You've had an amazing life so far.
Are you mortgage free or will be in a few years? Are you single? A $1M home plus $650k saved.... you're way above "average".
A Fifth Of Canada's Working Baby Boomers Have Nothing Saved For Retirement
- Thread starter Charlemagne
- Start date
Are you mortgage free or will be in a few years? Are you single? A $1M home plus $650k saved.... you're way above "average".
Just keep working until you can't any more (worn out, health problems, you can't deal with work any more, you loose your health, there are lots of reasons, but wanting to be on vacation and not work is not one of them).
I find the notion of "retirement" kind of quaint myself. Kind of like the notion of over-time. I can't relate to that either.
I find the notion of "retirement" kind of quaint myself. Kind of like the notion of over-time. I can't relate to that either.
In about ten years I will be retiring. To travel 365 days a year. Or thereabouts. For about 5 to 10 years.
Watching a few friends basically work/stress/drink themselves to death by 60 has convinced me I don't need to continue to make others happy through work.
Going minimalist(already starting) and getting out of Ontario. This last election, no matter the outcome has convinced me it's no place to retire.
This is the most important part of the 'no saving" phenomena for most young adults in Canada and U.S.. People who grew up in poor homes know the value of money and the need for saving. Often parents who grew up poor can pass this notion/behaviour to their children through their own example. Unfortunately, it will be lost at the third generation (grandchildren). Despite what many "old" (55-65 y.o.) folks say here, their childhood was not "poor" (yes, they did not have fancy toys, but they had meet to eat every day and their families did have a car and, maybe, even a washing machine and a dishwasher), but their parents' was, so, current baby boomers are still save more and consume less then their children do. But if you compare current 15-30 y.o. children of "old-time" Canadians vs. schoolchildren whose parents came to Canada from poor countries (excluding "refuges", of course), you can see that latter worry more about their future and money than former. Just go to any University and you can see that Engineering and Business Schools students have mostly Chinese, Indian, Arabs and Eastern Europeans while English Literature, Philosophy, and Arts students are "white Canadians" whose families lived in Canada for at least 3 generations. I, myself, came to Canada 20 years ago with zero financial assets (and zero family assets in my home country), make a decent $100K+ wage, was able to accumulate about $1M in investments, and, yet, I have to force myself to spend $20 on a lunch or go to a sit down restaurant. My kids are a bit better: they are OK ordering their preferred sandwich at Subway instead of going for a "daily special" or buying a bottle drink instead of ordering a tab water. But you see the idea: once you have lived on rice with occasional chicken as a child, you do not want to spend the price of a half-chicken on a can of soda. I must admit that when it comes to SPs, I am a big tipper though
. But maybe it is because I usually see very young SPs and I feel that $180/hh (with $60-$80 going to the agency) is just too little. Same way I always tip at Subway but hate to do it at sit down restaurant with entitled waiters.And this is exactly the example of the "second generation" I am talking about. The parents' family did not have lots of money when they were kids, so, they passed the "save money" attitude to their children. Most of that children (current baby boomers) saved sufficient money for retirement and they are willing to retire while they still can work and spend money for travel, but, at the same time, they did not extrapolate the notion of saving from themselves to the family, so, they are willing to spend all their saved money instead of building up the inheritance.
No kids. And with the way I've budgeted things we will still leave money behind. Probably some to whichever niece or nephew gets POA in case of incompetence. And some to charity.
But yes I plan to spent some hard earned money on myself.
Right now I can take 100 out of the bank and a week later have 100 in the wallet. I don't spent frivilously on anything really. Everything bought now is based on need not want.
