tag:blogger.com,1999:blog-4402283548766807872.post5412216664735457904..comments2024-03-29T02:47:49.234-04:00Comments on The Blunt Bean Counter: The Best of The Blunt Bean Counter - How Much Money do I Need to Retire? Heck if I Know or Anyone Else Does! - Part 5The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4402283548766807872.post-72668335686275817542015-07-21T14:14:36.787-04:002015-07-21T14:14:36.787-04:00Thx Ricardo, excellent thoughts. Not overly impres...Thx Ricardo, excellent thoughts. Not overly impressed with the link you sent me to, still lots of variable in those numbers, however, I do agree, huge difference with RRSPs etcThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-70860130120651632672015-07-21T11:44:13.369-04:002015-07-21T11:44:13.369-04:00Excellent overview BBC.
As usual I take issue with...Excellent overview BBC.<br />As usual I take issue with the 4% scenario as it has nothing to do with any RRSP's or LIRA that you might have, the withdrawal rate being mandated by the government. The only time the withdrawal rate within those plans is at 4% is if you convert to a RIF at 65yrs of wisdom. After that it escalates each and every year.<br />Now once you step outside of those plans and in to either your TFSA or non-registered accounts you are free to do as you wish. Here I would agree that a 4% withdrawal rate is a fairly stable maintenance rate where in "normal" times the account(s) should hold their own, value wise, if not appreciate depending on how the funds are invested.<br /><br />Might I suggest a nice little overview of "how much money will you need to retire" <br />http://i.imgur.com/4j22EHQ.jpg<br />It gives a very basic description of basic, average and upper middle class monetary savings requirements for lifestyle. There is also as "basic necessities" and a deluxe classification. I find it very basic and to the point stating lifestyle possiblilities depending on the amount of money you have put aside upon retirement.<br />As you have stated there are many variables within any retirement scenario. Are you content to go fishing and hunting? do you want to travel? do you like to go out to plays, theatre, concerts, etc etc? And obviously how long will you live in good health? All of these will affect your withdrawal rate and duration of savings.<br /><br />Unfortunately my provisional outlook brings me to depletion at 95yrs. Nto so bad eh? But I plan to live to 200 - LOL<br /><br />A couple living near me live quite happily on their CPP/QPP and OAS. They have a paid off house and car. The caveat - They both like fishing and camping and have no yearning for travel. A very simplistic lifestyle but the important thing is that it is what they want and enjoy doing in their retirement. Who could ask for more? Not materialistically but emotionally. Thye are enjoying their retirement on what many of us would consider well below our own desires.<br /><br />And I quote "It is better to like what you have than to have what you like"<br /><br />RICARDOAnonymousnoreply@blogger.com