Retire at 60
- Thread starter Downtime
- Start date
“depends”. Everyone’s situation is unique to them. This is just the basics
first. CPP is 65. With + or - 2% each year to 60 or 75z
retirement planning rule of thumb.
You want 60-70% or todays income per year to live a lifestyle that’s similar to your working years. Aka if you gross 100k right now, you’ll want 65k in yearly income.
life expectancy post retirement is 22 years male/25 years female.
so call it 23 years.
at 40k per year 600k will last you about 15 years. Without calculating rates of return and inflation.
where will you life. With family?
It depends on a lot of variables. Do you have a company pension? Is the 600K invested in something that will provide decent income? Do you live in and/or plan on staying in an expensive city?
It kinda depends on your expenses and how you plan to invest it. This varies way to much for anyone to give you an answer.
For me, it's more than I am planning on.
For me, it's more than I am planning on.
Fuck it and retire. You can always find a part time job if you get bored and need a lil extra cash.
I retired a few years ago at 57. No regrets.
You're asking for financial advice on an escort board?
Why not mate - advice is advice - good to get all perspectives. Plus have you seen some of these finance guys - they have no idea at least our group of individuals will look out for each other as we still want to make sure we have enough to continue to hobby
.There was a recent poll on the board and I think many members said they are millionaires or multi-millionaires, if you believe them.
I won't quote everybody. But great advice.
Here is what I would do.
Yes retire, but be aware that items or merchandise will go up in price - FOOD. Eat minimal, no constant restaurants visits, Annually yes. Can't buy latest fashions , so keep you clothes for 5-10 years except for underwear, that is yearly. Furniture you will be stuck in the 90's or 2010's depending when you changed you furniture.
Work part time at low end jobs, Walmart ( department stores) Tim Hortons, etc. But do it this way. Ask for part time only say 15 hours to start you off max 25 hours per week for 3-5 months. Quit take a month off then go off to a Coffee shop or bakery, or fast food joint for 3-5 months and repeat. Might pick up a new skill or meet women ( I assume you are a guy and single) who want to have some fun. Free.
Take up artsy classes, yoga, tai chi plenty to choose part time. This way the resources, options or MONEY doesn't dry up quickly.
I know a few "ladies" back in the 90's that couldn't do this because they spent money on crap so they came back to work full time. I think they also invested in a scam and lost their underwear, or got bored at home alone (widows) and females friends were far in between because their friends had husbands, grand children, and other interest.
Anymore? - yes ask stinky-nuts, or read his adventures.
Here is what I would do.
Yes retire, but be aware that items or merchandise will go up in price - FOOD. Eat minimal, no constant restaurants visits, Annually yes. Can't buy latest fashions , so keep you clothes for 5-10 years except for underwear, that is yearly. Furniture you will be stuck in the 90's or 2010's depending when you changed you furniture.
Work part time at low end jobs, Walmart ( department stores) Tim Hortons, etc. But do it this way. Ask for part time only say 15 hours to start you off max 25 hours per week for 3-5 months. Quit take a month off then go off to a Coffee shop or bakery, or fast food joint for 3-5 months and repeat. Might pick up a new skill or meet women ( I assume you are a guy and single) who want to have some fun. Free.
Take up artsy classes, yoga, tai chi plenty to choose part time. This way the resources, options or MONEY doesn't dry up quickly.
I know a few "ladies" back in the 90's that couldn't do this because they spent money on crap so they came back to work full time. I think they also invested in a scam and lost their underwear, or got bored at home alone (widows) and females friends were far in between because their friends had husbands, grand children, and other interest.
Anymore? - yes ask stinky-nuts, or read his adventures.
I would suggest holding off retirement for 1 year so that you're 61 when you retire. That's what I did so I would get a bit more CPP vs being 60. That also gives you an extra year to build your nest egg. Consider all of your expenses vs what you want to live on. I found that I live on about 1/3 of what I made when I was working and not missing anything.
Also make certain your investments are "safely" making money, no risky investments. On average I consider 5% conservative but should look for at least 8% using a blend of stocks, mutual funds/ETFs and some bonds.
Also be certain your retirement fund has enough cash to cover any unexpected costly expenses so that it doesn't have any major impact on your yearly budget. Make a decision if you want to fully retire or if your semi retiring.
LTO_3
Also make certain your investments are "safely" making money, no risky investments. On average I consider 5% conservative but should look for at least 8% using a blend of stocks, mutual funds/ETFs and some bonds.
Also be certain your retirement fund has enough cash to cover any unexpected costly expenses so that it doesn't have any major impact on your yearly budget. Make a decision if you want to fully retire or if your semi retiring.
LTO_3
