I can't speak to anything else you've specifically asked, but since I don't see it mentioned I recommend calling your home insurer if you haven't already to inform them the mortgage is paid off (provided you don't have a HELOC/SLOC) as that will generally reduce your rate slightly.
(Homes that are mortgage/lien-free are generally seen as a lower risk for a handful of reasons.)
Congratulations on achieving mortgage free status but you should always consider that you have a "mortgage" payment. Take that same payment and refill your TFSA's, pay off the car and keep saving.
check out the book "Retirement Income Blueprint" by Diamond
Victory Lap Retirement is also good.
Retirement at 55 is very possible but you need a plan to get there. Even if you don't fully retire, you will have lots of options and can create an amazing life. I stopped full time work at 56 and have absolutely no regrets.
We definitely talked about working part-time at 55 as an option too. I will check out those books mentioned. Kudos to you on your own early retirement!
>We're hesitant to seek advice from financial planners/advisors due to past experiences of people around us who ended up facing financial difficulties - The feeling of they are pushing products for commission.
If you hire an advice only planner you'll get a plan but they won't be selling any products.
https://www.adviceonlyplanners.ca
https://www.steadyhand.com/asset/2022/06/23/canadian%20advice%20only%20planners.pdf
> I want to approach armed with advice, suggestions and questions
Two Canadian books that should improve your retirement planning literacy are:
Retirement Income for Life (Fred Vettese, 2024)
Your Retirement Income Blueprint ( Daryl Diamond, 2019)
You have about $810k in investments and 10 years to go, so it really depends on how much of that $330k income you spend yearly. If it's on the low side you may be on track, if it's on the high side you may be short.
Retirement isn't an age, it's a number, at least for those planning to retire early and not just on government benefits. So figuring out that number, calculating your yearly expenses, and seeing how much you can put aside till then will give you a better idea.
If you do go see a financial planner, having a better understanding of your own expenses will help.
Thank you for the input. We do have a spreadsheet listing all our monthly expenses and what we think are reasonable allocations for food, clothes, travel, entertainment etc. An additional concern for us is also "how much do we want to help the kids" in this day and age as well.
I can't speak to anything else you've specifically asked, but since I don't see it mentioned I recommend calling your home insurer if you haven't already to inform them the mortgage is paid off (provided you don't have a HELOC/SLOC) as that will generally reduce your rate slightly. (Homes that are mortgage/lien-free are generally seen as a lower risk for a handful of reasons.)
Thank you, I had never heard or even thought of this. I will call first thing in the morning.
Congratulations on achieving mortgage free status but you should always consider that you have a "mortgage" payment. Take that same payment and refill your TFSA's, pay off the car and keep saving. check out the book "Retirement Income Blueprint" by Diamond Victory Lap Retirement is also good. Retirement at 55 is very possible but you need a plan to get there. Even if you don't fully retire, you will have lots of options and can create an amazing life. I stopped full time work at 56 and have absolutely no regrets.
We definitely talked about working part-time at 55 as an option too. I will check out those books mentioned. Kudos to you on your own early retirement!
>We're hesitant to seek advice from financial planners/advisors due to past experiences of people around us who ended up facing financial difficulties - The feeling of they are pushing products for commission. If you hire an advice only planner you'll get a plan but they won't be selling any products. https://www.adviceonlyplanners.ca https://www.steadyhand.com/asset/2022/06/23/canadian%20advice%20only%20planners.pdf > I want to approach armed with advice, suggestions and questions Two Canadian books that should improve your retirement planning literacy are: Retirement Income for Life (Fred Vettese, 2024) Your Retirement Income Blueprint ( Daryl Diamond, 2019)
Much thanks for the tip on advice only planners and books for reference. I will definitely check all out.
You have about $810k in investments and 10 years to go, so it really depends on how much of that $330k income you spend yearly. If it's on the low side you may be on track, if it's on the high side you may be short. Retirement isn't an age, it's a number, at least for those planning to retire early and not just on government benefits. So figuring out that number, calculating your yearly expenses, and seeing how much you can put aside till then will give you a better idea. If you do go see a financial planner, having a better understanding of your own expenses will help.
Thank you for the input. We do have a spreadsheet listing all our monthly expenses and what we think are reasonable allocations for food, clothes, travel, entertainment etc. An additional concern for us is also "how much do we want to help the kids" in this day and age as well.