Comments on: How much do you need to Retire – Version 3 – Part II http://blog.canadian-dream-free-at-45.com/2008/03/25/how-much-do-you-need-to-retire-version-3-part-ii/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: arw http://blog.canadian-dream-free-at-45.com/2008/03/25/how-much-do-you-need-to-retire-version-3-part-ii/comment-page-1/#comment-5081 arw Mon, 28 Apr 2008 13:00:16 +0000 http://blog.canadian-dream-free-at-45.com/?p=385#comment-5081 I saw the same behaviour a few months ago when I ran the numbers using my latest statement of contribution. I believe that it is better to not contribute (not work) than to contibute a sum that is lower than your current average. i.e. If you don't work, then that year is not part of the calculation. If you do work, then it is part of the calculation and can potentially lower the overall average I saw the same behaviour a few months ago when I ran the numbers using my latest statement of contribution. I believe that it is better to not contribute (not work) than to contibute a sum that is lower than your current average. i.e. If you don’t work, then that year is not part of the calculation. If you do work, then it is part of the calculation and can potentially lower the overall average

]]> By: Hazy http://blog.canadian-dream-free-at-45.com/2008/03/25/how-much-do-you-need-to-retire-version-3-part-ii/comment-page-1/#comment-4445 Hazy Wed, 26 Mar 2008 04:03:41 +0000 http://blog.canadian-dream-free-at-45.com/?p=385#comment-4445 I used a statement of contributions,so that averaged out my earlier earnings. The max value I used in the calculator is for my future situation,past the date of my statement. I don't think one can use "0" as a value in that 2nd box. I tried to work around this by using a value of 5000 in the 2nd box,then I reduced the value used in the 1st box to compensate. That seems to give me a realistic number. I used a statement of contributions,so that averaged out my earlier earnings.
The max value I used in the calculator is for my future situation,past the date of my statement.

I don’t think one can use “0″ as a value in that 2nd box.
I tried to work around this by using a value of 5000 in the 2nd box,then I reduced the value used in the 1st box to compensate.
That seems to give me a realistic number.

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/03/25/how-much-do-you-need-to-retire-version-3-part-ii/comment-page-1/#comment-4440 Canadian Dream Tue, 25 Mar 2008 21:33:21 +0000 http://blog.canadian-dream-free-at-45.com/?p=385#comment-4440 Hazy, Mmm, that's interesting. I tried something similar and it seemed to be messed up a bit, but it could have been from me going back and forth trying a few things. Try restarting the entire thing and give it another go. Also I don't suggest using the max value as your average. Most people tend to forget you likely didn't max your CPP starting at age 18 so your average will be lower. It may not seem like a lot but 4 year of lower income while in university will drag down your average a fair amount. Tim Hazy,

Mmm, that’s interesting. I tried something similar and it seemed to be messed up a bit, but it could have been from me going back and forth trying a few things. Try restarting the entire thing and give it another go.

Also I don’t suggest using the max value as your average. Most people tend to forget you likely didn’t max your CPP starting at age 18 so your average will be lower. It may not seem like a lot but 4 year of lower income while in university will drag down your average a fair amount.

Tim

]]> By: Hazy http://blog.canadian-dream-free-at-45.com/2008/03/25/how-much-do-you-need-to-retire-version-3-part-ii/comment-page-1/#comment-4439 Hazy Tue, 25 Mar 2008 20:24:36 +0000 http://blog.canadian-dream-free-at-45.com/?p=385#comment-4439 Is the CPP calculator at the Gov't site broken? I put my pensionable earnings up to age 45 at the maximum value. If I put my earnings from ages 45 to 65 to 0,the amount i will receive doesn't seem to be affected. If I put the value to 5000,then the amount I will receive is reduced. Maybe I'm doing something wrong. Is the CPP calculator at the Gov’t site broken?
I put my pensionable earnings up to age 45 at the maximum value.
If I put my earnings from ages 45 to 65
to 0,the amount i will receive doesn’t seem to be affected.
If I put the value to 5000,then the amount I will receive is reduced.
Maybe I’m doing something wrong.

]]> By: Rob Madrid http://blog.canadian-dream-free-at-45.com/2008/03/25/how-much-do-you-need-to-retire-version-3-part-ii/comment-page-1/#comment-4437 Rob Madrid Tue, 25 Mar 2008 18:44:18 +0000 http://blog.canadian-dream-free-at-45.com/?p=385#comment-4437 An issue my wife and I have been trying to figure our CCP and OAS since we left Canada in the middle of our working years. We worked both approx 19 years before leaving. I know were entitled to collect a pension just not sure how much. I'm going by the assumption that we'd get half. An issue my wife and I have been trying to figure our CCP and OAS since we left Canada in the middle of our working years. We worked both approx 19 years before leaving. I know were entitled to collect a pension just not sure how much. I’m going by the assumption that we’d get half.

]]> By: Free at 45 http://blog.canadian-dream-free-at-45.com/2008/03/25/how-much-do-you-need-to-retire-version-3-part-ii/comment-page-1/#comment-4435 Free at 45 Tue, 25 Mar 2008 17:51:12 +0000 http://blog.canadian-dream-free-at-45.com/?p=385#comment-4435 I have been reading a great book that has helped me to understand this as it relates to my pension, savings/investments and government programs. It is called "The Pension Puzzle" (borrowed from my local library). Url here: http://www.wiley.com/legacy/products/worldwide/canada/pensionpuzzle/ I'm guessing you will not need to account for any OAS Clawback since you are looking as a yearly income under $30,000. I have been reading a great book that has helped me to understand this as it relates to my pension, savings/investments and government programs. It is called “The Pension Puzzle” (borrowed from my local library). Url here: http://www.wiley.com/legacy/products/worldwide/canada/pensionpuzzle/

I’m guessing you will not need to account for any OAS Clawback since you are looking as a yearly income under $30,000.

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