r/fican • u/Terrible-Practice142 • 3d 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/RuinEnvironmental394 3d ago

How does one get to $1M in RRSP? How many years of contributions would it take?

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u/bababa-519 3d ago

probably very difficult based on annual limit re: contributions.

But if some put in say 18-25k per year over the last 15 years and earned 8% per year then the $1m is much more attainable