Originally Posted By: Patman
My wife and I are 4 years away from early retirement (we'll be 52) and the way I figure it, we'll have more money when we retire, mainly because we'll sell our home here in Oakville and downsize and move much further away from Toronto where homes are a 1/4 of the price or less. So we'll have that nest egg, along with my wife's teacher's pension and we'll also get rid of one of our cars (the Civic) We won't even need to touch our retirement funds at first, we'll let them keep growing. We also get the Canada Pension Plan when we turn 65, it's only a few hundred per month each but that'll be nice when it kicks in too.
Also, this is something that's smart to do before you retire, but look at how much money you spend each month and try to cut out things you don't absolutely need so you can save more money. Are you spending $400 a month eating out at restaurants for instance? Try cutting that in half, or even cutting it out completely for a month or two. You'd be amazed at how much money you waste in a month on things...
My wife and I are in a similar situation as you and your wife, we'll be retiring in two years. We will have 3 times the disposable income in retirement that we have now mainly because we will be rid of all of our debt except for the mortgage. We are currently putting all the money we can spare into paying off debt so we can live comfortably in retirement. We will be able to travel and basically do whatever we want as income will not be our limiting factor...having a decent income stream in retirement equals a lot of freedom...
My wife and I are 4 years away from early retirement (we'll be 52) and the way I figure it, we'll have more money when we retire, mainly because we'll sell our home here in Oakville and downsize and move much further away from Toronto where homes are a 1/4 of the price or less. So we'll have that nest egg, along with my wife's teacher's pension and we'll also get rid of one of our cars (the Civic) We won't even need to touch our retirement funds at first, we'll let them keep growing. We also get the Canada Pension Plan when we turn 65, it's only a few hundred per month each but that'll be nice when it kicks in too.
Also, this is something that's smart to do before you retire, but look at how much money you spend each month and try to cut out things you don't absolutely need so you can save more money. Are you spending $400 a month eating out at restaurants for instance? Try cutting that in half, or even cutting it out completely for a month or two. You'd be amazed at how much money you waste in a month on things...
My wife and I are in a similar situation as you and your wife, we'll be retiring in two years. We will have 3 times the disposable income in retirement that we have now mainly because we will be rid of all of our debt except for the mortgage. We are currently putting all the money we can spare into paying off debt so we can live comfortably in retirement. We will be able to travel and basically do whatever we want as income will not be our limiting factor...having a decent income stream in retirement equals a lot of freedom...