MillenialMoney: Greg, 41, and Lily, 42, want to take a few years off work to travel the world with their two young children and make sure they are able to retire early. We asked them to for two weeks of their spending to see what they can do.
Greg, 41, and Lily, 42, want to take a few years off work to travel the world with their two young children and at the same time make sure they are able to retire by age 60, if not earlier.
The couple has about $35,000 in RRSPs and $40,000 in TFSAs. They’ve also been putting $1,000 a month toward their dream of travelling the world and have set aside $38,000 so far for their adventure.When they get back, Greg and Lily want to know if they should accelerate mortgage payments or put more money into retirement savings.
Can Greg and Lily retire early, save for their children’s future and pursue their globe-trotting dreams? We asked them to for two weeks of their spending to see what they can do.I think it is very cool that Greg and Lily are planning to take a year off work to travel with their kids. Choices like being a one-car family, not dining out and trying to keep their spending down have put them in a position where they can consider this.
Maxing out an RESP probably will not cover 100 per cent of a four-year university education for a child that goes away to school. By 100 per cent, I mean tuition, food, accommodations, etc., which could cost $100,000 or more currently. It may suffice for a stay-at-home university education, or a more affordable college diploma.
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