Quote:
Originally Posted by Sylvanfan
Long story short, basically didnt get paid for a year of work thanks to my wifes sisters bleep head husband, after he conned me into moving to BC to help him get an office going there.
Still when you get to be mid 30's and you don't have a quarter million dollar portfolio...you realize that you're in trouble, and that's me. Inheritance may bail me out, but again, that is highly dependant on where health care goes for seniors in the next 25 years.
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I have no idea how old you are, or what you have saved or anything, but I took a minute here to run some numbers for you. If you put away $5k a year and increased that by 10% a year for the next 30 years you would have roughly $2.5M at age 65. I started this with a base of $20k.
That's based on historical market performance and 90% equities, 10% bonds. That is the median market performance as well, and obviously you could get lucky or unlucky from that calculation. You seem like a pessimistic guy, so if you were unlucky you still have enough to generate an income for yourself without factoring in CPP/OAS at all. I also considered inflation at 3% in that figure, so while that might be a touch low, its not a terrible assumption either.
Bottom line, all hope is not lost. With some prudent savings and investment you can still arrive at retirement and have something other than catfood for dinner!