Are you putting aside enough cash for retirement?

allroad

allroad

New member
With everyone concerned about housing and how much they can spend, and the fact that people will have mortgages until they retire, are you setting aside enough for your retirement?

The country faces a looming pension crisis. Persistently low market returns and the erosion of defined-benefit pensions in corporations are leaving many people, particularly those in low to medium income brackets, with less certainty about their future financial security. One analysis suggests that Canadians now in their late 20s and early 30s could see a 30-per-cent drop in their standard of living when they retire.
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http://www.theglobeandmail.com/repo...falling-short-cibc-boss-warns/article8876538/
 
Begun using the company's RRSP plan, which I've customized as much as possible, last year and am putting about 90$ a pay, so 180$ a month for now. Unsure if this is OK or not, but the company matches 50% of my total contribution (up to 2K if I put 4k) at the end of the year.

This situation is a scary one, and seeing many people retire (including family) and having to make a ton of sacrifices and lifestyle changes is worrying. Must prepare accordingly!!!!
 
I was thinking about this too since I don't have anyone to counsel me and I'm quite busy with other projects.

I'm self employed and I have an RRSP somewhere that I put 500$/month in. It's 6k/year and I'm 30yo. Is that similar to what most people are doing or not enough ?
 
500$/month is a lot more than what most people put. You should be good with that even if you just started now.
 
Je mets environ 350$ / mois en fond de pension, 300$ / mois en REER et 250$ / mois en actions diverses depuis quelques années... Et je ne me sens pas safe pour autant! J'ose pas imaginer ceux qui mettent un gros 0$...
 
Xcessiv said:
Je mets environ 350$ / mois en fond de pension, 300$ / mois en REER et 250$ / mois en actions diverses depuis quelques années... Et je ne me sens pas safe pour autant! J'ose pas imaginer ceux qui mettent un gros 0$...
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... ca représente a peu près 50% du salaire net moyen ...

ya quoi de mal a vivre plus simplement à la retraite ? c'est dans la vie active que tu fait ce que tu as a faire ... à la retraite, tu radotes tes histoires à tes petits enfants ...

10% de son salaire c'est ce qui est recommander ...
 
kornholio said:
... ca représente a peu près 50% du salaire net moyen ...

ya quoi de mal a vivre plus simplement à la retraite ? c'est dans la vie active que tu fait ce que tu as a faire ... à la retraite, tu radotes tes histoires à tes petits enfants ...

10% de son salaire c'est ce qui est recommander ...
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En fait, PRESENTEMENT la selon les données d inflation et d interets sur les epargnes retraites,c est plus 22% que tu devrais mettre
 
I normally put about 10-12% of my yearly gross salary in RRSP's(company puts in 50%) and buy stocks from the company I work for (company puts in 50%). This year I'm at something like 29% reinvested into some sort of "savings"
 
I started working for the government @ 24, I'll be able to take my full pension @ 55 (but I wont, feels to early). (70k/year atm)
I also bought a condo (@ 175k) that I am renting out easily and now i'm saving for a 2nd place with the money that my tenant is giving me.
When I retire I will sell one of my place and use that huge stack of cash + pension to live comfortably. In theory I'll have my own mortgage paid by then.


...But anything can happen from here to 30 years....so can one really plan ahead? My pension might go away, I might get into a motorcycle crash and go a disability, etc.
 
I urge all the young people to think differently. Saving is good but investing is better. There are lots of low risk options to invest (long term) will which yield handsomely if patient.
(for those interested, look into DRIP)
 
probably not...

Gross annual income is 6X XXX k on average (commission based employee)

After i pay :

Municipal taxes : 3000$
School taxes : 600$
Income tax : 22-24000$
sales taxes on my weekly spending budget (yearly): 2070$

= 28 670$ in taxes that i can count over the top of my head.

*** im not including the taxes on my 60$ gas full every week***

Then you add 12 k of mortgage and it really doesnt leave you enough to save in my opinion if you want to enjoy life decently. So to awnser your question, no i probably dont put enough but i also dont live like a king and i am not willing to sacrifice more. The goverment is the one who rapes by partenering up with my on my ''investment gains'' but disapears without splitting the losses.

I think the problem is not myself but the government prevents me from saving enough while they are using the money i give them for their means by instating corruption systems and pretending they are doing something for us.

My 2 cents...
 
Dorift_it said:
probably not...

Gross annual income is 6X XXX k on average (commission based employee)

After i pay :

Municipal taxes : 3000$
School taxes : 600$
Income tax : 22-24000$
sales taxes on my weekly spending budget (yearly): 2070$

= 28 670$ in taxes that i can count over the top of my head.

*** im not including the taxes on my 60$ gas full every week***

Then you add 12 k of mortgage and it really doesnt leave you enough to save in my opinion if you want to enjoy life decently. So to awnser your question, no i probably dont put enough but i also dont live like a king and i am not willing to sacrifice more. The goverment is the one who rapes by partenering up with my on my ''investment gains'' but disapears without splitting the losses.

I think the problem is not myself but the government prevents me from saving enough while they are using the money i give them for their means by instating corruption systems and pretending they are doing something for us.

My 2 cents...
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So you've got $20,000 left in your pocket to pay for food/car/cellphone/clothes/retirement and thats not enough?

Seriously?
 
Dorift_it said:
Gross annual income is 6X XXX k on average (commission based employee)
Income tax : 22-24000$
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Tsé y'a une section crédit d'impôt non remboursable dans ton rapport d'impôts... j'dis ça de même, mais t'aurais p-e intérêt à la remplir...
 
kornholio said:
... ca représente a peu près 50% du salaire net moyen ...

ya quoi de mal a vivre plus simplement à la retraite ? c'est dans la vie active que tu fait ce que tu as a faire ... à la retraite, tu radotes tes histoires à tes petits enfants ...

10% de son salaire c'est ce qui est recommander ...
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mes parents sont a la retraite et ils vivent bien plus activement que durant leur vie de travailleurs.

ils sont tout le temps parti!

une chance qu'ils avaient bcp d'Argent de côté

moi je compte profiter de ma vie a fond a la retraite, surtotu qu'on va vivre jusqu'a 90 ans et plus

et 10% c'est sérieusement pas assez, sauf si tu veux manger du KD a ta retraite pendant 30 ans.
 
MrSpace said:
mes parents sont a la retraite et ils vivent bien plus activement que durant leur vie de travailleurs.

ils sont tout le temps parti!

une chance qu'ils avaient bcp d'Argent de côté

moi je compte profiter de ma vie a fond a la retraite, surtotu qu'on va vivre jusqu'a 90 ans et plus

et 10% c'est sérieusement pas assez, sauf si tu veux manger du KD a ta retraite pendant 30 ans.
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L'espérance de vie va peut-être baisser pour notre génération comparé aux baby boomers.

Moi je met 25% de mon revenu brut de côté pour ma retraite. Une partie en REER et l'autre partie est investie.
 
QuickSiR said:
So you've got $20,000 left in your pocket to pay for food/car/cellphone/clothes/retirement and thats not enough?

Seriously?
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with my calculations, i am guesstimating about 18 330$ after taxes and mortgage... Then you remove

Gym : 50$ X 12 = 600
Cell phone : 70$ X 12= 840
Internet :50$ X 12 = 600
car insurance : 120$ X 12 = 1440
home insurance : 30$ X 12 = 360
Car maintnance : about 1200$
Gas : 60$/week X 52 = 3120$
Condo fees : 100$ X 12 = 1200$
1 nice vacation : 2000$ = 2000$

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11 360$ + taxes (1704$) = 13 064$

leaves you with :

18 330$- 13 064$ = 5 266$ of disposable income left at the end and i have been very conservative with the taxes and didnt include many expenses like medical insurance etc...
 
Rien ... et je m'en fiche pasmal ! Rendu là ... si ça arrive, je m'organiserai !
anyway le 3/4 du monde meurt avant d'un cancer, l'autre 1/4 aprennent qu'ils en ont un et passe leur retraite malade.

faut pas rêver ... nos beaux petits plans de retraite à voyager .. c'est pas à 60 ans qu'ils faut les vivres. c'est maintenant !
 
Dorift_it said:
with my calculations, i am guesstimating about 18 330$ after taxes and mortgage... Then you remove

Gym : 50$ X 12 = 600
Cell phone : 70$ X 12= 840
Internet :50$ X 12 = 600
car insurance : 120$ X 12 = 1440
home insurance : 30$ X 12 = 360
Car maintnance : about 1200$
Gas : 60$/week X 52 = 3120$
Condo fees : 100$ X 12 = 1200$
1 nice vacation : 2000$ = 2000$

------------------------

11 360$ + taxes (1704$) = 13 064$

leaves you with :

18 330$- 13 064$ = 5 266$ of disposable income left at the end and i have been very conservative with the taxes and didnt include many expenses like medical insurance etc...
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There is about $4000 of non-essentials that you could easily remove from that list.
 
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