Topic: Retirement Budget

[CanuckS2K]

I really don't see myself ever not working, but doing things I like and only part-time.  Kinda like now!

Same. Work is fulfilling (or I'd change careers) and every year of working is one less year of living off savings.

Somehow we have to convince the next generation to not loath their career...or at least not have to count down the days until they can leave it.

Agreed.  Unfortunately, I know MANY people that absolutely despise their job and just can't wait to retire.  I can't imagine that myself.  I thoroughly enjoy both brewing and detailing, and really can't see me stop doing either for quite some time.  Having said that, my goal is to go somewhere warm for at least 4-5 months of the year as well when I want to start and slow down a little.

[blotter]

i like - don't love my job and can't wait to retire.
but I'll never have $4M - so I keep working away.

actually, I'm pretty happy having a job that allows me to do what I like to do in my off time.

but if I could start over --- things would be different.

[Northernridge]

I really don't see myself ever not working, but doing things I like and only part-time.  Kinda like now!

Same. Work is fulfilling (or I'd change careers) and every year of working is one less year of living off savings.

Somehow we have to convince the next generation to not loath their career...or at least not have to count down the days until they can leave it.

Agreed.  Unfortunately, I know MANY people that absolutely despise their job and just can't wait to retire.  I can't imagine that myself.  I thoroughly enjoy both brewing and detailing, and really can't see me stop doing either for quite some time.  Having said that, my goal is to go somewhere warm for at least 4-5 months of the year as well when I want to start and slow down a little.

I think a staged approach to retirement is brilliant. Let's say you build a nest egg, then work 7-months a year which allows you to live down south for 5-months and not draw down your retirement funds. Semi-retirement is a good strategy for many...tolerable work levels but with freedom to do other things and staving off draw down of $$.

[johngenx]

Somehow we have to convince the next generation to not loath their career...or at least not have to count down the days until they can leave it.

THIS.

It's something I've worked very, very hard on with my daughter.  And it seems to be working, at least so far.  She's learning to lever her passions and the relationships that come from them.  Her one underlying love is instruction - and she's getting a good sense of using that as a foundation from which to build ways to earn and enjoy herself.  She's worked as a ski instructor this winter and has already lined up a summer job shadowing a rock climbing guide doing "grunt work."

While her school friends are groaning away making $10.50/hr slinging burgers or folding clothes in a store, she's learned to be entrepreneurial, hustling up private ski lessons (she earns $11/hr for group lessons, $26-41/hr for privates) to where now she's knocking off at 2:00pm to go ski for herself and still earning $150 or more that day.  The kicker is that she also had a giant grin on her face while she was working - loving every minute of it.

In so many ways she's 1000x smarter than I was at her age.  I looked at money and then tried to build around it.  She's looking a what she loves to do, and then builds the money.

/Learning from Dad's mistakes

[CanuckS2K]

i like - don't love my job and can't wait to retire.
but I'll never have $4M - so I keep working away.

actually, I'm pretty happy having a job that allows me to do what I like to do in my off time.

but if I could start over --- things would be different.

But don't ever think that you can't start over.  I'm guessing that you're in your late 20s or early 30s, correct?  I was 40 when I decided follow my passion for brewing and build my brewery.  Never too late to do something you're passionate about.   

[Northernridge]

i like - don't love my job and can't wait to retire.
but I'll never have $4M - so I keep working away.

actually, I'm pretty happy having a job that allows me to do what I like to do in my off time.

but if I could start over --- things would be different.

That's heart breaking and soul crushing. And you can start over...why do people think they can't?

It's the curse of the middle class to have been told by our parents to get a nice, secure job.

[johngenx]

I was 41 when I went back, again, to University.  I've known people 20yrs older that changed direction completely.

[Triple Bob]

$4million...Jesus Christ! The vast majority of Canadians have zero hope of anything remotely close to this... only what, 1% are millionaires today?

http://www.thestar.com/business/2014/06/18/were_rich_number_of_canadian_millionaires_climbs_to_320000.html#

I call BS on most of this 'my number' business. Most people's number is another 10-15 years of work.

Depends on where and what lifestyle you chose. My mom lived very comfortably on $47k/year in her house that was paid off. In the last few years her investments were actually growing faster than her draw-down. At 74 she had about 200k left.

Exactly.  Your numbers are a very nice plan, but anyone could choose to live a lot more frugaly if they wish.

[PJungnitsch]

I could stand working a long time yet. I did the endless travel thing for a lot of years and after 3 months it gets to be a burden, as nice as the surroundings happen to be. After five months or so I was ready to come home and scrape glue off walls, whatever.

[tpl]

$4million...Jesus Christ! The vast majority of Canadians have zero hope of anything remotely close to this... only what, 1% are millionaires today?

http://www.thestar.com/business/2014/06/18/were_rich_number_of_canadian_millionaires_climbs_to_320000.html#

I call BS on most of this 'my number' business. Most people's number is another 10-15 years of work.

Depends on where and what lifestyle you chose. My mom lived very comfortably on $47k/year in her house that was paid off. In the last few years her investments were actually growing faster than her draw-down. At 74 she had about 200k left.

Exactly.  Your numbers are a very nice plan, but anyone could choose to live a lot more frugally if they wish.

That $4MM I brought up was allowing for Wing having 24 more years of work and well paid work with promotions and stuff or even starting a business.    So much can happen in 24 years.  At the moment there is low inflation which is good and low interest rates, not so good for savers..   But again we should be due for a couple of major tech advances that will make millions for the lucky ones. We started our retirement savings when I was 36, mrs tpl was in a good safe career at a bank, the company I was at went broke that year and I had to get another job ( which lasted me until I hit 60).

We don't have $4MM but at our age, with no dependants, we don't need it. Like Snowman's late mother we make more than we can spend as well.

[Triple Bob]

$4million...Jesus Christ! The vast majority of Canadians have zero hope of anything remotely close to this... only what, 1% are millionaires today?

http://www.thestar.com/business/2014/06/18/were_rich_number_of_canadian_millionaires_climbs_to_320000.html#

I call BS on most of this 'my number' business. Most people's number is another 10-15 years of work.

Depends on where and what lifestyle you chose. My mom lived very comfortably on $47k/year in her house that was paid off. In the last few years her investments were actually growing faster than her draw-down. At 74 she had about 200k left.

Exactly.  Your numbers are a very nice plan, but anyone could choose to live a lot more frugally if they wish.

That $4MM I brought up was allowing for Wing having 24 more years of work and well paid work with promotions and stuff or even starting a business.    So much can happen in 24 years.  At the moment there is low inflation which is good and low interest rates, not so good for savers..   But again we should be due for a couple of major tech advances that will make millions for the lucky ones. We started our retirement savings when I was 36, mrs tpl was in a good safe career at a bank, the company I was at went broke that year and I had to get another job ( which lasted me until I hit 60).

We don't have $4MM but at our age, with no dependants, we don't need it. Like Snowman's late mother we make more than we can spend as well.

Can you adopt me?
 

[tpl]

How about                                             NO!

[Northernridge]

I was 41 when I went back, again, to University.  I've known people 20yrs older that changed direction completely.

It would be amazing to go back to university (or for the first time) halfway through life. Going to university with half a lifetime of knowledge and experience – it must have been awesome.

That's my plan if my business should crater. That or become a painter...or sculptor – I could embrace poverty.

It's amazing how many people get terminated for some reason and then do everything in their power to get right back on the hamster wheel instead of taking stock and trying something completely new. Blows my mind.

[Snowman]

Technically I have been retired for three years. I don't do much work, mostly download knowledge.

[johngenx]

Going to university with half a lifetime of knowledge and experience – it must have been awesome.

It was, especially going back as an undergrad after completing two graduate degrees.  I had to take an "entry level" elective, so I took a first-year ethics course - what a hoot.  My first paper had no grade - but a "see me in my office" note.  He's never read such work from a first year student and figured I'd cheated.  Then I went to see him, and haha, he knew right away what was what.

It was interesting in some of my classes to have more experience and academic knowledge than the instructor.  A couple enjoyed it and used to enhance the class - some saw it as a threat.  In both situations I found it stimulating.

[PJungnitsch]

Have to say I found it pretty tough at first. Everyone 17 to 18, I'd never really talked to people that age for years. Hired them maybe, but never had cause to really talk to them. Found out they don't just talk to strangers, don't really discuss opinions. It's very different than dealing with adults. I had to learn to dress different, listen to different music, think different, just to be able to relate. Like, totally.

And all my knowledge and experience meant nothing really in schoolwork, first year undergrad in the sciences is basically grade thirteen, and that was a long way back. No one knew who I was, what I had done, and no one cared. Basically became one more drone in the hive.

Arghh. It was a good shake up in the long run, but at the time not so much fun.

At least I was single. All the guys I knew that went back to school married came out divorced.

[johngenx]

And all my knowledge and experience meant nothing really in schoolwork

I found it the complete opposite - but it was also my fourth degree, so in terms of academic experience I came in with a lot of "practice" and a wide variety of expertise - from high level mathematics to social sciences.

[EV-Light]

I really don't see myself ever not working, but doing things I like and only part-time.  Kinda like now!

Same. Work is fulfilling (or I'd change careers) and every year of working is one less year of living off savings.

Somehow we have to convince the next generation to not loath their career...or at least not have to count down the days until they can leave it.

Non-sense, I love my work but it isn't my life. I would retire right now if I could and actually use my time doing everything I'd rather be doing than working....life is too short, spending 8-10h of your day at work is so sad!


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[CanuckS2K]

I really don't see myself ever not working, but doing things I like and only part-time.  Kinda like now!

Same. Work is fulfilling (or I'd change careers) and every year of working is one less year of living off savings.

Somehow we have to convince the next generation to not loath their career...or at least not have to count down the days until they can leave it.

Non-sense, I love my work but it isn't my life. I would retire right now if I could and actually use my time doing everything I'd rather be doing than working....life is too short, spending 8-10h of your day at work is so sad!


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I don't think it's nonsense whatsoever, and I think you might be misunderstanding what NR is saying (or perhaps I am).  My work, whether it be my IT job, brewing, or detailing is not my life either.  If I was filthy rich, I'd have no issues never working again either, but in reality most of us have to work.  And since we have to work, do it doing something that you really enjoy and not count the hours until you're finished each day.  Going through life absolutely loathing what you're doing is a pretty sad state to be in, and I think that's what NR was eluding to.  But maybe I'm wrong. 

[tpl]

I guess I enjoyed my work from the day I started in 1966 until the last couple of years when I just could not see anything I was interested in doing that was available to do in the company...so I retired.