Ready for Retirement?

[Doc Sharptail]

Read in the Winnipeg Free Press the other day that 65% of working canadians have nothing put away towards retirement.

Kinda curious as to who's doing what. GIC's seem to have fallen by the way-side, and the return on RRSP's is so low that admin fees eat up any gains.

I turn 55 next month. Got a bit of a break at work with Triovest taking over the old Redcliff operation. Up-shot is we get a crack at Blackstone Path, with the company matching our contributions up to 5% of our income.
I took the Blackstone Path that matures in mid 2020, at 4% of my income.Triovest will match that 4%. I should be seeing 20 large at maturation- if all goes well. Blackstone Path 2020 is considered a moderate risk investment. Word on the street is this sort of thing is much better than doing nothing at all....
I think that's about all I can handle for now. Should a big increase in income come along, I may end up doing a little more.

I'm still a bit worried about that post-work future...

Anyone else doing anything? Giving it serious thought?

Regards,

Doc Sharptail

[sholo]

Oh, I've thought about it...pretty sure I will be working 'till the day they plant me in the ground - which, if I keep building homes in 40*+ heat, might be sooner than I thought!

Todd

[Doc Sharptail]

Oh, I've thought about it...pretty sure I will be working 'till the day they plant me in the ground - which, if I keep building homes in 40*+ heat, might be sooner than I thought!

Todd

I'm still not sure I'll live that far, either. I'd really like to, but the men on this side of the family have a history of dying young. If worse comes to worse, the pine box and spade will be paid for by me, though

Regards,

Doc Sharptail

[poil27]

i've think about it regularly, but in my field unemployment cycle is the norm and salary ere not verry good that made for low bujet and all go to pay home and bills. i have no depts exept a morgage , no credit card, no other loan but no money to put in rrsp or sutch.

[SureShot]

When I reach 65 I plan to rob a bank. Either I will get caught and put in jail, free room & board. Or I'll get away with it and again get free room & board

Seriously, by the time we realize that we don't have enough for retirement it's too late to start saving. Maybe this year I'll open an RRSP.

[sholo]

When I reach 65 I plan to rob a bank. Either I will get caught and put in jail, free room & board. Or I'll get away with it and again get free room & board

I like your way of thinking! Need a driver?

Seriously, by the time we realize that we don't have enough for retirement it's too late to start saving.

Sadly, that's so true (for me anyways...) Any extra $$$ I get always seems to end up going to Eric!

Todd

[DocGadget]

I buy lottery tickets LOL

[AirGunEric]

Plan? My plan is to keep working too many hours a day- I can either attempt to cobble together enough retirement money, or have heart failure while working. Either way, problem solved...

No, seriously- don't know what the answer is- although these 'tax free' savings accounts that came in existence a few years back might be a good vehicle for creating some sort of investment fund (assuming you don't have access to an employer-contributing plan or have run out of room on one).

[Doc Sharptail]

The harsh reality is that for most of us, CPP and the OAS supplement won't be enough to live on. Neither are properly indexed to inflation...

I think if more people took this as seriously as they should, our economy would get a healthy shot in the arm...

That 4% seems a hefty bite at first, but it's not that bad- for me just a hair under 60 per pay. It's do-able, and live-able...

Regards,

Doc Sharptail

[teddy]

Retiring is good after you get used it. First year was hard, second year better, third year good. I had to change my way of living as there was a lot less money to live on. BUT! Haven't heard any body mention the cost of dying. My wife passed away several years ago, that's when you have to go rob a bank. The cost to pay an undertaker is just plain outrageous. C.P.P. pays a bit for a funeral, but nothing compared to the total cost. Start saving money now, because a R.R.I.F is sure nice beside pension. ted