Money worries

[rgkv]

It seems to me as I age, I worry more now than years ago about my finances. I have no private pensions, cpp and oas.. not enough to live on. Every month savings go down. I also realize that if I live, in a house I own, for another 10 years, im going to have to replace fridge, stove, furnace, air conditioning unit, car, roof shingles, etc.etc... I have the money, but watching it go down is not the best of feelings. BUT.. I buy lottery tickets

 

[angrymime666]

It seems to me as I age, I worry more now than years ago about my finances. I have no private pensions, cpp and oas.. not enough to live on. Every month savings go down. I also realize that if I live, in a house I own, for another 10 years, im going to have to replace fridge, stove, furnace, air conditioning unit, car, roof shingles, etc.etc... I have the money, but watching it go down is not the best of feelings. BUT.. I buy lottery tickets

I know what you mean. Fear seems to become more of a motivating factor in our decisions as we age versus when we were younger. At 53 I fear my health decline even though I am healthy. I fear not having enough money to outlast my life even though the math on my investments say I'm foolish for thinking so. It's a weird feeling which I try to consciously fight because I still want to enjoy life while remaining based in reality. I think it common in people to feel this way, to worry about the what ifs.

 

[K Douglas]

How do you have your money invested? In order to keep up with the real rate of inflation you need to be making at least a 6% rate of return. Why no CPP or OAS?

 

[LTO_3]

To the OP, your concerns have been everyone's concerns for the past few years, with prices going (way) up but everyone's wages remaining, more or less, stagnant. If you have no CPP or OAS is that because of your still too young, then that's a non-factor, otherwise apply for them. As for investments that's what you have to rely on for your future. Conservatively if you're only making 6-8% you'll get no where. You should be aiming for at least 12% (I still find this conservative). If you're not good at money management/investing then find a worthy financial planner. Mine has done very, very good for me.

LTO_3

 

[xmontrealer]

It seems to me as I age, I worry more now than years ago about my finances. I have no private pensions, cpp and oas.. not enough to live on. Every month savings go down. I also realize that if I live, in a house I own, for another 10 years, im going to have to replace fridge, stove, furnace, air conditioning unit, car, roof shingles, etc.etc... I have the money, but watching it go down is not the best of feelings. BUT.. I buy lottery tickets

If your talking the big lotteries, one ticket per draw is fine. Two tickets per draw is silly, just burning money...

Scratch cards and things of that nature are a big mistake.

If you own a home, and are single, or married but an "empty-nester", maybe it's time, when the housing market improves, to sell it and downsize to an apartment. That way it's the landlord who has to worry about all the repair/replacement issues you mentioned, except, of course, the car.

Stable fixed return investments aren't very good these days at current interest rates, after inflation and taxes.

The stock market had been excellent, but there is risk involved. Imho aiming for a 12% return will involve too much risk if it's intended to fund your retirement. 6 to 8% return, between dividends and capital growth is likely more achievable, and a lot less risky. Imho the stock markets are being driven these days by people like you, who are worrying about their retirement, and see no other options to generate the kind of returns required to offset inflation and taxes. Bad news, Trump, and fundamentals be damned. Be glad you didn't buy Bitcoin at its height, and SpaceX during the week after its IPO! The tech sector in general has been generating great returns, but is way too risky for me to be able to sleep at night...

 

[xix]

I know Gov't employees ( or former ) with good income or 3'xs the average person income and yet save every penny. Not even a week holidays a year, waiting for someone to take them.

It's a silly world we live in.

 

[barnacler]

You need to tell us your age, your income, your expenses, your assets from all sources, your job security/advancement prospects, any expected large expenses as well as inheritances. When you mentioned CPP and OAS I presume you mean that that is ALL you have by way of expected retirement income, is that correct?

There are a number of good books on the subject.

BUT... if you have ZERO financial discipline, and you are NOT loaded, then there is zero point in talking to you.

I don't believe in lottery tickets even as "entertainment". Sports betting either.

Many people know what to do, but just can't get themselves to do it, so it becomes more of a mental/psychological problem than anything else.

I hate it when they whine about 'not getting ahead', yet refuse to change anything.

The problem is they get to vote just like everybody else....

 

[jizzyjoe]

I know Gov't employees ( or former ) with good income or 3'xs the average person income and yet save every penny. Not even a week holidays a year, waiting for someone to take them.

It's a silly world we live in.

yep i see the exact same thing too, everyones doing it because they know how bad everything is they're just terrified "in case" anything ever happens they have any semblance of a safety net to fall back on

 

[Butler1000]

It seems to me as I age, I worry more now than years ago about my finances. I have no private pensions, cpp and oas.. not enough to live on. Every month savings go down. I also realize that if I live, in a house I own, for another 10 years, im going to have to replace fridge, stove, furnace, air conditioning unit, car, roof shingles, etc.etc... I have the money, but watching it go down is not the best of feelings. BUT.. I buy lottery tickets

House in Toronto? You are already sitting on the lottery. You can say sell for that 1 million plus, downsize to somewhere like Ottawa, and get 700,000 in equity. Thats 35,000 per year at 5% dividends. Low taxes on that.

But yes you have to give up living here.

 

[xix]

yep i see the exact same thing too, everyones doing it because they know how bad everything is they're just terrified "in case" anything ever happens they have any semblance of a safety net to fall back on

Yeah I can see this now. But these clowns I know or knew were like this back in late 2000's. My parents with a third of the income these people had, they manage to travel to a quiet a few places. Compared to these clowns.

So yes I have seen women go on dates getting guys to pay for their addictions of the high life. It is no longer there for every body. Me included. I had several women this year trying to go out with me and wanting ( they literally said to my face that they live in the upper classy cities of their city ) me to take them to a fancy restaurant and me being smart told them I come from the poorest street of my poor city and I only take women to Tim Horton's of the poorest area of my city, if they are lucky.

I don't know why they think I am joking or kidding. When I am not.

 

[rgkv]

How do you have your money invested? In order to keep up with the real rate of inflation you need to be making at least a 6% rate of return. Why no CPP or OAS?

Sorry, worded it wrong, " no private pensions, JUST cpp and oas

 

[rgkv]

House in Toronto? You are already sitting on the lottery. You can say sell for that 1 million plus, downsize to somewhere like Ottawa, and get 700,000 in equity. Thats 35,000 per year at 5% dividends. Low taxes on that.

But yes you have to give up living here.

House is in Oshawa, I sold the house in TO, THATS HIW I GOT TO RETIRE

 

[Butler1000]

House is in Oshawa, I sold the house in TO, THATS HIW I GOT TO RETIRE

Ah. Well maybe time for some part time work then.

 

[rgkv]

Ah. Well maybe time for some part time work then.

I'm 74, got health problems, no working for me

 

[anon1]

Turn your place into a Fuck House.
Invite a couple of Terbites to move in and party on.

 

[jeff2]

Sorry, worded it wrong, " no private pensions, JUST cpp and oas

So, GIS is clawed out because you are over $22,800 a year?
I would try to avoid a reverse mortgage, but it is an option if things become extreme.

 

[drlove]

You could always downsize…. Sell the house and buy a small condo. Chances are going doing so will leave you with a bit of extra cash left over. Sure, you have to pay condo fees, but at least you won’t have to worry about replacing the roof!

 

[wpgguy]

When the roof of the condo needs replacing you’re still on the hook for your portion.

 

[xix]

When the roof of the condo needs replacing you’re still on the hook for your portion.

100k 5 years ago.

Now I have the option of replacing the windows if I want. Other Condos, they force the residents to change it. Last year in Toronto a condo told its residents and it was going to cost 75k to replace all windows in each unit. Like that is hwy robbery.

 

[speakercontrols]

It seems to me as I age, I worry more now than years ago about my finances. I have no private pensions, cpp and oas.. not enough to live on. Every month savings go down. I also realize that if I live, in a house I own, for another 10 years, im going to have to replace fridge, stove, furnace, air conditioning unit, car, roof shingles, etc.etc... I have the money, but watching it go down is not the best of feelings. BUT.. I buy lottery tickets

You should. Once you get old, one fall, lie there in your piss & shit and your life changes. You'll be housebound and PSWs are fucking expensive.