Posted 1.24.14 @ 8:55
If you’re wealthy and you want to retire in the near-future, unless you want to keep working throughout your golden years, you’ll need around $2.3m to retire comfortably. Yep, that’s right, wealthy people actually have to save twice as much as the average Canadian just to keep up with their current standard of living. If you don’t have that much set aside, you’re going to be in for a world of hurt later.
Average Canadian Needs $900k to Retire
Average Canadians need about $900,000 today before they feel like they can retire comfortably - while most wealthy Canadians feel like they need at least $2.3m before they’re ready to call it quits and enjoy their golden years. Most wealthy retirees actually didn’t save their money in liquid cash; while easy to get to, it doesn’t grow and it’s not doing anything other than sitting there.
Lazy money doesn’t help you build a retirement account of $2m+, does it?
Most wealthy Canadians are using stocks to generate (or are expecting their stock portfolio to generate) good returns over the next five to ten years, hoping that they make enough to cover the rest of their retirement and find some sunny little place to call their own.
What Kind of Lifestyle Do You Have Now?
Regardless, it’s important to gauge where your lifestyle is now, and where you want it to be later. Do you have preparations in place, just in case market conditions take a dive? Are you planning on living off the equity in your home, do you have equity in your home? How much does it take for you to run your household now, and are you accounting for inflation?
While we’re not financial planners we do understand that many homeowners, especially wealthy homeowners, see their homes as a safe habour, a true investment that will help them stay afloat in the storm if it should come. It never hurts to look ahead, and when it comes to your retirement, you can’t be too forward thinking.
Where Do You Want to Retire?
It doesn’t matter if your golden years are decades ahead of you or just around the corner, you’ll want to figure out where you want to retire. Are you going to have a home here and in the States, are you planning to age in place? Do you want to find a home that suits all of your needs and offload the one that will, at some point, become less of a home and more of a burden?
It doesn’t matter what you’re trying to find, the Goodale Miller Team (that’s us!) can help you. If you’re trying to find a beautiful home for now, forever or just somewhere in between, our experienced team can help you understand your options and choose the one that’s right for you. Give us a call today and experience the Goodale Miller Team Difference!
For a great selection of luxury homes for sale in the Oakville area click here: http://www.goodalemillerteam.com/Homes.aspx