Author Topic: Anyone retired? (Read 1140 times)

kardood69 · « **on:** February 12, 2012, 03:07:53 pm »

Are you living comfortably? Is it really possible? Besides those with defined benefit plans, or very wealthy, can a middle class person retire off investments?

wing · « **Reply #1 on:** February 12, 2012, 03:12:36 pm »

Well I'm far from retirement but sure save a mil and then pull it out slowly.

Railton · « **Reply #2 on:** February 12, 2012, 03:13:52 pm »

Quote from: wing on February 12, 2012, 03:12:36 pm

Well I'm far from retirement but sure save a mil and then pull it out slowly.

...and don't have kids, right James?
Railton

wing · « **Reply #3 on:** February 12, 2012, 03:28:47 pm »

Ah yes that's the easier way

.

Tracy's parents are doing well on investments, mechanic and house cleaner retired since 55.

Have the house paid off, living expenses are lower etc.

articsteve · « **Reply #4 on:** February 12, 2012, 03:36:27 pm »

Quote from: kardood69 on February 12, 2012, 03:07:53 pm

Are you living comfortably? Is it really possible? Besides those with defined benefit plans, or very wealthy, can a middle class person retire off investments?

If you're 85 you should be good to go. Activity is usually fairly limited at that age. TV, chair, lamp, heat, water, crackers, .... all doable on moderate investment income. Leave estate to TVO and PBS.

airbalancer · « **Reply #5 on:** February 12, 2012, 04:00:47 pm »

We are silk ( single income lots of kids

)
Had a rought time in the early '80's (this down turn is a walk in the park)
I probably still be working until I cannot make up a ladder in my '70's
unless my investment start making money
Still have check my lotto tickets

Is not saving for retirement like gambling , what happens if I kick the bucket sooner then later
Should I just blow the money now on trips and go live with my kids when I run out of money

tpl · « **Reply #6 on:** February 12, 2012, 04:16:12 pm »

Quote

author=kardood69 link=topic=77774.msg770277#msg770277 date=1329077273]
Are you living comfortably? Is it really possible? Besides those with defined benefit plans, or very wealthy, can a middle class person retire off investments?

Yes. We did it. Mrs tpl retired at 52 from a job at a bank and took 1/3 of a db pension. I retired at 60 with no pension at all. we had saved and invested carefully with a good adviser.
I think that the magic steps are ( in no particular order)
Try not to borrow for anything except the mortgage and pay that off early. Imho a sensible Mortgage principle, interest and taxes payemt should be less than the net smallest paycheck per month...hard to do but do you REALLY need a big flashy house
Stay married. Divorce kills finances.
If you insist on having children do it early so they can be off and independent while you are in your '40s. Difficult these days but possible.
Avoid having to look after aging and infirm parents.

Pay yourself first, however little.

Dexer · « **Reply #7 on:** February 12, 2012, 05:52:33 pm »

Quote from: kardood69 on February 12, 2012, 03:07:53 pm

Are you living comfortably? Is it really possible? Besides those with defined benefit plans, or very wealthy, can a middle class person retire off investments?

Yes.

I sort of drifted into early retirement.

I worked a steady job until I was about 30. Then took another job that I wasn't crazy about. Then I started doing sorts of "odd jobs"...I don't mean handyman work...I would do things like edit maintenance and operations manuals for small bush flying outfits. That eventually dried up.

I found myself without any particularly useful skill that I wanted to ply. And I started to realize: Hey, this is it...put a fork in my working life, it's done!

But here's the deal: when I was very young, I socked away money like crazy. I contributed the max to my RRSP every year. I put a few hundred a month into a mutual fund. I bought almost nothing on credit so I didn't make interest payments. Oh, I have no children.

However, here's something to keep in mind: I grew up in an era where retirement meant relaxation. You went for walks to the park, you grew pumpkins, took pictures, smoked a cigar every few days. I am content to do these things. Today, people define "comfortable" retirement as wintering in Florida and flying to Europe every summer. If your version of "comfortable" is the latter, you may have a problem

.

articsteve · « **Reply #8 on:** February 12, 2012, 07:12:43 pm »

We are silk ( single income lots of kids

That's a good one.

You're financial liabilities regarding your kids end when you're DEAD.

airbalancer · « **Reply #9 on:** February 12, 2012, 07:14:23 pm »

However, here's something to keep in mind: I grew up in an era where retirement meant relaxation. You went for walks to the park, you grew pumpkins, took pictures, smoked a cigar every few days. I am content to do these things. Today, people define "comfortable" retirement as wintering in Florida and flying to Europe every summer. If your version of "comfortable" is the latter, you may have a problem .

I would have disagree

My parents, my mom is 82 and they a had place in Florida in the '80's and '90's when they retired, and my in-laws had a 100 ft mobile home which they drove all over the place
My parents were factory workers in Toronto
And alot of their friends also travelled
One of the big difference is they ony paid 40 gs for their house

airbalancer · « **Reply #10 on:** February 12, 2012, 07:16:22 pm »

Quote from: articsteve on February 12, 2012, 07:12:43 pm

We are silk ( single income lots of kids

That's a good one.

You're financial liabilities regarding your kids end when you're DEAD.

Our son said he would send us to an island for our retirement
Does an icefloat count as an island

airbalancer · « **Reply #11 on:** February 12, 2012, 07:37:28 pm »

My parents first house by Sunnyside, bought in '52 for about 9gs, sold it in in 72 for 29gs bought in burs for 39gs
If they still had the first house , it is worth probably in 800gs her place now is in the 700 range

My son house in Victoria was 450gs which is just crazy, I do not know people can afford these price

dr_spock · « **Reply #12 on:** February 12, 2012, 09:01:08 pm »

We're SICK (single income couple of kids). We probably should have been

. It's not easy building a retirement nest egg on a single income. It really depends on how do you define living comfortably. For me it is still being able to afford a home with a nice bathroom (and still being about wipe my own butt).

Dexer · « **Reply #13 on:** February 12, 2012, 09:16:32 pm »

Well, I also have the enormous advantage of low expectations

.

I not only grew up in a different era but I grew up with a different definition of what I thought was middle class. This makes me very easy to please

.

Tonight, I was going through old family photos and I found this extremely rare picture of me at stately Dexer Manor, dated March of 1960. This is where I spent the first ten years of my life.

Located on a sprawling, 25 foot wide lot, Dexer Manor boasted the following amenities:

A wooden sidewalk.

A steel door over the coal chute to keep out varmints.

A spacious 500 square feet of living area.

One room with stucco on the interior walls.

Cold running water.

A radio antenna on the roof to ensure you could clearly hear your favorite radio shows.

Although lacking such ostentatious luxuries as a bathtub, Dexer Manor did have a toilet conveniently located across from the coal room in the partial basement.

My current retirement income easily allows me to continue enjoying this lifestyle.

mmret · « **Reply #14 on:** February 13, 2012, 12:28:01 am »

I calculated the required figure at about 3 million dollars (of current dollars) plus a house.

Making progress. Progress is what life's all about. Damn if feels good to be a gangsta.

articsteve · « **Reply #15 on:** February 13, 2012, 12:43:13 am »

Quote from: airbalancer on February 12, 2012, 07:37:28 pm

My parents first house by Sunnyside, bought in '52 for about 9gs, sold it in in 72 for 29gs bought in burs for 39gs
If they still had the first house , it is worth probably in 800gs her place now is in the 700 range

My son house in Victoria was 450gs which is just crazy, I do not know people can afford these price

That's what 3% money combined with 35 year amortization results in; chaos.

random006 · « **Reply #16 on:** February 13, 2012, 03:57:34 pm »

Quote from: articsteve on February 12, 2012, 07:12:43 pm

We are silk ( single income lots of kids

That's a good one.

You're financial liabilities regarding your kids end when you're DEAD.

Double
Entombment
Achieving
Dust

Snowman · « **Reply #17 on:** February 13, 2012, 04:09:19 pm »

In 7 to 10 seven years depend on how this new Audi thing turns out. Planed on $1.5M and house equity is a contingency and not in calculations....despite protest from FA.

Fobroader · « **Reply #18 on:** February 13, 2012, 04:25:24 pm »

My Fiance and I are DINKs( Dual income, no kids). Were both in our early 30's, our house is 2/3's payed off and we both slam money into our RRSPs like crazy. We are trying to retire in our early to mid 40's and move somewhere warmer with 3rd world prices read: Arizona or Texas

Our trick has been buy everything cash or use the 6months no interest and pay it off in a few months. I couldnt imagine what it would be like to have a few kids and only one income....

tpl · « **Reply #19 on:** February 13, 2012, 04:56:48 pm »

Quote from: mmret on February 13, 2012, 12:28:01 am

I calculated the required figure at about 3 million dollars (of current dollars) plus a house.

Making progress. Progress is what life's all about. Damn if feels good to be a gangsta.

I think you are a bit low. from your age I'd say closer to $4mm plus the house... should be easy enough.