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Can you safely retire at age 49 in Canada with a 2.5 million Canadian dollars ($1.8 million) net worth?
That’s the question one signal professional is asking as he looks to escape his cubicle job at which he earns CA$140,000 per year and travel the world while he still has his health.
He owns a condo worth CA$600,000 that’s completely paid off and has CA$1.7 million in liquid investments across his Canadian retirement and taxable accounts.
“Is it time to retire? Do I have enough?” the man asked Reddit’s r/PersonalFinanceCanada community.
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What Does Retirement Look Like?
His goal is to live on CA$40,000 to CA$45,000 per year. A standard 4% safe withdrawal rate on his 1.7 million Canadian dollars in liquid assets would generate CA$68,000 annually, easily covering his target lifestyle. On top of that, he expects to collect another CA$18,000 per year from government benefits once he turns 65.
With no spouse or children, he wants to pull the trigger this year so he can say he retired in his 40s.
He plans to spend his winters traveling while keeping Canada as his home base.
“I don’t want to be a 60 year old guy whose health is not as energetic as before,” he wrote.
But taking the leap is scary. The man is worried about future unknowns, such as rising healthcare costs, old-age care and the potential need to sell and upgrade his condo as the building ages.
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Several people in the community said the man’s extensive assets are enough for him to retire now, while others pointed out that if he upgrades his condo he will have considerably less.
“If he did upgrade from a 600K condo to an 800K condo he wouldn’t have 1.7M left, he would likely have close to 1.4 (liquid) after all fees eat into his nest egg,” one person wrote. “He would likely also have increased living costs for maintenance fees, property tax and utilities in that unit, so his required annual expenses could need to go upwards as well”
A financial planner posted in the forum, encouraging the man to take the leap and enjoy life while he can.
“The amount of times I’ve seen frugal savers pass early and leave behind expenses and quality of life is far too many,” they wrote.
Small differences in withdrawal strategy, taxes and long-term market performance can significantly impact retirement income over time. Some investors are using services like AdviserMatch to connect with fiduciary advisers and review whether their retirement plans are built to last.
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This article 'Is it Time to Retire? Do I Have Enough?' — Canadian, 49, With $1.8M Net Worth Wonders If It's Safe To Pull The Trigger originally appeared on Benzinga.com
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