Will you retire at 65 or will you keep working - til 100 : 0. This lady did it...

[lindseyc]

I plan to retire at 65, but I already run a side business which I love and hopefully will continue to do as long as I am healthy and hopefully way past 65. Than again, it's 30 years off so who knows how things will change by than.

[walkonby]

oops, too late. I retired Shwa ( as you know ) Jan 10th of this year. I hope I do not start working again when I am 80 years old, right now I shudder at the thought. I missed many things during those years with my kids because I had to be at work, even though DH was the other half of the childcare equation. That woman " wanted " to get out after doing nothing but the job of raising her family. I will check back in here in a year or two, maybe I will have a different perspective.

[MillieH]

I am looking forward to June.. full retirement.. I think of it as OUR time.. we've raised our kids, put them through school, have no bills, now its time for us to go back to enjoying each other and lots of time to do it :O)

[tjthemanto]

I think some people just get bored after retirementt and keep on working just to keep themselves busy and occupied.

Lot of times work is the only thing they know ..they are kind of workaholics and don't have any other interests or hobbies to keep themselves busy

[Lynn49]

We've been retired since 2000.
I wholeheartedly recommend it.

[lucy16076]

I'm 43 & plan to retire at 59 with fortunately, a full pension......then IT'S FUN TIME! I am saving now to hopefully push that retirement date up & take an early retirement package, so I can no have to work even earlier.........but that doesn't mean I "won't" work....I'll maybe do something different, more enjoyable. Once upon a time men & women didn't live to work so many long years...people only lived 45 years if that...........so this is a "new" ball game where people begin their careers sometimes at 20 & work for 45 years at teh same old job...I'm hoping to mix it up a little by being a Smart Canuck & saving my pennies to get out early & try something different!

[Shwa Girl]

So, to collect Old Age Security, you must be 67 now.
So, I think if you are 20 now, there may be no such thing as Old Age Security cheques when you are 67

[Lynn49]

So, to collect Old Age Security, you must be 67 now.
So, I think if you are 20 now, there may be no such thing as Old Age Security cheques when you are 67

Um....I'll be collecting next year at age 65; the gov't has already started the paperwork....
http://www.servicecanada.gc.ca/eng/s...Income+Seniors

[Shwa Girl]

So today, National Post/Financial Post says most people who retire early go back to work

http://business.financialpost.com/20...istics-canada/

[walkonby]

Um....I'll be collecting next year at age 65; the gov't has already started the paperwork....
http://www.servicecanada.gc.ca/eng/s...Income+Seniors

Yes, but there have been some new changes that will affect younger people now. I know some that people I worked with will have to work till 67 to qualify for the OAS.

Changes to the Old Age Security program

The Government of Canada, in Budget 2012, announced three changes:

• The age of eligibility for Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) will gradually increase from 65 to 67 over six years, starting in April 2023. The ages of eligibility for the Allowance and the Allowance for the Survivor will also gradually increase from 60 to 62.
• As of July 2013, a voluntary deferral of the OAS pension allows you to delay receipt of your OAS pension by up to 60 months after the first date of eligibility in exchange for a higher monthly amount.
• An automatic enrollment process will eliminate the need for many seniors to apply for the OAS pension. This change is being phased in gradually starting in April 2013

[Lynn49]

Yes, but there have been some new changes that will affect younger people now. I know some that people I worked with will have to work till 67 to qualify for the OAS.

Changes to the Old Age Security program



The Government of Canada, in Budget 2012, announced three changes:

• The age of eligibility for Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) will gradually increase from 65 to 67 over six years, starting in April 2023. The ages of eligibility for the Allowance and the Allowance for the Survivor will also gradually increase from 60 to 62.
• As of July 2013, a voluntary deferral of the OAS pension allows you to delay receipt of your OAS pension by up to 60 months after the first date of eligibility in exchange for a higher monthly amount.
• An automatic enrollment process will eliminate the need for many seniors to apply for the OAS pension. This change is being phased in gradually starting in April 2013

Wow. All the more reason for young people to stash away as much loot as they can possibly handle. Our DD is hopng to retire @ 55 .... but as an FP, they've planned very well, thank heavens. I really wish there were courses in high schools, universities that can teach young people the importance of saving...the rainy days may very well be what they're heading into.

Thank you for that info, Walks...

[frugal50]

55 is very young to retire these days

even 65 is too early for retirement

the trend is for folks to work right into their 80's

i hope to retire at 67

[Shwa Girl]

Wow. All the more reason for young people to stash away as much loot as they can possibly handle. Our DD is hopng to retire @ 55 .... but as an FP, they've planned very well, thank heavens. I really wish there were courses in high schools, universities that can teach young people the importance of saving...the rainy days may very well be what they're heading into.

Thank you for that info, Walks...

In the US Dave Ramsey has a financial planning education program for schools.http://www.daveramsey.com/school/home/



Nice that your DD is doing the Freedom 55 retirement deal. Like the old London Life commerici als.

[walkonby]

Wow. All the more reason for young people to stash away as much loot as they can possibly handle. Our DD is hopng to retire @ 55 .... but as an FP, they've planned very well, thank heavens. I really wish there were courses in high schools, universities that can teach young people the importance of saving...the rainy days may very well be what they're heading into.

Thank you for that info, Walks...

Yes Lynn I agree totally, it should be a mandatory class in HS. Financial planning and the reality check of what " life " costs on a daily basis. I'll bet there are HS kids that have no clue about the importance of saving early, perhaps their parents have sheltered them to a certain extent. It would also be wise to inform them all now that there just may not be any OAS when they are seniors....scary thought.

[Lynn49]

Yes Lynn I agree totally, it should be a mandatory class in HS. Financial planning and the reality check of what " life " costs on a daily basis. I'll bet there are HS kids that have no clue about the importance of saving early, perhaps their parents have sheltered them to a certain extent. It would also be wise to inform them all now that there just may not be any OAS when they are seniors....scary thought.

M-hm, Walks...I remember that scary thought being tossed around when we were in our 30s...the disappearance of OAS, but I made it! lol!

Yes, Shwa Girl, that's the expression she's used, "55 and out!", and I hope she gets to do just that. They take very good care of their money and since she started in banking she's put away all she could each month into RRSPs, and they still do...a lesson I wish more kids would realize is so important. Truth be told, I was always a spender...luckily, however, I married a man who was (and still is) a saver...just my luck, thank goodness or I'm sure I wouldn't have two cents to rub together! I was one of those 'sheltered' kids Walks mentioned, but hubby had to work for every penny since he was young enough to work...makes a world of difference, I think....

I sent our DD that website you posted, Shwa Girl..it's the kind of course she wishes she had time to teach, but maybe in her retirement, she hopes... Thank you.