Basic Retirement Planning

[The Prowler]

I just read a post by Senile @Joe.

He seems to have virtually no understanding of RRSPs and RRIFs and deferring taxes.

I wonder how many other people here are in the same boat.


I would like to try to give @Alticus a chance to explain why a person would contribute to a RRSP when they are employed and the probable tax implications. Please discuss marginal tax rates.

 

[wizer]

I'd like to contribute to this promising thread that is of a serious nature.

I screwed up when it came to retirement planning.

My last day in the office was 3 years ago. I had this irrational fear that I had to keep building my savings so it would last me until I die.

Now I rather belatedly realize the interest I'm earning on my investments plus rental income on a property is outpacing what I'm spending despite going on vacations totaling upwards of $50k per year and buying and renovating a home in the past 2 years.

I should have retired sooner. You can't get that time back.

 

[The Prowler]

I should have retired sooner. You can't get that time back.

I was semi-retired by the time I was 40 and about 75% retired by the time I was 50 and just about fully retired a few years after that. Although between 40 and 50 there were periods that I worked long hours.

My wife was fully retired just before her 48th birthday.

Young people need jobs and we had enough saved so we opened up some jobs for others.

 

[wizer]

Young people need jobs and we had enough saved so we opened up some jobs for others.

LOL that is NOT why you did it...HaHaHa I actually laughed out loud when I read this.

 

[wizer]

I was semi-retired by the time I was 40 and about 75% retired by the time I was 50 and just about fully retired a few years after that.

I could have done something like that. Other private practice optometrists have done this, they bring in a younger OD and cutback their hours gradually, transitioning the other doc into the schedule so patients don't leave when the old doc leaves and it paves the way towards gradually cutting back rather than doing the "fuck I'm retired now what do I do" thing.

But I was too much of a control freak to do something like that AND too insecure about money to quit even though I had more than enough by the time I was 50. I'd run the retirement calculators and read about how much money a person needs to retire, and compare my savings to the typical doc and I was always at the top end of the range but even that wasn't enough.

Now I torture myself by running the numbers sort of backwards and realizing how many years I wasted flipping lenses to earn money I can't possibly spend in the next 30-40 years.

 

[The Prowler]

LOL that is NOT why you did it...HaHaHa I actually laughed out loud when I read this.

I do get sick of young people whining "There are no jobs!!!"

As an added bonus, I am sure it would take at least a team of 10 of them to fill my shoes.

 

[wizer]

I do get sick of young people whining "There are no jobs!!!"

As an added bonus, I am sure it would take at least a team of 10 of them to fill my shoes.

You must have really big feet!

 

[Fredricka]

Younger people will never join this forum if they see threads like this. Please do not start any my arthritis is playing up today threads or whats your funeral plans threads, thanks

 

[The Prowler]

You must have really big feet!

You know what they say....

 

[wizer]

You know what they say....

I'm jealous. Sort of.

 

[wizer]

Younger people will never join this forum if they see threads like this. Please do not start any my arthritis is playing up today threads or whats your funeral plans threads, thanks

I plan to be cremated. After we're dead it's all the same regardless of what you think you know.

 

[Jack]

You must have really big feet!

Good one!

 

[Dove]

Younger people will never join this forum if they see threads like this. Please do not start any my arthritis is playing up today threads or whats your funeral plans threads, thanks

Gen Z won't be joining forums period. They are all on other socail media apps.

Forums are pretty much over with

 

[Fredricka]

Gen Z won't be joining forums period. They are all on other socail media apps.

Forums are pretty much over with

If they knew the shit we get away with without being cancelled they'd be all over it, they're stifled

 

[Dove]

If they knew the shit we get away with without being cancelled they'd be all over it, they're stifled

Ive seen their discords and they are far more savage in private.

I think the morality police are just a small fraction of them. I know my daughters hate that shit

 

[Adam Hitler]

I'd like to contribute to this promising thread that is of a serious nature.

I screwed up when it came to retirement planning.

My last day in the office was 3 years ago. I had this irrational fear that I had to keep building my savings so it would last me until I die.

Now I rather belatedly realize the interest I'm earning on my investments plus rental income on a property is outpacing what I'm spending despite going on vacations totaling upwards of $50k per year and buying and renovating a home in the past 2 years.

I should have retired sooner. You can't get that time back.

You should donate any surplus money to animal charities.

That's likely what I'll be doing in my will.

 

[Adam Hitler]

Gen Z won't be joining forums period. They are all on other socail media apps.

Forums are pretty much over with

Kiwi Farms and Lipstick alley are the only busy forums I can think of. There's reddit and 4chan of course, but they're slightly different to forums like this.

 

[wizer]

You should donate any surplus money to animal charities.

That's likely what I'll be doing in my will.

See now that's quality content right there.

And you've given me something to think about. I mean I have thought about it but not recently so I'll think about it again.

 

[Joe]

I do get sick of young people whining "There are no jobs!!!"

As an added bonus, I am sure it would take at least a team of 10 of them to fill my shoes.

But youve contradicted yourself Lex @The Prowler

1st you say young people need the jobs but then you mock them for complaining there aren't enough jobs.

Actually I hope the next administration in the United States reverses the ill gotten tax breaks doled out to corporations under Trump's Big Beautiful Bill. Here Trump slashed their taxes but then they turned around and fired workers or outscored jobs overseas.



They should be told jobs for tax breaks & investment in local communities or else give the money back.

 

[Joe]

Billionaire John Paulson supported Trump & promised to keep jobs in America but then sent jobs overseas to its enemy China



...why is Paulson getting a tax break?

 

[Joe]

I had this irrational fear that I had to keep building my savings so it would last me until I die.

...and yet most people in the USA & Canada don't have saved up when they retire @wizer

I have an Uncle who still works in his 80s because he didn't have enough saved up for retirement. He gets a pension but it isn't enough. So he does odd jobs working in warehouses. And he was an architect who made good money back in the day. He survives by tsking out reverse mortgages on his condo which he inherited from my Aunt

And a family friend was a dentist who made good money. He retired but his wife divorced him so he lost all his savings & he ended up being a truck driver/crane operator in the Alberta tarsands.

Another guy I worked with had a house & lots of retirement savings. but he got into a domestic dispute with his wife who kicked him out of the house & took possession of it. Last I saw him he was living in a boarding house renting a room for $509 per mo. He was a veterinarian.

People csn blow through their szvings or lose what theyve got very fast.

 

[The Prowler]

That's likely what I'll be doing in my will.

Then do it now.

It is too late after you die....

My wife and I are giving a big chunk to animal welfare organizations.

 

[Adam Hitler]

Then do it now.

It is too late after you die....

My wife and I are giving a big chunk to animal welfare organizations.

Its a noble cause. I hadn't even thought about making a will until recently. My mate died a couple of months back and he hadn't made one.

 

[The Prowler]

But youve contradicted yourself Lex @The Prowler

1st you say young people need the jobs but then you mock them for complaining there aren't enough jobs.

Senile @Joe think that is a contradiction.

Is everyone starting to realize just what a moron Senile @Joe is?

 

[The Prowler]

...and yet most people in the USA & Canada don't have saved up when they retire @wizer

I have an Uncle who still works in his 80s because he didn't have enough saved up for retirement. He gets a pension but it isn't enough. So he does odd jobs working in warehouses. And he was an architect who made good money back in the day. He survives by tsking out reverse mortgages on his condo which he inherited from my Aunt

And a family friend was a dentist who made good money. He retired but his wife divorced him so he lost all his savings & he ended up being a truck driver/crane operator in the Alberta tarsands.

Another guy I worked with had a house & lots of retirement savings. but he got into a domestic dispute with his wife who kicked him out of the house & took possession of it. Last I saw him he was living in a boarding house renting a room for $509 per mo. He was a veterinarian.

People csn blow through their szvings or lose what theyve got very fast.

You sure know a lot of losers, Senile @Joe .

 

[wizer]

...and yet most people in the USA & Canada don't have saved up when they retire @wizer

I'm aware. I don't mean to sound cruel but I'm not concerned about them, nor, for example all the people that are getting evicted from their trailer park in Florida because the land was sold to a developer and their monthly rental costs are going from $800 to at least $3000 and most will need to walk away from their trailers which they paid 10s of thousands for and many will be homeless.

If anything it's a stark reminder of how "lucky" I am that I went to eyedoc school, handled my finances well, invested wisely and now have the problem of not being able to spend all my money in the next 3-4 decades.

 

[wizer]

But youve contradicted yourself Lex @The Prowler

1st you say young people need the jobs but then you mock them for complaining there aren't enough jobs.

As @The Prowler pointed out, this isn't a contradiction, he's saying there isn't enough jobs, and he and his wife did their parts by freeing up a few jobs so perhaps 2 less people would be whining about not enough jobs.

Whether or not the questionable statement that they retired in order to free up a couple of jobs for the unemployed is to be believed is a different matter entirely.

 

[The Prowler]

Whether or not the questionable statement that they retired in order to free up a couple of jobs for the unemployed is to be believed is a different matter entirely.

I think they only reason you are doubting it is that you are feeling a little guilty for not being so selfless yourself.

Do not beat yourself up.

I am well on my way to sainthood.

 

[wizer]

I think they only reason you are doubting it is that you are feeling a little guilty for not being so selfless yourself.

Yeah, quitting my job to make room for others wouldn't even cross my mind even if it meant joining you in that special place that you are certainly headed due to your sacrifices for the good of the unemployed.

 

[The Prowler]

Yeah, quitting my job to make room for others wouldn't even cross my mind even if it meant joining you in that special place that you are certainly headed due to your sacrifices for the good of the unemployed.

What gets me are the Virtue Signalling douchebags who pretend to care about the unemployed, yet continue to work well past a normal retirement age.

People like @Jack and Senile @Joe .

Get the fuck out of the workforce, you selfish pricks!!!