planning retirement


I want to quit this job, but logically retiring from this job is the best.

I am looking at another 11 years, I have decided this evening. I can retire in 8 years but the pension is not good enough and the mortgage will be just paid. I need cash in addition to these.

So, my plan is to pay off the mortgage in the next 7 years and then save the mortgage payments I now make as cash. I will in the mean time continue to do my investments (RRSP, TFSA). These should give me some peace of mind. I hope I will not have a significant life event that requires a lot of cash. This plan is dependent on such an assumption.

I currently pay around 15K/year to mortgage. This year I started to make extra payments, totaling around 5K a year. I will make an effort to increase this a little bit more. No more fooling around with stress and making extra expenses, like I have done in the last 3-4 weeks. It is time that I return back to my wonderful budget I started in the new year.

I will make my life work here. I will make my work work here. There is so much I can do and perform. Maybe not what I want to do, but I will focus on what I can do. One year at a time. In two year comes a major promotion that I want to get. That means the next two years I am appliying for projects and forming better collaborations. My aim should be to prepare 4 projects/year.

I decided to become lean in terms of my work schedule and I will be removing myself from one of the committees I am a member of. I also will focus on work during the day and will not think about other stuff. Work is important and I am getting tired. My energy and efforts and time should be better protected.

I will also relax and trust more. Myself, universe, that something great will come. I hope I am not mistaken about this.

My pension 11 years later will not be huge, but just enough. That is good enough for me. I can always start a side kick and get occasional extra income.

I can handle 11 years. It is a definite time period. It has been 9 years that I have moved here. Time flies, but hopefully not so fast till then; I would like to enjoy my life, find my life’s purpose, and feel better about myself and life until then.

The moral of the story is that money is important. It does not matter how young or senior you are, you will need it. Keep it as much as you can while you have it.

 

 

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4 thoughts on “planning retirement

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  1. I was talking to a younger coworker today. She was feeling a bit overwhelmed. She then mentioned “I have to do this for 30 more years until I retire.” We had an interesting conversion about life satisfaction, etc. I don’t think I even thought about retirement until I had about 10 years to go and we could see the end of the mortgage.

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    1. I could probably retire early if I had not studied for a long time (I have got a PhD degree) and was smarter about life a little bit. I always loved what I do but I am feeling too much stress and pressure to be succesful. I cannot be successful 100% in my line of work; I am not the only one. Only 5% of the people in my position have all the success criteria. I gotta realize this more and stop being such a fuss. Life is good and supposed to be joyful.. thi sbeing said, there are good years and then bad years, and I am this summer having a not so good one. this too shall pass and I hope I will have my mortgage done and retirement come 🙂

      Liked by 1 person

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