Time to Retire the Idea of Retirement - Page 9 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Wormius · 10-11-2013, 03:31 PM

Quote:

Originally Posted by Raekwon

Why x 327978? And why use binary?

No doubt. Hex would have been more efficient. 5021A <- look at that.

Slava · 10-11-2013, 05:04 PM

Quote:

Originally Posted by yads

CPP is considered to be sound until at least 2075. For OAS, who knows.

ya and those programs might well be there. I was too lazy to go back and dig it out, but the poster also said that he would have about $480k when he goes to retire. That amount in decades is far less than what it is today though. So while some people just see that figure and assume its a lot of cash today, so it should be fine, they're woefully mistaken.

Of course its depends on how far you are from retirement, but say its 25 years. If inflation is about 3% on average between now and then, that $480k has the spending power of $240k today. That nets you about $10k a year, before taxes, and then sure factor in your CPP and OAS. Its really not a lot of money. Can it be done? Absolutely. But you would sure hate to run out of money at say 82 years of age and live to age 95.

Of course the other concern that most of us on the board are far from caring about is the whole RRIF minimum issue. Basically your RRSP is going to run dry if you live long enough, by design.

Dion · 10-11-2013, 05:25 PM

Quote:

Originally Posted by GP_Matt

I had saved quite a bit before seeing a financial adviser for the first time. I had most of my savings in the company provided RRSP program and left them their coupled with my savings account until I had a bit of money and wanted more control than was allowed inside the company RRSP options.

The article makes it seem like if you don't consult an adviser you are doing something wrong

In an age where interest rates are at historic lows people are looking to the market to get better returns. Unless one knows what they are doing, having an advisor is a must IMO. Me finding one was the best thing I ever did as I have no knowlage of investing in the market. The returns he has gotten me have been great and my only wish is that I had found one sooner.

TKB · 10-12-2013, 10:38 AM

I'm the type of person that will never retire. Not that I wont be able to afford to retire, its just that I would never be able to sit at home, or go on constant vacations. It helps that I enjoy what I do and will work until my body will no longer let me.

Tyler · 10-12-2013, 10:39 AM

I can't wait to retire. Move to Palm Springs, golf, drink, BBQ, sit by the pool and do nothing. That's my idea of heaven.

Phanuthier · 10-12-2013, 08:13 PM

Quote:

Originally Posted by TKB

I'm the type of person that will never retire. Not that I wont be able to afford to retire, its just that I would never be able to sit at home, or go on constant vacations. It helps that I enjoy what I do and will work until my body will no longer let me.

Well if you work in a cube farm, you can keep working when your body has given up. So good news for you, you can work till you drop dead. Living the dream!

darklord700 · 10-12-2013, 08:22 PM

Quote:

Originally Posted by Phanuthier

Well if you work in a cube farm, you can keep working when your body has given up. So good news for you, you can work till you drop dead. Living the dream!

I work in a cube farm. Health is not the reason I will retire but the association with the newer generation in the 20s when you're in the 60s. That's the reason a 60 year old colleague of mine retired.

Phanuthier · 10-12-2013, 08:42 PM

Quote:

Originally Posted by darklord700

I work in a cube farm. Health is not the reason I will retire but the association with the newer generation in the 20s when you're in the 60s. That's the reason a 60 year old colleague of mine retired.

Was MarchHair trying to kick him out the door?

Sylvanfan · 10-13-2013, 11:13 AM

I know a lot of seniors in the South Okanagan worked at wineries or golf courses. Seasonal work that doesn't pay well, but a few extra dollars doing something enjoyable for the worker, and a solid reliable employee who isn't always crying for a raise for the employer. Without that some of those operations wouldn't be viable.

My Dad died at the age of 67, had he saved enough to retire at 65, he might have enjoyed it for two years. He was happier to play a round of golf while he knew he could, than save that money hoping he'd be alive to do it when he was 70 and couldn't do it as well.

missdpuck · 10-13-2013, 11:22 AM

There's an article in the latest Consumer Reports money guide or whatever you call it about 2nd and 3rd careers.

The editor mentions a friend of hers who had 3 very different careers. He went to med school at 50--how is that even possible? I thought there was an age limit because of limited space in the schools, perceived years of possible service, etc. I'll have to find the article.

And I think I'm ridiculous for writing code ?

gladaki · 01-30-2014, 12:23 AM

Quote:

Originally Posted by Ozy_Flame

I don't mind retiring in a low-cost country if my retirement savings aren't up to par. You could probably do Thailand on the cheap and live pretty good, if you play your cards right.

The other option is to end it all and not worry about retirement years and for saving for them. Not sure how I'd want to go though, perhaps there will be a mission to Mars I can stow away on, take an escape pod and hurdle myself into a black hole. I'd want it to be an interstellar adventure, that's for sure. (P.s. I'm kidding about the end it all stuff, just making some light of my retirement years

)

I always thought of buying some land near Himalayas and built a luxury old age between green moutains and buying another one near some beach.

Hockeyguy15 · 01-30-2014, 07:37 AM

Question for those financial planning types out there. As a 30 year old I have about $100K put away in a pension plan would that be pretty good, or should I be putting more away?

BlackArcher101 · 01-30-2014, 08:22 AM

Quote:

Originally Posted by Hockeyguy15

Question for those financial planning types out there. As a 30 year old I have about $100K put away in a pension plan would that be pretty good, or should I be putting more away?

I'm roughly the same age and would dream of having 100k in pension already.

1stLand · 01-30-2014, 08:31 AM

The difference between people in their 20s/30s/40s today compared to that age bracket 30 years ago: half of us are getting divorced and on top of spousal support and getting cleaned by lawyers / ex wives we also have to pay child support. That will kill your retirement plan very quickly.
I know many people that are in their 40s that live pay cheque to paycheque with little or no equity in their home - some don't even own a home.

Hockeyguy15 · 01-30-2014, 08:33 AM

Quote:

Originally Posted by BlackArcher101

I'm roughly the same age and would dream of having 100k in pension already.

I probably would be in the same situation if work did not deduct it from my pay.

Slava · 01-30-2014, 08:34 AM

Quote:

Originally Posted by Hockeyguy15

Question for those financial planning types out there. As a 30 year old I have about $100K put away in a pension plan would that be pretty good, or should I be putting more away?

Well it kind of depends on how much you are putting away each month (year), and when you plan on retiring and things like that. If you want to PM me some information I could run through things for you.

I'm a CFP (Certified Financial Planner), in case you're wondering.

BlackArcher101 · 01-30-2014, 08:46 AM

Quote:

Originally Posted by Hockeyguy15

I probably would be in the same situation if work did not deduct it from my pay.

Sadly mine does too.

chemgear · 01-30-2014, 09:30 AM

Quote:

Originally Posted by Slava

If you want to PM me some information I could run through things for you.

Slava is definitely the one of first money guy here I think of, lots of good recommend posts as well from what I have seen.

New FP article today as well about the thread topic. Frankly, I am surprised that 2/3 of the people did not hope to win the lottery. Don't we all?!

http://business.financialpost.com/20...ry-poll-finds/

Almost 90% Canadians say they are counting on CPP for retirement, while a third hope to win the lottery, poll finds.

Slava · 01-30-2014, 09:35 AM

Quote:

Originally Posted by chemgear

Slava is definitely the one of first money guy here I think of, lots of good recommend posts as well from what I have seen.

New FP article today as well about the thread topic. Frankly, I am surprised that 2/3 of the people did not hope to win the lottery. Don't we all?!

http://business.financialpost.com/20...ry-poll-finds/

Almost 90% Canadians say they are counting on CPP for retirement, while a third hope to win the lottery, poll finds.

I have a plan and save for retirement and I still hope to win the lottery somehow. I should probably buy a ticket sometimes, because that would increase my odds, but it would be pretty awesome!

Ozy_Flame · 01-30-2014, 09:43 AM

Quote:

Originally Posted by Hockeyguy15

Question for those financial planning types out there. As a 30 year old I have about $100K put away in a pension plan would that be pretty good, or should I be putting more away?

I would love to have your problem.

Most 30 year olds have nowhere near that, including me.

If you already have work deducting this off your paycheque, I would also put away 10% of your take home as well into RRSP's or something. These two things, plus the fact that you still have about 30 years of working left (more if you enjoy what you do), I'd say you're in a great financial position from a high level perspective.