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What should be my next goal? (long post)

5734 Views 9 Replies 9 Participants Last post by  dogcom
I'm looking for advice on next financial goals to have in my life. I recently got some good news at work that I will be promoted and that due to the completed reorganization my job should be safe for the next few years.

I'm married in Calgary with a major oil and gas company. I'm 35 , my wife stays at home and is 40, our kids are 4 and 2 years old. Our home (average Calgary home) is paid off completely. My current salary is $155,000/yr. We are reasonably frugal so after all of our expenses & savings contributions we usually have $1,500-$2,000 left over each month. My new job entails a good raise (around 10%) plus increased yearly bonus. Last few years was 30% of salary, now will likely be 40%.


TFSA 10,000
House 425,000
Work Group RRSP 60,000
Work employee share plan 17,000
Work share bonus plan - max $70,000, min $0
RSP his 120,000 (ETFs in couch potato strategy)
RSP hers 90,000 (ETFs in couch potato strategy)
Vehicle 1 25,000
Vehicle 2 4,000

TOTAL ASSETS $740,000 - $840,000

manulife one acount -$3,000 (remaining from summer landscaping costs of $15,000)

Net Worth $737,000 - $837,000

Other assets
RESPs - $21,000
RDSPs - $3,000 (both children have cystic fibrosis a genetic disease affecting their lungs, health is currently good but who knows in future)

I currently max my employer GRRSP plan (14% of salary), the employee stock contribution plan (600/month), TFSA contributions (400/month each) and contribute $600/month to my wifes RRSP. As well I max out the RESPs ($400/month) and RDSPs ($300/month).

Long term goals for my wife and I would be to provide for our children and take early retirement (55-60) living a modest lifestyle in a warmer climate (or be snowbirds)

A few questions:
Am I missing any fundamental financial planning components? (i.e. are the savings and contributions above adequate to retire at 55-60?

Based on my income and free cash what would be likely next financial steps?

Thanks to bonuses and stock options we are considering vacation properties or taking on major pruchases such as major home reno, RV or sports car.
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You ask whether you are missing any fundamental financial planning components: what jumps out at me from your summary is whether you've protected your human capital value.

Do you have life and disability insurance to replace (some? all?) of your income stream should you be unable to mine your human capital?

As for whether you have "enough" to retire at 55 or any other age: it depends on many factors, from your health, to your expected withdrawals, longevity, inflation, expected returns from your investments, your product allocation, your bequest motive, and more. I wouldn't structure a retirement income plan now, at your age 35.
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