Time to Retire the Idea of Retirement

[V]

Originally Posted by Slava

That's a pretty paltry retirement of basically $20k a year in todays dollars....

Add in about $25,000 of today's dollars for OAS and CPP, and it's not bad at all. If you have no debt obligations you should be able to retire quite comfortably on $45,000 of today's dollars.

I think the big problem we're seeing now is that none of the boomers seem to have those debt obligations taken care of, so retirement becomes an impossibility.

[ranchlandsselling]

I don't love my job, I tolerate my job, it's easy and pays well but I have no real attachment to it. I'm not sure how realistic this whole "love what you do" business is but so far in life I've not worked a single job that I'd want to continue doing as I near my eventual expiration. I want to retire! Why? Because the things I love doing don't pay well or won't pay me at all.

Retirement for me would be getting up every morning and reading the paper (whether that be at home or on vacation) and drinking a long cup of coffee over breakfast.

Then I'd go for a swim or run followed by the gym and lunch. On a different day I'd likely go play shinny.

On vacation or not at home would likely be a similar routine but mixing in surfing instead of swimming if possible.

Id also like to read a lot.

Talk to me in 20 years and maybe I'll feel different. But given no children now and likely some in the future I think 20 years older me will by more tired and wanting a break from work even more by that time.

I'd probably travel and do more races / sporting events.

[Rathji]

Originally Posted by V

Add in about $25,000 of today's dollars for OAS and CPP, and it's not bad at all. If you have no debt obligations you should be able to retire quite comfortably on $45,000 of today's dollars.

I think the big problem we're seeing now is that none of the boomers seem to have those debt obligations taken care of, so retirement becomes an impossibility.

Also factor in the home being paid for, which eliminates a good % of your expenses, and it would allow you to downsize or sell outright if needed for economic reasons.

Like like a king for the last 5 years of your life in a rental property!

[Phanuthier]

Originally Posted by darklord700

Working is a big part of anyone's life. To me, not working is actually a form of working. If I work and earn, I can afford to buy a new car. If I don't work, I have to fix my car myself which is a form of working.

To be able to work is a blessing. Guys like Warren Buffet, Bill Belichek don't usually retire becasue they enjoy working which to me is the key.

Instead of doing a job you hate for 30 years dreaming of the day you don't need to do it, why not find a job that you can at least tolerate and do it for as long as you can?

So, do you enjoy working so much that you never want to retire, and you would rather be at work on a Monday or Tuesday? Or do you like weekends more?

If you had $20 million, would you still be doing what you're doing cause you love it so much?

[Rathji]

Originally Posted by Phanuthier

So, do you enjoy working so much that you never want to retire, and you would rather be at work on a Monday or Tuesday? Or do you like weekends more?

If you had $20 million, would you still be doing what you're doing cause you love it so much?

I would be.

I would only work 3 or 4 days a week though.

[MoneyGuy]

Originally Posted by troutman

Will you be healthy after age 60? Live hard now.

I'll let you know in 77 days.

[MoneyGuy]

Originally Posted by NuclearPizzaMan

...As part of the evil younger generation, I look forward for paying for boomer mistakes as they jam up our health system and global warming comes home to roost. Should be fun!

We thank you for your contributions.

On the serious side, lots of us are preparing. We're not all boomer ostriches.

[Phanuthier]

Originally Posted by Rathji

I would be.

I would only work 3 or 4 days a week though.

Why? Why not 7?

[darklord700]

Originally Posted by Phanuthier

So, do you enjoy working so much that you never want to retire, and you would rather be at work on a Monday or Tuesday? Or do you like weekends more?

If you had $20 million, would you still be doing what you're doing cause you love it so much?

I don't enjoying working much per se. But I enjoy earning and the feeling that I'm still relevant to the society when I'm still able to earn.

If I had $20 million,I won't be doing my desk job for sure. But I'll still be doing something else so I won't be completely not working.

For argument sake, with $20 million, I would buy multiple properties in a town like Vancouver or Honolulu, rent them out and manage them. That is still work thought.

[V]

Originally Posted by Phanuthier

Why? Why not 7?

What's wrong with some balance? I love my job, but if I could do this while still getting more time to smell the roses I would take it for sure. But I wouldn't want to give up this job altogether.

[Phanuthier]

Originally Posted by darklord700

I don't enjoying working much per se. But I enjoy earning and the feeling that I'm still relevant to the society when I'm still able to earn.

If I had $20 million,I won't be doing my desk job for sure. But I'll still be doing something else so I won't be completely not working.

For argument sake, with $20 million, I would buy multiple properties in a town like Vancouver or Honolulu, rent them out and manage them. That is still work thought.

Ok fair enough. I get that there are nice jobs out there (for one reason or another, either I'm not good enough of that opporunity doesn't work for me) I'm just not doing that job. I get the relevent factor too. And I know some people like their jobs so much they don't mind working 7 days a week, 80 hrs a week.

I know for me... the actual job, yeah I like it. Its fun. But what I don't like? Meetings, expectations, reviews, weekly/monthly/quartlerly/annual reports after reports, managers who don't know the brillience of your design and just look "does it work? check yes or no box"..... etc etc...

[troutman]

Originally Posted by Rathji

I like this idea.

Don't save any money and don't waste time exercising.

It's better to burn out
Than to fade away

[Slava]

Originally Posted by darklord700

For once, Slava, I agreed with you wholeheardedly. I met some dreamers who constantly talk about freedom 40 or 45. What are you going to do with the other 30-40 of your life not working?

I do not completely stay out of work as I wouldn't know what to do with my time. And retirement might actually cost me more money as I'll be constantly travelling and doing stuff. The key is to find a line of work that is tolerable and pays well.

I think of movie stars who rarely retire when I think of retirment. If I can get a well paid gig that's worth my trouble, why would I ever want to retire?

C'mon, just because our politics are different doesn't mean I'm not good at my profession!

Originally Posted by V

Add in about $25,000 of today's dollars for OAS and CPP, and it's not bad at all. If you have no debt obligations you should be able to retire quite comfortably on $45,000 of today's dollars.

I think the big problem we're seeing now is that none of the boomers seem to have those debt obligations taken care of, so retirement becomes an impossibility.

Right, as long as those programs are around and still paying that much (indexed) and in his case if he retires and lives for 20 years it all works. To me though, this is where advisors really show what they're worth; things go wrong and maybe the market corrects and you don't have as much to retire. Maybe the government can't afford to keep those programs rolling. Maybe you have tax obligations or health issues that change things dramatically. Throw in a divorce for good measure or other enormous life changes/challenges and who knows whether these scenarios work out as well as hoped?

[Devils'Advocate]

I have seen a lot of people "retire" in the last few months and almost all of them went off to work elsewhere, doing something that interests them more, but pays less.

I can outright admit that being and IT Project Manager isn't my dream job, but none of "Team Leader for Plan Canada", "Food Bank Co-ordinator", or "AV / Webmaster for Doctors Without Borders" would pay six figures. So I can see me retiring around 60 and then taking another job that pays far less, but means more to me.

[Shin Pad]

I just turned 60 a few weeks ago. For me now, retirement is possible, but it depends on the life style you want. I'm self employed, so I can pretty much pack it in whenever the time comes. Anyway, I'm going into what I call "semi-retirement". I like what I do, it's just that I don't want to put in the long hours that I have in the past. My biggest concern now is what do I do in my spare time? Up to now, I didn't have much time for any hobbies or other recreational activities (other than working out daily). I am hoping to completely pack it in (work wise - not life wise) when I'm 65 (hopefully I'll make it that far). So, I just have to find some hobby or something to do.

[Kybosh]

Originally Posted by Shin Pad

I just turned 60 a few weeks ago. For me now, retirement is possible, but it depends on the life style you want. I'm self employed, so I can pretty much pack it in whenever the time comes. Anyway, I'm going into what I call "semi-retirement". I like what I do, it's just that I don't want to put in the long hours that I have in the past. My biggest concern now is what do I do in my spare time? Up to now, I didn't have much time for any hobbies or other recreational activities (other than working out daily). I am hoping to completely pack it in (work wise - not life wise) when I'm 65 (hopefully I'll make it that far). So, I just have to find some hobby or something to do.

Whittling. Hours and hours of whittling.

[Rathji]

Originally Posted by Phanuthier

Why? Why not 7?

Because I really like my job. If I wasn't doing it at work I would be doing it in some form at home. Plus it's a non profit organization, I would be able to stay on and not worry about my salary and use it as a way to give back to the community.

Why not 7? Because life balance is important to me. I don't work 7 days a week now, because I need to do things like spend time with my wife and kids.

[flamesfever]

We used to have a saying, "Watch the pennies and the dollars would look after themselves". It seems that this concept has no place in people's minds these days.

I was in Timmy's this morning and said in the lineup "Doesn't anyone make coffee at home anymore?" One guy, ahead of me laughed, and responded, "Why bother?"

I think a large part of the potential money, that might come in handy at retirement, is being spent on things like coffee, eating out regularly, expensive phone contracts, trying to keep up appearances with expensive cars, clothing, various toys, etc.

In my day we made coffee at home, ate bag lunches, ate out once a month if possible, drove old cars (I bought my first new car on turning 65), bought second hand clothes, went to auctions for furniture, useful items, etc.

We had a garage sale awhile ago, and couldn't give away a set of dishes that had never been used before...probably because, so called, perceived second hand things have no value anymore. I think our " throw away, and everything has to be new mentality" is contributing to our tendency to spend more and save less.

I'm actually a pre Boomer, and have always thought I'd have so many years of happy retirement, before the Boomers hit 65, and then all of us oldies would be put on ice flows.

[Tyler]

Originally Posted by flamesfever

We used to have a saying, "Watch the pennies and the dollars would look after themselves". It seems that this concept has no place in people's minds these days.

I was in Timmy's this morning and said in the lineup "Doesn't anyone make coffee at home anymore?" One guy, ahead of me laughed, and responded, "Why bother?"

I think a large part of the potential money, that might come in handy at retirement, is being spent on things like coffee, eating out regularly, expensive phone contracts, trying to keep up appearances with expensive cars, clothing, various toys, etc.

In my day we made coffee at home, ate bag lunches, ate out once a month if possible, drove old cars (I bought my first new car on turning 65), bought second hand clothes, went to auctions for furniture, useful items, etc.

We had a garage sale awhile ago, and couldn't give away a set of dishes that had never been used before...probably because, so called, perceived second hand things have no value anymore. I think our " throw away mentality" is contributing to our ability to spend more and save less.

I'm actually a pre Boomer, and have always thought I'd have so many years of happy retirement, before the Boomers hit 65, and then all of us oldies would be put on ice flows.

All of that sounds terrible.

[nik-]

Originally Posted by Tyler

All of that sounds terrible.

haha seriously. And who asks if anyone makes coffee for themselves anymore while they're in line to buy coffee