@endquote your summary: ~25 yrs to regular retirement (65 - for the man - you)
combined 292k RRSP, no mention of TFSA. HHI 203k, 1k each paycheque to savings
wife pension unknown full amount at 54
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12y money double let's conservatively say (6% growth over inflation/fees, rule of 72)
your current $292k combined RRSPs, x2 x2 = ~1.2M for you at 64
let's assume you save 1k/paycheque til 54, 14 yrs, 364k (this assumes just principal, no actual gains)
~1.565M 4% return is 62,500 roughly
say your 203k HHI, less 40% tax, less 26k investments per paycheque = 121.8k - 26k = 95.8k
if your wife's pension is 95.8-62.5k = 32.3k, looks like you can retire earlier, likely quite a bit earlier than 64, with no loss of income in retirement.
At 70% of working income, you've retired years earlier!
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** above scenario doesn't even include:
- mortgage paid off, more money to invest,
- the ongoing recurring investment compound gains
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I'd think you can retire at some point in your 50s.