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Generally you should retire with 10-15x your annual income. Vancouver is bit more of a pricey area so I'd stick with that figure and any money that could possibly be pulled from your home if you want to reduce size or not have stairs once you're 70+.
Do you mean 10-15x your annual income at retirement age? I.e. if you’re making $300K at 65 it should be $4.5M in savings?
Following :)
The exact amount you need to save for retirement depends on your lifestyle and individual financial situation. Generally speaking, it is recommended to save at least 10-15% of your income each year for retirement. Additionally, if you are able to contribute to a Registered Retirement Savings Plan (RRSP) or other tax-advantaged retirement accounts, it is recommended to save at least 20-25% of your income each year. It's important to speak to a financial advisor to create a retirement plan that is tailored to your individual needs.
Rule of thumb is desired annual income by 0.04. So assuming you own your home and will need $65000/year for retirement then you need to have $1.6 Million saved. If you have CPP, OAS, or pension then use that to reduce how much you’ll need
Guess I’ve got some work to do.
I believe the real answer is...too much. Jk. I do think it should be about 10-15% of your income that you're saving per year comfortably and risk-wise...that depends on you. I've personally gone for higher risk since I'm younger, but that appetite may change depending on your age