Am I on track to retire in 25 years if I have $350,000 saved now? — via financialpost FPAnswers PersonalFinance FamilyFinance
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If we assume you are entitled to the maximum Canada Pension Plan and Old Age Security benefits, that will provide about $38,000 of pre-tax income for you at age 65. CPP and OAS are indexed to inflation, which will help keep up with your increasing expenses throughout retirement. You could also delay these to age 70 to get a higher benefit, which could work well in your situation. It will be important to review the timing closer to retirement.
Between minimum registered retirement income fund withdrawals starting at age 65 — the age I’ve used for you to start your RRIF withdrawals at the scheduled rate of four per cent of your RRIF value annually at that time and supplementing this income with tax-free TFSA withdrawals — the numbers show that your investments could last well past age 100. Remember, you don’t have to wait until age 71 to withdraw from a RRIF.
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