Retire at 60
- Thread starter Downtime
- Start date
If you are frugal and don't plan on travelling or hobbying etc, then I reckon it would be barely be enough. I would say to retire comfortably you want atleast a million.
“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?
Thats what I mean. Eat well, spend reasonably etc and you wanna retire at 60 with the house paid off, I would say minimum 50K per year. Assuming a lifespan of 80, that would be 1M.
OTOH if OP retires outside of Canada, like in Panama or some other low cost place, that is warm, then it is doable.
I dont think I will ever be able to retire. I probably wouldn't prefer to either. Just find a WFH job that I like to do and earn some money and keep that brain working.
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?
Should be cheap in those countries. Or he'd have to come back if something is long term.
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.
