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  • Sep 18th, 2017 11:35 am
[OP]
Newbie
Apr 13, 2013
27 posts
2 upvotes
Mississauga

retirement plan

How much would 2 people need a month in the GTA to have a comfortable retirement with a residence and without a residence? Thanks
13 replies
Sr. Member
User avatar
Oct 19, 2016
650 posts
204 upvotes
Toronto
For some people its $2000 monthly, others it might be $20,000 monthly.. Everybody has a different definition of comfortable retirement.
Sr. Member
Oct 14, 2012
654 posts
374 upvotes
Woodstock
The biggest budgeting problem comes in when you can no longer live independently but you are not actually sick so you don't qualify for a nursing home. Then you either have to pay for someone (personal support worker) to cook, clean, do laundry, assist you with dressing, bathing, etc or you have to find a "retirement residence" that provides those services as part of the monthly cost. And most "retirement residences" cost $3500-$5000 per MONTH for a single person. They are crazy expensive.

Also you have to budget in costs that may never have been applicable pre-retirement. Some examples:
* Dental care, for e.g. It's very unusual for someone in their late 70s or 80s not to need dental care even if prior to that their teeth/dentures were always good.
* Things like incontinence pads, diet supplements (vitamins, B12 shots, iron tablets, protein shakes), over-the-counter meds to deal with post-treatment side-effects (gravol, immodium, antacids, etc) all add up quickly when you have a small income.
* Taxis and buses are expensive. After you pass mid80s it's likely you won't be able to drive if you are like most people. Taxis are expensive when you need them to get to/from everything; buses may be impossible if you can't walk smoothly or stand waiting for them once you pass a certain age. (One of my relatives, for e.g. would have had no problem catching a bus at 84 but at 85 his back went out and now he can't walk more than a few yards at a time without sitting. Walking to and waiting for a bus would be torture and generally not possible due to the weather.)

Sorry I can't give you a $$ number; there are too many variables.
Penalty Box
Apr 23, 2017
298 posts
184 upvotes
You tell us. Only you know how much money you spend a month. Strangers on the internet do not know this.
Deal Addict
Jul 27, 2017
2180 posts
938 upvotes
OP here is a basic model for you

Senior couple 65+ in good health on basic basic income that qualify for/from a selection of... OAS/CPP/GIS/HST/Ontario Trillium,is somewhere between $2500 - $3000/mth

Add in personal/occupational pension + if they have any savings/investments -income from those - a selection of, GIC's, RRSP, RRIF,TFSA, GIF, SWP, = ?x

Take all your Income minus basic lifestyle expenses that would be mortgage/rent, all utilities (include phones/cable TV/internet) , property tax, insurance, groceries,medical/dental/prescriptions, transportation = ?

Additional expenses - travel, vehicle costs, eating out, entertainment, social/sport activities, clothing/wardrobe, maintenance/repairs,replacement of any household items = ?

Bottom line

Mortgage free you need minimum $2500/mth income for a basic lifestyle. Some folks do it on less

Renting (utilities included) paying $1500/mth rent, income needed without a vehicle - budget $2500/mth. Again some folks can do this on less living in a lower cost rental, no luxuries.
Deal Addict
Oct 22, 2015
1327 posts
409 upvotes
It depends. The best thing is to track your own expenses for a couple of years. This will help determine what works for you.
Deal Fanatic
Feb 9, 2009
9604 posts
7195 upvotes
If you dont have money the govt will help you anyways... at 90 who cares where you live your most likely out of breath just waking up...
Deal Addict
Oct 22, 2015
1327 posts
409 upvotes
Sanyo wrote: If you dont have money the govt will help you anyways... at 90 who cares where you live your most likely out of breath just waking up...
Smiling Face With Open Mouth And Smiling Eyes
Deal Addict
Mar 8, 2013
2636 posts
1348 upvotes
Sanyo wrote: If you dont have money the govt will help you anyways... at 90 who cares where you live your most likely out of breath just waking up...
The 90 year old that I know does volunteer work delivering meals, goes to aqua fit, and probably would take the time in between to correct your spelling, as in "you're most likely out of breath".
Deal Addict
Dec 3, 2014
2024 posts
1276 upvotes
Ontario
Step 1 - get any job with the government.

Step 2 - don't work too hard, enjoy your weekends and evening and no need to stress out of the office (it's not your problem)

Step 3 - don't save, don't need to

Step 4 - retire with your fat pension (you're welcome, I paid for it)
Deal Addict
Jul 27, 2017
2180 posts
938 upvotes
llpresident wrote: Step 1 - get any job with the government.

Step 2 - don't work too hard, enjoy your weekends and evening and no need to stress out of the office (it's not your problem)

Step 3 - don't save, don't need to

Step 4 - retire with your fat pension (you're welcome, I paid for it)
+1 there is some truth in that

For the OP consider a move from Mississauga to somewhere on the 'East Coast', say Moncton or Fredricton NB, maybe PEI. As it would appear from a google you'll find rentals as well as house prices a fraction of what they are in the GTA. Lower property taxes, good healthcare system, many of the supermarkets that are in the GTA, mind you food prices may be slightly higher.

So with the all-in basic Government hand-outs OAS, CPP, GIS, GST, Provincial top-up's what more do you need or the need for any of the investment income, RRSP, TFSA, RRIF,
Deal Fanatic
Apr 11, 2012
5574 posts
2792 upvotes
Winnipeg
llpresident wrote: Step 1 - get any job with the government.

Step 2 - don't work too hard, enjoy your weekends and evening and no need to stress out of the office (it's not your problem)

Step 3 - don't save, don't need to

Step 4 - retire with your fat pension (you're welcome, I paid for it)
Totally agree...
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Deal Fanatic
Feb 9, 2009
9604 posts
7195 upvotes
akaManny wrote: The 90 year old that I know does volunteer work delivering meals, goes to aqua fit, and probably would take the time in between to correct your spelling, as in "you're most likely out of breath".
Ooo the spelling police. Most 90 year olds are fragile and have lots of health problems. The person your describing is maybe about 20% of people in their 90s who can do those things. So stop trying to act smart with me!
Deal Addict
Jan 20, 2016
2028 posts
1008 upvotes
Houston, TX
llpresident wrote: Step 1 - get any job with the government.

Step 2 - don't work too hard, enjoy your weekends and evening and no need to stress out of the office (it's not your problem)

Step 3 - don't save, don't need to

Step 4 - retire with your fat pension (you're welcome, I paid for it)
Well, it could be bumpy on the way however, just one word

Phoenix

:)
Applicable to step 2, imo
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