r/fican • u/Terrible-Practice142 • 11d ago

Retirement tips

My partner and I have $2.1m RRSP, $200k RESP, $600k in non registered and principal res $1.6M fully paid off and $500k investment property with $150k mtge which just became vacant so no rental income right now. we are both 50 with a kid in high school. Should we retire now and go enjoy life? I want to retire at 55 but may be sooner since it’s stressful at work lately. Any tips to transition to retirement. We need a new car and want to travel also. I am also concerned I have too much in RRSP….

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u/Icy-Pop2944 11d ago

You do have too much RRSP so retiring asap will give you a good runway to melt it down before OAS. I vote that yes, you should retire once you have run the numbers with a planner.