How much is enough for retiring here?

[terry]

Here, guys

I am tired so far. Anyone knows how much could be enough for living here (assuming paying off mortgage & one car loan, 2 Adults and 2 kids)? Has anyone talked to local canadian guys about this topic?

I need setting up a target, once that target is met, I announce retiring. And going back to China to be a rural teacher, or be a volunteer to spread charity and new ideas.

Thx

 

[oread]

My target: enough to purchase & maintain a private boeing 747.

 

[terry]

最初由 迷迭香 发布
My target: enough to purchase & maintain a private boeing 747.

PF, PF!

How much will one BOE747 be? 100 Million Canadian Dollar?

 

[oread]

正所谓：立远志而不畏近难，终有大成。:lol:

 

[Rabbit]

还是CF实惠些 :smokin:

 

[chengchy]

maybe serveral millions is enough for retiring here now,
So a 5M Super7 should be enough if you invest the money reasonably.

If retire in China, hehe, maybe 5M RMB.

 

[Caohaoying]

最初由 chengchy 发布
maybe serveral millions is enough for retiring here now,
So a 5M Super7 should be enough if you invest the money reasonably.

If retire in China, hehe, maybe 5M RMB.

No No No. If you save your money in bank.
You may lose all you money when it goes bankrupcy.
No guarantee in China.

 

[terry]

最初由 chengchy 发布
maybe serveral millions is enough for retiring here now,
So a 5M Super7 should be enough if you invest the money reasonably.

If retire in China, hehe, maybe 5M RMB.

Don't need so much in Canada to retire.

Here are the what could be required for retire:

1) 100,000 in RRSP
2) 60,000 in RESP for two kids.
3) 150,000 in cash/stock which can be used for running a family.
4) 40,000 Travel expense

===============================================

Total :CD$350,000

It is a long long way to go if earning only from salary. Looking at those local retired people, I do double if they do have this amount of fund to support them.

 

[lifeisfun]

最初由 terry 发布


Don't need so much in Canada to retire.

Here are the what could be required for retire:

1) 100,000 in RRSP
2) 60,000 in RESP for two kids.
3) 150,000 in cash/stock which can be used for running a family.
4) 40,000 Travel expense

===============================================

Total :CD$350,000

It is a long long way to go if earning only from salary. Looking at those local retired people, I do double if they do have this amount of fund to support them.

Give us some reasons why these amount are enough. I guess you imply that you also own a house and a car (no mortgage and car loan), which is a big amount to achieve. For C$150,000, if you can achive 10% investment return, then you have C$15,000 per year for daily expense (food, clothing etc), which sound reasonable. C$60,000 (C$30,000 per child may not be enough for a child, or you count on some other resource like fellowship, sounds ok to me).

The other point we are missing here is that even you want to retire at early age, you may not eligible for the government CPP and so on, and therefore you have to rely on your own money. I don't know if you can withdraw RRSP earlier, say at age of 45 if you want to retire.

As for the local retired people, they are better off than we will as the CPP is good now but may not even exist in the future.

 

[lifeisfun]

最初由 迷迭香 发布
My target: enough to purchase & maintain a private boeing 747.

So maybe you just live on the airplane. Such a giant will cost tons of money even parking there, not to say flying. If you have those kind of dream, your money will be gone in the a second no matter how much you could have. Even Bill Gates wouldn't try to realize such a dream. I guess you are just kidding.

 

[Kent以东首帅哥]

过两年退休了,每天也总要找点事做,也能挣一点钱.