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Old 03-15-2015, 06:30 PM   #1
Johnny199r
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These days, people are living longer, university tuition and houses cost more than ever and pensions are being eliminated from many work places. There's a great deal of personal responsibility needed for people to plan accordingly for their retirement.

Are you putting enough money away for retirement? Do you have a realistic estimate of your yearly living expenses in retirement? Or are you, like some, planning on never retiring?

It's strongly advised that you start putting money away as early as you can, in order to take advantage of compound interest:http://www.moneychimp.com/calculator...calculator.htm

I've always been a saver and am constantly planning for retirement. I've whipped my woman into shape after years and years of her being in debt (she'll have all of her debt paid off this summer at age 36, after spending all of her money on "good times" in previous years).

It seems most of the co-workers I know (I'm a government lawyer) don't really set much savings aside (nice cars, big houses, going out for lunch most days, while some are still paying off student loans)

I get a DB pension with the government, but I save like it's not going to be there, or if it is, it will be in a severely reduced form from today's current state. I hope to be able to have a good retirement at 55 or 60. I don't want end up like some of the 65+ year old guys in my office working (I have to make sure not to get divorced like they did, fingers crossed).
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Old 03-15-2015, 06:44 PM   #2
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No
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Old 03-15-2015, 06:46 PM   #3
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No
This, but I'm getting there
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Old 03-15-2015, 06:49 PM   #4
skudr248
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When do most people even start saving for retirement?
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Old 03-15-2015, 06:53 PM   #5
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Awaiting the "I was financially ready when I was 35 because I was smart with my money, it was easy for me, it's easy for you" comments.
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Old 03-15-2015, 06:53 PM   #6
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Currently 13.5% of my pay cheque is going into my pension so that will have to suffice for now.

My main focus is removing debt at the moment. I track my assets and liabilities every month and monitor the resulting net worth from it. Sometimes I will go back over a prior month and will breakdown my entire expense spend for the month but I don't usually note any significant frivilous spending.
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Old 03-15-2015, 06:55 PM   #7
Johnny199r
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When do most people even start saving for retirement?
Good question. The only advice I can offer is to start as early as possible. The longer someone waits ie 40s or 50s, the harder it will be, because they won't have the benefit of compound interest to see their savings grow over time. They'll have to save a lot more from their pay checks.

I think a good plan for people would be to try to fill up their TFSA every year ($5,500) from an early age, if possible.
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Old 03-15-2015, 06:55 PM   #8
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This thread is just a setup for a humblebrag
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Old 03-15-2015, 06:58 PM   #9
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This thread is just a setup for a humblebrag
Everyone here makes over 200K.
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Old 03-15-2015, 07:02 PM   #10
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Everyone here makes over 200K.
pfft. Peasants.
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Old 03-15-2015, 07:03 PM   #11
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I started saving for retirement as soon as I got my first real job after university. Unfortunately I can only say I've been debt free for a grand total of 3 months of my adult life. It was that magical summer between finishing paying back my student loans and buying a house. I still have mortgage debt now, but I'm not in a huge rush to pay it off when my investments are paying more than my mortgage interest.

I've been smart enough to never carry any vehicle or consumer debt. That is what really seems to sink people versus mortgage debt. My current financial plan has me retiring at 65 with the same equivalent income as I have today amortized until I'm 95 factoring in 2% inflation.
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Old 03-15-2015, 07:05 PM   #12
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Well the RRSP Thread proved that the TFSA should be used to help save for retirement.

There are other ways to retire besides save though. I think I am about the only person on this site over 35 who has a mortgage still. So anyone else can buy a second third fourth property, use the rent to pay it off and have income in retirement.

Really it's hard to be in worse shape financially than I am, but even I should be able to stop working by the age of 67.
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Old 03-15-2015, 07:14 PM   #13
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I started my RRSP's and mutual fund investing around the age of 15 and had a conversation with my Financial Advisor about 6 mths ago.

Advisor: Your RRSP's and investments are really working well, I think if we go hard at it for the next 10 years with what your doing you will be amazed.

Me: Is there a possibility I can retire around 55? (I'm 33)

Advisor: I knew you were gonna ask that, you always ask that so I did some numbers for you. *pulls paper out* Yes you can.

Me: YES!!

Advisor: As you can see you will be broke by 65 but you could retire at 55.

Me: I seriously hate you right now.
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Old 03-15-2015, 07:14 PM   #14
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Well the RRSP Thread proved that the TFSA should be used to help save for retirement.

There are other ways to retire besides save though. I think I am about the only person on this site over 35 who has a mortgage still. So anyone else can buy a second third fourth property, use the rent to pay it off and have income in retirement.

Really it's hard to be in worse shape financially than I am, but even I should be able to stop working by the age of 67.
Dude, I'm 31 and I'll be far, far off from paying off my mortgage by the time I'm 35. Don't sweat it. There's others out there like you, too. Some people do pay off their mortgage really early (my brother in law did it when he was 27), and I have no idea how... but comparing yourself to others isn't really fair. Everyone has different paths, just live yours.
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Old 03-15-2015, 07:18 PM   #15
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I think I am about the only person on this site over 35 who has a mortgage still.
I turn 36 next week. Just bought my first house and will take possession in June. My first mortgage!
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Old 03-15-2015, 07:27 PM   #16
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For me it comes down to would I rather spend my money now on travelling and good times, and then work it off as I get older, or do I want to save my money now and spend it when I'm older. I've chosen the former largely because I know I have the health to do that stuff now, and that's not likely to be the case as I get older. I've also seen middle-aged people and the vacations, "good times," etc. that they do, and I'm pretty damn sure they're not having nearly as much as I am.
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Old 03-15-2015, 07:35 PM   #17
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I think I am about the only person on this site over 35 who has a mortgage still.
Not even close.
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Old 03-15-2015, 07:41 PM   #18
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Everyone here makes over 200K.
And doesn't need to save a dime with the massive inheritance coming down the pipe soon.
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Old 03-15-2015, 07:48 PM   #19
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No
Ditto. My current plan consists of hoping I die before I'm broke.
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Old 03-15-2015, 08:15 PM   #20
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Are people saving enough for retirement?

What's enough?
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