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$5000 PER MONTH AGE 55 SAVINGS REQUIRED SINGLE AND COUPLE

All Things Retirement - Canada 12 views

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I retired (single) at age 55 with approx $300,000 in investments and $300,000 in home equity I took CPP at age 60 (reduced) and OAS at 65 I have a DB pension (earliest reduced) which started at age 55 I draw down my RRIF which will be zero by age 80 and simultaneously max my TFSA every year (current value $200,000) I can easily live on $4300 per month, invest in the TFSA and save for trips and home repairs My net worth is now $11 Million as my home equity has increased to $700,000 By age 80 I can start drawing down my TFSA which will reduce my income tax owing Crunch your own numbers Here's proof you don't need a $1M before retiring at 55
Comment from : @evelynr4205

With respect to obtaining a line of credit for a projected shortfall I assume it is advantageous to secure the line of credit early on in retirement (when more collateral exists) as opposed to waiting closer to the end of retirement? Is there any downsides to securing the line of credit early on?
Comment from : @hydrogolfer

Thank you for including singles! I would have liked to see a delay in CPP and OAS to as late as possible
Comment from : @christinee8353

A realistic scenario for Sam and Sally is that based on mortality rates, Sam will likely pass first Leaving Sally as a widow for 10(?) years She will immediately find herself in a higher tax bracket to withdraw the same amount from a RRIF vs Sam and Sally each withdrawing the portion and being taxed at lower ratesbrbrThis might impact her ability to fund herself until age 90 Best to have a plan to address that possibility
Comment from : @McLovin1759

Most of the people I know make $60000 or less before tax when workingI don't know many people in the middle working class that make more than thatI make $3231 an hour when workingmaking $60000 after tax would be an unattainable dream for most middle class people I know
Comment from : @Bkamaclean

Does the 13 million or 900k include value of the house or is the value of the house an additional? I think the house itself was valued at $500k in the video
Comment from : @longwayhome5569