How Long Will You Work Before You Retire? Canada 150 Recommendation #86

Saturday’s= Retirement

Freedom 55 was an advertising campaign and it inspired many jokes. I hear from clients that they are on the Freedom 85 plan or maybe the Freedom 95 plan.

The concept has a couple of nuances. First of all, who says that we have to wait for retirement to experience freedom? Those of us who are self-employed and doing work that we enjoy would argue that we do not need to be set “free” of work we enjoy.

Secondly, 55 may be the wrong number. People are living longer and if one were to retire at 55 one could easily live for 30 more years or maybe 40. It is difficult to save enough money during a 30 year working life to finance a 30 year retirement! Unless you work for a government of course.

The longer you work — the more money you can save AND the fewer years of retirement you have to finance. There is clearly a balance to be struck here. When will you be satisfied with your work career and be ready to move on to retirement?

Take a look at your retirement fund and your plans for retirement and decide how long you intend to work.

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