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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Well you’ve hit the nail on the head with the spending amount point. You could do that and retire easily at a certain lifestyle, but if your cost of living is higher, you need more money. This is one of the issues with financial planning; there’s no “you need this much money to retire” answer that just fits for everyone. I have some clients who have retired and will never run out of money with fairly paltry withdrawals. I have other clients who have saved 4/5 times as much and are continuing to work and save though, because they couldn’t live the same way.