r/FIRECanada

63, eligible for 50% OAS + 50% CPP - $1.7MM CAD in RRSP's and TFSA - no company pension. Just got made redundant.

How worried do I need to be about retirement?

I figure 1.7MM @ 3% draw means it won't run out if put 80/20 into equities / bonds.

Should give me all in ~$60K per year to live on which will inflation correct automatically over the next 25 years.

Seems light - also seems precarious. A decent ('87 or '07) style crash would leave me eating dog food.

Thoughts? How worried do i need to be?

Been dating my girlfriend for about 6 months. She recently heard about FIRE (financial independence, retire early) and got excited, but her version is that I should hit FIRE and she should be the one who retires first, especially if we have kids someday. Which suggests that I should start saving for her in tandem with myself.

Some context:

• She doesn't save much right now.
• She'd rather not be frugal and wants to live in the moment.
• I've been saving 35-80% in my 20's working FT/School FT and investing aggressively for years and would be the one making the sacrifices on small enjoyments, shopping, and some experiences.
• I'm already at 35% savings rate, to double this to 70%, and pay for housing, dating, cars, and travel would be next to impossible.
• I'm $500-650K CAD in XEQT at 30M, spend about $32K a year before housing and car payment.

I'm not against one of us staying home with kids eventually, but I'd want that to be a decision we make together, not an assumption. To me FIRE only works if both people are on board with the saving and trade-offs. If one person wants to enjoy the money now and then reap the benefits of time off later, it doesn't sit well with me.

For couples who've done this, how did you split the saving and spending? Is "you save, I retire" dynamic and those who retired first, was there any friction?

46M here .. 2 kids 8 and 10, wife now home maker. We have following savings and we dont have any pension other than CPP and OAS.

RRSP : 215k
TFSA : 110k
Cash : 50k
Bitcoin / Crypto : 100k
Corporation retained earnings : 400k

I am looking for opinion if i can coastFire or FIRE now ? I work as an independent contractor but lately feeling completely burned out ... and with recent back to office policy have 0 motivation to commute 3 hours back n forth from where i live.

Fortunately enough we were able to buy house at right time 10 years ago and have very little mortgage of around 150k so monthly payment is only around $1000.

My monthly expenses are on higher side around 10k that includes mortgage, kids RESP contribution, vacation budget and emergency funds of around $500 a month for house repairs etc. I have a side hustle that brings around 1800 a month. Plus bsmt rental brings another $1200 so total $3000 a month i am getting as income. My Q is can i coast fire / early retire with my savings ?

My goal is to focus on my side hustle for next 2-3 years full time without any stress , travel for whole winter season and spend max time with family . The only concern i have is if i quit now it will be really hard to find similar consulting arrangements.

Worst case scenario in case my business fails i am
open to idea of getting some low stress job that pays around 5-6k a month. so looking for a strategy / allocation of money correctly in high growth, monthly income and may be some emergency allocation as well that could cover expenses for next 2-3 years with maximum cash preservation and if i end up doing 9-5 again, will the savings be enough to grow automatically until reaching retirement age. Thanks

How can i incorporate my rental income / cashflow to get my coast number? Can i afford to coast? My plan is to take 1yr off work and live in Philippines which will only cost me 20k cad all year. Thats already luxury in there 😂.

I just found out about coast fire, i wanna know when i can coast. All the calculator in google doesnt add rental income or cashflow. How do i add this?

37F, single, 160k income.

Stocks/etf
Tfsa maxed - 190k
Rrsp - 70k
Personal - 10k

Rental / primary - 1.3m

Debt (mortgages) - 980k

I wanna Retire at 50yrs old, 40k annual expenses, 4% withhdrawal.