Quote:
Originally Posted by Trochu
If the house is paid off, that would be a comfortable retirement. Lets say one retires at 65, average life expectancy in Canada is 82, $1.7M/17 = $100k per year. The problem is if you beat the average, live to 100 or something, $1.7M/35 = $48.5K. And the longer one lives, I'd assume the more expensive it becomes. All boils down to how long your retirement actually is, which is kinda tough to calculate.
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I would think though that your 1.7mil is invested and you are making and living on the interest/dividends etc and hopefully not touching the principle, no? If you have pension as well you may not be living large, but I imagine you are living comfortably assuming you have realistic expectations.
Big difference between the guy who wants to travel the world still and buy a new Benz every 2 years versus the guy who just wants to putter away at hobbies and go fishing and hunting regularly in his truck he will probably have until the day he dies if you know what I mean...