Retirement countdown (hopefully)…
As with setting financial strategies one must also set goals. Goals should be attainable without selling yourself short and setting the bar too low.
I’ve spent the past week researching and reviewing rules on LIRAs/LIFs/RIFs and PRIFs. The most exciting week of my life.
After all the review I’ve set a new goal. Retire in a year. Let’s see how it goes. Nothing is written in stone, plans can change but without goals why run the marathon.
Checklist:
- Continue to DCA my CC ETFs for the rest of the year in my TFSA/RRSP/LIRA and margin accounts.
- Oct 8: once my private equity funds liquidate, convert the funds to CC ETFs in my RRSP
- 2027: build a cash wedge for the first 6 months to cover a minimum 6 months of expenses
- Spring 2027: put my income tax return and company bonus towards my cash wedge
- May 2027: evaluate funds, holdings and the market conditions and green light / red light retirement. Completely evaluate that monthly income covers monthly expenses, periodic expenses and that it leaves sufficient $ to re-invest each month (part of the deal if you want to income invest).
- Red light: keep working
- Green light: move my company pension over to my existing LIRA and current holdings.
- Convert my LIRA to a LIF
- Once I hit 55 (a ways down the road) convert 50% of my LIF to a PRIF
- Age 65: convert the remainder of my LIF to my PRIF
Remainder of this year will be to continue to live like I’m poor and invest as much as humanly possible.
I’m really looking forward to the day I can get back to volunteering in my community and escaping the grind of my job. This past 3 years have really taken a toll mentally and leaving very little time for keeping in shape physically, something I’ve neglected for too long.
