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How do you buy and sell physical gold with no fees?
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There is no trust in the government!!!!!!
The ones that have the money are fixing or upgrading houses, trucks or cars, and other big purchases The ones that don't, are watching the game that is been played! No one is going to tell you what to spend your savings on! Quote:
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Happy for you
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One of the problems I have with many politicians and beaucrats is they assume all Canadians have this level of security. Many people like myself and my wife work very hard for good people (small businesses) that dont offer anything like pensions or matching RRSP contributions. My wife worked for 27 years at the same small business and had few benefits. I myself am an entrupenuer and often put my savings back into my businesses. I have no pension either. I just ask that the government keep there greedy hands off the money that I am able to save. I know that I will need to have over 2 Million in the bank to be able to have a monthly income close to what my friends have with there government pensions. The problem is a government would see $2 million in savings as person being weatlthy and want to get there "fair share" Its just not the case when comparing it to the kind of money that government workers and union works are able to draw on with there pensions. I dont begrudge anyone a nice pension, I wish I had one. I celibrate a lifetime of hard work and dedication resulting in a good retirement. All I ask in return is government keeping there fingers out of my financial pie in return. EDIT Plus a person with investment has to constantly worry about the performance of there money manager. With a pension you are pretty much gaurenteed to get you money. A downturn in the markets can be devestating and horrifying. |
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I have one of those Government pensions, and I can assure you that the investment value of a 33 1/2 year pension is less than a million. It's good, just not that good.
I would not be comfortable without a lifetime of saving. My wife never had a pension, but we contributed to a spousal RRSP. A major contributor to comfort is controlling expenditure. The couple's that run two vehicles, have a boat, snowmobiles, travel trailer - all the toys need a lot of money to get by. |
Buy low and sell high!???????
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Its almost good advise ! |
I entered the workforce at 18. I had jobs before that, summer employment fighting forest fires and farm labor but nothing full time.
I dropped out of school in grade 12 to get married and have worked hard ever since. A lot of 7 day weeks and 12 hour days. But I married a woman who could spend faster then I could earn so I never had a dime to spare or even the bills paid. When she left me she took half my paycheck, for the next 14 years. So 12 years ago when I remarried I had no money in the bank, and no retirement plan. But I did own my house, such as it is. However my second wife knows how to get $1.25 out of $1.00 and she owned a house worth some money. So she sold that and bought a nice house on an acreage here. Now we are both drawing our pensions, have some money in the bank, and no mortgage. We have no problem paying the bills and even have a little fun money at the end of each month. Our retirement plan was to keep the bills paid and yet we are doing all right. I know a few folks who put money away for retirement. Some lost it all when the bottom fell out of their stocks, others lost it to a scam. A few died before reaching retirement age. I figure nothing is guarantee, not if things go really south. Like if Canada were to elect Trudeau junior. Really a guarantee is only good so long as the issuer wishes to honor it. If the don't want to or can't it's nothing more then a piece of paper. The way I see it the only true guarantees in life is the skills we acquire and the health to employ those skills. $1,000,000.00 dollars in the bank isn't much good to a guy dying from cancer. And it's not much good if there is no place to spend it to get what you need. If people only understood what happened to the privately held wealth in Germany when Hitler took over maybe they'd put more into survival skills and less into gold. |
Or like some do just move back home.....
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I have made, lost and broke even on this rollercoaster. I will end up with a enough money to live a simple life on a small farm away from the rat race. I had big plans when I was a younger man to make it big in the world, have lots of money and live the high life. ( glad that fell through) I told god my big plan once, I heard him laugh. What you need when you retire is your call, depending on how you want to live out your years, just make sure happiness is part of your portfolio as you ride the rollercoaster.
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Retirement? That was for my grandparents and parents generation...
I fully expect to work well past “retirement” age, understanding that is good so I won’t be disappointed. I do expect to work less and less hard as I get older and hopefully I’ll be able to take a month off here and there for some fun. That’s what retirement looks like for many Canadians. |
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My parents were simple, hardworking small town people and made their own way in life without anything of note coming to them from their parents, just as their parents before them. My kids were always taught that they make their own way in life and it is not up to anyone else to give them that way and so they do. To each their own. Look, I am not telling anyone they are wrong for saving, but what I am saying is when you put more value on an unknown commodity than you do living a good life and pursuing happiness with what is right in front of you, you are not always going to win. Yes I may get to the end and not have a lot to show for it, but I will still be able to look back with a smile and not feel like I missed out on anything and to me that is worth a heck of a lot more than dollars. |
How much is enough?
Q - How much is enough?
A - Just a little more. Good Luck, YMMV. |
I'll be gone at 56. I could go at 55 but if I officially retire halfway through my 56th year, I can continue to work for 6 months with full pay and full pension (and no pension deductions). That and my RRSP's will be my play money for a few years.
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This is what keeps me up at night. I have run my own businesses for almost 20 years, paid my staff well, even when it was difficult to do so, paid my taxes, lived modestly, saved money every year. I'm getting to where I can almost see that sign that says EXIT. Now I hear about the "big reset" and I hear that (any description that I put here will get my post dumped) in Ottawa say that "most small business corporations are only a means of cheating the tax system" and that the "new Canada" is going to be "fairer" and that the "rich" should pay more and all the rest of the SJW BS that suggests that there should be equality of result no matter the inequality of effort or it's not fair. More frighteningly he recently responded to a question on deficit spending by saying "Canada has more borrowing capacity" I've been around long enough to know that once you spend 380 odd billion more than you have, you have to find the money somewhere - they ain't likely to cut spending so that leaves one alternative. Frankly, I'm terrified |
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Very simple, determine the day you are going to die, count the number of months, divide by your total nest egg then spend that amount of $$ each month. You will run out of money at same time you run out of oxygen.
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Clarity
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I am very happy for you that you have a pension and wish you all the best in your retirement. |
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You overestimate my pension by a third, and if you cannot get 3.3% net on $1m invested conservatively, you are doing something wrong. There is not $2M investment value behind my pension.
Government pensions are a blended pension: CPP +OAS+ government pension. You can be sure that government clerks get a whole lot less than I, and to get more than I, you would need executive level salary. Recognize that I retired in 2004, so salaries have increased slightly, but were frozen for 7 or8 years. There are exaggerated ideas about government pensions going round. I contributed the same as anyone else for CPP and OAS, and an average of 10% of salary over that. |
I thought I would bump this thread, how are the boys doing now ??
Tough times with high interest have people on a tight budget? Hope things have been good for everyone, Covid in the rear-view mirror but interest rates a drag. |
I have been off of work for two years now. I find I hardly spend any money.Must have been my truck that costed me so much just to go to work .
I have noticed that most of my retired fiends are happy if they only go fishing once a year for a week . Half of them still work and the other half are watching their pennies. So that kind of sucks . Fall hunting is a joke unless I want to wait 7 more years to get drawn for moose . So I just sold my quad . Winters Ice fishing I am not a fan of anymore as the bite is very slow normally . I just might go back to work ,but I do not want to get up at 5 am every morning again . Lol Yup ,I sound kinda of negative ! Its one of those morning . Maybe I should start drinking ...Not Just waiting again for the wind to stop so I can go fishing . Forecast says that will be in 4 days . Retirement is hard . |
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Retired in 2017 with no major debits and no extravagent habits. Set up a small consulting practice for 5 years and set those funds aside for play. Everything is still going well --- doing lots of outdoor activities (fishing, hunting, dog training).
Starting to get wary about investment account and savings on where this countires leadership is taking us financially. |
We spend $1000/wk on groceries now, add in fuel at $500/wk and I would need a lot more than $50-60k a year to enjoy life.
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How much savings,in addition to income form CPP, OAS, pensions etc, do I need to be comfortable in retirement?
If you want to know the answer to this with some precision the first step is to keep a detailed budget for 12 months at least. Track everything you spend in detail. The theory that you will spend far less in retirement is greatly flawed. You have a LOT more free time and it costs money to do things to fill that time. Unless you are going to spend 12 hours a day in front of the T.V., or spend the whole day puttering, you will spend as much or more retired than you did working (not counting the cost of raising kids). Most people are shocked at what it actually costs them to live a year. As one example, 2 of us spend about $1,500 a month just on groceries, and that doesn't count eating out expenses. On top of current costs, you need to build in inflation of at least 3% a year on those expenses. Remember, these are after tax dollars you are tracking, so if it costs you $50,000 a year to to cover basic living costs, property taxes, insurance, vehicles etc. and day to day expenses, you need a lot higher gross income to have that much left over. Now you need to add the cost of travel, hunting, fishing, golf and all the other hobbies that will fill your days. Once you have the spend amount it is pretty simple to figure out how much you have to have set aside. |
I agree with you Dean, for those that are younger you need to find a job that you can work as much as over time as you can . Work as many weekends also as you can .
Like the old saying goes , work hard and then you can play hard . Never buy any thing on credit . If you are a person that only works enough to live , you will be homeless soon and it does not take much to live that way . That population of homeless is growing bigger every year . |
Calculating retirement expenses is the standard for planning for retirement but not sure I heard anyone say it does work in the real world.
What I started doing about 15 years ago was calculating my net worth on a monthly basis. I have a great graph on how my monthly changes are. It is at a point now ( about 7 years out from retiring) that my net worth increases slightly more than my after tax work pay check. I think I can retire now but would like to have that at double. |
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