You work 30 to retire for 30.
Find something you can retire into.
Verna our wedding officiant was a formerly a UBC professor.
Goal:
- 10% average annual returns in my working life. (7% is ok).
- 4% annual yield in my retirement life.
Plan:
- 5 Year plan: Plan to retire by 60 with modest life.
- 10 year plan: Aim to push that forward to 55.
- 15 year plan: Make it a great life
If I can just take my current TFSA, contributing the modest limits (currently $500/mo), and get an annual average return of 7% by the time I’m 55, I will have had a modest retirement income, living off a 4% yield. My Child will be 17.
I can then choose to coast through the rest of my working life with a regular ‘old person retail job’ — ideally, Home Depot— for play money.
My plan is to push that forward with increased investment contributions. I can either enjoy an earlier retirement or improve my quality of life in old age.
Old age care is expensive.
I ain’t dying in a depressing shithole. Nor do I want to become a burden.
Retirement home:
$6k – $10k pp / month = $120k/yr = $240k/yr = $2.4M/10yr
Elderly care (living in own home):
$25-$75/hr = $106k/yr
Maintaining a Single-detached is expensive.
It’d be nice to save all assets for my child. Ideally we won’t sell the house to pay for old age care (maybe the apartment will cover?)
Housing budget to be calculated:
- Roof every 20 years
- Boiler every 20 years
- Paint every 10 years
- Carpentry every 10 years