Retire at 60

[K Douglas]

Quick question. If your house is paid off is $600,000 enough to retire at 60.

There's so many more variables to know i.e. what is your annual income. What are your spending habits? At 60 you're only allowed to start collecting CPP and you don't get your OAS until you're 65.
I personally don't think $600K is enough for me to retire on. I think I need min $1M. I doubt I'll be retiring at 60 any way.

 

[Not getting younger]

More “food for thought”.

Studies across the pond have basically established what follows as a “truth”. Research out of the US is supporting it.

In the 1950s, when CPP was first established life expectancy post retirement for males was 12 years. Today it’s 22.

When Harper tried to change the eligibility age for OAS from 65 to 67. People went ballistic… Some of that was based on sustainability. But also the fact ( based on science), that people who continue to work. Are happier and live longer in the end………

Me, I’ve known for years I was in no rush to retire. I am not that type that can handle and idle mind and body. Today I’m doing what I want to, because I’m loving it. Covid and those first 6 months of lock down. Absolutely proved to me, I’m nowhere ready. I was bat shit crazy. I’ll work until my mind, then my body say “enough”…please…

And anecdotally, I know people my age that retired early. Most are back working, a couple now are alcoholics and a few no longer with.

 

[johnd5050]

You're asking for financial advice on an escort board?

No ladies have responded to this thread.

 

[jeff2]

Quick question. If your house is paid off is $600,000 enough to retire at 60.

At the end of the day, you are trying to keep ahead of inflation and taxes.
Risk tolorence and emotions need to be thought about and life expectancy can be hard to determine.
The investment industry and government often throw obstacles in your way.
Those old timers will remember foreign content limits on RRSPs(and the clone funds and all that nonsense that resulted).
You have currency exchange ripoffs and games to avoid that such as Norbert's Gambit.
In the early days of ETFs, the investment industry tried to have them banned.
Today, some big discount brokers block you from buying cash ETFs.

Why are banks blocking cash ETFs?

Industry veteran concerned about product shelf restrictions, fears low-fee index and balanced ETFs could follow

www.wealthprofessional.ca

 

[Not getting younger]

ETFs are beneficial in so much as you’re not paying the MERs. Another thing people should look for, maybe talk to someone about is dividend yield and when possible double down using drips.

As for clones and what not.
hey careful there. Structured products without splitting hairs was what I/we did for years

 

[Kautilya]

This 100-year-old woman has been working at the same craft store for 26 years—why she's never retiring

Jayne Burns has had the same part-time job as a fabric cutter at Joann Fabric and Crafts store in Mason, Ohio for 26 years.

www.cnbc.com

 

[John_Jacob]

Good points. I believe indexed annuities are quite rare and of course cost more. So, you would have the problem of your annuity payments being eroded by inflation.

Very good point and I suspect you're likely correct. I'm not all that interested in Annuities so never investigated indexing.

 

[John_Jacob]

No ladies have responded to this thread.

THAT's a separate thread

 

[John_Jacob]

lost ~500k in banks, but a bigger loss was a cottage that I bought in 2021.

Meh, Canadian Banks always recover if you didn't sell. Selling the Cottage? maybe not so much.

 

[stinkynuts]

$600,000 should bring in $50,000 a year invested in an index fund.

Without rent, and if you live modestly, it's more than enough, coupled with CPP.

 

[chrispalen]

$600,000 should bring in $50,000 a year invested in an index fund.

Without rent, and if you live modestly, it's more than enough, coupled with CPP.

Talk to a financial planner and have a plan done, instead of posting on a pooner board and listening to a bunch of hobbyists

CP

 

[jeff2]

Talk to a financial planner and have a plan done, instead of posting on a pooner board and listening to a bunch of hobbyists

CP

Try to get a fee only one.
Unfortunately, in Canada, fiduciary duty is not mandatory. Sadly, not every investment advisor will act in the best interests of their clients. That means you need to do your research before you decide to hire them.

What does a fee-only financial planner do, exactly? - MoneySense

And if they don't sell any financial products, how do fee-only planners get paid?

www.moneysense.ca

 

[Grist]

Quick question. If your house is paid off is $600,000 enough to retire at 60.

I retired at 57. The universe is 26 billion years old. I didn’t want to spend my minuscule part of it sitting at a fucking desk.

 

[Downtime]

To answer a few questions. Yes I’m married,I still have three years till I’m 60, we’re planning on selling our house for around 900,000 and buying a smaller one for around 600,000 and I will be taking my cop at 60. As far as my financial advisor has given me some advice but it’s always good to hear from someone who has actually retired at 60.