Quote:
Originally Posted by Slava
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!
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In 30 Years how much spending power will $2.5M give you?
I am not criticizing your post I am just curious.