Do you think I am ready to retire

[MrThatsDifferent]

Umm yes, you’re ready financially. Mentally is up to you.

[appleshampooid]

Pull the plug my dude. Unless you love your job and don't have anything better to do.

[guelphinvestor]

2021 Update

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

[theolympians]

I love that you have been updating through the years! Did you buy that electric car?

[BicycleB]

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]

The "Canada Tax Discussion" area also covers investing and retirement questions, so you might get some even more insightful replies.

[daverobev]

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]

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]

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]

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]

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]

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]

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]

Stay safe out there, @guelphinvestor!  :)

[Healthie]

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]

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]

My current plan is when I turn 55 in 2 years

[AO1FireTo]

You might win the award for the lowest safe withdrawal rate.  You certainly can afford to do it.

[Rockies]

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]

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]

Barring spending changes, your fortune will last as long as the Guelph name. :)

[Heckler]

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]

Hard to understand how only 14k expenses in a year is even possible.

[daverobev]

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]

$0.20 corn on the cob?   More like 5 for $4 in the big city.

[JAYSLOL]

As a fellow Canadian, I’d love a detailed breakdown of your expenses, like full case study style.  Teach me, O frugal one! 

[Cassie]

You have saved a ton of money in the last 8 years!!

[Spreadsheets]

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.

[guelphinvestor]

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

[guelphinvestor]

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.