35M - FIRE or Barista Fire with DB Pension
Hello everyone,
I have a DB pension from my time in govt that will pay approximately $1,200 a month (indexed for inflation) at 65.
I was wondering how I should treat this DB pension as a part of my FI/Barista Fire plans?
I have about 325k in investments (mainly XEQT/VEQT) split up across my RRSP/TFSA/FHSA/Unregistered accounts. I save about 25k additional a year if I keep working my current corporate job.
I have a long-term partner (finances are separate) and we don't ever want children (guaranteed this won't change), we're happy to be renters in the major city we live in, and I want to escape the corporate rat race ASAP (my partner is happy to keep working).
I think I can live off of 40k (post-tax) comfortably a year (really even $30k if I cut vacations/eating out to a minimum). This of course is assuming shared expenses (mainly rent) with my partner.
I assume I'll likely receive a decent amount from CPP/OAS as I've worked most years since I turned 18. At least a decade of that so far at above CPP contribution maximums.
What should my barista fire number be (assuming I can make 20k a year in part-time income)? What should my full FIRE number (assuming my pension floor at 65)?
Barista fire I'm thinking 400k is my number. For full fire I'm assuming 800k. I'm fine with withdrawing above the 4% SWR given I'll at least have a guaranteed pension at 65. Or should I adjust the SWR?
Really could use some input from others in similar situations. I feel most threads I read about FIRE don't necessarily include DB pensions in their discussions.