Quote:
Originally Posted by RichieRich
Had a single income family until I got laid off earlier this year... had managed to create a decent emergency fund the last few years plus a little severance plus a lot of cutting back plus CERB/EI have sure helped us stretch things. I recognize we're fortunate compared to so so many. Prior to the layoff was on track for decent savings but of course since then nada. Investments as of March 23rd were horrifying however we stayed the course and have since rebounded. Thankfully had already saved enough RESP for kidlets so when eldest starts Uni next year they won't be affected.
This time off work, during which I did have some fun, definitely taught me that I need to have enough F.U. money sooner rather than later so I need to do better with savings and investment strategies. Would LOVE to target Freedom55 but unless some miracle happens rather unlikely.
OK here are a couple of websites which can really help EVERYONE get a better handle on their retirement journey. Yes there are some assumptions made, but it gets you into the ballpark at least:
Simplest one: https://investmentcalculator.io/?ref...veincomeearner
Best one (more detailed) https://engaging-data.com/will-money-last-retire-early/
On this latter link, read through the "stuff"... it's good and worthy of your time IMO. Underneath that there are additional calculators and ways to look at life variables and run simulations on those. Don't forget to include funds for, lets' say, CPP, OAS, inheritance, additional medical, etc... You can play with years invested, stock/bond mix, how much variability you have yearly in your budget, etc...
Anyways enjoy the rabbit hole... |
From my post here a while back… check out some of the links above.
The last 2 years with underemployment certainly didn’t help that much… thankfully I’d saved decently prior and between having an emergency fund and pivoting conservative investments into aggressive I managed to do decently.
For those who say they’ll save hard core “later”… the world changes as do your earnings options. Better to dig deeper and save sooner than play catch-up later. This is my 3rd?? round with sudden world issues and markets affecting earnings AND investments. (2007, 2015, 2020’ish). 2008 I screwed up and made poor investment decisions (but learned), and applied those learnings to 2016 and more recently.
So yeah… live a little now but don’t blow all your earnings especially on an endless stream of trivial crap from Amazon, drink, material goods, and keeping up with the buddy’s.