My husband and I are retired. So far, we have been doing well with our work pensions, CPP and OAS. Our goal was to have $4000/ month after-tax income. We are at $3700 now and doing fine, as our lifestyle is not rich. Note: we also live in a small town where the living is fairly cheap.
We have $400/month gross rental income and my seasonal job as a tax preparer, both of which go directly into savings. My husband's RSP has to be turned over to a RIF by the end of this year. We have GICs which have been used to save for large items such as renovations. I am in the process of moving them under the TFSA umbrella, but that will take a few years. We also have about $85000 in funds under a financial planner (current value; they were much higher); so far we haven't had to touch them and hopefully can leave them alone as an inheritance for our kids. My husband has stocks, but they are his toy so I don't count on them as income.
I have been saving for so long, through thick and thin, that I find it difficult to stop, now that we are retired. If I can't get my monthly transfers done, I get goose bumps. However, since we have retired, we have been able to 1. buy a new car (in 2005, my retirement dream), 2. renovate the kitchen and living room, new windows included 3. give one daughter $20,000 to help set up her own law practice and 4. slip the other daughter extra $$ as she has two serious disabilities and is living on a disability pension.
I'm not worried about the future; whatever happens will happen and we will adapt.
