Author Topic: 908K needed for retirement for Canadians... not early retirement, lol  (Read 3724 times)

sleepyguy

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Hilarious.  The comments are even funnier.  Yes our taxes are high, but our healthcare is pretty sweet... that and we get OAS at 67, lol.  So clueless.  They are talking about retiring at 65 here which makes it even more hilarious.



http://www.citynews.ca/2014/01/17/average-canadian-thinks-908k-needed-for-retirement-poll/

Canadians think they need more than $900,000 in the bank to retire, according to a study released on Friday.

The BMO Harris Private Banking poll found, on average, Canadians would like to have $908,000 saved up for their golden years.

The rich — those with at least $1 million in investments — said they need more than double that figure, $2.3 million, to have a comfortable retirement.

“How much you require will be determined largely by what kind of lifestyle you envision for yourself, including where you plan to live, how much you want to travel and other factors that could require funding,” BMO’s Yannick Archambault said in a statement.

The dollar figure Canadians chose was lowest in Quebec ($584,000) and highest in Alberta ($1,300,000) on average.

And the survey showed the wealthy were more confident they would be able to save what they needed for retirement. Ninety-five per cent were happy with what they were saving, versus 69 per cent of the overall population.

About 1,300 Canadians were polled online last spring and in the second half of 2013.

According to The Canadian Press, the polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys don’t provide random samples and can’t be assigned a margin of error.

MMMdude

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Re: 908K needed for retirement for Canadians... not early retirement, lol
« Reply #1 on: January 18, 2014, 12:13:22 PM »
There was another article linked below that wealthy canadians are aiming for $2.3 Million in retirement.  I dont think either number is unreasonable depending on what one is looking for in retirement.  The comments though are hilarious.  For example most on there are saying the govt will take 40% of income in taxes.  If one structures their retirement to mainly be from dividend income and judicial drawdown of RRSP, they should be under a 10% tax rate in retirement.  Many comments on how after phone, cable, 2 cars, etc you are already spending 2k per month.  Last I checked noone forced iphones, $150 cable tv packages on these people lol


http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/forget-1-million-wealthy-canadians-need-23-million-to-retire-poll-finds/article16368210/comments/

coconutpop

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Re: 908K needed for retirement for Canadians... not early retirement, lol
« Reply #2 on: February 07, 2014, 02:15:18 PM »
I am Canadian and this is so hilarious. Anyways it does not touch me, I will probably move to Thailand at 45.

Joan-eh?

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Re: 908K needed for retirement for Canadians... not early retirement, lol
« Reply #3 on: February 20, 2014, 12:34:40 PM »
My life is in downtown toronto.  Anyone able to "retire" early with familywhile living here while NOT living in a 800sq ft condo in the sky?  We just can't find cheap enough housing on the subway line in order to "retire".  Would love to hear from people finding a way to do this in the expensive TO.

GuitarStv

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Re: 908K needed for retirement for Canadians... not early retirement, lol
« Reply #4 on: February 20, 2014, 04:28:25 PM »
My life is in downtown toronto.  Anyone able to "retire" early with familywhile living here while NOT living in a 800sq ft condo in the sky?  We just can't find cheap enough housing on the subway line in order to "retire".  Would love to hear from people finding a way to do this in the expensive TO.

Buy house, work until you've got a nice nest egg saved up, sell your ridiculously overpriced Toronto home and move to a small town where the prices are less retarded and you can walk/bike wherever you need to go.  No need to be near a subway.  Early retirement in TO is difficult.

daverobev

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Re: 908K needed for retirement for Canadians... not early retirement, lol
« Reply #5 on: February 20, 2014, 07:24:28 PM »
My life is in downtown toronto.  Anyone able to "retire" early with familywhile living here while NOT living in a 800sq ft condo in the sky?  We just can't find cheap enough housing on the subway line in order to "retire".  Would love to hear from people finding a way to do this in the expensive TO.

Buy house, work until you've got a nice nest egg saved up, sell your ridiculously overpriced Toronto home and move to a small town where the prices are less retarded and you can walk/bike wherever you need to go.  No need to be near a subway.  Early retirement in TO is difficult.

Yup, it annoys people when the reply to "but I can't afford to retire here because housing/COL is so high" is "move"... but it's the fact. You either need buckets of money, or a cheaper house. It is mathematics. The prices are high *because* everyone wants to live there.

Joan-eh?

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Re: 908K needed for retirement for Canadians... not early retirement, lol
« Reply #6 on: February 20, 2014, 09:21:46 PM »
Indeed it is frustrating that the answer is "move" - because my life (friends, family, the work I would do even if FI) is downtown toronto. I'm not interested in commuting. Well, good thing that I like my job because to pay off a house in toronto takes time.  Good to hear from torontonains! Thx