Retirement

How are you preparing for retirement?


How old are you and are you going to be able to retire by 60/65? Whatever age you thought you would retire by.


 


I am 3 months away from starting my job and I have a few ways that I plan on going about it to retire.


 


I am Canadian, so some of the terms will be different then what you guys use, any questions on terms feel free to ask.


 


First step is having my company max out my RRSP and have them put in the max that they will as well. Its free money so why not use that to the max.


 


Second is to try and max out my Tax Free Savings Account, this way any money I make from that is non taxable, which again is free money.


 


Third and my most important plan is to invest in real estate and use it to make money for me. The more you can acquire, the more potential for profit.


 


And of course have a savings account of some money. But this would never be the main way to retire because your money isn't actually doing anything for you. You cannot live off of a .5-2.5% increase in that money. Especially when cost of living increases more then the bank gives you.


Comments

  • StevoStevo Upgrade in Progress
    In Australia, 9.25% of your pay gets siphoned off into a retirement account where you can't touch it. You can have some say over where it gets invested but its generally quite safe stuff (no small caps etc).

    Aside from that, my plan is to own the home I live in. That drastically reduces your cost of living over time which allows you more for investing.

    I also calculated that putting $2k per year into a nice blue chip dividend reinvestment program will compound up to a nice retirement income over 30 years. 75% of the returns on the stock market are in the form of dividends.

    On top of that, a little money for gambling in small caps, a good % stored in gold, a little in silver, some cash, and investing in yourself too certainly increases your earning capacity and will pay off nicely.
  • edited March 2014

    depends on your personality.  the most successful people I know dont even think about retirement and dont even "invest" their money in the traditional sense.  They, instead invest their money in their own businesses.  These guys make millions a year (some millions a month), they were willing to bet the farm again and again until they finally made it.  Lots of the conservative investors I know, are a bit scared, are always watching the stock market, are always monitoring this investment or that investment and its for a couple million at most. 


    its a different mindset... im not saying one is better than the other.  But most success business books talk about this.  Highly recommend Think and Grow Rich.  And a bunch of other books. 


  • I'm in my early 40's and I own a triplex. Well, the bank owns most of it : )


     


    That is my basic retirement plan. I've got some stock, too. I will probably add sot this plan, but even as-is, I'm feeling pretty covered.... When you rent an apartment, the minimum recommended income/rent ratio should be 3/1 so when it comes time to retire, I will probably be able to use those 3 rents to pay my rent somewhere else, as well as my expenses. 


     


    Money for the Old Folks Home and shit? Well, at that point I guess I sell the place? 


  • @Stevo said:
    In Australia, 9.25% of your pay gets siphoned off into a retirement account where you can't touch it. You can have some say over where it gets invested but its generally quite safe stuff (no small caps etc).

    Aside from that, my plan is to own the home I live in. That drastically reduces your cost of living over time which allows you more for investing.

    I also calculated that putting $2k per year into a nice blue chip dividend reinvestment program will compound up to a nice retirement income over 30 years. 75% of the returns on the stock market are in the form of dividends.

    On top of that, a little money for gambling in small caps, a good % stored in gold, a little in silver, some cash, and investing in yourself too certainly increases your earning capacity and will pay off nicely.

    That is actually true. I also think you should diversify your incomes as much as you only can! I am currently gambling , using this site https://www.kedaicasino.net/agen-sbobet-daftar-sbobet-indonesia/, and can defiantly say I would continue!

  • It is great to have the opportunity to read a good quality https://sbobetasia55.comarticle with useful information on topics that plenty are interested on.I concur with your conclusions and will eagerly look forward to your future updates.

Sign In or Register to comment.