anna Nicole Smith-IV cleans you out after only a few BJ's.

  18. #18
    Join Date
    Mar 2010
    Location
    Calgary
    My Ride
    Ioniq 5
    Posts
    1,792
    Rep Power
    46

    Default

    5% return (after inflation) means that you need 20x the amount you make today to have the same income in retirement as you do now. In reality much of your expenses should be less (no mortgage). So I figure 70% of what I make today is sufficient.

    Using 100k current income to make numbers easy that means 1.4 mill at retirement. Compound interest at 5% over 30 years pegs that at 20k per year saved. So give or take save 20% of my pre-tax income to live comfortably with 70% of my current income at retirement. In reality it'll be easier than that because of tax benefits (TFSA/RRSP). If you have employment matching of 5%/5% then that's half of what you need already.

  19. #19
    Join Date
    Jul 2006
    Location
    Victoria Park
    My Ride
    '16 FoRS, '09 UZN215, '90 Z32, '15 Grom
    Posts
    4,132
    Rep Power
    64

    Default

    Guys, the answer is simple.

    7.2

  20. #20
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    9,593
    Rep Power
    100

    Default

    Quote Originally Posted by Disoblige View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Guys, the answer is simple.

    7.2
    This is the way
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

Page 1 of 8 1 2 ... LastLast

Similar Threads

  1. Withdraw from RRSP and re-contribute in same year?

    By sabad66 in forum Real Estate / Finance
    Replies: 8
    Latest Threads: 04-16-2014, 06:56 AM
  2. TFSA question...how much can I contribute..

    By eblend in forum Real Estate / Finance
    Replies: 22
    Latest Threads: 01-04-2011, 03:44 PM
  3. Per Diems, how much per day?

    By cidley69 in forum Careers
    Replies: 28
    Latest Threads: 08-30-2010, 02:21 PM
  4. Pakistan Flood Relif - Should Canada contribute?

    By darkone00 in forum Society / Law / Current Events / Politics
    Replies: 56
    Latest Threads: 08-30-2010, 09:11 AM
  5. How much do You Spend on Alchohol Per Year??

    By Ekliptix in forum General
    Replies: 35
    Latest Threads: 08-18-2004, 02:19 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •