Welcome to my retirement page. On this page you’ll find information, stories and essays from others who achieved financial independence and security. Read on and learn from them – how you can tailor your own retirement success story from their lessons learned.
How much do you need to retire?
I have no idea – for you 🙂
I know with a great deal of confidence we need a $1 M personal portfolio (beyond workplace pensions, beyond Canada Pension Plan, beyond Old Age Security) and no debt to at least semi-retire the way we want.
However, even if I have no idea about your financial goals, spending patterns, or estate plans, I can offer some guidance thanks to various online calculators and other knowledge I’ve acquired over the years.
Case Study #1 = $1 million saved
Let’s assume you have a paid off home when you retire. Let’s also assume you have $1 million saved in various investment accounts by age 60. I am confident you can spend $80,000 per year (pre-tax) for 20 years at 5% return.
Add in government benefits in your 60s like Canada Pension Plan (CPP) and Old Age Security (OAS), which should amount to an average of about $1,000 per month per person then:
$1 million invested in a diversified portfolio at age 60 could easily last 30-40 years withdrawing about $40,000-$50,000 per year (pre-tax).
Here is an article about our desired Crossover Point.
Case Study #2 = $750,000 saved
Take $750,000 invested, age 60: that’s $40,000 per year (pre-tax) just from your RRSP or RRIF for 27 years at 5% return. You can play with this calculator here.
Case Study #3 = $500,000 saved
If you have $500,000 in your RRSP by age 60:
that’s $30,000 per year (pre-tax) just from your RRSP or RRIF for 22 years at 5% return.
My other favourite calculator is here – Variable Percentage Withdrawal (VPW).
Want to read about successful investors that have been there, done that? Of course you do! Read on!
Save like this, retire like that – My story about early retirement in style
How to achieve FIRE – Early Retirement profile from Get FIRE’d asap
Retired at 32. How he did it and the lessons learned – Part 1 of 2
Financial Independence Retire Early (FIRE)
Here’s a list of sites I’m starting to visit more frequently – bloggers who have reached early retirement or are well on their way…
- Retireby40
- Financial Samurai
- 1500 Days to Freedom
- Think Save Retire
- Go Curry Cracker
- Physician on FIRE
- Early Retirement Now
- Frugal Woods
- Mr Money Mustache
- JLCollinsnh
- Get FIRED’d ASAP
- Millennial Revolution
Beneficiaries – Don’t Forget the Fine Print!
Beneficiaries for TFSAs, RRSPs, RRIFs and other key accounts