Quote:
Originally Posted by CaptainYooh
You may start by investing in your reading comprehension. 
I used the $10,000 after tax number as an easy example and suggested that people should use their own income number they are comfortable with.
Now, to how ridiculous it really is, I don't know. If we have to start paying more taxes (which it looks like we will soon), paying more for health care (which it looks like we will) and receiving little or no CPP in a decade or two (which it looks like we will), then my $10,000 after-tax number may be too small, actually. |
The 10,000 is really extravagantly high though, all things considered, especially since in order to retire, one should have their house paid off and be clear of any significant debts.
If people are planning on jet setting during their retirement and travelling the world then the $10,000 would be accurate, however most people when they retire consolidate, travel less and require less living space, instead occupying their time with people, not things that matter to them. Granted this is based off the traditional model of people who retire when they are in their mid 60s.
I think that as it currently stands the 120,000 per year of retirement is an egregiously high number that makes any retirement seem impossible for 95% of the population, if not more... I would actually find it difficult to spend 120,000 per year at the current time and I am 30. Granted I also don't currently have children, so that changes the equation quite a bit