Author Topic: Do you think I am ready to retire  (Read 28608 times)

MrThatsDifferent

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Re: Do you think I am ready to retire
« Reply #50 on: January 20, 2020, 08:51:00 PM »
Umm yes, youre ready financially. Mentally is up to you.

appleshampooid

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Re: Do you think I am ready to retire
« Reply #51 on: January 21, 2020, 03:35:50 AM »
Pull the plug my dude. Unless you love your job and don't have anything better to do.

guelphinvestor

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Re: Do you think I am ready to retire
« Reply #52 on: March 14, 2021, 05:29:53 PM »
2021 Update

Expenses 13911
Investments   $689,978
Investment + RRSP   $942,632
Investment + RRSP + Pension   $1,391,122
Ratio with Pension 1.00


theolympians

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Re: Do you think I am ready to retire
« Reply #53 on: March 14, 2021, 10:27:16 PM »
I love that you have been updating through the years! Did you buy that electric car?

BicycleB

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Re: Do you think I am ready to retire
« Reply #54 on: March 14, 2021, 10:31:44 PM »
Glad you're ticking along, in the sense that you've suggested you are fairly content doing what you are doing. Costs fairly consistent too.

As someone who's somewhat stable myself, but partly by lack of courage to change, I hope the consistency is for positive reasons. If not, best wishes for any new adventure you undertake.

Did you ever get the electric car? Do you want to?

Did you ever explore new activities? Would you like to?

Best wishes in any case, and thanks for checking in. Good to know the epidemic hasn't stopped you!

MustacheAndaHalf

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Re: Do you think I am ready to retire
« Reply #55 on: March 15, 2021, 08:31:47 AM »
The "Canada Tax Discussion" area also covers investing and retirement questions, so you might get some even more insightful replies.

daverobev

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Re: Do you think I am ready to retire
« Reply #56 on: March 15, 2021, 08:48:03 AM »
The "Canada Tax Discussion" area also covers investing and retirement questions, so you might get some even more insightful replies.

This is a 6 year old thread :P

MustacheAndaHalf

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Re: Do you think I am ready to retire
« Reply #57 on: March 18, 2021, 09:56:39 AM »
The "Canada Tax Discussion" area also covers investing and retirement questions, so you might get some even more insightful replies.
This is a 6 year old thread :P
Are you ignoring the pasts from last week?  (And 2016, 2017, 2018)
The posts from last week are focused on if OP should retire or not, given how much progress they've made.

Mighty Eyebrows

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Re: Do you think I am ready to retire
« Reply #58 on: March 18, 2021, 10:49:55 AM »
Expenses 13911

Well done on keeping your expenses so consistently low.

I have started to realize that decades of frugality have made it quite difficult for me to spend money on myself, even though I can actually afford to spend more. I am trying to re-calibrate my "value" meter to allow a bit more outflow. No point in dying the richest person in the neighborhood.

daverobev

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Re: Do you think I am ready to retire
« Reply #59 on: March 18, 2021, 03:46:42 PM »
The "Canada Tax Discussion" area also covers investing and retirement questions, so you might get some even more insightful replies.
This is a 6 year old thread :P
Are you ignoring the pasts from last week?  (And 2016, 2017, 2018)
The posts from last week are focused on if OP should retire or not, given how much progress they've made.

Eh? OP is as done as they could possibly be - as they said in the update post, they are at 1% SWR! They were able to retire a loong time ago.

Sorry, I thought you hadn't realised there was such a big gap between the first post and the most recent update.

But, unless I'm going mad.. this post IS in the Canada Tex Discussion subforum. Maybe you moved it. I don't know.

guelphinvestor

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Re: Do you think I am ready to retire
« Reply #60 on: March 18, 2021, 05:09:49 PM »
I agree with the comments about learning to be less frugal.

This thread was recently moved to Canadian Tax discussion, not sure why.

I am shopping around for a used EV.

Missy B

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Re: Do you think I am ready to retire
« Reply #61 on: March 19, 2021, 04:06:03 PM »
Health Care is mostly covered by the government insurance.
My dental and drugs are covered by my work benefits. 
I believe I can continue to use the work benefits for a monthly fee, but I would have to check if that works if I retire early.
I think vehicle/license registration is around $100 a year.

Yes, I think $20,000 a year would cover it.
So $20,000 x 25 = $500,000

The plan you will be offered as part of your retirement option will not be as good as the one you have now, and you will have considerably more medical expenses as you age, which are not covered by federal care. 
It's wise to prepare for additional medical outside of your monthly premiums -- all my relatives are quite healthy for their age, and all have substantial out-of-pocket medical expenses.




guelphinvestor

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Re: Do you think I am ready to retire
« Reply #62 on: March 26, 2022, 01:18:51 PM »
2022 Update

Expenses 14,000
Investments   $833,280
Investment + RRSP   $1,106,675
Investment + RRSP + Pension   $1,618, 926


Ratio with Pension 0.87%

BicycleB

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Re: Do you think I am ready to retire
« Reply #63 on: March 26, 2022, 03:38:05 PM »
Stay safe out there, @guelphinvestor!  :)

Healthie

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Re: Do you think I am ready to retire
« Reply #64 on: March 28, 2022, 09:47:00 PM »
This is a funny and sweet little thread, love the updates! also the insane amount you've saved over 5 years, well done sir.

AO1FireTo

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Re: Do you think I am ready to retire
« Reply #65 on: April 11, 2022, 06:57:29 PM »
Wow love the progression through the years.  I think the most impressive part is your budget.  Have you picked a target amount or date yet?

guelphinvestor

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Re: Do you think I am ready to retire
« Reply #66 on: April 12, 2022, 07:02:40 PM »
My current plan is when I turn 55 in 2 years

AO1FireTo

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Re: Do you think I am ready to retire
« Reply #67 on: April 13, 2022, 12:16:16 PM »
You might win the award for the lowest safe withdrawal rate.  You certainly can afford to do it.

Rockies

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Re: Do you think I am ready to retire
« Reply #68 on: May 08, 2022, 08:20:26 PM »
You better buy yourself the fanciest most expensive EV (the new Tesla Model S Plaid seems appropriate for someone of your wealth status, or the Hummer EV  purchased at the 100% over market value price that it currently fetches). Otherwise you'll never get your stash to shrink. I think you will find you have extreme amounts of excessive abundant roof and soul crushing cash for the rest of your life that you will never be able to get rid of, even if you try your darndest.

guelphinvestor

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Re: Do you think I am ready to retire
« Reply #69 on: June 16, 2023, 02:37:31 PM »
Age 54 update.
Bought a 2017 Chevy Volt
Investments   $881,251   
Investment + RRSP   $1,150,325   
Investment + RRSP + Pension   $1,690,171   
Ratio      1.66%
Ratio with RRSP      1.27%
Ratio with Pension      0.86%

BicycleB

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Re: Do you think I am ready to retire
« Reply #70 on: June 16, 2023, 02:46:52 PM »
Barring spending changes, your fortune will last as long as the Guelph name. :)

Heckler

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Re: Do you think I am ready to retire
« Reply #71 on: July 25, 2023, 02:08:20 PM »
How on earth does anyone have 14k annual expenses?!   That's $CAD I assume?!

-no kids
-no rent/mortgage
-no insurance
-no pets
-no cars
-no entertainment subscriptions
-no phone?
-no wifi/internet?

I hate to sound like one of the "rest of the consumers", but wow! 

You must love your job to still be working.

afulldeck

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Re: Do you think I am ready to retire
« Reply #72 on: September 30, 2023, 02:07:21 PM »
Hard to understand how only 14k expenses in a year is even possible.

daverobev

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Re: Do you think I am ready to retire
« Reply #73 on: September 30, 2023, 02:32:56 PM »
Assuming no mortgage, owned small freehold property, reasonable shape - so putting away some for future maintenance etc but not massive amounts.

Food for one can be extremely cheap if you buy in season (hello, 20 cent corn on the cob), and hunt for deals (hello, Shoppers Drug Mart giving me money to take chocolate away from them), and just pick and choose.

Internet can be fairly cheap. Looks like Teksavvy will do 15Mbps for $25 for a year, then you have to switch. Phone, eh, looks like Public Mobile will do a Gb for $25.

OP said they bought a Bolt, electricity appears to be very cheap in On https://www.oeb.ca/consumer-information-and-protection/electricity-rates#current so they may be paying just 2.4 cents/kWh

And so on and so forth.

Heckler

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Re: Do you think I am ready to retire
« Reply #74 on: September 30, 2023, 03:47:45 PM »
$0.20 corn on the cob?   More like 5 for $4 in the big city.

JAYSLOL

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Re: Do you think I am ready to retire
« Reply #75 on: October 01, 2023, 04:28:10 PM »
As a fellow Canadian, Id love a detailed breakdown of your expenses, like full case study style.  Teach me, O frugal one! 

Cassie

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Re: Do you think I am ready to retire
« Reply #76 on: October 04, 2023, 11:57:42 AM »
You have saved a ton of money in the last 8 years!!

Spreadsheets

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Re: Do you think I am ready to retire
« Reply #77 on: November 22, 2023, 01:33:05 AM »
Hey, I'm not saying it's impossible to spend $12,500 CAD. It is very possible, but I just want to say that I believe that many people underestimate their spending.

Any estimate of what someone thinks they spend that I have seen is often very wrong. To get a reasonably accurate representation of spending, I think that you need some detailed long term data and to create averages from that. This can be done either from tracking all expenses, or by taking after tax earnings and subtracting off savings and tracking the average of the remainder.

Just making an estimate based on what you think you spend in each category isn't accurate enough in my opinion. So always track the real numbers. Anyway, I'm not saying you're doing it wrong because I don't know how your calculated it, just that this is worth mentioning because I see it a lot.
« Last Edit: November 22, 2023, 01:35:11 AM by Spreadsheets »

guelphinvestor

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Re: Do you think I am ready to retire
« Reply #78 on: December 09, 2023, 04:22:57 PM »
Food   $3,650
Gas / Maintenance   $500
Car insurance   $1,000
House insurance   $500
Internet   $720
Phone   $200
Hydro   $960
Natural gas   720
Property tax   $3,840
Wine $80
Charity   $2,400
Clothes    $400
Vacation   0
Eating out   $200
Total   $15,170
« Last Edit: December 09, 2023, 05:23:19 PM by guelphinvestor »

guelphinvestor

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Re: Do you think I am ready to retire
« Reply #79 on: December 09, 2023, 04:29:55 PM »
I am not including income tax which would be my biggest expense.

I own my house with no mortgage.

I have solar panels which generate most of the electricity for the plugin hybrid.

After that it is $.0.087 per kwh

I don't have pets or children

I run for fitness, and my company provides $250 to buy fitness equipment

I agree that I could be tracking these expenses more accurately.
« Last Edit: December 09, 2023, 07:38:33 PM by guelphinvestor »

guelphinvestor

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Re: Do you think I am ready to retire
« Reply #80 on: July 03, 2024, 03:24:08 PM »
2024 Update
Age 55
Expenses 15558
Investments   $1,034,000
Investment + RRSP   $1,357,987
Investment + RRSP + Pension   $2,001,610
Ratio with Pension 0.78

BicycleB

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Re: Do you think I am ready to retire
« Reply #81 on: July 03, 2024, 07:14:58 PM »
If you keep at just a couple more years, you'll be ready :)

2Birds1Stone

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Re: Do you think I am ready to retire
« Reply #82 on: July 04, 2024, 03:47:13 AM »
Congrats, now how will you replace your 40-50 hours spent working/getting ready for work?

Mighty Eyebrows

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Re: Do you think I am ready to retire
« Reply #83 on: July 14, 2024, 06:37:35 PM »
2024 Update

Well done. However, do you know what will make you happy when you retire? Have you started doing that?

If you are happy now and the transition will be seamless, excellent work.

Simpli-Fi

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Re: Do you think I am ready to retire
« Reply #84 on: July 14, 2024, 08:00:03 PM »
My current plan is when I turn 55 in 2 years

2024 Update
Age 55
Expenses 15558
Investments   $1,034,000
Investment + RRSP   $1,357,987
Investment + RRSP + Pension   $2,001,610
Ratio with Pension 0.78

You done?  Retired?

aloevera1

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Re: Do you think I am ready to retire
« Reply #85 on: July 15, 2024, 10:46:06 AM »
Wow this is incredibly inspirational. Thanks for sharing your journey!