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  1. #1121
    Always against the grain Booletsnotreactwell's Avatar
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    Quote Originally Posted by SIR VEYOR View Post
    Well according to Ben Stein and Phil Demuth, 1.4 million was the lowest minimal comfort level needed, tested with Monte Carlo methodology. However, that was a while ago, and with increased market volatility not likely to slow down, I suspect 1.6-1.8 may be more necessary now, especially in the Canadian arena.

    It not planning for SHTF time you should be worried about, but when you routinely SYP.

    See I'm the opposite, while I'm old enough that I should be thinking about retirement I'm young enough that it's still in a while. I wholeheartedly believe that by the time I get to "retire" the retirement system will be completely nationalized/socialized and government will just take care of everybody. I don't support it but then again I don't see any alternative, people just aren't saving for retirement and when comes time, you think they're gonna tell a huge chunk of the population (votes) to pound sand? Nope, they'll just give out handouts on free government money, that is if the financial system hasn't gone tits up by then. The aging population in regards to healthcare and retirement could screw up the whole system alone. I think by the time I retire anybody with actual savings/RRSP's probably just won't qualify for whatever special credits the government will give to people without money, it's already sort of like that.


    Either way I have a backup, I still have an old school company pension plan, even if I didn't save a single cent I'd still be ahead of most.

  2. #1122
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    -Booletsnotreactwell,
    You are planning on depending on the state being your nanny as you age. What quality of life are you envisioning? Especially at the even slightly reduced mental and mobility states?

    Your company plan only option is likely to leave you caught in limbo especially hard up as well. Too rich for basic government, too poor for private efforts. Many stories of this situation already, not just in retirement.

    While the government may tax what they said they wouldn't, impose austerity on all or even largish accounts, having a plan and some form of investments, savings, liquidity, dividends, will still keep you from living the life an institutionally kept person who's only let out to vote for more of the same suckling at the anemic teat. Some weird cross between homeless and senile convict is your likely future.

    Compounding interest is the typical method of wealth building, and its most important aspect is time. If at all possible, I would want to be in a situation where I can go be an expat, buy any fancy designer drugs, implants, organs, etc. needed, and never have to have even plan SNAFU involve being reliant on people from the government to help and provide for me. That style of preparation is not sexy, dull, endorphin releasing, orgasmic, etc. But it goes a long way to making all the other aspects of your life that way. I don't want to be the dude in the nursing home with a car to score the chicks after bingo; I want to cruise in the back of a stretch limo being entertained by hopeful gold diggers and able to do more than think about what I used to be able to do.

    For all your protestations and libertarian comments, you should just start campaigning and running for the NDP right now.

  3. #1123
    The Gunsmithing Moderator blacksmithden's Avatar
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    Im kind of hoping to do the same thing as boolits.....in appearances anyway. In my perfect world, I want the state to supplement my existance as much as possible, while I top up my lifestyle partly with sheltered assets, and partly liquifiable assets like gold and silver....stuff that they cant confiscate or devalue.....and what they dont know about wont hurt me.

    Of course, the government can change the rules as they see fit. Nobody can predict the future. My biggest asset is still my knowledge and skill. No matter what happens, Ill always be able to earn a living of some kind as long as my health holds out.
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  4. #1124
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    Quote Originally Posted by blacksmithden View Post
    Im kind of hoping to do the same thing as boolits.....in appearances anyway. In my perfect world, I want the state to supplement my existance as much as possible, while I top up my lifestyle partly with sheltered assets, and partly liquifiable assets like gold and silver....stuff that they cant confiscate or devalue.....and what they dont know about wont hurt me.

    Of course, the government can change the rules as they see fit. Nobody can predict the future. My biggest asset is still my knowledge and skill. No matter what happens, Ill always be able to earn a living of some kind as long as my health holds out.
    And that right there is a plan.

    Game the system to its max possible, and have the resources to operate well above the norm. Much more Liberal than NDP, you are.

  5. #1125
    Go Canucks Go! lone-wolf's Avatar
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    I guess you guys are old enough to think the system will still be functioning by the time you retire.
    I expect a greece-like situation by the time I retire. You guys will have bled it dry by the time it's my turn at the trough.

    I use the phase 'time I retire' to mean, when I'm old. Not that I will ever actually retire before death.
    the wild still lingered in him and the wolf in him merely slept

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  7. #1126
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    Quote Originally Posted by lone-wolf View Post
    I guess you guys are old enough to think the system will still be functioning by the time you retire.
    I expect a greece-like situation by the time I retire. You guys will have bled it dry by the time it's my turn at the trough.

    I use the phase 'time I retire' to mean, when I'm old. Not that I will ever actually retire before death.

    I laugh at all the idiots at work who think the Ontario pension will be worth anything. Dumb dumbs...

  8. #1127
    Always against the grain Booletsnotreactwell's Avatar
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    Quote Originally Posted by SIR VEYOR View Post
    -Booletsnotreactwell,
    You are planning on depending on the state being your nanny as you age. What quality of life are you envisioning? Especially at the even slightly reduced mental and mobility states?

    For all your protestations and libertarian comments, you should just start campaigning and running for the NDP right now.

    Maybe you misinterpreted that slightly or maybe I didn't describe it well enough.

    I have plenty of savings and plan to keep doing so, I just don't really specifically save for "retirement" as in buying things like RRSP's or setting up a 401k contribution type deal, I'll let my company pension plan handle that. Every time I save or make money I re-invest the winnings, roll the dice again to try and get to that next level. Whether that's going all in on stocks, going all in on the housing market when it resets, or whatever. That's money that's constantly piling up and getting bigger which I can use for retirement should that come.

    Most people though have no real savings or investments, they have a mortgage and some bullshit 401k deal that's invested in God knows what, maybe they buy RRSP's at the end of the year to "avoid taxes". Considering that a houses value can fluctuate, peoples main asset of net worth could easily be meaningless, what's left is government benefits and their contribution pension plan and contribution pension plans haven't really even been tested yet.

    The retirement system has barely been tested and it's teeter totting. Currently most retired people are only really the second wave of retirement since these programs were initially developed, they're all people who road the employment/housing gravy train, have company pension plans with what are now blue chip companies and get government benefits on top of that. The system is already being strained pretty hard, these retirement plans/benefits aren't really keeping up with inflation, cost of living, old age care, etc..

    When the third or fourth wave generation of retirement hits, that's when things will get interesting. This is where I think government will likely just step in because there's gonna be so many broke old people where at 75 they have to sell their houses (wait what they already are, that's what all those CHIP reverse mortgage ads are about), they have no money, can't afford living expenses anymore, etc... The magic money creation algorithm gets the green light at the BOC, people 68+ immediately get a direct deposit of money to cover their retirement living expenses and if you actually saved the proper amount through RRSP's and good pension contributions, good for you except now you won't get anything while everybody else who was an idiot will get a free ride.

    Then there's the other angle, contrary to what most people believe the retirement system isn't a bank account, it's an immediate transfer payment. It's basic premises to be successful is that the next generation will be more financially successful and enjoy higher standards of living. So we should all have union jobs like the golden years that pay us a (adjusted for inflation) $40-50 an hour salary, DB pension plans, cars that cost 25k and houses that cost 150k. Does that look like any world you know?

    Right now 30 and under people are working for Uber, selling themselves on Cuddleup.com or work at Starbucks. They make no money, have no savings, massive debt which they can't pay and live with their parents.

    Now that somebody mentions the Ontario pension plan, great call. Why do you think they're implementing that? They know it's coming, they know there's gonna be hordes of people who won't have anything for retirement and they'll be rioting for government to fix it.

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