3 ms·

Not OP, but I'm almost 40, and also have very little savings. Not everyone has the super high TCs that you often see here or on Blind I've only been working in

Not OP, but I'm almost 40, and also have very little savings. Not everyone has the super high TCs that you often see here or on Blind I've only been working in tech for 9 years, much of that was paid pretty low. And I live in a very HCOL city. Unfortunately living with parents is not an option, but I live in a house with 9 other people and have been cooking rice and beans and saving as much as possible, so if I get laid off, between low rent (for my city) and my savings and RRSP I can get by for a little over a year if I absolutely have to. I'd have to start withdrawing from my RRSP (Canadian version of 401K) at around the 10 month mark. I actually really want to quit my job and try starting my own business, but I feel like it's a terrible time for it. If I get laid off I at least get some benefits from the govt, which I think will extend my cushion by a month or 2.

throw0101b 4y ago
Note that one can save a 'decent' amount even if you have 'only' ten years before your planned/desired day. This book has a Canadian focus: * https://www.cpacanada.ca/en/public-interest/financial-literacy/financial-literacy-resources/financial-literacy-resources-and-publications/the-procrastinators-guide-to-retirement https://www.cpacanada.ca/en/public-interest/financial-litera... Interview with author: * https://www.moneysense.ca/save/retirement/procrastinating-on-saving-for-retirement-theres-still-hope/ https://www.moneysense.ca/save/retirement/procrastinating-on... * https://www.youtube.com/watch?v=L_MIMfd5emg https://www.youtube.com/watch?v=L_MIMfd5emg * https://www.youtube.com/watch?v=eh74xUdBITU https://www.youtube.com/watch?v=eh74xUdBITU You may not need as much of a nest egg as you think for a comfortable (perhaps not luxurious) retirement: * https://www.moneysense.ca/save/calculating-how-much-money-youll-need-at-retirement/ https://www.moneysense.ca/save/calculating-how-much-money-yo... * https://www.macleans.ca/economy/money-economy/heres-the-real-cost-of-retirement-happiness/ https://www.macleans.ca/economy/money-economy/heres-the-real... * https://findependencehub.com/qa-with-author-david-aston-about-his-new-book-the-sleepeasy-guide-to-retirement/ https://findependencehub.com/qa-with-author-david-aston-abou... Lots of folks are in a similar situation (if through a different path): * https://old.reddit.com/r/PersonalFinanceCanada/comments/zv3q09/no_investments_after_55_post_divorce/ https://old.reddit.com/r/PersonalFinanceCanada/comments/zv3q... * https://old.reddit.com/r/PersonalFinanceCanada/comments/zd3crw/starting_over_again/ https://old.reddit.com/r/PersonalFinanceCanada/comments/zd3c... * https://old.reddit.com/r/PersonalFinanceCanada/comments/w9bv4b/is_it_to_late/ https://old.reddit.com/r/PersonalFinanceCanada/comments/w9bv...

throw0101b 4y ago

Note that one can save a 'decent' amount even if you have 'only' ten years before your planned/desired day. This book has a Canadian focus: * https://www.cpacanada.ca/en/public-interest/financial-literacy/financial-literacy-resources/financial-literacy-resources-and-publications/the-procrastinators-guide-to-retirement https://www.cpacanada.ca/en/public-interest/financial-litera... Interview with author: * https://www.moneysense.ca/save/retirement/procrastinating-on-saving-for-retirement-theres-still-hope/ https://www.moneysense.ca/save/retirement/procrastinating-on... * https://www.youtube.com/watch?v=L_MIMfd5emg https://www.youtube.com/watch?v=L_MIMfd5emg * https://www.youtube.com/watch?v=eh74xUdBITU https://www.youtube.com/watch?v=eh74xUdBITU You may not need as much of a nest egg as you think for a comfortable (perhaps not luxurious) retirement: * https://www.moneysense.ca/save/calculating-how-much-money-youll-need-at-retirement/ https://www.moneysense.ca/save/calculating-how-much-money-yo... * https://www.macleans.ca/economy/money-economy/heres-the-real-cost-of-retirement-happiness/ https://www.macleans.ca/economy/money-economy/heres-the-real... * https://findependencehub.com/qa-with-author-david-aston-about-his-new-book-the-sleepeasy-guide-to-retirement/ https://findependencehub.com/qa-with-author-david-aston-abou... Lots of folks are in a similar situation (if through a different path): * https://old.reddit.com/r/PersonalFinanceCanada/comments/zv3q09/no_investments_after_55_post_divorce/ https://old.reddit.com/r/PersonalFinanceCanada/comments/zv3q... * https://old.reddit.com/r/PersonalFinanceCanada/comments/zd3crw/starting_over_again/ https://old.reddit.com/r/PersonalFinanceCanada/comments/zd3c... * https://old.reddit.com/r/PersonalFinanceCanada/comments/w9bv4b/is_it_to_late/ https://old.reddit.com/r/PersonalFinanceCanada/comments/w9bv...