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  #61  
Old 12-09-2020, 12:57 PM
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Originally Posted by operator john View Post
The way our Federal government is functioning "Canadians are saving too much", so they want to be able to tap into those savings for economic stimulus.
I don't trust them.
Now yer gitten er!
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  #62  
Old 12-09-2020, 01:36 PM
glen moa glen moa is offline
 
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How do you buy and sell physical gold with no fees?
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  #63  
Old 12-09-2020, 04:02 PM
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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!
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  #64  
Old 12-09-2020, 04:13 PM
markg markg is offline
 
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Originally Posted by catnthehat View Post
Retired for almost a year now, Union pension, and the Government thing as well as our investments and savings keep us living the way we like to .
Cat
I am very happy for you Cat and I wish you all the best. I hope your able to live life to the fullest and enjoy all the recreation you can handle.

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.

Last edited by markg; 12-09-2020 at 04:21 PM.
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  #65  
Old 12-09-2020, 05:54 PM
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Hey Thumper, so you and wife had $1m in stocks plus pension, house and other assets?
So close to 2 million in equity when you retired?
yup
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  #66  
Old 12-09-2020, 06:51 PM
badbrass badbrass is offline
 
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yup
Good for you!!!! Enjoy!
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  #67  
Old 12-09-2020, 07:18 PM
saskbooknut saskbooknut is offline
 
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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.
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  #68  
Old 12-09-2020, 08:50 PM
badbrass badbrass is offline
 
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Buy low and sell high!???????
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How do you buy and sell physical gold with no fees?
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  #69  
Old 12-10-2020, 04:50 AM
-JR- -JR- is offline
 
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What is retirement anyways? Does it mean simply not working? Does it mean just doing what you want? I think it all comes down to what you enjoy in life and for some, me included, it means working in some form or another, but getting away from a boring monotonous grind type of working.

My dad busted his butt his entire life, worked six day a week at a minimum and often seven, all so he could sock money away to be able to have the financial freedom to retire and do the things he wanted, except he got cancer and died in his sixties before ever being able to do those things.

Me, I did pretty much what I wanted my whole life, always working hard, but rather than shoving more money into retirement savings I went to Europe regular, hit the sun and beaches many times, bought the toys I wanted, the good scotch and wine and great food. I could not retire if I wanted to, but I have zero regrets because I lived my life, and quite fully I might add. I mean I was responsible in that I have always paid my way, will have a house paid off in a reasonable time, raised kids that can stand on their own and pay their own way in life, and all of that, but I never worried about getting enough money I don't have to work.

My dad always used to get on me asking how I expect to retire one day... What am I going to do when I am older... Etc, etc. It used to make him crazy. Then I found out that before he died he posed the question to my mom and that maybe he was wrong all along. Maybe I had it right. Maybe if he spent more time living life rather than for a goal he never got to use, maybe he would have been happier. It didn't matter because it was too late, but in the end all we have in this life are our experiences, and who is to say what is right for one person over another?

In the end, for me I can't ever see myself not trying to make some kind of business or venture, even if it is small scale and just for a bit of extra cash. That isn't restricting to me as much as a challenge to keep me interested and hungry. I am more than good with that!
Justing reading between your lines ....Sounds like you will be retiring on your parents money . But if you have kids what will you be leaving them if you did not sock away any money.
Its almost good advise !
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  #70  
Old 12-10-2020, 06:40 AM
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KegRiver KegRiver is offline
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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.
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  #71  
Old 12-10-2020, 07:08 AM
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Or like some do just move back home.....
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  #72  
Old 12-10-2020, 07:38 AM
Mavrick Mavrick is offline
 
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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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  #73  
Old 12-10-2020, 08:09 AM
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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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  #74  
Old 12-10-2020, 10:04 AM
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Originally Posted by -JR- View Post
Justing reading between your lines ....Sounds like you will be retiring on your parents money . But if you have kids what will you be leaving them if you did not sock away any money.
Its almost good advise !
No, not at all... My mom is healthy and strong as an ox and will more than likely outlive me, and even if she doesn't the money is not that large and both my sister and I made it clear she should live the life she wants now since she never got to do it before and if she really wants to do it right, make sure the cheque to the funeral home is the very first one in her life that bounces.

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.
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  #75  
Old 12-10-2020, 01:53 PM
qwert qwert is offline
 
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Default How much is enough?

Q - How much is enough?

A - Just a little more.


Good Luck, YMMV.
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  #76  
Old 12-10-2020, 03:06 PM
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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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  #77  
Old 12-10-2020, 04:29 PM
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Originally Posted by markg View Post
The problem is a government would see $2 million in savings as person being wealthy 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.
^^
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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  #78  
Old 12-10-2020, 08:00 PM
HVA7mm HVA7mm is offline
 
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Originally Posted by tirebob View Post
No, not at all... My mom is healthy and strong as an ox and will more than likely outlive me, and even if she doesn't the money is not that large and both my sister and I made it clear she should live the life she wants now since she never got to do it before and if she really wants to do it right, make sure the cheque to the funeral home is the very first one in her life that bounces.

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.
Sounds like my sister and I with our parents. We've told them for years "You worked for it, you spend it. Don't save anything for us." They still live a pretty modest life, but for the past 20 years have traveled quite a bit as that's what they enjoy. Not resorts/cruise ships, but actually seeing many other parts of the world.
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  #79  
Old 12-11-2020, 09:54 AM
Big Grey Wolf Big Grey Wolf is online now
 
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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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  #80  
Old 12-11-2020, 09:59 AM
markg markg is offline
 
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Originally Posted by saskbooknut View Post
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.
I am not saying that you have contributed 2 Million. I am suggesting that if recieve $50,000 per year on your pension that at current interest rates you would need more than 2 Million invested to actualize that kind of return.


I am very happy for you that you have a pension and wish you all the best in your retirement.

Last edited by markg; 12-11-2020 at 10:05 AM.
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  #81  
Old 12-11-2020, 10:24 AM
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Originally Posted by Big Grey Wolf View Post
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.
If I determined the date I will perish. I will load up on life insurance, a day earlier. Family will be covered.
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  #82  
Old 12-11-2020, 03:20 PM
saskbooknut saskbooknut is offline
 
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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.
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  #83  
Old 09-22-2023, 10:13 PM
roper1 roper1 is offline
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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.
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  #84  
Old 09-23-2023, 07:32 AM
-JR- -JR- is offline
 
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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 .

Last edited by -JR-; 09-23-2023 at 07:38 AM.
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  #85  
Old 09-23-2023, 08:19 AM
The Cook The Cook is offline
 
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Originally Posted by roper1 View Post
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.
Mortgage free, union + company pensions + CPP + OAS. Keep on rocking in the free world.
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  #86  
Old 09-23-2023, 11:47 AM
2 Tollers 2 Tollers is offline
 
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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.
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  #87  
Old 09-23-2023, 12:09 PM
Taiga Taiga is offline
 
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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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  #88  
Old 09-23-2023, 12:19 PM
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Dean2 Dean2 is offline
 
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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.

Last edited by Dean2; 09-23-2023 at 12:24 PM.
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  #89  
Old 09-23-2023, 01:29 PM
-JR- -JR- is offline
 
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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 .
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  #90  
Old 09-23-2023, 03:14 PM
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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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