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FIB - Scams 101
How Much Money to Retire By Age of 45?
Posted By: BossesAreEvil
Date: Friday, January 25, 2008, at 9:27 a.m.(pst)
Just for fun, and for inspiration, I am trying to figure out how much money I would need to retire at age 45! I think it is a great way to get motivated, and to put a general dollar amount to my dreams!
Any help appreciated!
Let's assume I (or you!) would have to replace any potential private pension, government pension, RRSP savings, non-RRSP savings. In other words your early retirement would have to be SOLELY funded by your savings/investmens.
Let's also assume: house paid off, leased car, etc., and that spouse's inclome/savings will not be helping with my own expenses, but she will cover her own!
Let's also assume that I assume I am going to live until 105 yrs. of age (plan for the worst).
My post-45 lifestyle would involve:
1) Raising 2 kids
2) travelling all over the world, about 6 months of the year
3) Money for hobbies, dining out without worry, buying books, CDs, subscriptions each month.
4) Since I am in Canada, healthcare expenses is not a huge worry.
5) Inflation will be about 40% over the 60 years.
6) Property taxes -say $8000/yr.
I know this is very general, but if anyone could give some ballpark amounts it would be greatly appreciated!
I won't post the dollar amount at which I arrived until I get a few responses! Keep in mind I have to budget for 60 years of potential life, and while I am not going to be "billionaire extravagant", error on the side of spending! Feel free to make assumptions!
Perhaps a minimum amount I would need?
thanks!
BossesAreEvil
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