Quote:
Originally Posted by GGG
200k split between two people is 100k. At 100k you pay 23k in taxes (less actually because of the age amount). If you have 4 mil between the the two of you are likely getting at least 12k in CPP. You are also still below the OAS full repayment and I assume you have a paid off house.
So you would have 166k in after tax income or 14k a month or roughly $500 per day. That’s a few ounces of caviar per day without noticing.
And that’s without depreciating principle.
Caveat being we are all talking in todays dollars
|
Well the other factor (which is enormous) is that all retirement years aren't equal. At the outset, and say until about age 75 people might spend as much as they did while working, sometimes more. But things change. Around age 75, the spending slows. Around 85 it moves to a passive retirement situation where people aren't traveling much (if at all), and aren't doing as much in general. Planning for retirement shouldn't be just a "4% rule" or things like that. It's fine for a super basic guideline, but that's about it in my opinion.