Is it finally time to retire?

Business Forum Personal Finance
21

No mortgage and nearly $4K a month guaranteed? I’d retire even without the $900K!

22

Kitt said:
No mortgage and nearly $4K a month guaranteed? I’d retire even without the $900K!

I wish I could be that confident. We’ve had some rough times, and it made us really cautious with money.

23

@Dani
$900K is plenty for someone living simply. You should take some time to travel while you’re still able. Tomorrow isn’t promised, and you should enjoy your savings.

24

Noor said:
@Dani
$900K is plenty for someone living simply. You should take some time to travel while you’re still able. Tomorrow isn’t promised, and you should enjoy your savings.

Agreed! Being retired gives you the freedom to travel when prices are lower. Take advantage of your flexibility!

25

@Dani
We went through something similar, and now we’re almost scared to spend or take risks.

26

Darwin said:
@Dani
We went through something similar, and now we’re almost scared to spend or take risks.

Same here. I’ll never forget how hard it was when we were struggling financially.

27

@Dani
You’re going to be gone in 15 years or less, so you might as well enjoy it while you can!

28

Jules said:
@Dani
You’re going to be gone in 15 years or less, so you might as well enjoy it while you can!

Haha, thanks for the reality check.

29

Dani said:

Jules said:
@Dani
You’re going to be gone in 15 years or less, so you might as well enjoy it while you can!

Haha, thanks for the reality check.

You’re welcome, but I mean it—seriously enjoy your life!

30

@Dani
You’ve been careful with money for so long that it’s hard to see the bigger picture. You’ve got enough to enjoy life.

31

Kari said:
@Dani
You’ve been careful with money for so long that it’s hard to see the bigger picture. You’ve got enough to enjoy life.

That’s true. This whole thread has been really eye-opening for me.

32

@Dani
Enjoy your money while you can. You’ve earned it, and you can’t take it with you.

33

Kari said:
@Dani
Enjoy your money while you can. You’ve earned it, and you can’t take it with you.

You’re right. I’ll make the most of it :blush:

34

@Dani
My grandmother passed recently at 76. She was very frugal and never spent her money. She didn’t really get to enjoy life the way she could have. Don’t let that be you.

35

Dakota said:
@Dani
My grandmother passed recently at 76. She was very frugal and never spent her money. She didn’t really get to enjoy life the way she could have. Don’t let that be you.

Some people take comfort in just watching their savings grow rather than spending it.

36

@Dani
Have you considered speaking to a financial planner? They could give you a better idea of what’s possible and ease your worries.

37

Jo said:
Congrats on your upcoming retirement! Hope you make the most of it.

Thank you! That made my day :blush:

38

With $900K and a 3% withdrawal rate, you’re looking at $2,250 a month, plus your OAS/CPP, which gives you about $6K a month total. You should be set for retirement, but a financial planner can help confirm everything.

39

@Tan
3% is very conservative. You could afford to take out more.

40

Marley said:
@Tan
3% is very conservative. You could afford to take out more.

Exactly! Personally, I’m aiming to spend everything by the time I’m in my 80s, and the house will be the kids’ reward for putting up with me in old age :joy:.