Current Events > It's a shame some people don't think about a retirement plan...

(+) Yeah! (+)

I spoke with my mom who's 66 and didn't work much since she was in her 30's when she first came to Canada and she only gets $900 a month from the government for retirement.

I looked into my current house and I'd need about $1500 roughly just to break even on my expenses if I retire today. Assuming I was 65 and mortgage free. I'm sure I'll get more than my mom of course since I've been working since my 20's. It's shocking that many who don't even come up with an idea of a plan struggle till death.

Not to mention some can't even afford a RRSP. Pretty sad how many in my generation and next blow money like crazy today without thinking of their long term goal.

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In Canada there's old age security which you get by default at 65 I think and there's also the Canadian Pension Plan but for this you need to work and contribute to it. If you stopped working in your 30s you won't get much of anything from the pension plan.

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Why would i plan for retirement when ill be stuck working multiple part time jobs til i die?

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I need them new Jordans now though

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There's a guy at work who is responsible for a decently sized cost center, but his personal finances are terrible. No real long term retirement savings to speak of, and in the short to mid term, he's really struggling find a house with down payment he could afford.

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A lot of people are just struggling and living paycheck to paycheck.

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REMercsChamp posted...

In Canada there's old age security which you get by default at 65 I think and there's also the Canadian Pension Plan but for this you need to work and contribute to it. If you stopped working in your 30s you won't get much of anything from the pension plan.

She worked min wage jobs and at times didn't work cause she was taking care of the kids. Then in her 50s she stopped working due to depression and they were treating her like shit at her job. She couldn't handle coworkers talking shit.

Luckily my jobs haven't been min wage. I live below my means though on purpose for not only myself but for my kids also.

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If you can afford $500 a month, max out your Roth IRA you'll *likely* be happy about it in 30-40 years. It's really been a struggle to get my girl to start doing this even though she easily makes enough.

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It is unfortunate. People above that tier also struggle to take up the practice of saving up for retirement, now especially with the stock plunges this year. It's human to live in the moment.

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People have a hard time budgeting. Family or friends call you up at times to hangout which can add up. Plus going out to eat along with what kinda car you want.

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My retirement plan is to work right up until I die

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a lot of millennials don't contribute to a retirement fund because they spend all their money on avocado taost
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Pretty much if you dont have any retirement savings and have only social security to rely on by that age you're pretty much fucked without dependents.

And the last decade(s) of your life will be spent just trying to scrap by. Which you're probabaly used to, but with a old brittle body at that point is utterly soul crushing.

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Most people don't make enough to plan ahead.

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My plan is taking care of and putting up with awful human beings long enough to get my inheritance. Would suck if I die before them though XD

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How am I supposed to save for retirement when I'm almost entirely subsisting off of student loans and grants
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Philoktetes posted...

a lot of millennials don't contribute to a retirement fund because they spend all their money on avocado taost

But I need those tattoos too!

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NightRender posted...

There's a guy at work who is responsible for a decently sized cost center, but his personal finances are terrible. No real long term retirement savings to speak of, and in the short to mid term, he's really struggling find a house with down payment he could afford.

-Finances are terrible.

-Is looking to buy a house.

Theres a lot of people whod love to have those terrible finances.

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My retirement plan is to die.

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CanuckCowboy posted...

-Finances are terrible.

-Is looking to buy a house.

Theres a lot of people whod love to have those terrible finances.

Dreaming of buying a house might be more apt. He makes enough money, he just blows it immediately on new shiny things.

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