Best 705 retirement plans

[Joe Blow Schmo]

I didn't realise AC had that TBP. No thanks. I'd much rather have a straight DC than that. I'll take 100% of my money any day over an amount decided by other people that may be reduced out of concern for future solvency of the plan. This seems like it would only benefit those who can't budget or manage their own money at the expense of those who can. If you're the type of person who would collect your DC lump sum at retirement and then blow it all in the first few years because you can't plan, then yes, the TBP is for you. Otherwise DC plans will almost certainly get you more money.

[altiplano]

There are positives and negatives both ways for sure, But it isn't just someone arbitrarily reducing benefits and again it's within in target range and more prone to moving up, it's pretty laid out.

If I could only have one asset in retirement I'd probably want a lump sum too. But the fact that this allows more money to be sheltered as I described is pretty big. And it's just one component of a diversified plan when you stop working, most guys will have that lump sum too, a lifetime of TFSAs and RRSP and Spousal RRSP contributions. If they aren't still paying for their third wife and car lease payments, they will be doing alright...

I know that I'll be OK with that 10K cheque every month rolling in like clockwork when I retire.

[rooster]

Why do people worry so much about retirement?? I have seen so many people work their ass off to save so much money for retirement, just to either die before they hit 65, or die within 12 months of retirement.

I would much rather spend my money now and enjoy my life while I can. People need to remember that they are human.

I’m not saying you should not save anything, but I think people who work their ass off to save millions for retirement are idiots.

Life is short. Please make sure you do what you want now, and don’t wait for a retirement that may never come.

Im glad you wrote that. I needed a reminder that most of the advice on this site is from people who I wouldn’t trust with my dry cleaning.

How many people do you know who never made it to retirement? How many people do you know who died too young and never got to enjoy life because they were too busy saving money??

I’m not saying don’t save anything. That would be stupid. Everyone should have at least a paid off house, a reliable car, and a modest source of income for 10-15 years incase you live to 80 years old.

If you are able to save a bit more, great! But please don’t sacrifice life experience at young age for more retirement money.

What scares me is that no one in my family has actually made it to retirement. My mother died young (Under 50 years old), my Dad (Under 60), my grandfather also died 6 months after retiring at 65, and my great grandfather died at age 62.

What’s really shitty is seeing someone save and save and save for retirement, have all of these plans and bucket list items for retirement, just to not have the opportunity to fulfill any of those goals or bucket list items because they got cancer and died before they got use their money they worked so hard for.

I know of multiple Pilots who never made it to 65. I also know of lots of pilots who lived to 80. Honestly it’s a gamble.

Ok so what you're saying people should work hard to save for their retirement. Something you accused people of being idiots for

I'm sorry to hear people in your family don't live longer lives than the ages you mentioned but to be honest that isn't common. Again, I don't know to many people who never made it to retirement or even just shortly after. Almost ALL the people I know have lived long lives. Including my family. Including my friends' families etc etc. So if people want to work their asses off to save whatever range of wealth they want for retirement, that is completely up to them and it does NOT make them idiots for doing so

[newlygrounded]

Why do people worry so much about retirement?? I have seen so many people work their ass off to save so much money for retirement, just to either die before they hit 65, or die within 12 months of retirement.

I would much rather spend my money now and enjoy my life while I can. People need to remember that they are human.

I’m not saying you should not save anything, but I think people who work their ass off to save millions for retirement are idiots.

Life is short. Please make sure you do what you want now, and don’t wait for a retirement that may never come.

I think people who think others are idiots for doing what THEY think is best for THEM, are idiots. What a stupid thing to say. I don't know anyone who hit 65 and died. Honestly all the retired folk I know who worked their asses off to save for their retirement are living their best lives right now. So I don't know what the &^$% you're talking about Dronepiper.

My parents are in their late 70's, still bouncing around travelling the world. Guess what, my dad worked his ass off to save millions for his retirement and him and my mother are living the frickin dream. Same with my sister's parents

I'd rather live my best life when I'm not old and sore.

[negroni]

I'm in my late 30's and already feel old and sore and have back and knee problems, and avoid doing things I used to love. Like skiing, and golfing. Been trying to get fit again so I can enjoy camping (sleeping on hard ground), hiking, sports etc. Can't imagine how I'll feel in 20 years. I agree, I am doing what I can to enjoy life as I live it while being "smart" for retirement. When I'm old and grey I know I'll likely only need a few things to make me happy and that's a garage and tools, a project of some kind, my wife and hopefully grandkids coming to visit. That doesn't cost $200,000 a year (well with inflation, it might but you all get what I mean I hope).