Saw and read way too much about new comers to Canada, the challenges they go through and also various advises to cope up with these things on this board. Way too much information on whether to come here or not, is India better option or not, some good, some not so good but quite educative. Also I think Canadian Desi in not all about this only as there is a sizable portion of desis who went through this and became successful, atleast they don’t have to go through this initial hurdle. I would like to ask those groups that now you have made it through this initial phase of struggle and manage to settle yourself comfortably, , what are you doing to your next stage in life. I mean how are you preparing for your next stage in life of retirement. You cannot be going on forever and at some stage need to press the brakes. It is my dream of freedom at 55 or 65 or 75 and I am a few years away from the first one. I am trying to evaluate my options and explore the unknowns that I may not be aware of. Here are some of my concerns and hope to here from the fellow desis as I can relate to their experiences better.
1. What takes you to say enough is enough. Is it health or wealth or both or none.
2. What is your safety nest to hang your boots and call it a day.
3. Say you have no mortgage to worry about and no debt as such and no other commitments like children etc, what do you see your capital should be to lead a worry free life?
4. How much monthly income you need to lead a healthy life style?
5. Where do you like to settle down in Canada? India is not an option due to kids and there is no point in juggling between the two worlds.
6. What is priority to you: Desi community or a beach front if you can afford?
7. Most importantly, how do you like to spend your spare time?
8. What are the things that one need to consider before making this decision?
9. Lastly, is it necessary or just keep going is the best option.
10. Finally, don’t tell me that you will decide when you get lotto max. That is not a strategy.
Appreciate all feedback.
Quote:
Originally posted by gktaurus
Saw and read way too much about new comers to Canada, the challenges they go through and also various advises to cope up with these things on this board. Way too much information on whether to come here or not, is India better option or not, some good, some not so good but quite educative. Also I think Canadian Desi in not all about this only as there is a sizable portion of desis who went through this and became successful, atleast they don’t have to go through this initial hurdle. I would like to ask those groups that now you have made it through this initial phase of struggle and manage to settle yourself comfortably, , what are you doing to your next stage in life. I mean how are you preparing for your next stage in life of retirement. You cannot be going on forever and at some stage need to press the brakes. It is my dream of freedom at 55 or 65 or 75 and I am a few years away from the first one. I am trying to evaluate my options and explore the unknowns that I may not be aware of. Here are some of my concerns and hope to here from the fellow desis as I can relate to their experiences better.
1. What takes you to say enough is enough. Is it health or wealth or both or none.
2. What is your safety nest to hang your boots and call it a day.
3. Say you have no mortgage to worry about and no debt as such and no other commitments like children etc, what do you see your capital should be to lead a worry free life?
4. How much monthly income you need to lead a healthy life style?
5. Where do you like to settle down in Canada? India is not an option due to kids and there is no point in juggling between the two worlds.
6. What is priority to you: Desi community or a beach front if you can afford?
7. Most importantly, how do you like to spend your spare time?
8. What are the things that one need to consider before making this decision?
9. Lastly, is it necessary or just keep going is the best option.
10. Finally, don’t tell me that you will decide when you get lotto max. That is not a strategy.
Appreciate all feedback.
1. Health and wealth both are REQUIRED.
2. There is no safety net for “ordinary” desi. If you are a Software engineer and have saved tons of money or a sloth (Govt./public sector) employee with pension, you can retire early. If your kids are smart, grown AND will support you financially, then also you can retire. As for me, I would go back to India. My CPP and old age pension should make my life comfortable in India. However, I will need to stay in Canada for 6 months and I am exploring options. Also there is a strong possibility that I may not alive by the time I retire as I am having quite poor health. However, going back to India is definitely option worth exploring for other CD.
3. Rule of thumb is 70% of pre retirement income. However, that is no longer valid as studies have shown that after age 75, that amount is further reduced by 20% and after age 85 it further reduces by another 40%.
4. $40,000 excluding rent for a couple at current prices. Includes one travel.
5.
6. Lol! I can dream of beach front – probably Somnath in Gujarat
7. Depends on passion and whether you have a spouse. Lots of Meet Up. Important is to be active
8. No doubt, financial security and healthy life style. (Do not read my posts on CD if you are a “liberal or leftist” as your BP will shoot up. Lol!)
9. I keep going on as I need money. If you like your job, you should keep working.
Location: God's own country
Posted on: 23-09-14 10:06:49
Good topic Nightmare.
if you remember, I had similarly started a thread with the same question, but people started abusing me and hence the thread had to be locked.
If you think that you can immigrate at 30 to Canada, work in labour jobs for 2-5 years and then start at the lower rung of your professional job and retire rich you are much mistaken.
Statistics say that even white people who start 18, may not be able to retire and live peacefully at 65. Those ages are gone. I am not talking about IT people or people with money who bought a house in the 2000 boom. I am talking of the average joe who immigrated at 30 and may be bought a house in 2010 (at the age of 40).
I was in Canada for 9.5 years and since I got cash for most of the years, my CPP will be around $ 40 a month at the age 65 which is not worth it.
Let us assume a Desi (nOn IT) who immigrated at age 30 and is in a 45K job. When he retires at Age 65 (35 years of service) , he may get around $ 400 per month in CPP, OAS of around $ 600 and GIS of around $ 200 for the rest of his life. This works to $ 1200 a month when your rent may itself be $ 1000. What is left for food, transport, entertainment, travel, car insurance etc..? It is scary. If this guy bought a house in the 35 years of his work, then he may do a reverse mortgage and get some additional money. Also life insurance and critical health insurance may help. The plus point here is that your kids study free till 12th, do jobs and pay for their studies at the univ. level and marriage is through love marriage and hence you need not save any money for your children.
On the other hand, one who has gone to India or Gulf, though he earns well, has to pay for children's education (at all levels) and also spend money on dowry / marriage / delivery / Gold gifts etc.. In India, one has the option of buying 2 or 3 homes (This applies to people who apply for immigration to Canada as mostly only professionals / wealthy people do so and they can get a good salary in India /Gulf). Life insurance, Critical insurance / appriciation of money in stocks and house can help you. Even in NIT's, now the fees is increased to Rs 70,000 a year for Indian residents and Rs. 3.5 lakhs a years for NRI's.
Hope to hear more CD views on this.
Murali The krishna
-----------------------------------------------------------------
I am a Gents and not a Ladies.
Location: God's own country
Posted on: 23-09-14 10:15:21
My check list would be as follows :
I am male, expect to live upto 60 years and have no family expect my brother and mother. I am sponsering 2 of my relatives who are small children now (assume 1 boy, 1 girl).
I am 43 years old now.
My wish :
1. I hope to have a life insurance of Rs 1 crore till age 62 at a premium of Rs 25K a year.
2. I hope to earn a salary of Rs 1 lakh in hand per month.
3. My saving per year to be 6 lakhs rupees.
4. I put 20 % down on a flat in Chennai for Rs 10 lakhs (Jewels / money /stocks). Flat is 40 lakhs
5. I pay back the 40 lakhs in 20 years. EMI around 32K a month.
6. Rent is free.
7. At age 55 children will be ready for university.
8. By age 55 I will buy 2 more houses and hence have 3 houses.
9. By age 60, I will sell 1 house for Girl dowry, Sell 1 house for university education. I will get 1 boy dowry which I will use for marriage expenses for Girl and boy .
10. At age 60, I will die and the children that I sponser will get Rs 50 lakhs each.
The icing comes if I get a Gulf job which will pay be Rs 2 lakhs a month, so I can save 1.5 lakhs. Gulf job is till age 50 only.
Murali The krishna.
-----------------------------------------------------------------
I am a Gents and not a Ladies.
Free medical + Free drug plan after the age of 65 is a very good reason to stay in Canada after retirement.
Also gov. pension Like OAS & CPP & GIS ( If low income ) in addition to your company pension or RRSP etc is a good reason to stay in Canada.
You can downsize your house and move into a condo or apartment when you retire. You can live comfortably on that.
Utilities & groceries are basically your only expenses over here in retirement.
Medical is also good in India , but for that you need lot of money or a really really good medical Insurance plan. Lot of medical insurance plans look good on paper in India , but when you go to make a claim the fun starts. This is not included, that is not included, there is a cap on this & that , this is a pre existing condition etc etc. The red tape & bureaucracy starts & the run around starts.
Since its FREE over here , you don't have to worry about that. But the wait times are longer over here due to FREE gov. healthcare , India is much faster if you go to a private hospital & pay.
-------------------------------------------------------------------------------------------------------------------------
But the weather & to some extent the loneliness/isolation for seniors are the major disadvantages of retiring in Canada.
Also domestic help like maids , servants , drivers , care givers , retirement homes etc which you generally need in old age are ridiculously expensive over here.
For these above things India is definitely better if you are middle class or upper middle class retiree.
Dowry ??
Quote:
Originally posted by tamilkuravan
My check list would be as follows :
I am male, expect to live upto 60 years and have no family expect my brother and mother. I am sponsering 2 of my relatives who are small children now (assume 1 boy, 1 girl).
I am 43 years old now.
My wish :
1. I hope to have a life insurance of Rs 1 crore till age 62 at a premium of Rs 25K a year.
2. I hope to earn a salary of Rs 1 lakh in hand per month.
3. My saving per year to be 6 lakhs rupees.
4. I put 20 % down on a flat in Chennai for Rs 10 lakhs (Jewels / money /stocks). Flat is 40 lakhs
5. I pay back the 40 lakhs in 20 years. EMI around 32K a month.
6. Rent is free.
7. At age 55 children will be ready for university.
8. By age 55 I will buy 2 more houses and hence have 3 houses.
9. By age 60, I will sell 1 house for Girl dowry, Sell 1 house for university education. I will get 1 boy dowry which I will use for marriage expenses for Girl and boy .
10. At age 60, I will die and the children that I sponser will get Rs 50 lakhs each.
The icing comes if I get a Gulf job which will pay be Rs 2 lakhs a month, so I can save 1.5 lakhs. Gulf job is till age 50 only.
Murali The krishna.
Location: God's own country
Posted on: 23-09-14 10:49:04
Adam :
I will disagree with you on that.
Canada health care is over crowded. So you may have to wait for everything. You will suffer when waiting.
In India, health care is fast. if you go to Govt. hospitals, the service is OK. I have taken my fellow workers to Govt. Hospitals and it is very efficient. I can recommend you to hospitals in Kerala (except Cochin) and the service is good. Since Kerala has low population, good NRI money the service is good. EVen in private hospitals, the fee is decent.
I am not sure (for low wage earners) if they can live a decent life with $ 1300 per month income. It is hard when you cross 70's/ Remember that Indian people donot have the health of the white people.
Most of my relatives have always gone to Govt. hospitals for free cancer treatment (radiation). Even when my mom was diagonised with Brain lession, she was admitted in Ramakrishna, Coimbatore where the fee was almost free. Things have changed. I have also got my mother admitted in Apollo chennai where the fee charged was 5 lakhs for hip fracture and pace maker change. So it is your choice.
I would invite you Cd's to retire in Kerala (even I am planning to do that). The reason being :
1. Low health care costs / Govt. health care
2. Gods own country with greenery
3. Low rent , population is low, low living expenses.
4. Public transport is very good.
5. Great scenery.
6. Kerala women are very pleasent to look at.
7. Climate is good , water is abundant (this makes Kerala over take TN which is a true welfare state)
8. Good ration supplies (since many are in Gulf, they even give things to non ration card holders at ration card price as food is rotting in ration shops).
Hope this clears the fog a bit. TN is also a great place sans climate and water. Amma has made sure that it is cradle to grave state. Idly is Rs 1 a piece and tamrind rice / sambar rice is just Rs 5 per place. It has become a hit with Auto drivers / IT people/ Domestic helps / beggers etc.. Healthcare in TN is also very good. If you see MMC chennai or the Govt. hospital at Trichy, it is equal to appollo but I am yet to have used its services or got feedback and hence will not comment in depth.
Murali Krishna
-----------------------------------------------------------------
I am a Gents and not a Ladies.
