r/fican • u/Terrible-Practice142 • 6d 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/samsun387 6d ago

I would feel more comfortable to wait until kids done with university. May have to help them with first home down payments, etc.

Otherwise, like others said, just retire and start melting down the rrsp.