Just not yet. Looks like Freedom 65. Or a wee bit earlier. And, only four or so months a year in Mexico. And, the stock market can’t crash, or I get some catastrophic illness, or lose my job or interest rates tank.
Yay me. Who needs Freedom 55 when you can work longer out of necessity?!
My money coach (independent, no financial ties to banks or investment firms) had positive news when we met in early September. I expected a scolding for going $1000 CDN over budget on my August trip to Mexico. A trip booked before I began our relationship and started taking a hard look at where I spend every penny. (Yes, I made some stupid purchases!)
But, the news was good – based on the assumptions of excellent health and the financial status quo noted above.
It’s far too early for me to breathe a sigh of relief. But, I feel better about my financial future. We hear so many horror stories of people not saving enough for retirement.
So, what now? Protecting what I have and continuing to build:
- Will not be investing in any wineries or margarita factories!
- My coach is recommending I move mutual fund investments (currently in a chartered bank) to companies with lower management fees. OMG, I can’t believe how much I was paying. This is expected to save me several thousand dollars CDN per year. I’ll choose where to move the money from a list of five recommended companies after meeting with their representatives. I’m meeting with one next week.
- Critical illness insurance. We’re examining whether I could qualify and what the premiums would be. I’ve never given this much thought, but it’s worth looking into.
The last resort, if things go downhill, is doing the ex-pat thing to Mexico. Retiring, cutting ties with Canada and moving south.
Scary. Or maybe not so scary. I had a chance to meet up with my American ex-pat friend in Cozumel recently. A wonderful woman who lost much of her retirement nest egg in the 2008 economic downturn. Moving to Mexico, where the cost of living is much lower, was really her only choice and she hasn’t regretted it for one second.
Her life looks pretty good. I’ll talk more about it in an upcoming post.
For me though, it’s back to work and saving for the future. For years to come!