Відео

Love to work until the age of 65, Love my job, understanding health is important

Thanks for the video. Just wondering if it ever makes sense to get the bridge benefit? We have maxed out TFSAs and RRSPs and have pensions for teaching for my wife and I (she's a teacher too). Would a bridging benefit be foolish for us? I cant find any info on it

No

I've d escribed the commuted value of a pension as the inverse of an annuity. Thought for later, do a video on survivors. I keep thinking the worst one is a finance nerd has racked up a good pile and survivor only cares that the credit card is not declined. How do you set that up as the expectation of a flibbertigibbet being willing or even able to get up to speed is likely nil. Is there a decent way to do that where the lawyers and trustees and banks don't pocket most of it?

Excellent information as always. Better to let the investment gurus do their thing during these economically trying times! Watching the recnt drop in the S&P is a good example of whatcan happen to investments unless they are well managed.

Yeah I have a DB pension after teaching at a high school for 32 years. Amen 🙏. 62k after taxes and inflation with my own investments. 😊 Survivors should get nothing. I guess that is my single attitude. My financial planner was super helpful but cost me 4k for all the details.

I retired at 51 in 2010 with a final salary pension scheme, bought 8 years annual voluntary extra pension contributions, meaning I was only 3% short of a full pension, best thing that ever happened to me. Getting my full state pension nearly 15 years after retiring after buying 8 extra NI years. Lovely ! 66 years old obviously in January, no comorbidities, no prescription drugs, very fit, slim and healthy. Loving my life of freedom ! Off to Benidorm for the second time this winter in 35 days. Caravan and campervanning every fortnight in the UK for the rest of the year.

Thanks Chris. This is very timely for me and is good information. Fae one Scottish born Canadian to another I say " Ta ! ".

OMERS Defined Benefit Pension is terrific. 60% at 30 years, in 6.5 years, I've received over $350,000 in after taxes. it's indexed for inflation. When I go, my spouse gets 66% of what I was receiving.. Don't have to wait until 70 to collect CPP, I'm doing it now at 61 so my income is as close to the OAS clawback as possible. My RRSP withdrawals will last until I'm 85. I'm glad I added a TFSA to the mix as well.

To my mind a defined contribution pension isn't really a pension, it's a company sponsored savings plan. Plus of course there are the restrictions around withdrawals, which you can think of as: The company's contributions (that would be the 50% you can't unlock) come with strings attached.

Book your RETIREMENT STRATEGY call today: www.bellvest.ca/family-wealth-beaches/free-retirement-checkup/

I'm 62 now, and as fit as a butchers dog. Been retired for seven years. At the gym at 06.30 Monday to Friday, out on my motorbike as often as possible take three or four holidays a year. My advice to anyone is retire as soon as you can and enjoy life you never know what's around the corner.

I think I answered every single sub question yes as well! Retired at 56, very happy and certainly beats being in an office full time

What if they are only married for 10 years?

Great video once again. OAS clawback is a real concern for many of us . Due to having a Defined Benefit Pension it's not possible to meltdown my RRSPs significantly in my early 60s as it would push me into OAS clawback at 65 to 70. My solution is early CPP that goes directly into my TFSA, but doesn't significantly bump up my income and tax bracket. I find OAS clawback a very unfair program. You have to have lived in Canada for 40 years and paid taxes that whole time. If you had a good income, you paid very high taxes ( which went into supporting the OAS program) then when you hit 65 you qualify for it. But then you get hit again with an additional 15% tax. That's just not fair. I'd rather see a 15% tax credit be granted for those over $91000 , so an income of over $100000 income would generate a $1500 tax credit. That way the system would at least be fair.

Painful that your income was too high?!? That seems like a strange combination. Of course people should plan, and I get it that this is your point, but the claw back thresholds are quite high at approximately 91K to lose even a penny and 150K to lose all of your OAS (double that for a couple). It seems to me at that income level in retirement you shouldn't really be suffering that much financial pain.

Book your RETIREMENT STRATEGY call today: www.bellvest.ca/family-wealth-beaches/free-retirement-checkup/

6 x Yes. Closing in on the 7th.. 😊

Just came across this one. It occurs to me you say nothing about how that $500k came about. If they have had a plan and strategy that worked, and grew year by year over a long period of time then why would you stop because you stop working? What rate did it earn historically? It would also be interesting to see the impact of making withdrawals on an as needed basis. E.g. if they want to travel a couple of times a year make just two withdrawals at the last minute and the rest of the year live at a steady level covered by CPP/OAS. I would estimate this might increase growth by at least 1.5%apr making the rest of your chart look a lot healthier.

Terrible scaremongering video. Only questions you need are can you afford to retire and do you want to retire. Suspect question 8 would ask you to hand over your money to them so they can charge exorbitant fees investing it with low returns.