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Hi!! I am Ramona, 56, going to retire June 1, 2017
Old 05-29-2012, 12:06 PM   #1
Confused about dryer sheets
Join Date: Apr 2012
Location: Toronto
Posts: 3
Hi!! I am Ramona, 56, going to retire June 1, 2017

Hello everyone!

My DH and I are going to retire on June 1, 2017.

So, it will be here before we know it .... Time flies!!

My question is, we have no private pensions, just our savings.

I lived in the USA for over 25 years, so I will get a prorated SS from the USA, as well as prorated Canada Pension.

My DH will get Canada Pension ( never lved or worked in the US).

I have IRA and RSP, my DH has an RSP. (RSP is the Canadian version of an IRA).

I have a rental house in the US ( no mortgage) and our home here in Canada is paid for. No consumer debt at all.

My question is, when we retire, do we just pick an amout to withdraw from the RSP,s and my IRA I've been good at saving, but admit I am clueless about the last step!!!

Thanks for any help.


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Old 05-29-2012, 12:21 PM   #2
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Join Date: Jan 2008
Location: Chicagoland
Posts: 10,661
Welcome Ramona! There was a poll a few years ago and IIRC about 1/3rd (maybe 1/2) of the members here had little or no pension, they're relying largely on savings/personal portfolios and typically a lesser Soc Sec benefit too just like you - referred to as FIRE.
The other 2/3rds (or 1/2) had significant or better pensions, sometimes referred to as SIRE (secure income retired early IIRC). The FIRE vs SIRE terms are just to make the distinction where it may influence responses, and many here aren't aware of it referring to everyone as FIRE. Sorry, probably TMI.
I'd encourage you to enter your info into FIRECalc: A different kind of retirement calculator to start. You can enter an income and have it tell you what your success rate would have been from 1871 thru 2011 (IIRC) or you can have it tell you what spending you could have safely spent for a desired success rate (defaults to 95%). After FIRECALC results, from there you can assess your outlook for future returns (same as past history or not?) and build in a safety factor that suits you if needed.

You've got plenty of time to finalize your plans, and I think you'll find the group here can be very helpful when given reasonable well defined questions.

No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
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Old 05-29-2012, 09:06 PM   #3
Confused about dryer sheets
Join Date: Apr 2012
Location: Toronto
Posts: 3
Thanks, I'll check out the calculator.
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Old 05-30-2012, 04:15 AM   #4
Thinks s/he gets paid by the post
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Join Date: Sep 2010
Location: midwestern city
Posts: 4,062
Welcome to the forum, Ramona.
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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