My Long Term Goals: Boomer’s Retirement Plan

Goals in the far future can generally be classified more as dreams.  Like most people I wish to have a long, healthy and productive life with enough income to sustain my lifestyle in retirement.

My parents are well into their 80’s and still live in their own house rather than in one of those senior care facilities.  They have slowed down somewhat but still enjoy many activities.

My Long Term Goals and Retirement Plan

I feel that I should have at least 30+ years ahead of me to enjoy my leisure time.  Being mortgage and debt free, I believe that I can live decently on $3000 to $4000 a month.  My proposed income, subject to future revision if necessary, will be as follows:

1.  Until I’m 65 I will start making withdrawals from my RRSP.  I will take the bonds and mutual funds first as they are not really income producing.  As long as the market doesn’t take a sudden downturn I will take my profits.  Then I’ll take the paid dividends and finally I’ll liquidate the stocks.  As I probably won’t have any other income at this time, withdrawing the RRSP will reduce income taxes.

2.  At the standard retirement age of 65 I should be eligible for OAS and GIS and provincial allowance and I’ll receive funds from a small defined contribution plan.

3.  I plan to wait until I’m 70 to apply for CPP in order to receive a larger payment.

4.  I will still have my TFSA and non-registered portfolio. I can rely on my dividends, or do a systematic withdrawal depending on how much money I need and what the balances of the accounts are.

This is the tentative retirement plan subject of course to all the unknown variables of inflation, rate of return, cost of living, health, leisure activities and longevity.  In the worst case scenario, if I run out of money, I can always appear on my son’s doorstep with suitcases in hand and cats under my arms 🙂

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  1. JR on September 28, 2010 at 6:06 am

    “At 65 I should be eligible for OAS and GIS and provincial allowance and I’ll receive funds from a small company pension plan….”

    What? If you’re going to be collecting GIS at age 65, that will mean you’ll have little or no income — that’s just silly. Why track things like this if you plan to be broke.

  2. Boomer on September 28, 2010 at 6:07 pm

    Of course, you’re right JR. Current maximum income for GIS is $15792 and I certainly hope to have a greater income than that. I guess I should not have stated that I “should” be eligible. But I like be aware of all my options. You never know….

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