Hello all - once upon a time I thought I'd just work forever, and wouldn't ever have to think about my spending or retirement planning as my income would take care of it all. I'm 4 years into a very stressful but lucrative job and am now planning on hanging it up within the next 12 months or so. I'll be 44 years old. I'm a Canadian living in California, and plan to move back to Canada once I quit. Have a wife (who is enjoying EER herself), no kids, but some expensive pets.
The basics - all amounts are what I expect to have by this fall:
House equity: $1.25M USD
Vested company stock: $50K USD
401K: $45K USD
Cash: $50K USD; $80K CAD
RRSP: $340K CAD
Total: Somewhere in the range of $2.1-$2.25M CAD. Also have 2 paid-for cars (one aging, one fairly new but both in good shape).
Liabilities: None. As a short-term US resident, I honestly haven't known what to do with my money other than pump it into my mortgage on my very expensive (but modest by local standards) house. I've netted the current remaining mortgage (~$300K) against my stock assets above as I plan to sell what I need to be mortgage free this year.
Plan is to sell the house and buy in Canada for somewhere in the $450K-550K CAD range. That should leave us with something in the range of $1.6-1.7M CAD. I had a goal of $2M but don't think I can last that long in this job, and don't really want to start something new.
At a 3.5% WR rate, this in theory should give us ~$56K-59K/year.
Current/expected annual expenses:
Dining Out: $6000
Home/Car Insurance: $3000
Pets: $11000 (still a little cheaper than college for kids!)
Total: $41K... but probably more like $45K+. The reality is that we've spent $60K the last two years before taxes per Mint, but there is a lot of discretionary stuff in there.
Taxes: I'm definitely a little out of my comfort zone on taxes, and living in the US has made things more vague. But my expectation in Canada is that we would eventually pay about $11K on ~$60K of "income". This calc is rough and would appreciate input... of the $60K, assuming 80% comes from "taxable" accounts at 16% tax, and 20% comes from RRSPs at 29% tax. I honestly haven't done the math on a real-per-year basis (ie, won't touch the RRSPs for a long time), but figure this is worst case. Or am I completely off base? Would be living in either BC or Ontario.
Add to this ~$6K of property taxes (?).
Ok some commentary: I am by no means "mustachian" as you can tell, and make no claims to be. But I've managed to luck myself into a very lucrative career and had some additional luck with start-ups etc early on in my career. I would describe myself as "cheap" but I am not frugal when it comes to eating in restaurants, buying wine, going on vacation, etc. But I don't really like buying *anything*. I'm a "practicing but not accomplished" DIY'er.
My chosen handle of BreakBad is inspired by the notion that I've been channeling Walter White recently - trying to make as much money in a short period of time before something kills me. Not a good way to live. The stress and the hours are not good, but I have stock that vests every six months that is worth some "fat stacks".
Ok: Anything huge that I'm missing? I'm deliberately not including any government money (which I'm sure will be a pain as I need to reconcile Canadian contributions with US contributions), and my wife has a small pension that might be worth $1K/month. There will also be expense/inconvenience with moving the 401K money to Canada, but in theory it should balance out ok.
Some other assumptions: our spending in USD is roughly equal to spending in CAD - ie, groceries cost about the same regardless of currency, etc. I think this is generally true. Also not factoring in any optional Canadian healthcare, but would need some sort of plan I suspect.