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How much money would you need to have coming in to have a comfortable retirement?

Each of you will have a different answer for this question.

If OAS and CPP (along with the GIS of course) bring in about $1500/month, some of you are going to say another $1k would be fine, some of you are going to suggest another $10k/month would give you a nice retirement.

I am writing this post not to depress you, but more to get you dreaming BIG! If you don’t like real numbers and think you might get depressed, click HERE.

So, here’s the deal… any money you earn on-line is taxable income. At some point in time, once you start earning a nice amount, you are going to lose your GIS – that’s for low-income seniors – and I know my plan is to NOT qualify for the GIS!

At the time of writing this, tax rates in Canada are as follows:

  • 15% on the first $43,561 of taxable income +
  • 22% on the next $43,562 of taxable income (on the portion of taxable income over $43,561 up to $87,123), +
  • 26% on the next $47,931 of taxable income (on the portion of taxable income over $87,123 up to $135,054), +
  • 29% of taxable income over $135,054.

I’m going to crunch some numbers for you now… but take them with a grain of salt as there are too many unknowns… like

  • What will your pension income really look like
  • What will your taxable income really look like
  • You will have a bunch of write-offs with your home-based business and I have no idea what those numbers look like!

So, let’s say you are going for simple. You want to earn an extra $1k per month over your pensions. If you are fairly low income, you remain at the lowest taxation rate of 15% and so you will owe the government only $1800/year. Technically, your take-home earnings are now $850/month. Still pretty nice supplemental cash.

Let’s dream a little bigger! Let’s get you earning an extra $5k/month with your on-line business. That puts you at least into the high 70ks in income and you owe the government in the ballpark of $13-14k at the end of the year. Your take home is still pretty good, just over $60k/year.

That’s why I have decided to blow my income expectations right out of the water!!! My goal is to earn well into the 6-digits each year. The government can have their share because

  1. I can afford it
  2. No one will ever be able to accuse me of living off the government
  3. If younger generations have concerns over what the pension system will have left for them, my conscience is clear!!

How about you? Are you going to dream big? Are you going aim for the stars? I figure that if I aim for the stars and don’t quite make it, I am still in the stratosphere!!! And the view from there is pretty remarkable! Way better than the one from a small senior citizen apartment on the poor side of town.

Right now, lofty goals may seem a little crazy… but believe me, when you have been around this on-line space a while you find out there a whole ton of ways to earn income. When you have “a whole ton of ways” in your stable, that’s called multiple streams of income and it almost assures you that a good stream of income can be maintained!

Well, I got myself all excited just writing this post!! 99.9% of us started small when we came on-line but through focus, determination and some good old-fashioned hard work we moved up the income levels!

Are you in?

I hope so!!


Now, before I go, the video I sent the faint-of-heart off to view is actually quite cute. Click the word “HERE” above and check it out. Before you go, though, leave a comment below as to what sort of supplemental income would make your retirement dreams come true. We’re all different so there are no wrong answers!!!