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Old 01-13-2010, 12:01 AM   #21
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I thought you lived in Toronto?
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Well, he did say he had three homes......
If you can swing an Alberta residency you pay the lowest income tax rate in Canada. There is always a way if you can pay the lawyer

Welcome Danmar, from another westerner.
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Old 01-13-2010, 07:38 AM   #22
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Welcome Danmar.
Interesting to read your comments about dreaming about work after being a "big shot" for so long. I'm about to retire myself and, while not in the same league financially, have been a "medium shot" for many years with lots of overseas travel and people connections through business from all over the world, and I do have this nagging feeling that I am going to go through w*rk withdrawal symptoms.

I hope you find a good balance in your retirement years - keep us posted.
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Old 01-13-2010, 09:04 AM   #23
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We pay taxes to Alberta as that is where our principle residence is. The tax rates in Ontario are quite a bit higher. Yes, there was a significant penalty for retiring early. Normal retirement age varies at the major banks from about 60 to 65. I recognized the good natured ribbing. Agree that a good objective would be to maintain our current position. Thanks for the comments.
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Old 01-13-2010, 05:28 PM   #24
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Danmar, I am curious how someone with such a high NW and income thinks about everyday money management. For example, when you need a new pair of pants, do you (a) have bespoke ones made; (b) go to an upmarket store; (c) shop around for the best deal like the rest of us?* How conscious are you of cost? You say you spend $700,000 per annum, including alimony. Do you buy more stuff, better stuff, or more better stuff?

*or maybe the tailor comes to your home(s)
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Old 01-14-2010, 12:59 PM   #25
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Meadbh, a couple of books that you might enjoy:

(1) Bernstein and Swan, All the Money in the World: How the Forbes 400 Make - and Spend - Their Fortunes (2007);

(2) Frank, Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich (2008).
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Old 01-14-2010, 05:02 PM   #26
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Meadbh, a couple of books that you might enjoy:

(1) Bernstein and Swan, All the Money in the World: How the Forbes 400 Make - and Spend - Their Fortunes (2007);

(2) Frank, Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich (2008).
I looked up the first book on Amazon and noticed that you can buy it used for $1.08 (plus $3.99 shipping)

Quote:
Quoting one of the reviewers of the book (from Spetember 21, 2007)...
The book cites one person's view that a major recession is coming, and the public's perception of the super-rich as having gotten there by greed and abuse, a factor to be reckoned with in the near future.
So the book accurately predicts future events, and all for $1.08
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Hi Danmar
Old 01-22-2010, 05:49 PM   #27
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Hi Danmar

Danmar: Thought I'd say hello, because you posted two helpful posts on my thread "50 year old lawyer seeks enlightenment..." a week or two ago, about importance of tracking expenses, and on the metaphysical issues involved in giving up work-status cold turkey. (Plus you're a Canuck, seemingly with roots in both TO and Alberta) Interested to know more about your hints that you missed work two years after after you retired. Your ample assets suggest that you had the option of retiring much earlier (I'm guessing, maybe at about my age), but chose for some reason not to. I'm fairly sure I could accumulate your level of assets by the time I'm 59 by carrying on working and accumulating at about present rate, but for me the issue is should I do that, and if so, why will I be doing it? Did you consider retiring earlier? Do you have regrets that you did not go for a longer but somewhat less affluent retirement. Alternatively, do you wish you had stuck with it longer?
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Old 01-31-2010, 09:02 AM   #28
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Mustard- Good questions. I guess in my case there was a confluence of events that helped me make the decision. 1) I finalized a messy divorce 2)My net worth increased very rapidly 3) I realized I wasn't having fun at work any more. These events all happened when I was 53 and it took the next 3 years to effect the plan to retire. Do I regret anything-don't think so. I think I would have gone on a little longer if the extra assets would have meant anything other than an ego boost. In retrospect it would not have been fun during the past 2 years. Work twice as hard for half the money.
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Old 01-31-2010, 09:36 AM   #29
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  • My wife, also retired, is a very young 52.
  • Portfolio runs around $12million including significant uncashed options in the stock of my employer. I am hoping it will eventually be about $15million once all cashed out in 2 years.
  • I will start my pension in about 2 years and it will be $550,000/year (partial COLA).
  • Current portfolios mostly dividend paying equities (banks, insurance, telecom) currently generating about $375,000 per year in dividends.
  • Yearly spend is $700,000 including alimony.
  • We have cash on hand for 2 years spending.
Welcome Danmar. Maybe I missed it, but plugging into FIRECALC is a good place to start (some of the inputs are above). It appears you are in good shape, and can be less aggressive (take less risk) with your asset allocation - a very good thing.

Interesting many here are thrown by the number of 0's - the same rules apply for the most part. For example, $700K/yr from a $15M nest egg translates to a 4.67% WR, many would consider that risky especially at your relatively young ages! However, with your pension you're fine and have options many others do not have. Again, many of the same rules apply for the most part as for an LBYM'er...
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Old 01-31-2010, 02:37 PM   #30
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Danmar, if your looking for a "cheap" powerboat. I have 40 foot 2004 silverton motor yacht on yachtworld. 200K takes her
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Old 01-31-2010, 04:34 PM   #31
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Yes have used firecalc with 0 failures. Don't forget I do not need to spend principal. Dividends plus pension should more than cover our expenses.
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