Quote:
Originally Posted by Ozy_Flame
So then why not take advantage of moving to Kelowna? You're not moving across continents, you're within arms reach of family in Calgary, and still making what sounds like (from the OP) good pay. For a family of three, it's still pretty realistic.
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I am not singling you out, but I think a lot of folks fail to realize how much money it will take to retire. We know of people who have retired at 60 with nearly a million in savings (in today dollars) and by the time they were in their 80's be flat broke.
Unless you continue to either generate income, or live like a hermit, $1 million is only 20 years at $50K this year, and goes down over the next 20 in spending power. By the end $50K has been eroded down to below $30K.
I haven't even factored in the three possible tuition for those three young kids he has.
Point is, happiness is great and all, but I think a lot of us think we can live with less forever. Sorry but you do need to maximize your income now, for later in life. You are going to start to see a few folks who are retiring now, back working at Wall Mart in 10 years because frankly they won't be able to make it with their huge nest egg that they thought they had.
Save your money, and max out your RRSP match (if you have it), also open a TFSA and max that too. Use that Oil and Gas money that is following so well right now when times are good, so you are set when times are bad. Then come meet me for a beer in January to curse Calgary weather. You'll be better for it.