Comments on: The Other Way to Retire http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Elisabeth http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-84971 Elisabeth Fri, 15 Jul 2011 09:23:19 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-84971 Be watchful whenever drinking too much beer since it may end up in alcohol dependency. Ofcourse if you're an enjoyer of life just like i am then you might not care! Be watchful whenever drinking too much beer since it may end up in alcohol dependency. Ofcourse if you’re an enjoyer of life just like i am then you might not care!

]]> By: carnival of personal finance: photo quiz edition : plonkee money http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2647 carnival of personal finance: photo quiz edition : plonkee money Mon, 14 Jan 2008 10:07:54 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2647 [...] from Canadian Dream: Free at 45 presents The Other Way to Retire, and says, “A look at what happens to a couple in Canada who doesn’t save anything for [...] [...] from Canadian Dream: Free at 45 presents The Other Way to Retire, and says, “A look at what happens to a couple in Canada who doesn’t save anything for [...]

]]> By: Weekend Reading - Jan 11, 2008 | Million Dollar Journey http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2592 Weekend Reading - Jan 11, 2008 | Million Dollar Journey Fri, 11 Jan 2008 07:31:24 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2592 [...] from Canadian Dream posted a very informative article on what happens if you don't plan for retirement.  The [...] [...] from Canadian Dream posted a very informative article on what happens if you don't plan for retirement.  The [...]

]]> By: Financial Jungle - » Skip Cayman Island. Hop On A Plane to BC instead. http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2558 Financial Jungle - » Skip Cayman Island. Hop On A Plane to BC instead. Thu, 10 Jan 2008 06:49:47 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2558 [...] How to optimize dividend tax income by Million Dollar Journey The other way to retire by Canadian [...] [...] How to optimize dividend tax income by Million Dollar Journey The other way to retire by Canadian [...]

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2537 Canadian Dream Wed, 09 Jan 2008 12:18:17 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2537 Greps, Not a horrible idea (and not what I had in mind), but I don't think it would work. The CRA counts just about anything as income, so even if you try to get convert your assets to income you will likely get burned. Also keep in mind you can control your RRSP withdrawals and therefore your income in retirement (until you turn 71 at least). Mr. Cheap, It was rather interesting to look at the worst case and realize it really isn't that bad. Not great, but depending where you live it can be reasonable. Tim Greps,

Not a horrible idea (and not what I had in mind), but I don’t think it would work. The CRA counts just about anything as income, so even if you try to get convert your assets to income you will likely get burned. Also keep in mind you can control your RRSP withdrawals and therefore your income in retirement (until you turn 71 at least).

Mr. Cheap,

It was rather interesting to look at the worst case and realize it really isn’t that bad. Not great, but depending where you live it can be reasonable.

Tim

]]> By: Mr. Cheap http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2521 Mr. Cheap Tue, 08 Jan 2008 20:14:41 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2521 Great post! This really reassured me that in a worst case scenario I could be living ok as long as the government programs stay in place... Min Wage: I'm singe, renting and living off a little bit more than this (~$1300 / month), so it is doable. I'd be able to tighten my belt and live within this range if necessary. If there are other programs available, as Tim mentions, then I could have a better lifestyle then I currently have off of this (man, is Canada a great place to be poor or what? ;-) ). Great post! This really reassured me that in a worst case scenario I could be living ok as long as the government programs stay in place…

Min Wage: I’m singe, renting and living off a little bit more than this (~$1300 / month), so it is doable. I’d be able to tighten my belt and live within this range if necessary. If there are other programs available, as Tim mentions, then I could have a better lifestyle then I currently have off of this (man, is Canada a great place to be poor or what? ;-) ).

]]> By: Canadian Money http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2516 Canadian Money Tue, 08 Jan 2008 18:10:45 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2516 A correction.. If they wait until age 65 to take CPP, then there will be 20 zero years in the CPP calculations. A correction..

If they wait until age 65 to take CPP, then there will be 20 zero years in the CPP calculations.

]]> By: Canadian Money http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2515 Canadian Money Tue, 08 Jan 2008 18:07:34 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2515 Excellent post! An interesting point of view. I have realized lately that the government's "normal retirement age" appears to be age 65. For example, if one retires at age 45, and takes CPP at age 60, this means there will be 60-45 = 15 years with zero contributions used in the CPP amount calculations. If they wait until age 65 to take it will be 20 zero years. Excellent post!

An interesting point of view.

I have realized lately that the government’s “normal retirement age” appears to be age 65. For example, if one retires at age 45, and takes CPP at age 60, this means there will be 60-45 = 15 years with zero contributions used in the CPP amount calculations. If they wait until age 65 to take it will be 20 zero years.

]]> By: Bill http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2513 Bill Tue, 08 Jan 2008 16:20:22 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2513 "The Other Way to Retire" is a good article, but you need to be careful using the word "your" in place of "you're". They're not interchangeable. Think about it - if people see you making spelling or grammatical errors over and over again they might decide that you don't pay attention to details. If readers think that of you then they'll be less likely to value your opinion, and therefore less likely to visit your site. Get it? Bad writing equals fewer visitors which equals fewer ad clicks. “The Other Way to Retire” is a good article, but you need to be careful using the word “your” in place of “you’re”. They’re not interchangeable. Think about it – if people see you making spelling or grammatical errors over and over again they might decide that you don’t pay attention to details. If readers think that of you then they’ll be less likely to value your opinion, and therefore less likely to visit your site. Get it? Bad writing equals fewer visitors which equals fewer ad clicks.

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/01/08/the-other-way-to-retire/comment-page-1/#comment-2510 Canadian Dream Tue, 08 Jan 2008 16:03:53 +0000 http://blog.canadian-dream-free-at-45.com/?p=321#comment-2510 Min Wage, Actually your not going to do that bad. I know a member of my extended family in a similar situation. She only has a small amount of RRSP and nothing else but CPP/OAS and lives by herself. She had to stop working a few years ago and has been living on disabiltiy insurance until she got to her CPP. She just applied and got some low income housing, so her rent is around $425/month and then she takes advantage of every program she can to get discounts. Overall she is very happy in retirement. It's a modest one, but she lives within her means. So it is possible to retire on no savings. I don't suggest it, but if you can't do any better you should be ok if you keep your lifestyle simple. Tim Min Wage,

Actually your not going to do that bad. I know a member of my extended family in a similar situation. She only has a small amount of RRSP and nothing else but CPP/OAS and lives by herself. She had to stop working a few years ago and has been living on disabiltiy insurance until she got to her CPP.

She just applied and got some low income housing, so her rent is around $425/month and then she takes advantage of every program she can to get discounts. Overall she is very happy in retirement. It’s a modest one, but she lives within her means.

So it is possible to retire on no savings. I don’t suggest it, but if you can’t do any better you should be ok if you keep your lifestyle simple.

Tim

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