accountingsucks
Recycles dryer sheets
- Joined
- Jan 28, 2006
- Messages
- 346
Hello everyone
Personally I've never been a huge fan of work - at least not full time. Once 2:00 rolls around I want to go home. I'd be perfectly happy working 4-5 hours per day and having the afternoon free to do what I want. Having said that, my goal is to retire early, or at least semi-retire. 45 is the number I"m striving to and based on some of my calcs it seems feasible. If some of you have read Derek Foster's book, you know he raises a family of 3 on about 30K per year all from passive investments so I think I would be OK.
Here's my pertinent info
I just turned 31
Income from work is 55K AFTER tax + 10K in RRSP match for 60K total after taxes from work (I make 80K pre tax). I can expect at least inflationary increases
Additional 10K per annum tax free from a side gig I have
Home worth about 400K and it is mortgage free
Retirement savings to date : 40K
Annual expected expenses: $18K
I have a 5 year old car and would not replace for another 5 years (used cars would be purchased every 10 years)
So in summary I can save around 55K per year. Am I on crack in thinking that 45 is doable? Worst case scenario is that I would at least stop working full time and only work part time to cover my expenses and to let my nest egg grow. This is an option that is also appealing.
Personally I've never been a huge fan of work - at least not full time. Once 2:00 rolls around I want to go home. I'd be perfectly happy working 4-5 hours per day and having the afternoon free to do what I want. Having said that, my goal is to retire early, or at least semi-retire. 45 is the number I"m striving to and based on some of my calcs it seems feasible. If some of you have read Derek Foster's book, you know he raises a family of 3 on about 30K per year all from passive investments so I think I would be OK.
Here's my pertinent info
I just turned 31
Income from work is 55K AFTER tax + 10K in RRSP match for 60K total after taxes from work (I make 80K pre tax). I can expect at least inflationary increases
Additional 10K per annum tax free from a side gig I have
Home worth about 400K and it is mortgage free
Retirement savings to date : 40K
Annual expected expenses: $18K
I have a 5 year old car and would not replace for another 5 years (used cars would be purchased every 10 years)
So in summary I can save around 55K per year. Am I on crack in thinking that 45 is doable? Worst case scenario is that I would at least stop working full time and only work part time to cover my expenses and to let my nest egg grow. This is an option that is also appealing.