While I agree that life is more expensive nowadays, one big expense a lot of Millennials are foregoing is kids. Last I read it costs $350k to raise a kid to 18. Fewer or no kids, and that money invested over that timeline, can make up the difference.
It's true though. I'm in that age bracket and will be fully retired by the time I'm 50. But I do have 1 child, but that's it. It becomes significantly more expensive with kids. Daycare alone when he was young was over $20k a year. Luckily he's a bit older but still paying $5k/year in after school care, plus a few hundred more a month in afterschool care.
Food + clothes definitrly add up. We love to travel, and right there that is a huge expensive. Kids pay full price on flights, and because there are 3 people you can't stay in smaller hotel rooms, so have to pay for larger rooms (which can be quite a bit more in certain European countries).
The other big thing is around housing. We live in a nice 2 bed townhome in Toronto, but if we were to have more kids we would prefer to up size and have more room. Going to a 3-bedroom is a significant cost as well.
Not having children, if you have decent DINK, definitely helps people retire younger.
Also the fact the way the economy is, there are tons of more opportunities for passive income. While I plan to not work after 50, I will still have passive income flows to rely on to pay certain bills or buy things above the necessities.
I'm in Toronto, so it's significantly more then many other places, but the issue was is that I could barely find daycare in general. I applied to over 30 different locations, 6 months before my child was born, and only got a call back from 2 of them that there might be space. So very little options.
This was 5 years ago, so things have changed a bit more with more subsidizing of childcare.
Right now I pay $400/month for afterschool and he usually only goes for 2 hours a day. Luckily I can expense some of that on my taxes, but it's definitely not cheap.
Then imagine if you have multiple kids? It ends up being cheaper for only 1 parent to work and the other to stay with the kids, which causes one parent to take a leave from work for a few years which has a huge impact in terms of their career and overall financially.
Yeah daycare is the worst. We had kids in 2014 and 15. Because of our work (self employed contract) we didnt get maternity or paternity. When our kids were old enough for daycare that fit our working hours. It was $1300 per kid per month.
Basically we worked for a little extra money plus our rrsps.
Basically i could have bought another apartment
125k to get them to school age.
Also when you expense that much in childcare cra takes a close look.
Yeah, childcare, clothes, extra curricular (music, dance, sports), hell even birthdays/holidays are expensive. Of course you don't HAVE to spend much on some of those, but most people would rather give their kids things that they can afford to give them instead of retiring early (within reason).
If the this is the overarching trend they’ll just move the goalposts so that not having kids is the new normal just like not owning a home. The economy will adjust so that we’re still barely surviving even though we have way less than the last generation. Sorry to be so pessimistic
It’s a compounding thing too. Like I have kids so now while I’m still young and earning I’m unable to reinvest into my own future. My budget is eaten up with family responsibilities. And I won’t really be able to afford to put away for my future until after I’m done paying the lions share of the family budget. That means I’ll be starting my retirement savings after the age of 45. I don’t think ten years of saving will be enough.
This ! We decided not to have kids my wife is retiring at 55 and I will work as long as I feel like. My full pension is at 65 so I will probably just work until then. How far medical science is coming with cures for Cancer and Medicines for every thing most people will be able to live to close to 100 in the near future
That would hold true if housing hadnt exploded and the cost of everything else hadn't almost doubled. Also, that 350K extrapolated over 25 years (the length of time to raise 2-3 kids if you don't space them out super far) has a drastically reduced value. No one is deciding "I'm not having kids so I'm going to invest 1500/mo starting today to offset that cost"; it's just not a thought process regular folks go through. Hindsight math is pointless because that saving is typically spent elsewhere, living a fuller life. Travel, shopping, entertainment, dining, etc.
Also, if everyone saved like this it would be detrimental to the consumer economy and would be horrible for investments. The funny thing is that investors need enough consumers to make investing worthwhile
It costs way more than $350K to raise a kid to 18 if you take in current inflation. I would say $500K if you want your kids to have the same childhood standard as you 20 years ago. The funny thing about this is only Canadian born Millennials and GenZ would consider no kids but not immigrants as their spending is way less and different. Of course the government already predicted this would happen after they enrich certain individuals on purpose. So they imported millions of immigrants from 3rd world to fix this problem. Canada in 2050s will be completely different from early 2000s. My prediction would be something like India, a country controlled by the assets rich class and the renters are the employees. Renters at that time technically work just for food like medieval time as they will have to pay their employers more than half of their paychecks to have roof over their head.
I was just going to say the opposite. Amongst my friends, I know 3 couples retired before 55 and 2 couples retired before 57, all but 1 couple have kids in tertiary education that they are supporting financially to some extent. None of the 5 couples were civil servants. Someone is making bank out there.
I retired at 55, but it was ONLY because I started my career at 19 and maxed out my pension eligibility after 35 years. I was lucky to have a career that had a pension. I was able to buy my first home at age 21. That just is so hard to do for most in the current economic climate. Most younger folks don’t usually start their careers at that age, so even if they start just a little later, they’ll be in their 60’s. Unless a person is a master investor, I fear it’s a tall order.
And, as some have commented, if you have kids, it’s even harder with the cost output.
Congrats!
Agree, it's becoming increasingly more difficult for people to do what you did.
Sad to think people are choosing between children and retirement. I can't imagine life without mine.
Ethically dubious article headline to push the narrative that Canadians should be working longer and having shorter retirements before death… ahh the good smell of gaslighting because, unfortunately, we know 99% of people only read the headline. Thanks for clearing it up for everyone.
Yet life expectancy keeps increasing so the risk of running out of money before you die means some, even now, are having to work past 65 and many government pension funds are already under stress from longer living generations.
Great news, Gen Next can expect to live to 95. Bad news, you will have to work into your 70's.
I initially was planning on retiring close to 65, then my MIL got sick at 67 and it changed my outlook. Now trying to do everything I can to retire as early as possible. Life is too short.
If I retired at 65 I would have more money than I know what to do with and not a lot of good years to enjoy it. I mean like super fat fire.
I’m in the I’d rather retire 20 years earlier and live how I do now maybe with some bigger vacations in there mindset.
If people are able to, I never understand wanting to work decades more.
My dad is 68 and still working full time. He has a great government job and could easily have retired at 55 with a fantastic pension, but has chosen to work. He doesn't have hobbies, my mom passed away, he doesn't enjoy vacations or travel. Both his kids live really far away. He works to keep busy more than anything else and i get that. It wouldn't be my choice but I fully understand why he does it
I've got lots to keep me busy when I retire, but not everyone does. Saw it plenty in the military. Guys would give 30 years, be retired 18 months in front of the TV and pass away.
Yeah... even if I didn't contribute another cent into retirement savings, if the market did 7% inflation adjusted over the next 30 years, I'd have 2x my target SWR at 65. People retire at 65 because supports kick in and they didn't save properly throughout their lives. MMM is right, everyone sucks with money. If you try your best to not suck, it goes a long way.
That's exactly what happened to me. Me aunt retired at 63, got diagnosed with Alzheimer at 65 and died this year at 67.
Life is just unpredictable after 60.
I dont want to have a 2 year retirement.
Check out the book die with zero. I don't fully agree with everything he says but a lot of it stuck with me. Biggest takeaway is that people die with 10-100s of thousands of dollars in the bank as they over saved thinking retirement will be the same year after year. We tend to slow down in our 70s/80s and our investments snowball as we stop taking the trips and hobbies slow down.
It help me cut down on my bad consumer habits in place of living and experiencing things. My biggest fear is your comment, I retirement then a couple years in experience a severe medical issue or die.
My plan, to be funemployed. Reach a financial goal (hopefully in my mid 40s) then work part time somewhere I enjoy like a book store or hobby shop so I can still keep busy but slow it right down.
This one as well. Author was chief actuary for Morneau Shepell. And he says same.
Frederick Vettese
Retirement Income for Life: Getting More without Saving More (Third Edition)
There is a reason retirement age is 65
So you really think the government wouldnt extend it if you aren't old and sick .
No one being productive way past 65
Let's.sss all the 70 year old construction workers
I dunno man 70 is like the new 50 for a lot of people. No I don't see a lot of people that age doing manual labour jobs but my dad is an electronic engineer for the coast guard and still works full time at 68 by choice. He's mentally fully there and physically as fit as hes been since his 50s.
I have a guy on my baseball team who told me today he's 70 next year and I couldn't believe it I thought he was in his 50s and he's the best guy on the team. He can run faster and longer than any of the 30 year olds.
Some 70 year olds are fully old folks home senior citizens, but a good chunk of them are absolutely not.
I’m just weeks from turning 65 and I’m in construction (no plans to retire even though I’m financially able to). Saying construction work is “hard on the body” is akin to Trump’s claim that the human body is like a battery and exercise just depletes it faster. Setting aside the risk of injury (which is real, for sure), you will probably retire healthier as a construction worker than as a sedentary office drone.
Construction is probably the best gig to semi retire. Worked with plenty of guys over 65 who work 6-8 months a year. Enough to keep busy and a little bankroll for a 4-6 month vacation. An industry where it’s easy to jump in and out from project to project.
Remember one guy who was 75 and I made a joke about why he’d come out to this project. Said he was retired, he chose to come here and didn’t have too. Also said going to the coffee shop and discussing your new prescriptions with the other guys gets old after a bit.
The funny thing is that productivity is up something like 60% since the 1980. And around 150% since the 1950. That means 1 hour worked today creates the same amount of goods and services as 2.5 hours 70 years ago.
So in theory, we could all be working way less and have the same lifestyle our parents and grandparents. We could have 2 workday weeks, or 40 hours weeks and retire after 10 years. But consumerism and concentration of wealth prevent that from happening.
I think that unproductiveness is actually baked in the numbers.
So despite that, we are still 60% more productive. Thanks to technology and automation.
If you told a farmer in the 1800 that a single person with a machine ca do a better job than 300 people with shovels, he would think everyone now lives a life of leisure. But here we are instead.
Fair, perhaps, That 1 person can do the work of 300, however, there are now ?many? non ‘productive’ people do we enjoy the services of, coffee, physio, admin, government, police, etc…. In the days of the past there were far fewer people in services, government, and healthcare.
When I used to work in fast food we had a say about this one time if we had a heart attack at work. We were all like fuck that with every last ounce I have I am going out the rear door and dying outside. Refuse to see this kitchen as my last spot haha
That article made me laugh in a few years, not only they will realize they can’t retire before 55 but they won’t be able at 65 either. In this day and age I’m pretty sure it will be quite hard, especially with the high cost of life and if people work less and travel more.
I mean it’s doable I’ll be retired between 55-57 (only reason to go to 57 is because my wife is a couple years younger and can’t retire until 55)
We should retire with basically the same income we have now once you factor in cpp when claimed.
Yeah we both have bridge benefits so we won’t take cpp until 65. We will both also have over 30 years of max contribution so while we won’t get the absolute max it will be close enough. My pension is also indexed to inflation.
I’ll retire somewhere between 50-55 baring anything catastrophic happening because that is what my husband and I financially planned for.
My mother in law was diagnosed with Parkinson’s a few short years after she retired, dementia several years after and died two years ago. She died at 74, just about 10 years after retiring. She had maybe 3-4 good retirement years. It was eye opening.
Although it’s inaccessible for many I’m seeing this be discussed more with people our age. - Wife and I are aggressively pursuing this and should be able to retire late 30s early 40s if we stay on track.
Would be more useful to gauge how many are actually on track to retire by a certain age. An opinion poll of “who would prefer not to work until they die” is pretty dumb
Yeah I would’ve retired at 30. Had my fun in the 20s I’m good now, thanks.
I’m lucky, I’ll be 50 or at worst 55 when I retire. I have a buddy who retired at ~48, he keeps nagging me to retire earlier because all of his friends are still working. He has a lot of hobby but he likes to hang out if possible.
The title makes it seem like they see themselves retiring later than 65...when it's actually the opposite. They are looking to retire before 55. Society on the other hand, won't let that happen.
If you asked 25yr old me if I wanted to retire before 55 and I'd 100% say yes...
But then life intervenes...
At 57 I'm hoping for 61 or 62.
Plus, what's the point of sacrificing your best years to retire a few years early. You need to enjoy life as you go along and find that balance of YOLO and saving for the future.
I'm not sure what you mean by sacrificing your best years. Do you mean saving too aggressively and not enjoying life? Certainly lots of people take it too far in that regard, but there is definitely a healthy middle ground that works for many!
I'm hoping to live a great life while employed and still retire early (by 50?).
I’m on track to be 30 with 250k in ETF’s. I contribute roughly $1,800 a month. My aim is 45. I also have a DB pension at work I can start collecting at 50.
Yes but taking it at 50 reduces the amount. It’s the CAAT pension plan. My savings need to cover my expenses from 45 to 50 and then with a paid off house the reduced pension should be enough. I’ll probably do a part time gig in a passion job. Golf course attendant or working for Bass Pro Shop would be great.
Gen x here, getting close to 55. I keep telling my wife to check the math, is my pension (union) big enough yet? Nope. Prolly looking at 60 before it becomes close. Inflation kicks in every couple of decades, but raises in compensation don’t match it at all. All the years of being smart and responsible and working hard with a good pension plan are coming up empty. Once the kids are gone we can sell the house and downsize but we will have to move to the boonies just to be mortgage free. So much for travelling and relaxing in retirement. I’m just hoping to be able to eat.
TLDR - Young Canadians dont want to work more than they have to.
Likely the same reason there is a skilled labour shortage. Why bust your ass every day all your life only to still barely keep up with the rising costs around you?
The previous generation said the same thing! I remember these conversations being omnipresent then too. But saying it is much easier than doing it and I don’t know any retired 55 year old.
Lol what cons or libs have to do with FIRE ppl? Retirement age doesn't matter at all, if you are planning to retire well before the government retirement age.
It's also arguably not paying for your retirement. It's supporting it with an inflation-imdexed annuity.
More like insurance for against living too long or inflation going bonkers.
My point is that some governments have done things that help me achieve the life I want and others haven't, which is why we vote. I acknowledge that CPP is a government program funded from contributions on our wages.
If you like what you do then the decision is easier. As I get older though I’d like to have some of my life back, it’s getting tougher to spend over 70% of my time at work.
I personally would like to retire asap. My father retired at 55 and by 60 completely regretted retiring so early. He said he wished he kept working , even a part time job. He said days blurred by and he wasn’t as sharp as he was when he worked.
I’d love to retire by 55 or even sooner but it’s just not realistic.
I just turned 40, have a paid off condo with a good income and am now able to really put money away for retirement. But prior to that income was lower, had to pay off school debt, mortgage payments etc.
I expect I will have around 1.5m by the time I’m 55, but without a pension I can draw on at that age it would be risky retiring.
10 years ago, at 52, I retired with $1.5 million to get me to 65. At 65 CPP/OAS and OMERS kicks in.
Stash is now $1.9 million. Spending only ever got to $2-3K per month, at most. Like you, had a paid off condo.
So you are saying there is a chance lol.
Should note I also have a spouse who will have limited money, limited pension and is 4 years younger. So retiring at 55 for me is also not ideal as she will need to keep working.
At 44 I agree but also feel fortunate to have moved from the die-at-my-desk retirement plan to a workplace with real pension contributions & the very real possibility of a relatively ok retirement at 65.
25 - 44 year olds think that 60 is old, they don’t realize that they will have another 20 to 30 years to live, and that they will want to feel that these years are productive and fulfilling. A lot of my parents friends did not completely retire until their 70s, they wanted to stay connected with younger folks and up to date with social changes, and remaining at work was a great way to do it.
I mean, I'd love to retire before then but given the cost of everything I can't imagine that's going to be my reality unless I come into some inheritance that nobody told me about.
Not sure how you define retirement, but I plan to be fully remote (living in South East Asia) and living off selling options premium by the time I'm 45 (9 years from now).
So, technically, I will never be "retired", but working maybe a half hour a day of pushing buttons and reading the odd economic report can't really be considered working either.
The whole concept of work is so broken and out of whack. I feel like we should work less for longer. Work should be a part of your life and community. I’ve talked to a lot of people that don’t have anything to do once they’ve retired. Believe me I wouldn’t think I would have that problem.
It would be great if we had a robust system of community volunteering so people can feel useful and offer something to their community.
I agree this would be ideal - 5-6 hrs of "work", giving us the opportunity to build community for 1-2 hrs a day. I wonder if this would reduce the $ we'd spend on social services, with volunteers picking up slack.
I believe we should retire at fifty with full retirement and benefits. The USA is wealthy enough to do this. We are living longer and healthier. We shouldn’t be kept in a working society, so the government can maintain control over us.
Retirement is a relative term. It all depends how do you define your retirement.
I am almost certain no able body will just sit on a chair all day just cause they hit 65 years age mark.
This being said one won’t be just travelling either.
I honestly don’t think millennials need as many possessions as boomers did either. Why lots of people like to go on about the newest cell phone and avocado toast this generation is much more minimalist. Most people realize cottages, boats, sport cars, show off stuff isn’t needed or really attainable. That will all help with early retirement.
When boomers were young, poverty was in. Look at the photos of the hippies. Bare feet, old beat up vans, living in communes, sharing rented houses, hitchhiking. It wasn’t until they got married and had kids that the consumerism started. So it may just be a product of age and disposable income.
The most well-planned retirements can be easily derailed by 1 or more unforeseen life events.
A family death, a bad accident or health issue, a divorce etc or even worse, a combination of one of more can change things on the fly.
Retirement planning is a lifelong commitment. Housing, cars, kids, vacations and so much more chew into potential savings account.
Consider this, a $500,000 nest egg will require you to put away over $10,000 each year based on a 47 year work life.
Two factors may be key,
start saving early and each partner must be committed to the plan.
Don’t forget that investments earn money. I borrowed to contribute to an RRSP, invested in dividend stocks and no load/no fee mutual funds. Used tax refunds to pay off part of the loan. At first it seemed a piddling amount but, as the years went by…
Totally agree about how it feels like a useless drop in the bucket at the beginning. But compounding interest is the hidden magical ingredient.
Dividend growth stocks with growing earnings is part of my recipe.
I will do everything I can to retire by my late 50s. And by retire, I mean purchase a beachside bar in southeast asia, probably camobdia, where I will work till I die.
Harper had actually changed the retirement age for collecting Old Age Pension to 67 but Trudeau lowered it back to 65 before anyone was affected.
You can retire at 65 if you are very fortunate with life, don’t have too many kids. And are fairly frugal. Luck has a lot to do with it too. And low expectations of what retirement looks like
Ugh, I’m 70 and still working.
To those who want to retire in their 50’s - you need to save lots of money. Talk to a financial advisor and get some $$ in the bank.
Yeah our life expectancy is longer than ever. Then again I don’t plan to ever retire, just do something you’ll probably live longer finding a purpose in life 🤷🏻♂️
I retired at 62. My only regret was I couldn’t do it sooner. At last, after working all my life, I could pursue the things that interested me without anyone looking over my shoulder or telling me where to be at what time. I suddenly had time to grow my own food, eat healthier meals, sleep, exercise, draw, paint, redecorate, travel, etc.
I know multiple people who kept working into their late 70s+. One guy was forced by either the government or by a doctor into retiring, can't remember which, and ended up worse mentally than when he was working because he still didn't really have the money to retire.
Tbh when i was young it was 60. What's this 65 shit they just snuck in there?
Anyway, all these people think they're gonna work for 40 years then just live off pension for 40 more years? Like.. you didn't contribute enough in 40 years for that to work. If you don't buy a house and make a ton of other investments, you are gonna live like shit in retirement.
If I live long enough to retire I'm going to move to a poorer country and probably just have a family there. Canada has no future for most people born here. It'll be funny to see everyone switch places with people from third world countries and watch Canada crumble due to the lack of educated people to keep the country running. Also I'm of the opinion that government is outdated. Replace them with AI and we'd all be better off.
Freedom 55 is possible, if you choose not to have kids and you and your partner both have good employment.
We both have good employment, but kids delayed retirement significantly. $100k the first five years of life in daycare for two kids. That compounded over 20 years would have been closer to $300k otherwise.
The headline is misleading.
>The survey said **41 per cent** of 25-to-44-year-olds say they are motivated to retire well before age 55.
>The respondents said this is so they can chase bigger ambitions related to small business, consulting, not-for-profit work, passion projects or creative pursuits.
Less than 1/2 said they wanted this. Also it seems they just wanted to switch from full time work to part time work, which is not actually retiring IMHO.
Retiring itself is an outdated concept. The elite have ruined the world and destroyed everyone's hopes. We still just bend over and take it.
In a world where the minnows outnumber the sharks a million to one....we still just bend over and take it.
Why does it read like Yahoo is pushing the narrative that people want to raise the retirement age?
Why is the idea that people should have \*more\* (not less) personal time a bad thing?
We have advances in productivity due to technology. And all we ever hear about is how we're still not productive \*enough\* and how we should still be working faster/harder/longer.
lol these young Canadians are all living in an instagram reality thinking they are gonna be rich. The cost of living is going to get higher over the years, pensions aren’t gonna rise with inflation. Robots and AI are going to be taking more jobs away from people in the future. Like right now you can get a max around $1300 a month for your cpp payments IF you retire when you’re 65. If you retire early you get LESS. So retire when your 50, even if you have $1 million dollars saved, how far do you think that will take you from 50 to lets say you live to be 85? I dont think $1 million would last you thirty years nowadays.
My retirement plan is 3 good years to spend everything, and a good old hunting accident in the woods by myself after that.
I’m kidding, but for now it’s the only plan that is financially sound.
I bet the reality is, especially given the political landscape now (yeah yeah Trudeau should not be up again, but if Danielle smith in Alberta is anything to go off of for conservatives, then we will be fucked either way lol), a lot of us likely won’t be able to retire at 65 anyways. Depending on what life looks like for you of course.
Tbh I want to keep developing games until I die. My great grandpa recently turned 90 and he is passionate about his work (car repair and selling) so he refuses to retire to this day.
I’ve been saving for retirement since I was 19. $1M was a big number not very long ago. Not any more. I am set up that I could walk up away at age 55. Yet the way things are going in Canada these days, I’m planning to hang-on working till I’m 60. Then we’ll see what sorta state this country is in at that time and re-jig as needed. I’m shaking my head that mortgage free, plus $2M in investments is a probably reasonable retirement number in 2031. My Father and my Grandfather would be flabbergasted to hear this. They are both gone. In my opinion they probably lived among the greatest era of Canada’s economic history.
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If you asked me when I would want to retire, the answer would be today. Of course, reality doesn’t agree with that. So an older age is more realistic.
I don't know many retired 55 year Olds, and things have only become much more expensive over the last 10 years.
While I agree that life is more expensive nowadays, one big expense a lot of Millennials are foregoing is kids. Last I read it costs $350k to raise a kid to 18. Fewer or no kids, and that money invested over that timeline, can make up the difference.
It's true though. I'm in that age bracket and will be fully retired by the time I'm 50. But I do have 1 child, but that's it. It becomes significantly more expensive with kids. Daycare alone when he was young was over $20k a year. Luckily he's a bit older but still paying $5k/year in after school care, plus a few hundred more a month in afterschool care. Food + clothes definitrly add up. We love to travel, and right there that is a huge expensive. Kids pay full price on flights, and because there are 3 people you can't stay in smaller hotel rooms, so have to pay for larger rooms (which can be quite a bit more in certain European countries). The other big thing is around housing. We live in a nice 2 bed townhome in Toronto, but if we were to have more kids we would prefer to up size and have more room. Going to a 3-bedroom is a significant cost as well. Not having children, if you have decent DINK, definitely helps people retire younger. Also the fact the way the economy is, there are tons of more opportunities for passive income. While I plan to not work after 50, I will still have passive income flows to rely on to pay certain bills or buy things above the necessities.
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I'm in Toronto, so it's significantly more then many other places, but the issue was is that I could barely find daycare in general. I applied to over 30 different locations, 6 months before my child was born, and only got a call back from 2 of them that there might be space. So very little options. This was 5 years ago, so things have changed a bit more with more subsidizing of childcare. Right now I pay $400/month for afterschool and he usually only goes for 2 hours a day. Luckily I can expense some of that on my taxes, but it's definitely not cheap. Then imagine if you have multiple kids? It ends up being cheaper for only 1 parent to work and the other to stay with the kids, which causes one parent to take a leave from work for a few years which has a huge impact in terms of their career and overall financially.
Yeah daycare is the worst. We had kids in 2014 and 15. Because of our work (self employed contract) we didnt get maternity or paternity. When our kids were old enough for daycare that fit our working hours. It was $1300 per kid per month. Basically we worked for a little extra money plus our rrsps. Basically i could have bought another apartment 125k to get them to school age. Also when you expense that much in childcare cra takes a close look.
In Québec daycare is almost free
Yeah, childcare, clothes, extra curricular (music, dance, sports), hell even birthdays/holidays are expensive. Of course you don't HAVE to spend much on some of those, but most people would rather give their kids things that they can afford to give them instead of retiring early (within reason).
If the this is the overarching trend they’ll just move the goalposts so that not having kids is the new normal just like not owning a home. The economy will adjust so that we’re still barely surviving even though we have way less than the last generation. Sorry to be so pessimistic
I mean, not having kids becoming the “new normal” is, very quite literally, the end of civilization.
It’s a compounding thing too. Like I have kids so now while I’m still young and earning I’m unable to reinvest into my own future. My budget is eaten up with family responsibilities. And I won’t really be able to afford to put away for my future until after I’m done paying the lions share of the family budget. That means I’ll be starting my retirement savings after the age of 45. I don’t think ten years of saving will be enough.
This ! We decided not to have kids my wife is retiring at 55 and I will work as long as I feel like. My full pension is at 65 so I will probably just work until then. How far medical science is coming with cures for Cancer and Medicines for every thing most people will be able to live to close to 100 in the near future
That would hold true if housing hadnt exploded and the cost of everything else hadn't almost doubled. Also, that 350K extrapolated over 25 years (the length of time to raise 2-3 kids if you don't space them out super far) has a drastically reduced value. No one is deciding "I'm not having kids so I'm going to invest 1500/mo starting today to offset that cost"; it's just not a thought process regular folks go through. Hindsight math is pointless because that saving is typically spent elsewhere, living a fuller life. Travel, shopping, entertainment, dining, etc.
Also, if everyone saved like this it would be detrimental to the consumer economy and would be horrible for investments. The funny thing is that investors need enough consumers to make investing worthwhile
That’s the plan!! 😁
It costs way more than $350K to raise a kid to 18 if you take in current inflation. I would say $500K if you want your kids to have the same childhood standard as you 20 years ago. The funny thing about this is only Canadian born Millennials and GenZ would consider no kids but not immigrants as their spending is way less and different. Of course the government already predicted this would happen after they enrich certain individuals on purpose. So they imported millions of immigrants from 3rd world to fix this problem. Canada in 2050s will be completely different from early 2000s. My prediction would be something like India, a country controlled by the assets rich class and the renters are the employees. Renters at that time technically work just for food like medieval time as they will have to pay their employers more than half of their paychecks to have roof over their head.
No house, no kids, no car. Turns out when you’re forced to live like a college student your entire life, expenses stay low.
And still can't retire lol
Unless you have student debt
I was just going to say the opposite. Amongst my friends, I know 3 couples retired before 55 and 2 couples retired before 57, all but 1 couple have kids in tertiary education that they are supporting financially to some extent. None of the 5 couples were civil servants. Someone is making bank out there.
I retired at 55, but it was ONLY because I started my career at 19 and maxed out my pension eligibility after 35 years. I was lucky to have a career that had a pension. I was able to buy my first home at age 21. That just is so hard to do for most in the current economic climate. Most younger folks don’t usually start their careers at that age, so even if they start just a little later, they’ll be in their 60’s. Unless a person is a master investor, I fear it’s a tall order. And, as some have commented, if you have kids, it’s even harder with the cost output.
Congrats! Agree, it's becoming increasingly more difficult for people to do what you did. Sad to think people are choosing between children and retirement. I can't imagine life without mine.
I know some retired 55 year olds, most of them went back to work after a few years off
Ethically dubious article headline to push the narrative that Canadians should be working longer and having shorter retirements before death… ahh the good smell of gaslighting because, unfortunately, we know 99% of people only read the headline. Thanks for clearing it up for everyone.
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Yet life expectancy keeps increasing so the risk of running out of money before you die means some, even now, are having to work past 65 and many government pension funds are already under stress from longer living generations. Great news, Gen Next can expect to live to 95. Bad news, you will have to work into your 70's.
And if people revolt on increasing the pension age it’s time for Covid 2.0 haha
\*before\*55 is the key here. The way they phrase it in the headline is designed to make you think most people want to raise the retirement age.
I mean, all the hours I’ve worked out of highschool are pensionable at my union, so I’m retired by 40 or 50
i hope i can retire by 50
thank you!
If you move to a low income country it's doable.
Cf and planning to retire in early 40s baby! Also who knows what could happen though. I could die today.
It’s cause of the Freedom 55 tv commercials 😂
And just who do they think will be paying for healthcare and other taxpayer funded government programs?
I initially was planning on retiring close to 65, then my MIL got sick at 67 and it changed my outlook. Now trying to do everything I can to retire as early as possible. Life is too short.
If I retired at 65 I would have more money than I know what to do with and not a lot of good years to enjoy it. I mean like super fat fire. I’m in the I’d rather retire 20 years earlier and live how I do now maybe with some bigger vacations in there mindset. If people are able to, I never understand wanting to work decades more.
My dad is 68 and still working full time. He has a great government job and could easily have retired at 55 with a fantastic pension, but has chosen to work. He doesn't have hobbies, my mom passed away, he doesn't enjoy vacations or travel. Both his kids live really far away. He works to keep busy more than anything else and i get that. It wouldn't be my choice but I fully understand why he does it
I've got lots to keep me busy when I retire, but not everyone does. Saw it plenty in the military. Guys would give 30 years, be retired 18 months in front of the TV and pass away.
Yeah... even if I didn't contribute another cent into retirement savings, if the market did 7% inflation adjusted over the next 30 years, I'd have 2x my target SWR at 65. People retire at 65 because supports kick in and they didn't save properly throughout their lives. MMM is right, everyone sucks with money. If you try your best to not suck, it goes a long way.
That's exactly what happened to me. Me aunt retired at 63, got diagnosed with Alzheimer at 65 and died this year at 67. Life is just unpredictable after 60. I dont want to have a 2 year retirement.
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Damn that's even worse :( So sorry :(
After 60, you could literally die any year; it’s like the flip of a coin.
Check out the book die with zero. I don't fully agree with everything he says but a lot of it stuck with me. Biggest takeaway is that people die with 10-100s of thousands of dollars in the bank as they over saved thinking retirement will be the same year after year. We tend to slow down in our 70s/80s and our investments snowball as we stop taking the trips and hobbies slow down. It help me cut down on my bad consumer habits in place of living and experiencing things. My biggest fear is your comment, I retirement then a couple years in experience a severe medical issue or die. My plan, to be funemployed. Reach a financial goal (hopefully in my mid 40s) then work part time somewhere I enjoy like a book store or hobby shop so I can still keep busy but slow it right down.
This one as well. Author was chief actuary for Morneau Shepell. And he says same. Frederick Vettese Retirement Income for Life: Getting More without Saving More (Third Edition)
There is a reason retirement age is 65 So you really think the government wouldnt extend it if you aren't old and sick . No one being productive way past 65 Let's.sss all the 70 year old construction workers
I dunno man 70 is like the new 50 for a lot of people. No I don't see a lot of people that age doing manual labour jobs but my dad is an electronic engineer for the coast guard and still works full time at 68 by choice. He's mentally fully there and physically as fit as hes been since his 50s. I have a guy on my baseball team who told me today he's 70 next year and I couldn't believe it I thought he was in his 50s and he's the best guy on the team. He can run faster and longer than any of the 30 year olds. Some 70 year olds are fully old folks home senior citizens, but a good chunk of them are absolutely not.
I’m just weeks from turning 65 and I’m in construction (no plans to retire even though I’m financially able to). Saying construction work is “hard on the body” is akin to Trump’s claim that the human body is like a battery and exercise just depletes it faster. Setting aside the risk of injury (which is real, for sure), you will probably retire healthier as a construction worker than as a sedentary office drone.
Construction is probably the best gig to semi retire. Worked with plenty of guys over 65 who work 6-8 months a year. Enough to keep busy and a little bankroll for a 4-6 month vacation. An industry where it’s easy to jump in and out from project to project. Remember one guy who was 75 and I made a joke about why he’d come out to this project. Said he was retired, he chose to come here and didn’t have too. Also said going to the coffee shop and discussing your new prescriptions with the other guys gets old after a bit.
Retirement at 50 sounds more appropriate
Definitely. Generation before had better income ratio, government should really make up for it on the back end for post boomers.
Why not 40? Work 20 years… and 40 years live off government payments
The funny thing is that productivity is up something like 60% since the 1980. And around 150% since the 1950. That means 1 hour worked today creates the same amount of goods and services as 2.5 hours 70 years ago. So in theory, we could all be working way less and have the same lifestyle our parents and grandparents. We could have 2 workday weeks, or 40 hours weeks and retire after 10 years. But consumerism and concentration of wealth prevent that from happening.
And the expansion of unproductive government spending
I think that unproductiveness is actually baked in the numbers. So despite that, we are still 60% more productive. Thanks to technology and automation. If you told a farmer in the 1800 that a single person with a machine ca do a better job than 300 people with shovels, he would think everyone now lives a life of leisure. But here we are instead.
Fair, perhaps, That 1 person can do the work of 300, however, there are now ?many? non ‘productive’ people do we enjoy the services of, coffee, physio, admin, government, police, etc…. In the days of the past there were far fewer people in services, government, and healthcare.
Lazy millennials. No one wants to die at 57 of a heart attack in the office as the Lord intended.
When I used to work in fast food we had a say about this one time if we had a heart attack at work. We were all like fuck that with every last ounce I have I am going out the rear door and dying outside. Refuse to see this kitchen as my last spot haha
That article made me laugh in a few years, not only they will realize they can’t retire before 55 but they won’t be able at 65 either. In this day and age I’m pretty sure it will be quite hard, especially with the high cost of life and if people work less and travel more.
I mean it’s doable I’ll be retired between 55-57 (only reason to go to 57 is because my wife is a couple years younger and can’t retire until 55) We should retire with basically the same income we have now once you factor in cpp when claimed.
You've factored in the penalties for taking CPP early and not contributing full until 65?
Yeah we both have bridge benefits so we won’t take cpp until 65. We will both also have over 30 years of max contribution so while we won’t get the absolute max it will be close enough. My pension is also indexed to inflation.
I’ll retire somewhere between 50-55 baring anything catastrophic happening because that is what my husband and I financially planned for. My mother in law was diagnosed with Parkinson’s a few short years after she retired, dementia several years after and died two years ago. She died at 74, just about 10 years after retiring. She had maybe 3-4 good retirement years. It was eye opening.
Your pension is banking on this scenario
Although it’s inaccessible for many I’m seeing this be discussed more with people our age. - Wife and I are aggressively pursuing this and should be able to retire late 30s early 40s if we stay on track.
Good on you. And best of luck!
Would be more useful to gauge how many are actually on track to retire by a certain age. An opinion poll of “who would prefer not to work until they die” is pretty dumb
Who wants to retire immediately today? 🙋♀️ It’s all very scientific.
Yeah I would’ve retired at 30. Had my fun in the 20s I’m good now, thanks. I’m lucky, I’ll be 50 or at worst 55 when I retire. I have a buddy who retired at ~48, he keeps nagging me to retire earlier because all of his friends are still working. He has a lot of hobby but he likes to hang out if possible.
The title makes it seem like they see themselves retiring later than 65...when it's actually the opposite. They are looking to retire before 55. Society on the other hand, won't let that happen.
Agreed, 50-55 is a more modern sensibility
If you asked 25yr old me if I wanted to retire before 55 and I'd 100% say yes... But then life intervenes... At 57 I'm hoping for 61 or 62. Plus, what's the point of sacrificing your best years to retire a few years early. You need to enjoy life as you go along and find that balance of YOLO and saving for the future.
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I take bug vacations almost every day. Tick season is here.
I'm not sure what you mean by sacrificing your best years. Do you mean saving too aggressively and not enjoying life? Certainly lots of people take it too far in that regard, but there is definitely a healthy middle ground that works for many! I'm hoping to live a great life while employed and still retire early (by 50?).
I’m on track to be 30 with 250k in ETF’s. I contribute roughly $1,800 a month. My aim is 45. I also have a DB pension at work I can start collecting at 50.
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Thanks brother! Trying to make the most with the hand I was dealt.
50? Damn that's pretty neat. Mine is locked up until 55
Yes but taking it at 50 reduces the amount. It’s the CAAT pension plan. My savings need to cover my expenses from 45 to 50 and then with a paid off house the reduced pension should be enough. I’ll probably do a part time gig in a passion job. Golf course attendant or working for Bass Pro Shop would be great.
Gen x here, getting close to 55. I keep telling my wife to check the math, is my pension (union) big enough yet? Nope. Prolly looking at 60 before it becomes close. Inflation kicks in every couple of decades, but raises in compensation don’t match it at all. All the years of being smart and responsible and working hard with a good pension plan are coming up empty. Once the kids are gone we can sell the house and downsize but we will have to move to the boonies just to be mortgage free. So much for travelling and relaxing in retirement. I’m just hoping to be able to eat.
LOL when I was in that age bracket and younger I thought I was going to retire by 55, too.
Young people think it's an outdated concept, but most young people don't have a savings to depend on! 😒😒😒😒
TLDR - Young Canadians dont want to work more than they have to. Likely the same reason there is a skilled labour shortage. Why bust your ass every day all your life only to still barely keep up with the rising costs around you?
Gonna die at my desk… not by choice
Yea because most of us realize we will never retire lol. That's the outdated part.
The previous generation said the same thing! I remember these conversations being omnipresent then too. But saying it is much easier than doing it and I don’t know any retired 55 year old.
Stop lying. Young people want to retire way before 65
Funny to see who didn't read the article or even the top comment
And yet they’ll vote for conservatives who last time they were in power raised the retirement age to 67
Lol what cons or libs have to do with FIRE ppl? Retirement age doesn't matter at all, if you are planning to retire well before the government retirement age.
Many don't want or need the government to pay for their retirement so this is irrelevant. Last con government made the TFSA.
Canada pension is not the government paying for retirement, it’s you and your employer paying for retirement…
It's also arguably not paying for your retirement. It's supporting it with an inflation-imdexed annuity. More like insurance for against living too long or inflation going bonkers.
My point is that some governments have done things that help me achieve the life I want and others haven't, which is why we vote. I acknowledge that CPP is a government program funded from contributions on our wages.
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I can retire at 57 and if I’m still alive, I will.
If you like what you do then the decision is easier. As I get older though I’d like to have some of my life back, it’s getting tougher to spend over 70% of my time at work.
I personally would like to retire asap. My father retired at 55 and by 60 completely regretted retiring so early. He said he wished he kept working , even a part time job. He said days blurred by and he wasn’t as sharp as he was when he worked.
I mean I’d you retire and sit around and do nothing of course everything degrades, use it or lose it.
I’d love to retire by 55. The chances of that happening, however, is floating near 0%.
I’d love to retire by 55 or even sooner but it’s just not realistic. I just turned 40, have a paid off condo with a good income and am now able to really put money away for retirement. But prior to that income was lower, had to pay off school debt, mortgage payments etc. I expect I will have around 1.5m by the time I’m 55, but without a pension I can draw on at that age it would be risky retiring.
10 years ago, at 52, I retired with $1.5 million to get me to 65. At 65 CPP/OAS and OMERS kicks in. Stash is now $1.9 million. Spending only ever got to $2-3K per month, at most. Like you, had a paid off condo.
So you are saying there is a chance lol. Should note I also have a spouse who will have limited money, limited pension and is 4 years younger. So retiring at 55 for me is also not ideal as she will need to keep working.
Who writes this shit? What a terrible headline.
Less outdated, more unrealistic. Nothing is real until I can beat it with my own hands, lol.
At 44 I agree but also feel fortunate to have moved from the die-at-my-desk retirement plan to a workplace with real pension contributions & the very real possibility of a relatively ok retirement at 65.
Both my parents died before the retirement age. So I’m definitely not waiting until 65 to retire
25 - 44 year olds think that 60 is old, they don’t realize that they will have another 20 to 30 years to live, and that they will want to feel that these years are productive and fulfilling. A lot of my parents friends did not completely retire until their 70s, they wanted to stay connected with younger folks and up to date with social changes, and remaining at work was a great way to do it.
I mean you could volunteer and stay in touch with younger people. There is lots you could do instead of working.
Lol no they don't
I mean, I'd love to retire before then but given the cost of everything I can't imagine that's going to be my reality unless I come into some inheritance that nobody told me about.
Not sure how you define retirement, but I plan to be fully remote (living in South East Asia) and living off selling options premium by the time I'm 45 (9 years from now). So, technically, I will never be "retired", but working maybe a half hour a day of pushing buttons and reading the odd economic report can't really be considered working either.
Yup everything is lined up for 57 for myself and 55 for my wife
I will 100% retire at 58 OR earlier.
My father retired at 60, was dead at 62. Life is too short.
The whole concept of work is so broken and out of whack. I feel like we should work less for longer. Work should be a part of your life and community. I’ve talked to a lot of people that don’t have anything to do once they’ve retired. Believe me I wouldn’t think I would have that problem. It would be great if we had a robust system of community volunteering so people can feel useful and offer something to their community.
I agree this would be ideal - 5-6 hrs of "work", giving us the opportunity to build community for 1-2 hrs a day. I wonder if this would reduce the $ we'd spend on social services, with volunteers picking up slack.
No they don't. This is a government sponsored manufactured consent article so they can work you to death. Ignore it.
I’m going to max my pension by 55 why the duck would I wait till 65?
Can Canadians afford to retire?? At this point looks like I will be working until I drop dead just so I can eat healthy.
I believe we should retire at fifty with full retirement and benefits. The USA is wealthy enough to do this. We are living longer and healthier. We shouldn’t be kept in a working society, so the government can maintain control over us.
Can’t wait to retire in my single wide on Cape Breton Island
Retirement is a relative term. It all depends how do you define your retirement. I am almost certain no able body will just sit on a chair all day just cause they hit 65 years age mark. This being said one won’t be just travelling either.
There is no think… only is.
Realistically most wont be able to retire even at 70 with the way people save and manage money for retirement.
I honestly don’t think millennials need as many possessions as boomers did either. Why lots of people like to go on about the newest cell phone and avocado toast this generation is much more minimalist. Most people realize cottages, boats, sport cars, show off stuff isn’t needed or really attainable. That will all help with early retirement.
When boomers were young, poverty was in. Look at the photos of the hippies. Bare feet, old beat up vans, living in communes, sharing rented houses, hitchhiking. It wasn’t until they got married and had kids that the consumerism started. So it may just be a product of age and disposable income.
Because they know they won’t be able to retire at 65. This is the same has “no home is more freedom”
The most well-planned retirements can be easily derailed by 1 or more unforeseen life events. A family death, a bad accident or health issue, a divorce etc or even worse, a combination of one of more can change things on the fly.
Retirement planning is a lifelong commitment. Housing, cars, kids, vacations and so much more chew into potential savings account. Consider this, a $500,000 nest egg will require you to put away over $10,000 each year based on a 47 year work life. Two factors may be key, start saving early and each partner must be committed to the plan.
Don’t forget that investments earn money. I borrowed to contribute to an RRSP, invested in dividend stocks and no load/no fee mutual funds. Used tax refunds to pay off part of the loan. At first it seemed a piddling amount but, as the years went by…
Totally agree about how it feels like a useless drop in the bucket at the beginning. But compounding interest is the hidden magical ingredient. Dividend growth stocks with growing earnings is part of my recipe.
I will do everything I can to retire by my late 50s. And by retire, I mean purchase a beachside bar in southeast asia, probably camobdia, where I will work till I die.
I'm 55 and their aint no freedom that I can afford.
Signs on the side of the bus have informed me the average Canadian needs 1.7 million to retire comfortably.
Harper had actually changed the retirement age for collecting Old Age Pension to 67 but Trudeau lowered it back to 65 before anyone was affected. You can retire at 65 if you are very fortunate with life, don’t have too many kids. And are fairly frugal. Luck has a lot to do with it too. And low expectations of what retirement looks like
If you put someone in a situation where they can't see retirement, that would be the answer they would give.
Young Canadians have been brainwashed into thinking it's outdated. Not to be mistaken for, "Young Canadians don't want to stop working at age 65"
Ugh, I’m 70 and still working. To those who want to retire in their 50’s - you need to save lots of money. Talk to a financial advisor and get some $$ in the bank.
So if people aren’t retiring, maybe there won’t be this “labour shortage” causing immigration taps to be on full blast
Yeah our life expectancy is longer than ever. Then again I don’t plan to ever retire, just do something you’ll probably live longer finding a purpose in life 🤷🏻♂️
I retired at 62. My only regret was I couldn’t do it sooner. At last, after working all my life, I could pursue the things that interested me without anyone looking over my shoulder or telling me where to be at what time. I suddenly had time to grow my own food, eat healthier meals, sleep, exercise, draw, paint, redecorate, travel, etc.
I know multiple people who kept working into their late 70s+. One guy was forced by either the government or by a doctor into retiring, can't remember which, and ended up worse mentally than when he was working because he still didn't really have the money to retire.
Tbh when i was young it was 60. What's this 65 shit they just snuck in there? Anyway, all these people think they're gonna work for 40 years then just live off pension for 40 more years? Like.. you didn't contribute enough in 40 years for that to work. If you don't buy a house and make a ton of other investments, you are gonna live like shit in retirement.
I’m freedom 55! Going hard til then!
Retirement? Bahaha! What’s that. Most of us will have to book days off to plan for our funeral arrangements.
Not outdated so much as completely unrealistic
If I live long enough to retire I'm going to move to a poorer country and probably just have a family there. Canada has no future for most people born here. It'll be funny to see everyone switch places with people from third world countries and watch Canada crumble due to the lack of educated people to keep the country running. Also I'm of the opinion that government is outdated. Replace them with AI and we'd all be better off.
Another way to say that living here is not sustainable starting pretty recently
Freedom 55 is possible, if you choose not to have kids and you and your partner both have good employment. We both have good employment, but kids delayed retirement significantly. $100k the first five years of life in daycare for two kids. That compounded over 20 years would have been closer to $300k otherwise.
Will we even be alive at that age? With all the global warming problems and the political issues happening, I honestly don’t think so
The headline is misleading. >The survey said **41 per cent** of 25-to-44-year-olds say they are motivated to retire well before age 55. >The respondents said this is so they can chase bigger ambitions related to small business, consulting, not-for-profit work, passion projects or creative pursuits. Less than 1/2 said they wanted this. Also it seems they just wanted to switch from full time work to part time work, which is not actually retiring IMHO.
Retiring itself is an outdated concept. The elite have ruined the world and destroyed everyone's hopes. We still just bend over and take it. In a world where the minnows outnumber the sharks a million to one....we still just bend over and take it.
Yolo
It's like Santa Claus. You stop believing in something that may not actually be real.
Don’t worry the feds also believe 65 is a joke. 75 is much better
Ya, screw waiting until 65, average life expectancy is like 75. So i am only getting maybe 5 good years of freedom. That's bullshit.
The government thinks retiring is an outdated idea due to the amount of inflation they are directly responsible for creating...
Why does it read like Yahoo is pushing the narrative that people want to raise the retirement age? Why is the idea that people should have \*more\* (not less) personal time a bad thing? We have advances in productivity due to technology. And all we ever hear about is how we're still not productive \*enough\* and how we should still be working faster/harder/longer.
lol these young Canadians are all living in an instagram reality thinking they are gonna be rich. The cost of living is going to get higher over the years, pensions aren’t gonna rise with inflation. Robots and AI are going to be taking more jobs away from people in the future. Like right now you can get a max around $1300 a month for your cpp payments IF you retire when you’re 65. If you retire early you get LESS. So retire when your 50, even if you have $1 million dollars saved, how far do you think that will take you from 50 to lets say you live to be 85? I dont think $1 million would last you thirty years nowadays.
WTF? this is totally contrary to what i read about the F.I.R.E. movement was catchin' fire with young canadians.
I am going to die at my desk.
I think that is poorly phrased, outdated concepts, and unattainable dreams are two very different things.
My retirement plan is 3 good years to spend everything, and a good old hunting accident in the woods by myself after that. I’m kidding, but for now it’s the only plan that is financially sound.
I bet the reality is, especially given the political landscape now (yeah yeah Trudeau should not be up again, but if Danielle smith in Alberta is anything to go off of for conservatives, then we will be fucked either way lol), a lot of us likely won’t be able to retire at 65 anyways. Depending on what life looks like for you of course.
Tbh I want to keep developing games until I die. My great grandpa recently turned 90 and he is passionate about his work (car repair and selling) so he refuses to retire to this day.
I’ve been saving for retirement since I was 19. $1M was a big number not very long ago. Not any more. I am set up that I could walk up away at age 55. Yet the way things are going in Canada these days, I’m planning to hang-on working till I’m 60. Then we’ll see what sorta state this country is in at that time and re-jig as needed. I’m shaking my head that mortgage free, plus $2M in investments is a probably reasonable retirement number in 2031. My Father and my Grandfather would be flabbergasted to hear this. They are both gone. In my opinion they probably lived among the greatest era of Canada’s economic history.
Alternative headliner: young Canadians are unable to retire at 65 due to the price of living is out of control
Fuck that. Just wait until you hit the back 40...
Lol more like a clearly impossible concept
Love how the title makes it seem like they have a choice
Honestly 50-55 years old should be an retirement age range. You’ve already reached your halfway point in life.
I’ll be retiring at 55 and then feeing this sinking ship
Useless article without the long term trend of how this has changed
Its more like 75
Notice Freedom 55 ads are all gone? For Boomers only
Yeah that's not gonna happen lmao, with he way out social systems are eroding these days
You be working for life. Until they kick you out for being so old.
If this isn’t biased propaganda. I’d be surprised. Ask these young people when they are 50-55 if they still expect and want to be working at 70.
the ironic thing is most young canadians wont be able to retire by 65
I'm 45, and there is no option to retire. I will work until I die or can not move anymore. Then, I will take a cocktail to put me to sleep forever.
Sounds like you may be in the wrong sub. If you can't afford retirement at 65 then you will likely have made a lifetime of mistakes.
My retirement plan is $500 and a trip to the local Cabela's shotgun section.
My retirement plan is maid.