I'm 53. We were having some fun, talking about retirement and our son was on the computer calculating what we need for me to retire at 60.
Has anyone here retired at 60 without any company pension? I am talking the only thing available to you is RRSP income and CPP. What does it take to retire and have enough to live, modestly?
(Modestly means a shed full of classic Pontiacs!!! Just kidding, I actually really do mean modestly.)
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1966 Strato Chief 2 door, 427 4 speed, 45,000 original miles
1966 Grande Parisienne, 396 1 of 23 factory air cars
Lot's of different opinions out there on this one Carl. Some people do reverse mortgages on there homes that are often paid by the time they retire. (Or simply sell their homes and use the interest to supplement the monthy rent.) No pension at this end, but we've been pretty good at contributing to the RRSP's. The big problem is that the RRSP's took a bath, and you sure can't live off of 2-3% garaunteed interest. As a result, I've come to the mindset that retirement is working somewhere that you want to work as opposed to not working at all. Freedom 55 for us, is now defined as the year 2055!
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"So when you spot violence, or bigotry, or intolerance or fear or just garden-variety hatred or ignorance, just look it in the eye and think... The good outnumber you, and we always will." Patton Oswalt
Haha, 2055, I like that! I hoped at one point to wind down a bunch at 55 but unless my work situation takes a drastic turn around, that won't happen. I would like to try but it may leave my boss in a real bind.
We've done some RRSP stuff too, but when you drag that out over 20 years at 2%, it sure goes away real fast it seems!
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1966 Strato Chief 2 door, 427 4 speed, 45,000 original miles
1966 Grande Parisienne, 396 1 of 23 factory air cars
Lot's of different opinions out there on this one Carl. Some people do reverse mortgages on there homes that are often paid by the time they retire. (Or simply sell their homes and use the interest to supplement the monthy rent.) No pension at this end, but we've been pretty good at contributing to the RRSP's. The big problem is that the RRSP's took a bath, and you sure can't live off of 2-3% garaunteed interest. As a result, I've come to the mindset that retirement is working somewhere that you want to work as opposed to not working at all. Freedom 55 for us, is now defined as the year 2055!
I agree wholeheartedly with the statement ..work somewhere you want to work in the later stages of your life...
I'm hopin to be far enough ahead that by the time I'm in my early 50's , I can be home every night and not work away from home like I do now. It is not a bad life ,, it pays the bills.
As for RRSP's ,, we're just starting to see them turn around,, for now ....
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later...rog
AADD supporting member !!
I'm a collector...not a builder!!Located in sunny central Saskatchewan at the lakehead!
You need to consider too many things to come up with a simple answer here. How do you want to live? How long will you live? Where will you live? Do you want your last penny spent on your funeral? Do you play with cars or carve ducks out of found pieces of wood? Do you need to visit grandkids that live 2,000 miles away? Do you have 2 homes? Do you buy clothes at the Sally Ann or Value Village? Do you get food at Safeway or Food Bank? Do you support charities with time or money? Do you pay for kids education, weddings or home purchases?
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1967 Parisienne 2+2 1967 Grande Parisienne
1967 Laurentian 1967 Strato Chief
Remember, "The Government" only has money confiscated from us.
I look at what the price of home taxes,gas , water, hydro, phone etc was 30 years ago and think what it will be in 30 years from now. I retire July 1st at 55 with 39 years in the trade. I better start looking for a nice one now because in 30 years I`ll be living in a van down by the river!
The flip side of working for ever is that you may end up the richest guy in the grave yard...
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"So when you spot violence, or bigotry, or intolerance or fear or just garden-variety hatred or ignorance, just look it in the eye and think... The good outnumber you, and we always will." Patton Oswalt
Quite frankly I hate what I do for a living and have been striving to get ahead to the point that I can quit and do something I enjoy. That goal is still a few years away. Right now it's really tight with me being the only income source AND paying child support. People constantly tell me they don't know how we do it (and sometimes I don't know either!). I do contribute to an RRSP and am about to switch fund managers as my investments have been lackluster at best. With the help of a friend who has retired at age 48 thanks to savvy stock market investments, I have opened a TFSA and am dabbling a bit in the markets. It's a lot of fun and I have learned quite a bit about how the markets work, reading charts etc.
I will have a full pension at age 58 when I retire (Jan. 2018 can't come soon enough), but I still plan on working 2 or 3 days a week after retirement in a job that I actually want to do (I don't know what that job will be yet). One reason I want to work part time after my retirement is to be "out there", to keep in touch with what's going on. I'll still have the other 4 or 5 days a week to "piddle around".
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Prince Edward Island
'64 Parisienne CS "barn find" - last on the road in '86 ... Owner Protection Plan booklet, original paint, original near-mint aqua interior, original aqua GM floor mats, original 283, factory posi, and original rust.
I retired a little over 2 yrs. ago, w no pension. Got laid off at Christmas & supposed to go back in the following May. That was the time of the "BIG" R they sold 3 of the trucks, & I had no job when May rolled around. At 61 [then] yrs. old I said, "thats it I'm done" & filed for CPP + I had a "small" cheque each mth. from WSIB of around $250 from a long ago injury. Have been able to keep a roof over our head & food on the table. Janice retired from the Oshawa Library & has a pension from there, & she also took a part time job in ladies wear store in Port Perry,not out of need for $$$ but for something to do for maybe 5 to 10 hrs. a week. So far we are holding our own & I can "play" with the poncho's!!!!
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Some times I wake up GRUMPY, but today I let her sleep in !!!!!!!!BLACKSTOCK Ont.
I realized long ago that I'm just not the retiring type, so whatever my career would be, it had to be something that I enjoyed and could do for a long time. As it turns out, my field of work (mining exploration) and my specialty (gold exploration) seems to have worked out. At 53 I own a small producing gold mine, and the price of the commodity is co-operating well. The wife retires this summer from the post office, then the plan is to move up to the lake to fish, gold mine, and most importantly, work on the cars. The only financial advice we have ever had came from the seat of our pants, so although a bit posterior challenged, we continue to travel our own road.
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nuts, bolts, washers, and beer. forget that, except for beer
I look at what the price of home taxes,gas , water, hydro, phone etc was 30 years ago and think what it will be in 30 years from now. I retire July 1st at 55 with 39 years in the trade. I better start looking for a nice one now because in 30 years I`ll be living in a van down by the river!
not to be too funny just a little in 30 years you will probably be happy to live in a van down by the river in Florida 30years from now I will be 91 and won't remember who you are
yessir.....a rather personal decision. What works for one, might not work for you. I retired at 42 with pensions, no debt and no plan. I lasted just over 2 years, and had to do something. I considered risking it all on a business, but realized that I probably dont have the motivation required. A job I am familiar with came looking for me, so I've been back at it for 6 months. I like being back on a schedule and its nice to have some gravy for the car hobby. I hope to raise a 30x80 shop soon and fill it with parts cars and projects. I raised 3 kids with income near the poverty line, so I know full well that $$ is the deciding factor for most. If you truely enjoy what you do with your waking hours, you are a rich man! (or woman)
I think I can relate to Chris (Wagon), I'm not the retiring type either. I'll always be doing something. I guess I'm lucky because I love my job. It doesn't feel like work to me.
Since retirement, I wouldn't have time to "fit" a job in!!! Too much on the go, certainly "NOT BORED" some people said that you are busyer than when you worked & they are right if you want to be,have a friend thats so bored since his retiement I don't think he'll last another yr. sleeps all day, & stays up all night on e-bay???? Putting on weight like crazy, he;ll be 6'under very soon. I "grunt & groan" everytime I get out from under the 52, [not as young as I used to be] but still enjoy the time spent out in the garage!!!!
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Some times I wake up GRUMPY, but today I let her sleep in !!!!!!!!BLACKSTOCK Ont.
I don't call it retirement. I elected to take my pension 10 yrs ago tomorrow. The motivating factor for me was, I was convinced the stress of my job was killing me. I was a cancer survivor and wanted to make sure I didn't die on the job. I turned to my first love, old cars, to supplement my pension. I bought a dually and a two car trailer. I turned to the Internet at a time when people had just srtarted buying cars there, mainly ebay. I did no advertising, only email to offer my services. It took off right away and I was on the road. I learned so much from this experience, including the greatest people on earth are car people. I avoided anyone trying to cut my prices or compare them to other transporters. My customers were paying for peace of mind, honesty, integrity and I made sure they knew I had experience with top quality cars. I worked at my pace, resting when needed and refusing to put myself or the cars at risk due to fatigue. I bought cars along the way and stored them at home until winter when I got off the road. I took the month of Dec. off and worked in the shop Jan.-March. I started advertising my cars in Feb. and had them sold by May 1st. On April 1st I was back on the road again until Dec. My wife retired in 2008 and our house was already paid for so I have been selling equiptment and winding down for two years. Working alone in your own business can be tough. When equiptment breaks of things go bad, the buck stops with you. The main thing that kept me going was the people I meant when picking up or delivering the cars. I have stories enough to write a book but that will not happen. The bottom line is, do what you enjoy and don't look back. Norm
i retired at the age of 38. that was almost 3 years ago. i sold both my body shops, and i paint what i want, when i want in my garage at home. my wife works for revenue canada, so that provides our living expense money. cars, and toys come from money made in the garage. i have money put away for later in life, but not to be used for "i want it now" items. some people would argue that i,m not really retired. but i wake up when i want, start drinking when i want, go out to the garage when i want, only take in the jobs that i wanna work on. and if i wanna work 1 day a week i do just that. ifi wanna stay away from the garage for a week, then so be it. i only spend money on my car, that is made out in the garage. i will not dip into my savings to support my addiction. therefore when i need more parts, i take in more paint & body jobs. (now taking reservations for custom paint&body) lol it all boils down to what you would call retirement. there is not to many people who can just sit around after retirement.
i retired at the age of 38. that was almost 3 years ago. i sold both my body shops, and i paint what i want, when i want in my garage at home. my wife works for revenue canada, so that provides our living expense money. cars, and toys come from money made in the garage. i have money put away for later in life, but not to be used for "i want it now" items. some people would argue that i,m not really retired. but i wake up when i want, start drinking when i want, go out to the garage when i want, only take in the jobs that i wanna work on. and if i wanna work 1 day a week i do just that. ifi wanna stay away from the garage for a week, then so be it. i only spend money on my car, that is made out in the garage. i will not dip into my savings to support my addiction. therefore when i need more parts, i take in more paint & body jobs. (now taking reservations for custom paint&body) lol it all boils down to what you would call retirement. there is not to many people who can just sit around after retirement.
This one, and a couple of other's in this thread, are my concept of retirement. "If you love what you're doing, you'll never work a day in your life". Congrats to those here that seem to have accomplished that. You guys are my inspiration. ("You are the wind beneath my wings" LOL)
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"So when you spot violence, or bigotry, or intolerance or fear or just garden-variety hatred or ignorance, just look it in the eye and think... The good outnumber you, and we always will." Patton Oswalt
i just got laid off at work for they say 3 months and then i go back to train somebody and then i retire at age 34. Now the only way im doing this is the fact that my inlaws and us are moving to the middle of mexico (lake chappala) and the sale of their house and ours pays for the one there. We will be putting some money away also. Now the wife and I will be working in mexico but just part time. I am very, very lucky to be able to do this and so gratefull that my wife talked her parents into it!!LOL
I think the concept of retirement should be retired.
I left my job on September 21, 2010 and had a few months off until I started a new position on January 3, 2011. I had two job offers in that time.
I never felt like I was retired but I did what I figured I would do if I was retired. The thing that let me do this buggering off for a few months was the fact that there was money behind me that could allow us to live the same standard of living as my suit and tie job does, so at the end of the day it does matter how much you have and what you want to do and at what level you want to do it.
I will tell you this though, it was one the best if not the best Christmas ever for us.
Iam 44 now had my own busness since I was 18 and worked another full time job while doing my busness (because of the benifits) Had a snowplowing and landscaping company.IT was really hard I did it for 22 years could never go any where because it was my Life. 80hrs t/week. I now feel BURN'T OUT I gave it up 4 years ago.I saved as much money as I could, with no trade you are screwed . When I hit 60 thats my cut off date I will sell everything I have, and move to a smaller city where people are REAL.If this Goverment of ours would take care of the people that worked hard in this country then we all wouldn.t all be having this conversation.My mother Is 81 and still healthy Thank God and what see gets a month is a joke.Iam putting some money in the Tax free savings account(up to $5000/year your allowed) and RRSPS. Thats all we can do. TO ALL YOU GUYS THAT ARE RETIRED CAN YOU DO SOMETHING FOR ME STAY HEALTHY.
I'm 56, have owned my own construction business for 25 years. Love my work, good income, my pension is what I put away myself. I need a crew of 3 or 4, so I can't really slow down, it's all or nothing. I have taken off the last several winters, I want to retire at age 60.
