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23 Posts
Hi all.
I'm a 37 year old male who lives in the Prairies and works in the legal profession. I registered for this website about 5 years ago but never really posted. I'm a long time lurker.
My goal is to retire at 56. I have a common law wife. We have no children and don't plan on having any. I have a cat, he's enough for me.
I won't include my common law wife's assets with my updates. We keep our finances separate. She is also in the legal profession. She was never given any financial literacy lessons before meeting me. She also helps her extended family financially quite a bit. Her assets are not as sizable as mine but I have set her up with a questrade account and I use a couch potato portfolio for her TFSA and RRSP. She is starting to consistently build her investment assets. She earns about the same as me, but I predict she will eventually be elevated to a position in the legal profession that is extremely lucrative and pays far in excess of what I make.
Assets:
RRSP - $227,329.54
TFSA - $98,314.35
Non registered - $149,470.31
Cash - $288,739.10
Current Value of work DB pension - $129,712
2015 honda civic - for the sake of ease I will use half of the $15,000 purchase price we paid with cash (I understand there is probably some depreciation 2 years later) - $7,500
Liabilities:
My share (50%) of our monthly rent - $914.375 - we rent a 3 bedroom apartment that suites our lifestyle (includes a 2 story gym, close to running and bicycle trails) We have no interest in owning a house.
Monthly Cable/internet bill - $200 (she pays our hydro bill - about $30-$40 per month as well as our annual car insurance bill - $1500)
Personal worth - $899,950.92
My investments are divided between Mawer balanced fund, XIC and XAW. I invest with quest trade.
I understand I need to deploy far more of my cash. My desired cash reserves would probably be around $100,000. I plan to deploy more cash soon, however I forsee potential turbulence with the American election in November as well as COVID. I understand that trying to time the market is a fool's errand, but I will likely invest a good part of my cash reserves at the end of this year.
I have little in the way of expenses. I like to ride my bicycle (for fun and often to commute to work), workout, watch sports, play video games and I love to eat. I get takeout far more than the average person, but I'm fine with it. I don't drink, smoke or have any other money wasting vices.
When I plan my financial future, I don't count on my DB pension being there in it's current state. I recognize DB pensions are unsustainable and I expect big changes. I will consider my future DB pension as "a tip".
Using my pension plan's estimator, If I retire in 19 years at 56 years of age, I can expect a pension of $5,686.75 per month ($68,241 per year) if I select the option of 2/3 going to my beneficiary upon my death.
My wife and I enjoy travelling. We had plans to go to Europe this year, which obviously won't happen. 2021 seems to be the most optimistic timeline for international travel to resume for us.
Thanks for reading. Any feedback would be greatly appreciated.
I'm a 37 year old male who lives in the Prairies and works in the legal profession. I registered for this website about 5 years ago but never really posted. I'm a long time lurker.
My goal is to retire at 56. I have a common law wife. We have no children and don't plan on having any. I have a cat, he's enough for me.
I won't include my common law wife's assets with my updates. We keep our finances separate. She is also in the legal profession. She was never given any financial literacy lessons before meeting me. She also helps her extended family financially quite a bit. Her assets are not as sizable as mine but I have set her up with a questrade account and I use a couch potato portfolio for her TFSA and RRSP. She is starting to consistently build her investment assets. She earns about the same as me, but I predict she will eventually be elevated to a position in the legal profession that is extremely lucrative and pays far in excess of what I make.
Assets:
RRSP - $227,329.54
TFSA - $98,314.35
Non registered - $149,470.31
Cash - $288,739.10
Current Value of work DB pension - $129,712
2015 honda civic - for the sake of ease I will use half of the $15,000 purchase price we paid with cash (I understand there is probably some depreciation 2 years later) - $7,500
Liabilities:
My share (50%) of our monthly rent - $914.375 - we rent a 3 bedroom apartment that suites our lifestyle (includes a 2 story gym, close to running and bicycle trails) We have no interest in owning a house.
Monthly Cable/internet bill - $200 (she pays our hydro bill - about $30-$40 per month as well as our annual car insurance bill - $1500)
Personal worth - $899,950.92
My investments are divided between Mawer balanced fund, XIC and XAW. I invest with quest trade.
I understand I need to deploy far more of my cash. My desired cash reserves would probably be around $100,000. I plan to deploy more cash soon, however I forsee potential turbulence with the American election in November as well as COVID. I understand that trying to time the market is a fool's errand, but I will likely invest a good part of my cash reserves at the end of this year.
I have little in the way of expenses. I like to ride my bicycle (for fun and often to commute to work), workout, watch sports, play video games and I love to eat. I get takeout far more than the average person, but I'm fine with it. I don't drink, smoke or have any other money wasting vices.
When I plan my financial future, I don't count on my DB pension being there in it's current state. I recognize DB pensions are unsustainable and I expect big changes. I will consider my future DB pension as "a tip".
Using my pension plan's estimator, If I retire in 19 years at 56 years of age, I can expect a pension of $5,686.75 per month ($68,241 per year) if I select the option of 2/3 going to my beneficiary upon my death.
My wife and I enjoy travelling. We had plans to go to Europe this year, which obviously won't happen. 2021 seems to be the most optimistic timeline for international travel to resume for us.
Thanks for reading. Any feedback would be greatly appreciated.