tag:blogger.com,1999:blog-4506281235722645086.post1905109742016085007..comments2021-12-14T06:02:36.972-05:00Comments on Paid it Down: Will you be ready for retirement?Sharonhttp://www.blogger.com/profile/13940623529019637336noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-4506281235722645086.post-25182744847605284862008-02-10T10:45:00.000-05:002008-02-10T10:45:00.000-05:00CT Mom,That's great! We borrowed from our 401K 9 ...CT Mom,<BR/>That's great! We borrowed from our 401K 9 years ago to purchase our home and we have paid that loan off as of this month! Now we will have an extra $500.00 a month.Sharonhttps://www.blogger.com/profile/13940623529019637336noreply@blogger.comtag:blogger.com,1999:blog-4506281235722645086.post-64858237110716498462008-02-10T08:50:00.000-05:002008-02-10T08:50:00.000-05:00Hi Sharon - I just ran the calculator, and I like ...Hi Sharon - I just ran the calculator, and I like it because it makes sense. We haven't been aggressively saving and borrowed from our 401(k) 11 years ago to put a down payment on our house. I used to worry but now I'm not too concerned. I'd like Hubby to retire at 62 and I'll work to 65 - life expectancy in his family is much shorter than mine and both kids will be out of college by then, so I'd like him to enjoy life for a while. With pension, SS (even without it) and savings we'll be just fine.CT Momhttps://www.blogger.com/profile/13540680943713937060noreply@blogger.comtag:blogger.com,1999:blog-4506281235722645086.post-9508730614847625772008-02-09T10:56:00.000-05:002008-02-09T10:56:00.000-05:00wealthy1 - ABSOLUTELY! I still can't believe I'm ...wealthy1 - ABSOLUTELY! I still can't believe I'm 46...but being over the halfway mark to 50 lit a fire under me and I'm working hard to fund a peaceful and stressfree retirement...Sharonhttps://www.blogger.com/profile/13940623529019637336noreply@blogger.comtag:blogger.com,1999:blog-4506281235722645086.post-13778748322279843112008-02-08T21:46:00.000-05:002008-02-08T21:46:00.000-05:00It's so funny to be thinking about retirement. It...It's so funny to be thinking about retirement. It's as if I turned 50 and said to myself, "Oh, no, what about retirement?" I really want to retire on December 31,2017. That's 2 weeks before my 60th birthday. I have so much debt to reduce and so much savings to do before then. <BR/><BR/>Let's keep each other motivated!wealthy_1https://www.blogger.com/profile/13479338879989243724noreply@blogger.comtag:blogger.com,1999:blog-4506281235722645086.post-26158866730510002952008-02-07T18:06:00.000-05:002008-02-07T18:06:00.000-05:00Yikes! $100,000/year! We calculated around $35,00...Yikes! $100,000/year! We calculated around $35,000 for me.<BR/><BR/>My CPP goes until I die and we have Old Age Security that everyone gets. I figure by 85 I'll be in an old folks' home and if I don't have money, the govt will help...Canadian Saverhttps://www.blogger.com/profile/18335109256687297543noreply@blogger.comtag:blogger.com,1999:blog-4506281235722645086.post-86044580358744698412008-02-07T17:55:00.000-05:002008-02-07T17:55:00.000-05:00What do you do if you live to be 95, although it's...What do you do if you live to be 95, although it's hard to think that far ahead...it's definitely a possibility? I plugged in living on 100,000 a year which is probably more than we need, but it was fun to do it!Sharonhttps://www.blogger.com/profile/13940623529019637336noreply@blogger.comtag:blogger.com,1999:blog-4506281235722645086.post-84834550689389990612008-02-07T17:43:00.000-05:002008-02-07T17:43:00.000-05:00I just went through the exercise with my financial...I just went through the exercise with my financial planner. What we did was assume I would go part time at age 55 (til 60) and only use the retirement money that I'm saving, not any other pension which I haven't paid into yet... so we aren't counting on something that isn't concrete)except the Canada Pension Plan that every employee pays into (even if you are self employed) There is a website that you can go to and figure out what my yearly payout will be from that.<BR/><BR/>Anyway my magic number isn't in the millions, we figured around $550,000... I don't want to imagine my yearly contributions if I had to fund over $1,000,000!!<BR/><BR/>(We are assuming at 85 I will have spent everything...)<BR/><BR/>It's interesting to calculate though and go through the exercise!Canadian Saverhttps://www.blogger.com/profile/18335109256687297543noreply@blogger.com