38 is quite young but good for you. 20 k per year is prob the minimum per year. Is 20 k all from dividends? Are you touching the principal?
When are you planning to retire and how much monthly income are you going to need
- Last Updated:
- Sep 23rd, 2019 11:36 pm
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- SCORE+4
- wra45mon
- Deal Addict
- Oct 22, 2015
- 1678 posts
- 585 upvotes
- HyperTech
- Deal Addict
- Dec 4, 2007
- 4869 posts
- 2743 upvotes
- Quebec
20k doesn't include my rrsp nor celi/other money.
If for some reason i need more, i just need to withdraw from those saving account depend on fiscal advantage
If for some reason i need more, i just need to withdraw from those saving account depend on fiscal advantage
- vivmk20
- Sr. Member
- Nov 16, 2013
- 917 posts
- 330 upvotes
- GTA
Do you live in your own house?
The property tax and monthly gas, hydro bill plus some kind of wear / tear to house will cost
Seems unbelievable
- Taikonaut
- Sr. Member
- Jan 5, 2015
- 615 posts
- 165 upvotes
- Edmonton, AB
Umm... what?
Dividend?
Are you the same guy in this RFD thread? Asking for investment help on dividends?
- WikkiWikki
- Banned
- Nov 28, 2016
- 22791 posts
- 3321 upvotes
- Out west
- recordman
- Deal Fanatic
- Jan 19, 2005
- 5203 posts
- 2486 upvotes
- Vancity
Care to enlighten us which blue-chip dividend stocks pay a yield of 8-10% long-term? You sound like somone too young to have been through many bear markets.
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- FirstGear
- Deal Fanatic
- Nov 2, 2013
- 5697 posts
- 1522 upvotes
- Edmonton, AB
Should had clarified, that's after factoring in dividends. CIBC for example, has been appreciating by 8.54% YoY - not yet counting dividends - for the last 5 years as of this time of writing. 7.04% if you look back 10 years, and that's factoring in the 2008 recession pulling that figure down.
If you're one of those people who constantly try to time the market, make threads on RFD about the prediction of the next massive crash/recession, and will sell your stocks after a few months to a year or two because you believe in one coming, then I can see where you're coming from.
Really for those people who want to make money and have the patience, they should be greedy when others are fearful during those down times - so they can buy the quality companies at lower prices - instead of worrying about the next crash like we do on the daily on RFD, or even what their holdings are doing on a daily basis.
However, for most people who think like that, real estate may be the answer, as information about market value is not as transparent. It's difficult to gauge how much the market will pay for their home(s) on a daily basis. And for them, it's better if they do not know. If they do realize they're down, then the emotional value of the tangible asset touch is an additional incentive to hold, and/or they can just live in it (where then in their head, the investment becomes just a roof over their heads).
Accountant (Public Practice)
- MikeM21308
- Temp. Banned
- Apr 20, 2018
- 151 posts
- 73 upvotes
And, if one is lucky enough to have contributed to a "forced savings plan" like the one provincial/federal govts offer.
Then, retire @ 55-, get your govt pension bridged until 60-65, have some of your investments kick in, bridge ends, OAS/CPP kick in.
It's nice you know: OAS+CPP+GOVT PENSION+anything else invested.
Then, retire @ 55-, get your govt pension bridged until 60-65, have some of your investments kick in, bridge ends, OAS/CPP kick in.
It's nice you know: OAS+CPP+GOVT PENSION+anything else invested.
- batcave
- Deal Fanatic
- Nov 14, 2003
- 6675 posts
- 5466 upvotes
- LaLaLand
+1 for me. I did it when I was about 40, about ten years ago. Although, HyperTech has me beat by a few years.
I have more income, but I don't spend very much and have very low expenses. It's easier to spend less than to try to make more money to retire early.
- batcave
- Deal Fanatic
- Nov 14, 2003
- 6675 posts
- 5466 upvotes
- LaLaLand
Here Is a link on the topic of how much you need to retire early as well as links to other articles on the same topic,
https://www.businessinsider.com/categor ... retirement
https://www.businessinsider.com/categor ... retirement
- abc123yyz
- Deal Addict
- Apr 21, 2014
- 2321 posts
- 1106 upvotes
- Alberta
The paper gains aren’t realized unless you sell. So if you are a buy and hold investor you can’t really live off the paper gains.FirstGear wrote: ↑ Should had clarified, that's after factoring in dividends. CIBC for example, has been appreciating by 8.54% YoY - not yet counting dividends - for the last 5 years as of this time of writing. 7.04% if you look back 10 years, and that's factoring in the 2008 recession pulling that figure down.
If you're one of those people who constantly try to time the market, make threads on RFD about the prediction of the next massive crash/recession, and will sell your stocks after a few months to a year or two because you believe in one coming, then I can see where you're coming from.
Really for those people who want to make money and have the patience, they should be greedy when others are fearful during those down times - so they can buy the quality companies at lower prices - instead of worrying about the next crash like we do on the daily on RFD, or even what their holdings are doing on a daily basis.
However, for most people who think like that, real estate may be the answer, as information about market value is not as transparent. It's difficult to gauge how much the market will pay for their home(s) on a daily basis. And for them, it's better if they do not know. If they do realize they're down, then the emotional value of the tangible asset touch is an additional incentive to hold, and/or they can just live in it (where then in their head, the investment becomes just a roof over their heads).
- MarinersFanatik
- Deal Addict
- Jun 14, 2018
- 1368 posts
- 1662 upvotes
So would the assumption be that in retirement, your investment would yield 3% dividend every year and some potential for capital growth which would allow you to draw from it 1 or 2% every year basically until however long you need it?
- AllenWayne
- Member
- Oct 11, 2012
- 403 posts
- 388 upvotes
I retired at 47. I’m single and my pension doesn’t start until I’m 55. I’ve been living off of life savings and RSPs for the last 5 years. I own my house and expect to live modestly with a DB pension of $2,100/month.
- EvaL13263
- Newbie
- Jul 11, 2019
- 5 posts
- 1 upvote
That's pretty much of what I always say. Some people try to dig deep into tomorrow when tomorrow never come. Don't worry about tomorrow, for tomorrow will worry about itself. How many actually reach 65 nowadays? The chances are if you are 40 today, you probably have less than 20 years left. That's if your life didn't end in an instant on your birthday at age of 41WikkiWikki wrote: ↑ I have no idea. Ive been saving in my own RRSPs and now TFSA as well since Ive been 18. While neither are close to being maxed out, whats in there is in there.
So much can change in the next 17 years why worry that far into the future. Right now I have 3 kids to worry about, so Ill wait until that stage of my life is over to worry about the next.
And as for all the planners in this thread that have it "all figured out" just rememeber your life can change in an instant. Yesterdays van attack shows that you cant control everything. While being prepared is good, being over prepared is almost pointless.
At retirement age, I have no idea what my expenses will be, and at this point in my life, I dont care, and wont even pretend to know
People that think they know already, are just fooling themselves
- lookapizza
- Newbie
- Sep 18, 2019
- 2 posts
- 1 upvote
How Old are you ? 31
When do you plan to retire? 53
What is your income source and how much do you will have on a Monthly basis ? Pension & investments ~6000k a month
do you plan to live in North America or somewhere cheaper? Planning to stay in Canada but lots of travel
When do you plan to retire? 53
What is your income source and how much do you will have on a Monthly basis ? Pension & investments ~6000k a month
do you plan to live in North America or somewhere cheaper? Planning to stay in Canada but lots of travel
- User455957
- Deal Addict
- Nov 8, 2017
- 1556 posts
- 894 upvotes
When I'm about 60, then work casual for a few more years after
Work in Healthcare
Should have about 2500$ in pensions @ 60. 400 a day working casual, so do that a few times a month. Not a physically laborious job.
I retired backwards form 18-35, then got a career
Work in Healthcare
Should have about 2500$ in pensions @ 60. 400 a day working casual, so do that a few times a month. Not a physically laborious job.
I retired backwards form 18-35, then got a career
- Sanyo
- Deal Guru
- Feb 9, 2009
- 12381 posts
- 11307 upvotes
Want to retire by 50.
My goal is to have 48k in dividend income (would shoot for more by dont want to have too much to get OAS clawbacks), which is $4k a month.
5 months on the beach in different locations (One year Thailand, one year Fort Lauderdale, one year Spain, etc) and enjoy life.
My goal is to have 48k in dividend income (would shoot for more by dont want to have too much to get OAS clawbacks), which is $4k a month.
5 months on the beach in different locations (One year Thailand, one year Fort Lauderdale, one year Spain, etc) and enjoy life.
- larrydavis
- Newbie
- Jan 7, 2017
- 37 posts
- 7 upvotes
Early - 40s
Unfortunately not until 60
Defined Benefit Pension will give me $4000
TFSA and RRSP should produce $1400
probably need about $4000 in today's dollar to retire
40% Canada; 60% caribbean / florida / cruise (3 months a year)
Unfortunately not until 60
Defined Benefit Pension will give me $4000
TFSA and RRSP should produce $1400
probably need about $4000 in today's dollar to retire
40% Canada; 60% caribbean / florida / cruise (3 months a year)
- MarinersFanatik
- Deal Addict
- Jun 14, 2018
- 1368 posts
- 1662 upvotes
Currently in early 30's. Probably will be semi-retired by 50, but will likely continue to work on a part-time basis as long as I can still do it. Aiming for $3,500 income a month from age 50 onwards, which should more than cover all of my monthly expenses (currently only spending ~.$2000 a month on non-mortgage expenses). Will most likely stay in NA.
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