Hi All,

Newbie here! I am working on my FI calculations and would appreciate some help. I've done a search on the forum and blog but can't find what I'm looking for, so I'm hoping this question hasn't been asked too often already...

I'm 32 and working in a public library in Ontario, which means that I have a generous defined-benefit pension program (OMERS). Between my contributions, employer contributions, and CPP, over 33% of my net salary is being saved right off the top for retirement. Which is lovely, except that those investments are locked in and completely inaccessible to me until at least age 55.

Based on this pension and government benefits, even if my husband and I retired TODAY, we would have more than enough income at age 65 to cover our basic expenses (and every year I work just increases this guaranteed benefit...). There's also the possibility of partially accessing these Bountiful Riches at age 55 if I convert the pension to a LIRA after I leave my employer.

My current goal is to pay off the mortgage in 2030, and retire at that point, if not earlier. My husband and I would continue to work in other capacities, just not desk jobs, so I'm really only concerned with covering the base expenses, which should be $21,000 without mortgage.

So I am seeking a method of calculating backwards that takes into account the fact that I don't "need" to worry about money after age 65, or even age 55. The formula of Annual Spending x 25 seems a little high to me, given that if I accrue that amount by age 44, I would actually not need to invest any further - I could draw down solely on the principal and still make it to 65 without having spent the entire amount.

Math Gurus, how can I calculate this?? Does this even make sense? I am trying to maximize my life NOT spent behind this keyboard, so I don't want to oversave and work more years than I have to! We are starting with a 'Stache of $35,000, currently in RRSPs and TFSAs.

Many thanks,

Good with Words, Not Numbers