Awesome video! Great advice! 👍 The cost side of the ledger is vital. Delayed CPP to 70 always seems wise along with the RRSP meltdown in the 60-70 period. The assumption of home ownership is logical. A similar case study for singles would be valuable.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@LiamOlivia-4 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. MARGARET MOLLI ALVEY, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
What about if you throw bitcoin into the mix ? No one who has held bitcoin for the 4 year cycle has ever lost any money. In fact if you price property in bitcoin everything gets cheaper every four years. How ? because bitcoin unlike the pound is fixed in its supply and the purchasing power gets stronger every four years. For example a house you want to buy today will be cheaper in four years in bitcoin terms. This is why all the leading asset managers are buying and holding bitcoin. Even business are adopting bitcoin to gain competitive advantage. Why and How ? Lets say cashback for example. If you were to offer a customer 5% cashback and give it to them in bitcoin instead of pounds the cashback to them would increaes in value in four years. Hence the 5 pounds given to them in bitcoin would probably be worth 15 to twenty pound in four years. Am I selling bitcoin ? No I just teach other entrepreneures how it works. No spamming or emails. Just some food for thought. You can subscribe to my channel if you wish to learn about bitcoin, Thats it. Tony.
Yes please, more examples. Would be good to see a GIS strategy too. Would also like to see some fundamentals around drawdown: are there any basic rules? e.g. Non-reg first until age X, then registered, then TFSA, (or some ratios thereof) up to specific age or tax brackets etc. great videos!
Thanks for the video, I've seen many retirement videos that highlight this reduced spending as you get into your later years. The issue is these retirement and assisted living homes very easily run between $5000- 7500/month. It may be lower in other parts of Canada but that's the going rate these days in Ottawa. I've gone through this with my own parents.
thank u for the great video. by the time i retire (approximately 10 yrs from now), the number of views, say for this video, could go up to 1 million!! haha. as i have been listening repeatedly on my days off!! . Our retirement planning is quite complex as its cross-border. ages-gap between spouse, non-residents beneficiaries for our primary residence (house) in BC and my husband’s investments etc., etc., (my nephews are our beneficiaries but they do not live in Canada and not CA residents), taxes treaties between the countries (withholding taxes) Hopefully one day . i might be able to figure it out myself (we live frugally), if not then we might need profession financial planners like you Thank you 👍 Thank you
Our plan will RIF our RSPs at 60/58 (to avoid deregistration fees) and melt to 70. Then we will start CPP and OAS. We will continue to contribute to our TFSAs through retirement and only use them for out of ordinary expenses (roof, car, bucket list trip, etc. ) we have a modest db pension and non-registered dividend income to complement this strategy.
Canadian dividends will result in an OAS clawback and losing most of the age credit at 65 and beyond due to the 38 percent gross-up of Canadian dividends.
@@parkerbohnn that’s true, assuming a bunch of other conditions that may or may not be true. Dividends to not guarantee OAS clawback. Certainly not for us.
Over and over I see the example of a couple both delaying CPP (and in this example OAS also) to 70. Looks great on paper, IF both have a long life...but survivor benefits are never addressed. If one of the spouses passes early, maybe at 72, their OAS and CPP benefits are gone. Along with all the RRSP money withdrawn for 2 people doing the meltdown. OAS has no survivor benefit and if both delayed CPP, they would each already be getting the max, so no survivor benefit there. You dont get to "double up" on the CPP. I think delaying CPP is great for a single who is not so worried about survivor benefits but someone needs to address the scenario of survivor benefits when both delay CPP and/or OAS.
If they start with 1M in saving and have a 1.5M house and wind up with 3.5M estate at 90 what assumptions are you using for their investments during retirement?
@@AaronWealthManagement Good luck with the equity portion if the stock market ever corrects to fair market value in America it will be worse than the 1929 to 1954 stretch in time.
I'm not sure why you wouldn't convert RRSP to RIF as soon as you start your meltdown as it will allow you to avoid admin fees on de registration. If over the age of 65 during this period you would also be available to claim pension credit and split income with your spouse to equalize income between the two therefore paying less tax as family. I would like to see the tax liability more uniform (within 2%) throughout retirement as well because that strategy has been shown in other channels to lessen the lifetime tax paid
The software automatically calculates income splitting and applies the pension tax credit so while I'd like to take credit for that its all baked into the software. RRIF at 65 still falls short as compared to the RRSP meltdown by $36K in cumulative taxes and also $85K less in estate value.
@@AaronWealthManagement How can this be as you can withdraw the same amount out of RRIF as you could withdraw by deregistering RRSP funds and at the same time? I didn't say don't start the RRIF withdrawals until age 65, start those the same time you would have started deregistering RRSP dollars. The RRIF will also give you some of those funds (your minimum RRIF withdrawal) without the with holding tax. This tax with holding reduction would only benefit of course if you didn't have to pay additional tax upon filing your income tax.
@@DoneByD If you're in the top tax bracket it doesn't matter when or how much RRSP or RRIF money you withdraw. If its a LIRA converted to a LIF it has maximum withdrawal limits. Converting any RRSP to a RRIF at 65 and getting the $2,000 tax credit for any extra 7 years is always the smartest thing to do.
@@parkerbohnnsorry not seeing anything different in your post than what was said already. RRIF ASAP and then when you turn 65 start claiming the pension income tax credit. Nothing mentioned previously about LIF or LIRA.
Is there a sweet spot in $$ for how high a RRSP should get to? Strange these people have loaded up their RRSP and have no TFSA, that it’s self seems problematic.
Hi John, Yes, your correct they should have been funding their TFSA along the way. It's why I say in almost every video get a plan done right away. The "Sweet Spot" is going to be different for everyone. A retirement plan will illustrate the most efficient deposit and withdrawal schedule.
You're not alone. Many people still have debt as they enter retirement especially with the low interest rate environment, may people got caught at retirement with unaffordable debt purchasing rental properties.
Is there an age at which it is too late to begin melting down RRSPs? My parents are 80 and I have recently learned that the vast majority of their retirement savings are in taxable registered accounts. Advisor has been avoiding meltdown "due to a modest investment value being modest. They've been retired 20 years and have never touched their principal. Both have longevity in their family but manage multiple chronic conditions over decades. Advice?
Everything depends on how much money is in their registered accounts and how much tax they pay each year. If they're already in the top tax bracket nothing matters but if they're not in the top tax bracket cashing in extra money each year if it doesn't push them into the top tax bracket would be the thing to do.
@@parkerbohnn Lowest bracket with significant room to top up. Benefit and credit tax strategy with very minimal tax obligation over 20 years per advisor. She states low withdrawal rate is necessary to ensure building and maintenance of sufficient funds to last both until age 90+ (even in the event of one in nursing home/one remaining in house). Looking at $175000 to CRA upon death of 2nd parent currently.
@@HeatherPayne-jc6kz $175,000 as a lump sum upon death would push them into the third tax bracket. If it's all capital gains then they'd still be in the second tax bracket. Cash in investments before they die so upon the year of death they pay in the second tax bracket. It helps to die in January.
Just an fyi, as soon as somebody has enough hubris to tell me that I "must watch this video to the end! this is the video I have to watch!", i just start laughing.
It does not matter if the earnings are in the form of interest, dividends or capital gains, since all amounts withdrawn from an RRSP are taxed at rates for ordinary income. If they had a large non-registered account then your dividend comment is applicable.
Do any of your clients have pensions? I’d be happy to give a scenario for you !! We’re interested to see a real meltdown strategy with a couple that has a fair amount or registered savings, and a pension.. we (couple in their early 40s) would like to retire from full time work at 50, and meltdown their RRSP significantly until age 60 when our pensions kick in.
@@kylejulius9596 That's exactly what I want to do, but to retire at age 55 (now). I don't want to screw up my CPP payout though. I've been maxing out on CPP payments for the last 20 years, and if I stop contributing at 55, it'll screw up my CPP payout.
Canadian dividends push you into an OAS clawback and the same thing happens to the age tax credit when the dividends are grossed up 38 percent. The thing to do is put most of your money into something that produces no income and hopefully a capital gain that way you're less likely to get your OAS clawed back and lose most of the age amount tax credit. Alternately you can give a lot of money to your heirs before you die due to no gift tax in Canada if they're 18 or older to avoid the clawback on the OAS and losing all the age amount tax credit.
@@parkerbohnn The Old Age Security (OAS) clawback, starts to kick in when a recipient makes more than $90,997 in 2024. Now try to explain to me how you're going to pick an investment, that'll grow in value every year, in your retirement? It's a lot easier to pick dividend paying investments than it is to pick growth investments. What's hot today might not be hot tomorrow.
Park most of the money in Mexico Pesos and earn a double digit rate of return there on your money still looks like the most profitable thing to do for a Canadian.
Great question. Its really up to the client as per their goal. Some people intend to spend the cash down to zero and pass on their home while others spend very little with a goal to pass on as much as they can.
@@AaronWealthManagement I guess just since that scenario is supposed to be without any planning, was that intentional? Usually the "no planning" scenario assumes a 65 start for those.
@@AaronWealthManagement yes, but seems only for one party, not both..the combined value for both CPP and OAS jump at 70, which I assume must be the second party's share of them kicking in.
My brother put a million into it back in August 2015 at 20 dollars a share. My brother-in-law watched it go from 20 to 100 on the last trading day of the year back in 2015 and told my sister we're not buying it because its gone up too much. I begged my sister to buy it at the same time I told my brother to buy it. It was just before 4k tv sets hit the showroom and Nvidia had the video cards in all the major brands. I also did a parlay of Nvidia onto AMD with Nvidia at 120 before any stock splits and AMD at $6.45. Trumps trade war with China cost me a fortune but I sold AMD at 80 dollars a share as 40 was their old high and with inflation during the meantime I came up with 80 dollars as the sell point.
I shorted the stock last week knowing it will get killed with second quarter profit taking to June 27th at the 4:00pm close. The second quarter ends the last day of June.
It all depends upon your lifestyle and the amount of money you've become accustomed to over your working years before retirement. Many retirees will need more than $1M to completely fund their retirement. Then on the flip side many people with a modest working income lifestyle will need a lots less. Both lifestyles are living within their means it's just one has more money to spend but is still within their means.
I ‘m retired with 300k in well diversified broad based income etf and never touch my principal and only drawing my cpp for now until 65 Come on people 1 million dollars and not sure if they will make it.
@@richardleger4537 Hi Richard, thanks for watching and for your comment. In my original comment "it's all relative" it depends on your retirement lifestyle goals. Someone wanting to travel extensively vs a homebody will have vastly different income needs. Believe it or not there are couples spending $200K per year in retirement, roughly 3% of their total invested assets per year.
Awesome video! Great advice! 👍
The cost side of the ledger is vital. Delayed CPP to 70 always seems wise along with the RRSP meltdown in the 60-70 period. The assumption of home ownership is logical.
A similar case study for singles would be valuable.
Thanks Billy
@@AaronWealthManagement
You’re welcome!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@LiamOlivia-4 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. MARGARET MOLLI ALVEY, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
@@johnawara9719 Oh please I’d love that. Thanks!
@@LiamOlivia-4 MARGARET MOLLI ALVEY , lookup with her name online.
Great , i will do that now . Thanks for sharing
Yes more examples would be great. Thank you!
What about if you throw bitcoin into the mix ? No one who has held bitcoin for the 4 year cycle has ever lost any money. In fact if you price property in bitcoin everything gets cheaper every four years. How ? because bitcoin unlike the pound is fixed in its supply and the purchasing power gets stronger every four years. For example a house you want to buy today will be cheaper in four years in bitcoin terms. This is why all the leading asset managers are buying and holding bitcoin. Even business are adopting bitcoin to gain competitive advantage. Why and How ? Lets say cashback for example. If you were to offer a customer 5% cashback and give it to them in bitcoin instead of pounds the cashback to them would increaes in value in four years. Hence the 5 pounds given to them in bitcoin would probably be worth 15 to twenty pound in four years. Am I selling bitcoin ? No I just teach other entrepreneures how it works. No spamming or emails. Just some food for thought. You can subscribe to my channel if you wish to learn about bitcoin, Thats it. Tony.
Great video!! Would love to see more real life plans.
Love these videos as I’m nearing retirement within the next 6 to 10 months.
Yes pls, more videos like this would be awesome!
Great video! Your planning tool way more detailed than what TD wealth offers!
Thanks Mike
Yes please, more examples. Would be good to see a GIS strategy too. Would also like to see some fundamentals around drawdown: are there any basic rules? e.g. Non-reg first until age X, then registered, then TFSA, (or some ratios thereof) up to specific age or tax brackets etc. great videos!
Show more of this please. Great job as usual
Thanks for the video, I've seen many retirement videos that highlight this reduced spending as you get into your later years. The issue is these retirement and assisted living homes very easily run between $5000- 7500/month. It may be lower in other parts of Canada but that's the going rate these days in Ottawa. I've gone through this with my own parents.
Thanks for sharing your experience Marcel.
Please do more! All your videos are great.
Thank you! Will do!
Yes, more like this please!
thank u for the great video.
by the time i retire (approximately 10 yrs from now), the number of views, say for this video, could go up to 1 million!! haha. as i have been listening repeatedly on my days off!! .
Our retirement planning is quite complex as its cross-border. ages-gap between spouse, non-residents beneficiaries for our primary residence (house) in BC and my husband’s investments etc., etc., (my nephews are our beneficiaries but they do not live in Canada and not CA residents), taxes treaties between the countries (withholding taxes)
Hopefully one day . i might be able to figure it out myself (we live frugally), if not then we might need profession financial planners like you
Thank you 👍
Thank you
Would love to see a plan for early retirement at 50 and/or 55, moderate income ($60k after tax +15k travel in go go years)
Yes agreed, early retirement age 55 or 60 is what many of us aim for, would love to see the numbers run for an example there.
Hi Kelly, Thanks for your comment and visor suggestion. Your video will be posted on Sunday
Video is being posted on Sunday (tomorrow)
Hi Kelly, did you see the video you requested. Thanks for the idea. ua-cam.com/video/JwAUvi6iug0/v-deo.htmlsi=go19rLms4Ft5kGl8
Thanks for replying/posting - I had to watch in a rush due to my schedule so I need to go back and watch again!
Excellent work
Great video…thanks 😊
Yes more! More couples!
I love your videos, do you have clients in Alberta ? I’m interested.
Thanks Tina. Yes I have clients in Alberta, in fact right across Canada. calendly.com/aaronwealthmanagement/discovery
Our plan will RIF our RSPs at 60/58 (to avoid deregistration fees) and melt to 70. Then we will start CPP and OAS. We will continue to contribute to our TFSAs through retirement and only use them for out of ordinary expenses (roof, car, bucket list trip, etc. ) we have a modest db pension and non-registered dividend income to complement this strategy.
Canadian dividends will result in an OAS clawback and losing most of the age credit at 65 and beyond due to the 38 percent gross-up of Canadian dividends.
@@parkerbohnn that’s true, assuming a bunch of other conditions that may or may not be true. Dividends to not guarantee OAS clawback. Certainly not for us.
Great video! Where can I see your prices for the Retirement planning for low income families? Many thanks.
Hi thanks for watching the video. There are two pricing options available. One for a household and the other for a corporation.
I would love to see a couple where the age gap is 6 years and how that affects CPP and OAS?
Over and over I see the example of a couple both delaying CPP (and in this example OAS also) to 70. Looks great on paper, IF both have a long life...but survivor benefits are never addressed. If one of the spouses passes early, maybe at 72, their OAS and CPP benefits are gone. Along with all the RRSP money withdrawn for 2 people doing the meltdown. OAS has no survivor benefit and if both delayed CPP, they would each already be getting the max, so no survivor benefit there. You dont get to "double up" on the CPP. I think delaying CPP is great for a single who is not so worried about survivor benefits but someone needs to address the scenario of survivor benefits when both delay CPP and/or OAS.
If they start with 1M in saving and have a 1.5M house and wind up with 3.5M estate at 90 what assumptions are you using for their investments during retirement?
4% fixed income, 6.87% Equity (60/40 split) blended return of 5.15% and 2.5% on the real estate
@@AaronWealthManagement Good luck with the equity portion if the stock market ever corrects to fair market value in America it will be worse than the 1929 to 1954 stretch in time.
I'm not sure why you wouldn't convert RRSP to RIF as soon as you start your meltdown as it will allow you to avoid admin fees on de registration. If over the age of 65 during this period you would also be available to claim pension credit and split income with your spouse to equalize income between the two therefore paying less tax as family. I would like to see the tax liability more uniform (within 2%) throughout retirement as well because that strategy has been shown in other channels to lessen the lifetime tax paid
The software automatically calculates income splitting and applies the pension tax credit so while I'd like to take credit for that its all baked into the software. RRIF at 65 still falls short as compared to the RRSP meltdown by $36K in cumulative taxes and also $85K less in estate value.
@@AaronWealthManagement How can this be as you can withdraw the same amount out of RRIF as you could withdraw by deregistering RRSP funds and at the same time? I didn't say don't start the RRIF withdrawals until age 65, start those the same time you would have started deregistering RRSP dollars. The RRIF will also give you some of those funds (your minimum RRIF withdrawal) without the with holding tax. This tax with holding reduction would only benefit of course if you didn't have to pay additional tax upon filing your income tax.
In the year you turn 65.
@@DoneByD If you're in the top tax bracket it doesn't matter when or how much RRSP or RRIF money you withdraw. If its a LIRA converted to a LIF it has maximum withdrawal limits. Converting any RRSP to a RRIF at 65 and getting the $2,000 tax credit for any extra 7 years is always the smartest thing to do.
@@parkerbohnnsorry not seeing anything different in your post than what was said already. RRIF ASAP and then when you turn 65 start claiming the pension income tax credit. Nothing mentioned previously about LIF or LIRA.
You have travel lower in younger years vs later in life.. not really the case. Even if you consider inflation seems like your model is a bit off.
Is there a sweet spot in $$ for how high a RRSP should get to? Strange these people have loaded up their RRSP and have no TFSA, that it’s self seems problematic.
Hi John, Yes, your correct they should have been funding their TFSA along the way. It's why I say in almost every video get a plan done right away. The "Sweet Spot" is going to be different for everyone. A retirement plan will illustrate the most efficient deposit and withdrawal schedule.
You're videos are great, but I'v never seen anyone ( oin you example scenarios) that still has debt ! going into retirement, I'm I the only one ! :-)
You're not alone. Many people still have debt as they enter retirement especially with the low interest rate environment, may people got caught at retirement with unaffordable debt purchasing rental properties.
Is there an age at which it is too late to begin melting down RRSPs? My parents are 80 and I have recently learned that the vast majority of their retirement savings are in taxable registered accounts. Advisor has been avoiding meltdown "due to a modest investment value being modest. They've been retired 20 years and have never touched their principal. Both have longevity in their family but manage multiple chronic conditions over decades. Advice?
Everything depends on how much money is in their registered accounts and how much tax they pay each year. If they're already in the top tax bracket nothing matters but if they're not in the top tax bracket cashing in extra money each year if it doesn't push them into the top tax bracket would be the thing to do.
@@parkerbohnn Lowest bracket with significant room to top up. Benefit and credit tax strategy with very minimal tax obligation over 20 years per advisor. She states low withdrawal rate is necessary to ensure building and maintenance of sufficient funds to last both until age 90+ (even in the event of one in nursing home/one remaining in house). Looking at $175000 to CRA upon death of 2nd parent currently.
@@HeatherPayne-jc6kz $175,000 as a lump sum upon death would push them into the third tax bracket. If it's all capital gains then they'd still be in the second tax bracket. Cash in investments before they die so upon the year of death they pay in the second tax bracket. It helps to die in January.
Just an fyi, as soon as somebody has enough hubris to tell me that I "must watch this video to the end! this is the video I have to watch!", i just start laughing.
Feel the same way when someone uses the word "hubris"
Great video.
Their $1M portfolio doesn't earn any dividends?
Should be easily earning 5%/yr on that $1M. $50,000/yr income.
It does not matter if the earnings are in the form of interest, dividends or capital gains, since all amounts withdrawn from an RRSP are taxed at rates for ordinary income. If they had a large non-registered account then your dividend comment is applicable.
Do any of your clients have pensions? I’d be happy to give a scenario for you !! We’re interested to see a real meltdown strategy with a couple that has a fair amount or registered savings, and a pension.. we (couple in their early 40s) would like to retire from full time work at 50, and meltdown their RRSP significantly until age 60 when our pensions kick in.
@@kylejulius9596
That's exactly what I want to do, but to retire at age 55 (now).
I don't want to screw up my CPP payout though. I've been maxing out on CPP payments for the last 20 years, and if I stop contributing at 55, it'll screw up my CPP payout.
Canadian dividends push you into an OAS clawback and the same thing happens to the age tax credit when the dividends are grossed up 38 percent. The thing to do is put most of your money into something that produces no income and hopefully a capital gain that way you're less likely to get your OAS clawed back and lose most of the age amount tax credit. Alternately you can give a lot of money to your heirs before you die due to no gift tax in Canada if they're 18 or older to avoid the clawback on the OAS and losing all the age amount tax credit.
@@parkerbohnn The Old Age Security (OAS) clawback, starts to kick in when a recipient makes more than $90,997 in 2024.
Now try to explain to me how you're going to pick an investment, that'll grow in value every year, in your retirement?
It's a lot easier to pick dividend paying investments than it is to pick growth investments.
What's hot today might not be hot tomorrow.
$1M + $1.5M house? So they have $2.5M.
Their net worth is but they're not using their house to supply them with income in this example.
I heard on meltdown. Better to convert RSP to Rif at 65, since no fee to withdraw from. Rif and now withholding. Correct?
Would love
To see a plan for a single woman age 62 with less of a portfolio..
Eg 1mil investment and a older
Paid home. Self
Employed
Park most of the money in Mexico Pesos and earn a double digit rate of return there on your money still looks like the most profitable thing to do for a Canadian.
Do your plans assume a complete depletion of retirement assets?
Great question. Its really up to the client as per their goal. Some people intend to spend the cash down to zero and pass on their home while others spend very little with a goal to pass on as much as they can.
more examples of retirement plans in different scenarios are welcome
In the very first scenario, I see there is already one party delaying CPP and OAS up to 70.
Not sure what your question is
@@AaronWealthManagement I guess just since that scenario is supposed to be without any planning, was that intentional? Usually the "no planning" scenario assumes a 65 start for those.
@@mikechr88 reached the video and I see CPP starting at 65 in the first scenario
@@AaronWealthManagement yes, but seems only for one party, not both..the combined value for both CPP and OAS jump at 70, which I assume must be the second party's share of them kicking in.
Weekly contributions in NVDA for 20 years is the easiest 10 million of your life
That’s what they used to say about Nortel.
My brother put a million into it back in August 2015 at 20 dollars a share. My brother-in-law watched it go from 20 to 100 on the last trading day of the year back in 2015 and told my sister we're not buying it because its gone up too much. I begged my sister to buy it at the same time I told my brother to buy it. It was just before 4k tv sets hit the showroom and Nvidia had the video cards in all the major brands. I also did a parlay of Nvidia onto AMD with Nvidia at 120 before any stock splits and AMD at $6.45. Trumps trade war with China cost me a fortune but I sold AMD at 80 dollars a share as 40 was their old high and with inflation during the meantime I came up with 80 dollars as the sell point.
I shorted the stock last week knowing it will get killed with second quarter profit taking to June 27th at the 4:00pm close. The second quarter ends the last day of June.
If you can’t retire on $1 million, you are living far beyond your means.
it's all relative
It all depends upon your lifestyle and the amount of money you've become accustomed to over your working years before retirement. Many retirees will need more than $1M to completely fund their retirement. Then on the flip side many people with a modest working income lifestyle will need a lots less. Both lifestyles are living within their means it's just one has more money to spend but is still within their means.
If you retire outside of Canada. You'd have to live like a pauper on a million dollars in Canada.
I ‘m retired with 300k in well diversified broad based income etf and never touch my principal and only drawing my cpp for now until 65 Come on people 1 million dollars and not sure if they will make it.
@@richardleger4537 Hi Richard, thanks for watching and for your comment. In my original comment "it's all relative" it depends on your retirement lifestyle goals. Someone wanting to travel extensively vs a homebody will have vastly different income needs. Believe it or not there are couples spending $200K per year in retirement, roughly 3% of their total invested assets per year.
Great video. Thankyou