Quote:
Originally Posted by chemgear
Speaking of this, if you are able to meet the threshold for hitting the max RRSP is it enough to do just that and the annual TFSA. Say for the back half of your career?
(Even as I write this, I can see it all depending on things like how much you plan to spend while retired, length of career, etc.)
Jus thinking out loud.
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If you contribute 18% of your income plus your TFSA from 25 to 60 you can retire quite easily .
Now doing it in less than 30 years becomes more difficult. Here is a grossly oversimplified chart of savings rate vs income in retirement. It assumes that your spending in retirement will equal your spending today minus your retirement savings.
https://networthify.com/calculator/e...thdrawalRate=4
With that logic it takes a savings rate of 40% to retire in 21 years.