petee_c

Since we have topics about cheap winter tires, saving money on tv and internet, and just wondering if any of you can recommend a good forum to research and learn about money issues.

I'm going to be 45 this year and looking at scenarios which allow me to go part time until 55...

There have got to be some money smart people here that banter elsewhere on financial issues...

I need to get benefits sorted out among other things....

Peter

Ronan

There are lots of financial advisors of course, but a useful first place to start is a retirement calculator from one of the banks such as:

https://tools.td.com/retirement-calculator/

Many people have no developed idea about how much they will need to retire, and with long life expectancies these days and limited pension benefits for many it is useful to start with a set of objectives.

One of the common mistakes to assume that the value of your home will fund your retirement, but of course you have to live somewhere so its difficult to unlock that value unless you are moving to a hugely cheaper location.

Further,you need to consider the many people over (say) 75 have medical conditions, and the prognosis for medical care being fully funded in perpetuity is pretty doubtful.

If you are intending to retire at 55 then you will certainly need a robust plan. Generally the fairly modest Canada pension discounts heavily if you take it at 60, so you are best to wait as long as possible to say 69 when it is a fair bit better.

Good that you are thinking about it now.

petee_c

Thx Ronan,

I'm a healthcare worker with a HOOPP pension... Which is apparently the 'good' type - defined benefits.

According to our mutual fund/rrsp guy, we have enough extra saved/invested to retire at 55 with $6000/month with our current portfolio,even if I quit saving after going PT (but I would still save) our primary residence is not part of the equation, although we are slumlords with 8 tenants in Waterloo...

I'll be the guy clipping coupons and browsing the weekly flyers.....

Ronan

Yep DP plans are the ones to have but you should check out any discount caused by early retirement...this can be steep.

The Stig

Drop me a PM if anyone is interested in learning about private investing. Regulators have recently changed the rules for private investing in Ontario. It represents a real alternative to stocks, bonds, and mutual funds.

Imo000

Screw up the calculations and you'll be eating canned dog food like Mad Max!

petee_c

I'm going to double check the calculations before going part time..... I'm partial to liver flavoured dog food...

Gregster

www.reddit.com/r/personalfinance/

Brian 162

I retired in 2015 when I was 55. I have a defined pension with full benefits (private sector union). I also invested in rrsp"s.
Before I retired I kept looking at my working income versus my pension income. The pension amount was alot less. But I pay less in taxes.
In my case taking early retirement I lost $200 per month. So for $50 per week I wasn't going to stay.
I have a financial adviser that I trust. We meet once a year and go over my accounts.
As it stands right now I don't have to work. I still do track days and I travel now. I've traveled more in the last 2 years than when I was working.
Ronan gave some spot on advice.

kgoertz

Check out http://canadianmoneyforum.com/

They have subforums on general investing, individual stocks, taxation, and saving money. I've been a member for a few years and learned a reasonable amount. There is a lot of focus on the "couch potato" strategy using ETFs which is the route I've taken (and have been happy with).

porsche0nut

damn... retirement by 35 isn't looking so good.

Imo000

Didn't work for the Trailer Park Boys either.

initial

+1 on the couch potato ETF model portfolio

Jamie140

Motley fool sometimes has some good info.

Jamie140

Cat food it is!