Hello. I recently bought a small apartment for myself, and I have been crunching numbers in my calculator. So basically, if I work my regular schedule, then I can expect to pay off the mortgage at the age of 65. However, if I work one more day a week, then I will be mortgage-free at 62. Being able to retire 3 years earlier is very tempting, however I know that the added workload is not to be taken lightly. It means I will be, to some extent, sacrificing my quality of life for the next 18 years. I can't choose, it seems both courses of action have their advantages.

Anyway, just wondering what you would do if you were me.

depends if you like your job.
and how hard it is on you to put in that extra day.
personally I think early retirement is over rated most people who can retire comfortably still prefer to keep working.
that goal post is part of the hedonistic treadmill it's a scam but whatever get's you going is good I guess

Focus on increasing your income not hours.

Just because you paid off mortgage dont mean you can retire lol

It depends on the individual circumstances; however in my country, retired people get OAS and possibly GIS, depending on their income. This money isn't a lot, but is enough to live on, if they have a place of their own.

This post was edited by JessiWan on Apr 25 2023 08:13am

If this is not a troll post do you actually know what the maximum OAS payment is per month? Its miniscule. If you live in any urban area and live in a condo or apartment you're barely going to be able to cover monthly strata fees let alone everything else.

This post was edited by SBD on Apr 25 2023 09:02am

Don't do it

Time in your 40s is worth much more than time in your 60s

They give you GIS too, to make up for the short-fall not covered by OAS.

My mom owns her house and she can live on her OAS plus GIS.

I haven't thought of it this way; thanks for the insight.

You said apartment which requires you to pay monthly fees like a strata. If you own your own home you can let it just detoriate under your feet but that's not the case for row house, apartment or condo the vast majority of the time.

We're also in a period of time of rapid realestate appreciation and rising costs resulting in both higher insurance and property tax burdens.

Your mom living off the bare minimum to survive is just wonderful but certainly not an inspiring way to live nor is it looking to be feisable for current generations seeking retirement.

Again oas, gis etc just brings you to the poverty line.

I'd invest in developing out a career, not working a 20 dollar an hour job six days a week for the next 20 years. You're a self proclaimed Canadian and there's a labour shortage. Find a skill, go to community college, get a cert and go that line. Lots of two year programs can then be upgraded via two years of university after that. Example being LPN obtained via college and then you work and then upgrade to RN and just like that you're living a six figure life with minimal debt because lots of provincial govts will pay those off depending on the career.

This post was edited by SBD on Apr 25 2023 06:06pm