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Old 07-09-2015, 10:42 PM   #21
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My wife has always kept track of our expenses, for the last 25 years using Quicken.

Quickens Lifetime Planner isn't a bad tool, a little simplistic but pretty good.

I-orp is decent, a bit over optimistic depending on how you set some of the options, but quick. Can't say how relevant it is for folks north of the border. Optimal Retirement Planner - Parameter Form

I like Fidelity's but you need to have an account.
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Old 07-10-2015, 12:01 PM   #22
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Anyone listen to Dave Ramsey? Both of our parents essentially followed his main points long before he wrote his first book and so did we. Delaying gratification, having no credit card debt or car loans. As he says " a paid off mortgage has replaced the BMW as the new status symbol."

As far as the kids today go- ours are fairly inept about financial matters as we have unfortunately coddled them, and like a lot of others they have this sense of entitlement. The kids I used to employ always went out to lunch as well as buying plenty of lattes. Their retirement may end up looking like my sister's where although her house is almost paid for they don't have a pot to....in, and it was primarily due to never thinking today was going to arrive. Just my $.02.
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Old 07-10-2015, 12:05 PM   #23
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A great resource for those in the states is SSAnalyze - Bedrock Capital Management You can plug in various scenarios as to when and how to apply for SS. Many think that retirement & collecting SS are one and the same as to timing. That's not necessarily true. I retired last year just before turning 63. I'm not planning on applying for SS until it maxes out for me at 70. The important thing for me was to have a good understanding of my cost of living (after using Quicken for 25+ years). Now in retirement, I look at how I spend money carefully and try to get the most bang for the buck spent. (Like buying an Escape!)
I understand one option is to apply for SS at full retirement age (66) and immediately suspend payments. Then your wife can apply for spousal benefits at full retirement (66). Note, both must be done after reaching respective full retirement ages. Your benefits continue to grow until it maxes out at 70, but you could start receiving benefits between 66 and 70. Lower benefit than if you wait till 70 though. Your wife can switch to her benefits, which will similarly continue to grow till 70, at anytime. Her switching depends on her working history, is spousal larger than the benefit.

I hope I have it right. I plan to do this and apply for my benefits between 68 and 70, depending on how savings hold up.

I suggest "Get What's Yours: The Secrets to Maxing Out Your Social Security" by Laurence J. Kotikoff, Philip Moeller & Paul Solman. [Obviously for USA citizens.]

Thanks.
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Old 07-10-2015, 12:34 PM   #24
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Anyone listen to Dave Ramsey? Both of our parents essentially followed his main points long before he wrote his first book and so did we. Delaying gratification, having no credit card debt or car loans. As he says " a paid off mortgage has replaced the BMW as the new status symbol."

.... Just my $.02.
Yup. Dave Ramsey is excellent.

Regarding our kids: we've passed along something I learned from my grandfather: "so you want that ('fill in the blank')? How many hours do you have to work to pay for it?"

We think it has sunk in!
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Old 07-10-2015, 01:48 PM   #25
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In BC, homeowners can defer their property tax on their principal residence after the age of 55. This 'loan' is payable when this principal residence changes title. The cost is 1 percent. As long as this cost is below banks prime lending rate, the home owner is ahead. I would also suggest BCers collect their CPP at age 60. If the government is handing out money...grab it before they change the qualifying age.

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Old 07-10-2015, 01:53 PM   #26
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In BC, homeowners can defer their property tax on their principal residence after the age of 55. This 'loan' is payable when this principal residence changes title. The cost is 1 percent. As long as this cost is below banks prime lending rate, the home owner is ahead. I would also suggest BCers collect their CPP at age 60. If the government is handing out money...grab it before they change the qualifying age.

Buy wine in boxes too instead of bottles��


I do buy in tetra pacs myself when going canoeing. I have used boxed wine, but the cardboard disintegrates when wet, leaving the thin bag vulnerable. Not too bad of stuff either, especially in the backcountry
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Old 07-10-2015, 02:05 PM   #27
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I've got a quick fix for when the cardboard gets wet. Drink faster or better still, share for gosh sakes. ��
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Old 07-10-2015, 02:23 PM   #28
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[QUOTE=I would also suggest BCers collect their CPP at age 60. If the government is handing out money...grab it before they change the qualifying age.

Taking your CPP early is a good idea if your total annual income is low. The CPP income is then not taxed back. The payout is now reduced .6% for every month it is taken early. (before 65) Works out to 36% less if taken 5 years early. Payments increase .7% for every month you delay after 65. I delayed until we entered a lower tax bracket. Hope I live long enough to benefit from the decision.
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Old 07-10-2015, 02:52 PM   #29
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I hope so too. I also hope, for people following your advise, that the Feds don't change the qualifying age (unannounced) like they did with old age pension. There are lots of ways to show a lowered income.
Collecting CPP at 60 gives the payee 60 checks ahead of those that wait until they're 65. I say, 'take it when you can'.
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Old 07-10-2015, 02:54 PM   #30
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This link is another great resource. While it is a bit biased to early retirement there is some great info anyone. I've been on the forum for a couple of years now and the members are a lot like this forum in contribution, commitment, and expertise with a little humor along the way.

Early Retirement & Financial Independence Community
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