Comments on: Book Review: You Can’t Eat Your Furniture

By: Canadian Capitalist

Canadian Capitalist — Wed, 16 Dec 2009 15:16:57 +0000

@Phil: I haven’t seen that article yet. I’m not surprised at its conclusions though. Malcolm Hamilton, the actuary who is often quoted in the financial press found that a modest nest egg would suffice to retire at the traditional age:

http://www.canadiancapitalist.com/research-on-financial-circumstances-of-retirees/

I also found one more post on this topic in the archives:

http://www.canadiancapitalist.com/are-canadians-saving-enough-for-retirement-part-2/

By: Doctor Stock

Doctor Stock — Wed, 16 Dec 2009 05:09:44 +0000

LOL Big Cajun Man… Have you tried to eat your furniture?

By: as

as — Wed, 16 Dec 2009 04:25:15 +0000

Phil S: “[...] if you want to avoid eating cat food in your golden years.”

Heck, cat food is very #$%@ expensive…

By: Finance Matters

Finance Matters — Wed, 16 Dec 2009 02:05:57 +0000

I read the Moneysence article as well, gives people a good idea of what to expect. I use a similar approach with clients, except I use the silver, gold and platinum models

By: Phil S

Phil S — Wed, 16 Dec 2009 00:49:34 +0000

Hey CC. The latest issue of MoneySense magazine has a great article about how much money you need for retirement. This is the first article I’ve read that isn’t the “industry” doing their usual fear-mongering about telling everybody that you have to put away $1 million if you want to avoid eating cat food in your golden years…

They start off by analyzing what happens if you work all your life and retire with nothing, then what does OAS, CPP & GIS do for you? They report that it is sufficient to cover your basic expenses (about $25K) but you definitely won’t be living large. And then they also figure that if you want to live a middle class lifestyle in retirement, it would probably require between $250K to $750K in savings (at today’s cost of living). Only if you want to live in the lap of luxury would you need at least $1.5 mil.

There’s a lot of other stuff in the article concerning how they calculated their costs and such and the ins and outs of pension plans. A very comprehensive and interesting article.

By: Big Cajun Man

Big Cajun Man — Tue, 15 Dec 2009 13:27:02 +0000

You may not be able to eat your furniture, but you can burn it!!!

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