#9466056 - 12/14/18 11:51 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Big Tasty]
|
Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
|
Congratulations! Im sure the bank must really hate you now.
That's amazing man, huge accomplishment imo especially if you are still in your 30's. Hope to join the club soon.
As far as FIRE calcs, I think the 4% withdrawal rule would suit you well.
Yeah man congrats - now you have true freedom! If you loose your job tomorrow you don't have to worry about those banks coming looking for their interest payments.
Keep saving like you were before and don't spend the "new" money and your savings should grow nicely.
Congrats, great accomplishment!
Thanks all. It's a kinda surreal feeling I'm having today. I know I won't see any change in the numbers until after Jan 1, and even then it will take a long time for the bank and investment accounts to look significantly different. Right now it's all psychological, a lifted burden of such.
As for the FIRE stuff, the numbers and options are head-spinningly complicated. 4% withdrawal rate and 5% earnings are pretty safe numbers to use, although some are suggesting as low as 3.5% pull and assuming 6% and 7% earnings. Then trying to figure out LIFs and RIFs and annuities and Seg Funds and more, just adds so much complexity.
The government does have a really good, detailed, calculator available which has been kinda eye-opening to use.
https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html
One thing that's clear though is I need to start working on building a portfolio that generates more passive income, because I don't want to be digging into the locked in stuff until at least 60. No way I'm working until then if I can help it, so my money will have to come from passive sources if I can get out by 55, or maybe even 50? Who knows!
|
Top
|
|
|
|
Moderator: c2k, LNXGUY, TheRealCSnapper, Professor Paki
|
|