Who here has achieved early retirement, or working towards it?

[WetSeeker]

Was on the subway today and heard two TTC employees (one retired) bragging about their benefits and pensions. They were talking about local shop stewards.
If you want to retire at 55 public service is the way to go. The retired dude said he had been fired 13 times but the union protected him.
A driver can make $100k and retire with a fully indexed pension at 55, plus health care benefits are unbelievable.

 

[jeff2]

Was on the subway today and heard two TTC employees (one retired) bragging about their benefits and pensions. They were talking about local shop stewards.
If you want to retire at 55 public service is the way to go. The retired dude said he had been fired 13 times but the union protected him.
A driver can make $100k and retire with a fully indexed pension at 55, plus health care benefits are unbelievable.

Yes, it is amazing. The Purolator guy who delivered to our building retired some months ago. Started in 1979 and was making 35 dollars an hour. Bumped the previous person from the route.
The pay and the pension and benefits(believe it is the teamsters union) are not as good as TTC but the job involves a lot of physical activity moving boxes and parcels in the downtown core.
Sitting for 30 years is not good for the body. You also have to wonder how long retirement will be.

 

[angrymime666]

one of the benefits of a unionized environment. over a long period of time wages become unrealistic.

 

[desert monk]

Was on the subway today and heard two TTC employees (one retired) bragging about their benefits and pensions. They were talking about local shop stewards.
If you want to retire at 55 public service is the way to go. The retired dude said he had been fired 13 times but the union protected him.
A driver can make $100k and retire with a fully indexed pension at 55, plus health care benefits are unbelievable.

When unborn taxpayers are liable for your pension, you can make it as high as you want.

one of the benefits of a unionized environment. over a long period of time wages become unrealistic.

Public sector unions (which is almost all unions now) are an entirely new level of unrealistic wages and retirement packages.

 

[peetscoffee]

Retirement actually sucks. I haven't worked in 2 years and I'm bored ....I'm 30s... Need to be around people during the day. Having a job is a great way to have a partial social life.

 

[superstar_88]

Ever heard of work from home? Are you retired or unemployed?

 

[peetscoffee]

Both. I'd work if I found a suitable job.

 

[NotADcotor]

Having a job is a great way to have a partial social life.

Ever heard of work from home?

I love it when people respond without actually reading what they respond to. It happens so often.

 

[superstar_88]

I love it when people respond without actually reading what they respond to. It happens so often.

You obviously lack the intellect to comprehend.

 

[Niagara_Man]

When I began working in my profession nearly 40 years ago, I could not understand why so many of my much older colleagues had cottages, took trips overseas, ate out all the time … how could they afford this?

And then I found the answer: inheritance. They all were living off the largesse bequeathed by their parents.

I don’t have parents with 2 pennies to rub together — both 90+ and their care costs me money every month.

Bur some retirement plans are based on other people dying.

 

[Ponderling]

I don't have any big inheritance pay days.
Dear wife got $110K when dad passed away, and $10K went towards a back yard hot tub, and the rest to grow her non registered investment account to buy more positions in blandish modest growth prospect but good blue stock divvy players.

I am not expecting any inheritance, but right now our joint net worth mid 50's is very healthy.

I am pondering Early Retirement gradually by going to 22.5hrs weekly and use that time to mentor younger staff and write proposals to get them more work.

If I dont start draining my RRSP funds gradually but surely soon, I am going to get hammered by big taxes and huge OAS claw backs at 71 even if tax rates dont rise.

And you can bet with all this COVID stimulus spending taxes have only one way to go for the middle class to affluent - up up, up.