I did it! Just transferred the money and I now officially have 3 months expenses in my emergency account. I chose 3 months because that’s the waiting period for LTD if I became unable to work. I have very stable employment (federal government employee in Canada) so its extremely unlikely that I would lose my job without a ton of notice, and I would have priority in hiring for other federal jobs in that case. I have healthcare, and I don’t have a house, car or kids, so that eliminates a lot of possibly pricey emergencies.
That said the overachiever in me wants 6 months just to check the personal finance advice box, so I have a plan in place to build it up to 6 months by the end of 2021.
My retirement is already well planned for - I have a defined benefit pension plan through my work that is mandatory so I am already paying about 12% of my income to. I suppose I could start putting another 3% into a private account, but I think I will prioritize buying a home first. I have about $32k saved for a down payment, but real estate is crazy where I live. Prices are dropping a bit but it’s still $500k plus for anything even close to liveable. So that is my next focus.