POSTED ON OCTOBER 21, 2023 BY STEPH
CAN YOU RETIRE AT 59 WITH ONLY 300k?
It could be possible! Calculate your expenses, this will determine what you need during retirement! Find ways to cut the the budget so you do not need a large incoming cash flow.
I put together this fabulous list of retirement calculators that are quick and easy to play around with and see how long your retirement savings will last However, remember this is just a calculator estimator, a professional opinion should always be considered before making any big changes to your finances.
Happy Quit Your Job Planning! Enjoy!
59 and Still Divine! Retirement is looking good on me!
- Links:
- – Desjardins: https://www.desjardins.com/ca/tools/r…#top
- – Compass: Financial Calculators | Budgeting, Saving, Investing | Compass (compass1.org)
- – CRA Calc: https://www.canada.ca/en/services/ben…
- – Empire Life Calc: https://www.empire.ca/retirement-and-…
- – Sunlife Calc: https://www.sunlife.ca/en/tools-and-r…
- – CIBC Calc: https://www.cibc.com/en/personal-bank…
- – Scotia Calc: https://www.scotiabank.com/ca/en/pers…
- . – Sunlife Life Expectancy (in Depth): https://www.sunlife.ca/en/tools-and-r…
- – Nerd Wallet 25x Rule & 4% Rule: https://www.nerdwallet.com/article/in….
- – Calculate Percentage Formula: https://www.calculatorsoup.com/calcul…
- – Life Expectancy: https://www.macrotrends.net/countries..
- Check out Well Built Wealth on You tube, you will love his simple well explained videos and some of these links are his suggestions.
Tidbits:
Remember, the type of investments you hold will have different tax consequences RRSP income is considered regular income (dividends inside do not matter) Your TSFA is the best as it will not show up on your income tax return, therefore, less chance of clawbacks on OAC, or even as to whether you can receive the GIF.
Non Registered Dividends offer the best tax benefits but the gross up, could affect your other sources of income. These are all things to consider! Remember, you can earn as much as $44,000 tax free with just having Dividend income in your Non-Registered account. However, there is a catch! You must have no other or little other income for this to work! (This could change and a professional should always be consulted as it could affect other income sources or tax credits)
Keep those investments growing, the new Tax Free Saving Amount for 2024 is $7000!
