📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Excellent job! You and Brandon should consider developing a series that targets high school students and it should be mandatory to take it before they are allowed to graduate.
Thanks, Peter. I agree the financial education we get in school is lacking. Hopefully the younger generation that follows our channel can get a bit more help! Thanks so much for your support. - Marc
Yes, I agree. When I was a kid there was a “ consumer math” course, but it was just about figuring out sale prices, etc. This is not much more complicated, but waaaaay more important.
I started at 18 right out of high school. I'm now 56. My dad drilled it into my head that there will come a day when you don't want to work or you can't work. He also said that the longest journey begins with the first step. I realize it's much tougher for a young person today, but pay yourself first by investing at least 10% of income then forget about it. I'll start cashing out in 3 or 4 years.
Excellent overview of the necessary steps in preparing for retirement. I don't normally comment on people's oratorical skills, but yours are truly impeccable. In fact, you're a joy to listen to. Keep up with the great videos.
Hi Paul. Thanks so much for taking the time to comment, and I appreciate your kind words. Really happy that my message resonates with you, and I look forward to creating more content. Cheers. - Marc
This channel is awesome, very informative. I love the son-dad duo. Please keep doing these videos and keep us educated. I also have a request. You know there are lot of immigrants in Canada who might have started their career maybe late 30s. They will not receive full CPP or OAS. I am sure in your career, you have handled many such clients. Some tips for people like us who started living in Canada in mid or late 30s would really help. We will not inherit anything and not sure whom to ask for advice.
Hi and thanks for your support. As you say, it's an extra challenge if you're starting later and don't have as much time to build up investment. That said, if you're in your mid to late 30s, I say there is still time to do well, but the only real way is to make a plan and dedicate an amount, preferably monthly, to your own savings/investments. With 20 or more years ahead, this will add up and really help when you do retire. All the best, and hopefully this will help you out. - Marc
Excellent video! Thank you. I echo what others have mentioned… it would be great to run through some sample case studies; small/medium/large savings, pension/no pension, and the Canadian ‘average Joe’ scenario. Also, sometime, it would be great to here about how the frugal/minimalist folks are doing in retirement and what that could look like. Further, have you done any videos about ‘infinite banking’?
For me, there's no "How Much" because it differs in lifestyle of a person. The important is to be content and live within your means and budget. Happiness and contentment won't cost anything . You just know " How to do it" Good Luck everyone!!!
I agree. I should have capitalized the "YOU" in the title I guess, because everyone is different. AS you say, there's no one answer. Thanks for watching. - Marc
Brandon you and your dad make the best quality, practical and easy explanation of how to properly invest. The most underrated channel! Keep up the good work!
Thanks, Will. 😊 I was blessed to have a career in which virtually every day I went to the office was a pleasure. I'm thankful for those who chose to work with me for so many years, and I do miss the personal aspect of the relationships we formed. As a second act, are you kidding me???!!! I get to work with my son and continue to be involved in what I love!!! That doesn't happen very often. I appreciate your comment and thanks for your support. Take care. - Marc
Great video!! I appreciate the content being specific to Canadians. That is often difficult to find. I realize this video was not intended to be specific to every scenario. However, one of the retirement revenues that was not mentioned is passive income during retirement. It may be a beneficial future focus for retirement planning as rental income and online income streams are becoming more popular. Worth mentioning as a future expense is health care insurance. When doing a budget before retirement this is often overlooked.
That needs to be balanced with three other considerations: Access to healthcare, which can be problematic for rural communities, ensuring you aren't isolated from friends and family and how you want to spend your time in retirement.
Kicking myself for not having discovered your channel sooner!! Outstanding video!! Thank you so much for helping soo many Canadians understand and feel better about this often rather scary subject!! 👍👍
Great video! Common sense application. Also great job getting around all the acronyms that confuse the common person. One investment item that you really didn't discuss was Tax Free Savings Accounts and their role in the retirement.
Thanks, Martin. You are right, especially these days the TFSA does play a very important role for many in their retirement funding. Thanks for watching the video and taking the time to comment. Cheers - Marc
Totally agree with you about mock retirement or trail period before start the retirement. 2020 certainly is a great trail period for us ( either if we enjoy spending all our time together as a couple and financial needs since we only worked from home). All I need to is adding the cost of travel, I am all good to figure out how much we need each year to support our retirement. What I also like is you stress the emotional aspect of the retirement planning. You must be a great financial adviser. Your clients must miss you lots. Thanks for sharing your knowledge and experience.
Thanks Marc! It is nice to have a solid channel for Canadians to watch as much of the financial world is focused on the USA. I have been lucky to have a high paying job and saved a lot of my income since I was 18, I am just 34 now and having a resource like your channel is very helpful to me. Thank you!!
Working to get my son and daughter more focused on planning for retirement and learning from some of the things I could / should have done differently. Keep up the good work! Find these videos VERY helpful.
This is the best video I have seen. Thanks for the tools for working out the financial part of retirement. I will get to work on a budget and also fill out those government tools that I was not aware of. With your help, I think I can feel more confident about my situation.
Total goldmine, thank you! Will be recommending this to a lot of people. Since you asked, I wonder if you might do a video sometime that maybe looks at say three common retirement lifestyles you see in your line of work and the annual “income” required/associated with them at the three different phases you discussed. I often see videos where the person says something like “most people are happy in retirement with $50k a year” but don’t really provide any context about the lifestyle associated with that. Would love to get a better sense, if that makes any sense? Thanks again!
Darcy. That is an awesome suggestion. I will make a note and try to create something that answers your question as part of this series. A REALLY great suggestion, thanks. - Marc
Great vid as always. For a next video within the series I’d love if you could go into specifics on decumulation strategies assuming folks have a mix of CPP/OAS/TFSA/RRSPs/non-reg etc. Thanks!
Noted, and thanks for the great idea. Many haven't even heard or thought of decumulation, and I agree that a video on the topic would be enlightening. I'll put it on the list. Thanks, Karim. - Marc
@@beaviswealth Yes, I was impressed. Before, I had developed a detailed spreadsheet in Excel, which does much the same thing. The Canadian Retirement Income Calculator gave very similar results. If I had known about this Calculator I may not have devoted so much time developing this spreadsheet ✌️😆 Coupled with info in this and previous videos such as 1) spousal pension sharing and 2) the amount you may desire for retirement (80%rule etc) has helped me roughly determine the timing of my retirement. Much appreciated!
Hi Mark and Brandon, If I might make a Video suggestion, the intricacies of Canadians buying US dividend and growth stocks. IE. exchange rate, conversion fees, with holding tax, ETC. Thanks
Thank you for taking the time to prepare this informative series. I would like you to make a video considering inmigrants, arriving Canada in their middle 30's ... and or having the dream of spending retirement outside of Canada. Including the rules of how long pensioner must stay in Canada, exceptions, etc. I would think using the right title, the video will have millions of views
I took the CPP and oas for a year and continued to work and bought the amounts in rrsp. And practiced living on that amount and it worked out pretty good, Hey no travelling during covid so saved money in first year.
Good stuff, Pat. Ya, it was a strange year during Covid, no doubt, and probably a bit tough to get an accurate reading on a normal retirement, especially if traveling is in the cards. Thanks for sharing. - Marc
Interesting listening to you talking about retiring.It's frightening when you stop receiving an income but we soon got used to it and then realised how much money we wasted over the years knowing we received a good income for many years.
Thank you for another detail oriented video. My I husband and I are approx. 10 years away from retirement. We're playing catch up. We live in the GVRD so know all too well the high cost of living. Ive started crunching #s and its a real wakeup call. 2 older teens as well. Lots to think about. Your video will help with a clearer planning path. Much appreciated.
Hi Leslie. Thanks for sharing, and all the best as you focus on your next decade. Hopefully I provided you some info and ideas that will help with the challenge. Thanks so much for watching. - Marc
Thank you Marc. This is arguably your best video yet! Would love hear your experience or insights on RESP too please. Ie, how to rebalance as the first child is approaching post-secondary, etc. Thanks again to you and Brandon for what you do.
Great video, very informative. Love the suggestion to simulate retirement ahead of time. Loved the previous video on government programs as well. Learning lots, thank you!
I find knowing what we will spend in retirement a challenge. Right now (at 50) we have an extremely expensive life with 3 kids living at home, competitive sports fees, food for everyone, utilities for a large family, 4 cars, insurance for everyone, phones for everyone, debt payments, etc. While we have a good income now of well over $300k I certainly find it hard to believe we'll need anywhere even approaching 50% of that in retirement. I like the idea of simulating retirement once we get close (like around 58) as then we will be living a life much closer to what actual retirement will look like and hopefully the kids will all be out of the house.
You got it, Matt. Peak spending years right now, I assume. Having gone through that phase, it's amazing how much extra money seems to appear when the kids have fled the coup, but you've gotta make it through this phase! All the best, and thanks for a great comment. - Marc
Start teaching those kids that they need to help you help them. My kids all lived the great lifestyle and got cars when they graduated and help buying their first home. They expect it and they aren’t grateful, and now they get mad if you don’t buck up for every problem they have. 😊
Soy relativamente joven, 25, hice un plan de ahorro e inversión para retirarme en 20 años, creo que serán 15, pero voy paso a paso. gran trabajo Marc! "I'm relatively young, 25, I made a savings and investment plan to retire in 20 years, I think it will be 15, but I go step by step. great job Marc!"
Very relevant and timely video. I would love to hear more. Marc, your inputs definitely give a clearer perspective on what we should do today to prepare and what to expect during retirement days.
Excellent videos. Thank you. I have a better picture of what needs to be done. I'm in the 10-15 year to retirement zone with no nest egg saved up and with a 14 and 16 year old that constantly drain any extra cash we might have for this or that. I'm 56 and working, my husband is 53 on long term disability. We will have major challenges in doing this but we have to at least try. We saved RESPs for the children since the day they were born but never enough left over for the RRSP. If they do not go to post secondary school, then that savings will be our RESP start. Plus, I also need to focus on getting the mortgage paid off and the van loan, too. Just a few challenges on the road ahead, huh? I'll keep watching your videos. I have subscribed and will be notified. I need all the tips I can get.
Thank you for this, I want to semi-retire at 55 which means my job instead of being a full-time I’ll be part time. From your video I wouldn’t take out my CPP until 65. In 2022 my company is for the first time doing RSP‘s how do you think I should go about all of this. I do have an investment person that has been really helpful. My motto is live like no one else now so I could live like no one else later and that was taken from Dave Ramsey
Excellent video - information well presented, well thought out and explained. Can you consider other topics like LIFs, RIFs, RRSPs .. how to make capital last longer, when am I going to be forced to decrement the funds that are sitting in them etc. Thank you!
Very helpful! Was planning on trying to live off what we’re estimating will be our budget in retirement. Good discipline to try it a few years in advance.
Hi It is a good presentation about retirement. I love your informative ideas. I am 55 years , and worked 9 years. I am planning to retire in my 60s , How much the basic benefit will I get. I am looking forward to getting your feedback in your next video
Okay at 1:54 I see immediately why this is so up voted Really excellent job on this without the usual BS "financial planners" spout I'm going this October aged 56. So excited. Best advice I have is (1) have a decent pension scheme and (2) invest in a family of mutual funds starting age 20 inside an RRSP and get a TFSA going. Bonus (3) Invest the CPP and EI amounts each month once your income hits max for the rest of the year. I cap out July. I wish I'd done (3) much earlier but even three years of that has made a nice difference. Oh my partner and I save $63000 a year pretax by retiring. Working costs more than you think!
Thanks so much for your comment. You seem to have everything planned out, and I especially like your discipline to invest the CPP contribution amounts you're used to, once you've maxed out for the year. That also means you've got a pretty decent income, which helps. Sounds like you've been on this path for a few years now, and it's all working out the way it's supposed to. Really appreciate you taking the time to share your story, and thanks for watching. - Marc
@@beaviswealth Decent income, partner has one as well, both have pensions, and no offspring. Zero debt on retiring . We are both lucky and reaping 20 years of cautious but not frugal living. I'd rather sit around reading a book in the forest than eat junk on a cruise ship but that's me :-)
Thank you for this video Marc! This gave me a lot of insight on what I should look for to achieve my goals for retirement. Those two sites from the government of canada is gold. Im still decades away from my retirement but i can definetly see holes that could be filled for my parents retirement because of your video. I appreciate all the expertise! I didnt know there were this many possible income sources other than the first few ones you listed. its definetly hard to keep track of lol
A time frame for retirement is one of our biggest challenges. Either partially retire at 55, working 6 months a year until 60, and then fully retiring. Or, work full-time until 59 and then retire all the way. Less money in the end with the first option, but winters in Southern Spain or Croatia would be worth it compared to Winnipeg winters.
another good video currently working throught your retirement series. Awesome mini series btw!! when you say consider the investments as savings more then growth what are you referring to owning, banks etc?
*grind it out , work overtime , get a 2nd job & max out that TFSA !! , great tax free dividend income for retirement that won't affect your other benefits or income tax. If you’re contributing in 2021 for the first time, you’re eligible to deposit $75,500 in total contributions, provided you’ve been over 18 years of age since 2009.*
@@Slickpete83 you got it, it's going to get alot harder out there with the rise of monthly payments for many products over ownership. We gotta stay sharp.
Thumbs up my friend! I was wondering if you guys would be willing to get a bit more personal and let us know how you did it for yourselves - when did you, as a planner, started saving up, how much, what are your hobbies while saving, etc? You two are a huge inspiration especially for us immigrants. Thanks for all the work you do!
Thanks for your comment and suggestion. Being a tad old school, I'm a bit reluctant to talk too much about myself, because I'm not sure how interesting that would be to others. I have thought about recapping my investing journey, though, so it's not off the table. You never know, maybe one day. Thanks for your support, and all the best. - Marc
We messed up life. Currently helping kids out, looking after a sibling, assisting with upcoming grandchildren, helping a parent. Your videos are helping. Retirement for hubby will be later. I have huge quilt for failing to budget us well. The burden of carrying for so many people. We are just building another business, which will help supplement if he chooses. He can transition of consulting part time.. its a passion and I think will keep him happy.. You have been the best Canadian Content so far.
Sorry to hear about your financial challenges, and all the best in the steps you're taking to get things back on track. We hope our videos can help provide you with useful information. Thanks for sharing. - Marc
I have enjoyed several of your videos, and they are packed with so much information. I love it! I am thankful you always put the chapter breaks and time stamps in the extra info section I would love to see you talk about your thoughts on what on a very macro level would give a "good better best" retirement for a single or a couple. Instead of building the finances and all that background that you have given, would be great to say, based on your experience, "if you are a couple, and you had X dollars, you will have a good (but basic) retirement. if you had Y dollars, it could be enhanced with some extra expenditures, and then Z dollars would give a lifestyle including many expenditures. And then repeat this for a single person (either goes into retirement single or loses a partner along the way). In other words, if someone had a DB plan with X dollars, plus their government money, savings, other investments, house equity etc. at a certain amount, then dont worry about budgets and calculations, you should be able to live within that income if it was at "X" level. Just some food for thought for future videos.
Thank you so much for this great comment. I will use this email as guidance to create a video to address these scenarios. Appreciate your input. - Marc
@@beaviswealth Looking forward to! Give us the macro idea and then we can do the micro planning on how best to allocate the money to the diverse list of activities that we all have in our lives. Keep up the great work!!
Hi Kelson. I did note that an RDSP can be an income source for those who qualify, yes for sure. Another source of income beyond RRSPs, etc. So yes, if you have an RDSP, add it to your list of sources and factor it into your plan, for sure. And RDSP withdrawals aren't included in income, so that might help with OAS payments if you have a significant level of other income. Thanks for watching. - Marc
Love the simulate retirement tip!! 4% rule - don't get it, sit down and do your homework!! It does not have to be a budget, you just need to figure out your major expenses. If you paid $500 rent 20 years ago and are paying $1000 today then in 20 years you can expect to be paying $1500...so play it safe and assume you'll be paying $1500 from DAY 1 of retirement, do this for all your expenses and you're good to go.
Hey Che. You're 100% correct, but the reality is that a ton of people, even well meaning, won't do that work. For those who will, you get more accurate results. For those who won't, at least an estimate is better than just going in blind. Thanks for your comment, and for your support. - Marc
Sorry, not 100% correct. If your rent went up from $500 to $1000 in 20 years that's double. The way interest and inflation work, the same rate over the next 20 years means your rent will be $2000 not $1500. Good luck.
My parents are getting closer to their retirement date and they don’t have a dime to their name. I’m trying to help them setup a portfolio and help them plan…. These series came into my life exactly at the right time!!
Is it possible for you to do a Video on RDSP account. I find that there are Not too many information out there regarding RDSP. Also on when is the best time to start withdrawing from RDSP account. Also, Any Possibily to do a Video on If needed which account should an individual start withdrawing fund from, RRSP, TFSA, Or RDSP Account? Thank you Very much 🙏🙏🙏
Good video, very general. It would be nice to see some scenarios where you work out what the math looks like for various levels of savings, pension etc.
Another exceptional video. Almost all the questions I have about retirement planning are answered here. Marc, do you ever advise your clients on estate planning or Wills? I drew up a Will when my kids were babies, but now I have acquired more assets and property. Should I draw up a new Will? This is outside of financial advice but thought I'd ask.
Thanks. When I was active as an advisor, I did discuss Wills and estate planning with my clients, however because I wasn't a lawyer, I would refer my clients to a legal representative to have Wills actually prepared. There are also professionals who specialize in Estate planning issues and will create estate plans. From what you have described, I would strongly suggest you revisit your documents, as you have suggested. - Marc
Hi guys I really appreciate your videos like Brandon says read read read one of my first books I read was wealthy Barbour. Unfortunately I can’t retire for a while I was raising five children running two businesses and just didn’t have the extra cash to put away and I wouldn’t change anything that’s just the way it is. I did invest in real estate though so hopefully that’ll give me enough to retire in Mexico unfortunately Canada has become too expensive for this gringo. Thanks again appreciate your videos
📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Excellent job! You and Brandon should consider developing a series that targets high school students and it should be mandatory to take it before they are allowed to graduate.
Thanks, Peter. I agree the financial education we get in school is lacking. Hopefully the younger generation that follows our channel can get a bit more help! Thanks so much for your support. - Marc
Yes, I agree. When I was a kid there was a “ consumer math” course, but it was just about figuring out sale prices, etc. This is not much more complicated, but waaaaay more important.
This is a great idea! It's so important. I'm the only one in my circles that has been investing out of high school.
I am pretty much agree with this idea
I don't think they would allow that information in the schools.
My favourite internet Dad! Great series so far!
Thanks, Khalid! - Marc
I started at 18 right out of high school. I'm now 56. My dad drilled it into my head that there will come a day when you don't want to work or you can't work. He also said that the longest journey begins with the first step. I realize it's much tougher for a young person today, but pay yourself first by investing at least 10% of income then forget about it. I'll start cashing out in 3 or 4 years.
Thanks for sharing your story and wisdom! All the best when your retirement days arrive. - Marc
Excellent overview of the necessary steps in preparing for retirement. I don't normally comment on people's oratorical skills, but yours are truly impeccable. In fact, you're a joy to listen to. Keep up with the great videos.
Hi Paul. Thanks so much for taking the time to comment, and I appreciate your kind words. Really happy that my message resonates with you, and I look forward to creating more content. Cheers. - Marc
This channel is awesome, very informative. I love the son-dad duo. Please keep doing these videos and keep us educated.
I also have a request. You know there are lot of immigrants in Canada who might have started their career maybe late 30s. They will not receive full CPP or OAS. I am sure in your career, you have handled many such clients. Some tips for people like us who started living in Canada in mid or late 30s would really help. We will not inherit anything and not sure whom to ask for advice.
Hi and thanks for your support. As you say, it's an extra challenge if you're starting later and don't have as much time to build up investment. That said, if you're in your mid to late 30s, I say there is still time to do well, but the only real way is to make a plan and dedicate an amount, preferably monthly, to your own savings/investments. With 20 or more years ahead, this will add up and really help when you do retire. All the best, and hopefully this will help you out. - Marc
Thank you for this question as I would do the same. But Im glad Brandon aswered it.😍
Excellent video! Thank you. I echo what others have mentioned… it would be great to run through some sample case studies; small/medium/large savings, pension/no pension, and the Canadian ‘average Joe’ scenario. Also, sometime, it would be great to here about how the frugal/minimalist folks are doing in retirement and what that could look like. Further, have you done any videos about ‘infinite banking’?
Ten years before retirement. Your videos are what I need. And I look forward to new ones. Thanks a lot, Marc!
Might be worth going a few more years if possible, inflation will probably remain high for 5 years or so and after that is anyone’s guess.
For me, there's no "How Much" because it differs in lifestyle of a person. The important is to be content and live within your means and budget. Happiness and contentment won't cost anything . You just know " How to do it" Good Luck everyone!!!
I agree. I should have capitalized the "YOU" in the title I guess, because everyone is different. AS you say, there's no one answer. Thanks for watching. - Marc
@@beaviswealth .. My pleasure! I always do.. we can always learn something from anyone. (-:
Useful presentation particularly to clarify how to properly estimate the necessary savings! Thank you!
Brandon you and your dad make the best quality, practical and easy explanation of how to properly invest. The most underrated channel! Keep up the good work!
I truly appreciate that, and thanks for taking the time to comment. - Marc
Such great advice Mark. This channel has 142,000 subs. I’m sure most of them wish you were their personal advisor hahaha. Well done.
Thanks, Will. 😊 I was blessed to have a career in which virtually every day I went to the office was a pleasure. I'm thankful for those who chose to work with me for so many years, and I do miss the personal aspect of the relationships we formed. As a second act, are you kidding me???!!! I get to work with my son and continue to be involved in what I love!!! That doesn't happen very often. I appreciate your comment and thanks for your support. Take care. - Marc
Great video!! I appreciate the content being specific to Canadians. That is often difficult to find. I realize this video was not intended to be specific to every scenario. However, one of the retirement revenues that was not mentioned is passive income during retirement. It may be a beneficial future focus for retirement planning as rental income and online income streams are becoming more popular. Worth mentioning as a future expense is health care insurance. When doing a budget before retirement this is often overlooked.
You need lots of money. Selling your home will help. Moving away from any Canadian major city is a must.
That's definitely a good option for many.
Agree
That needs to be balanced with three other considerations: Access to healthcare, which can be problematic for rural communities, ensuring you aren't isolated from friends and family and how you want to spend your time in retirement.
A comprehensive review of retirement issues upon which to reflect. Thank you.
Kicking myself for not having discovered your channel sooner!! Outstanding video!! Thank you so much for helping soo many Canadians understand and feel better about this often rather scary subject!! 👍👍
Thank you so much, Kimmy, and welcome to the channel. - Marc
Great video! Common sense application. Also great job getting around all the acronyms that confuse the common person. One investment item that you really didn't discuss was Tax Free Savings Accounts and their role in the retirement.
Thanks, Martin. You are right, especially these days the TFSA does play a very important role for many in their retirement funding. Thanks for watching the video and taking the time to comment. Cheers - Marc
The CRA Retirement Calculator and Budget Planner I did not know about.
Those should be useful resources.
Thank you.😃
Glad it was helpful, and thanks for watching. - Marc
Totally agree with you about mock retirement or trail period before start the retirement. 2020 certainly is a great trail period for us ( either if we enjoy spending all our time together as a couple and financial needs since we only worked from home). All I need to is adding the cost of travel, I am all good to figure out how much we need each year to support our retirement. What I also like is you stress the emotional aspect of the retirement planning. You must be a great financial adviser. Your clients must miss you lots. Thanks for sharing your knowledge and experience.
Thanks Marc! It is nice to have a solid channel for Canadians to watch as much of the financial world is focused on the USA. I have been lucky to have a high paying job and saved a lot of my income since I was 18, I am just 34 now and having a resource like your channel is very helpful to me. Thank you!!
Thanks for your comment, Steven. Glad to be able to help you out, and thanks for watching. - Marc
Working to get my son and daughter more focused on planning for retirement and learning from some of the things I could / should have done differently. Keep up the good work! Find these videos VERY helpful.
Thanks so much, Ron, and thanks for taking the time to comment. 👍 - Marc
This is the best video I have seen. Thanks for the tools for working out the financial part of retirement. I will get to work on a budget and also fill out those government tools that I was not aware of. With your help, I think I can feel more confident about my situation.
Excellent video for someone to understand retirement, but do some video on real rate return and indexation, how it affects budget, IRR on investment.
Total goldmine, thank you! Will be recommending this to a lot of people.
Since you asked, I wonder if you might do a video sometime that maybe looks at say three common retirement lifestyles you see in your line of work and the annual “income” required/associated with them at the three different phases you discussed.
I often see videos where the person says something like “most people are happy in retirement with $50k a year” but don’t really provide any context about the lifestyle associated with that. Would love to get a better sense, if that makes any sense?
Thanks again!
Darcy. That is an awesome suggestion. I will make a note and try to create something that answers your question as part of this series. A REALLY great suggestion, thanks. - Marc
Great vid as always. For a next video within the series I’d love if you could go into specifics on decumulation strategies assuming folks have a mix of CPP/OAS/TFSA/RRSPs/non-reg etc. Thanks!
Noted, and thanks for the great idea. Many haven't even heard or thought of decumulation, and I agree that a video on the topic would be enlightening. I'll put it on the list. Thanks, Karim. - Marc
Thank you for this post. It is very helpful, reasonably detailed and you are very easy to listen to. Cheers!!!
I filled out the Canadian Retirement Income Calculator. It is very helpful!
Hi James. Good to hear.. when I tested it, I was surprised at how good it was. Glad you were able to give it a test run. - Marc
@@beaviswealth Yes, I was impressed. Before, I had developed a detailed spreadsheet in Excel, which does much the same thing. The Canadian Retirement Income Calculator gave very similar results.
If I had known about this Calculator I may not have devoted so much time developing this spreadsheet ✌️😆
Coupled with info in this and previous videos such as 1) spousal pension sharing and 2) the amount you may desire for retirement (80%rule etc) has helped me roughly determine the timing of my retirement.
Much appreciated!
Great post and very good advice. Thank you!
Hi Mark and Brandon, If I might make a Video suggestion, the intricacies of Canadians buying US dividend and growth stocks. IE. exchange rate, conversion fees, with holding tax, ETC. Thanks
Hey Rick. Thanks for this suggestion. Will add it to the list for a video at some point. - Marc
Thank you for taking the time to prepare this informative series. I would like you to make a video considering inmigrants, arriving Canada in their middle 30's ... and or having the dream of spending retirement outside of Canada. Including the rules of how long pensioner must stay in Canada, exceptions, etc. I would think using the right title, the video will have millions of views
Thanks for the suggestion, Edgar. Sounds like we should add this topic to our list of videos to create. Appreciate you comment. - Marc
This is great information. Thanks for your plain language and straight forward approach. It really helps.
I took the CPP and oas for a year and continued to work and bought the amounts in rrsp. And practiced living on that amount and it worked out pretty good, Hey no travelling during covid so saved money in first year.
Good stuff, Pat. Ya, it was a strange year during Covid, no doubt, and probably a bit tough to get an accurate reading on a normal retirement, especially if traveling is in the cards. Thanks for sharing. - Marc
Found your channel recently and wanted to say a huge thank you for all this extremely useful information. Much love and blessings to you.
Interesting listening to you talking about retiring.It's frightening when you stop receiving an income but we soon got used to it and then realised how much money we wasted over the years knowing we received a good income for many years.
Hey Sandra. Thanks for watching and for sharing your experience. Cheers. - Marc
Your videos are amazingly genuine .
Thanks very much for your positive comment; truly appreciated. - Marc
Thank you for another detail oriented video. My I husband and I are approx. 10 years away from retirement. We're playing catch up. We live in the GVRD so know all too well the high cost of living. Ive started crunching #s and its a real wakeup call. 2 older teens as well. Lots to think about. Your video will help with a clearer planning path. Much appreciated.
Hi Leslie. Thanks for sharing, and all the best as you focus on your next decade. Hopefully I provided you some info and ideas that will help with the challenge. Thanks so much for watching. - Marc
Thank you Marc. This is arguably your best video yet! Would love hear your experience or insights on RESP too please. Ie, how to rebalance as the first child is approaching post-secondary, etc. Thanks again to you and Brandon for what you do.
Thank you so much for your kind comment, and also for your suggestion. More info on RESP strategies is a good idea... will get to work on that. - Marc
Thank you for your vlog. Truly informative and very helpful.
Great video. I am within 5 years of retirement so this is coming much more into focus. Thank You.
Great video, very informative. Love the suggestion to simulate retirement ahead of time. Loved the previous video on government programs as well. Learning lots, thank you!
Glad it was helpful, Linda. The simulation has worked, as I've seen first hand. Thanks for your support. - Marc
I find knowing what we will spend in retirement a challenge. Right now (at 50) we have an extremely expensive life with 3 kids living at home, competitive sports fees, food for everyone, utilities for a large family, 4 cars, insurance for everyone, phones for everyone, debt payments, etc. While we have a good income now of well over $300k I certainly find it hard to believe we'll need anywhere even approaching 50% of that in retirement. I like the idea of simulating retirement once we get close (like around 58) as then we will be living a life much closer to what actual retirement will look like and hopefully the kids will all be out of the house.
You got it, Matt. Peak spending years right now, I assume. Having gone through that phase, it's amazing how much extra money seems to appear when the kids have fled the coup, but you've gotta make it through this phase! All the best, and thanks for a great comment. - Marc
Start teaching those kids that they need to help you help them. My kids all lived the great lifestyle and got cars when they graduated and help buying their first home. They expect it and they aren’t grateful, and now they get mad if you don’t buck up for every problem they have. 😊
Your videos are absolutely excellent, they really help me understand (in layman's terms) what to expect, how to plan. Thank you so much.
Thanks. - Marc
Thanks for making n sharing this series of Video. These are awesome video and example. Thank u and plse keep on doing this 👍👍👍
Soy relativamente joven, 25, hice un plan de ahorro e inversión para retirarme en 20 años, creo que serán 15, pero voy paso a paso. gran trabajo Marc!
"I'm relatively young, 25, I made a savings and investment plan to retire in 20 years, I think it will be 15, but I go step by step. great job Marc!"
Muchas gracias, como siempre, Juan. - Marco
Very relevant and timely video. I would love to hear more. Marc, your inputs definitely give a clearer perspective on what we should do today to prepare and what to expect during retirement days.
Thanks, Noly. - Marc
Great video. You may want to mention rentals as a possible income source.
Great video, Marc. Thank you very much!
My pleasure, Sam. Thanks for watching. - Marc
I liked your video. I wish young old and middle age working persons listens to this useful video for their life.
Thanks for your comment, Syed. Appreciate your support. - Marc
Fantastic, thanks again Marc. I believe I am on track after listening to your series. You put my mind at ease and the idea is not scary anymore.
Excellent videos. Thank you. I have a better picture of what needs to be done. I'm in the 10-15 year to retirement zone with no nest egg saved up and with a 14 and 16 year old that constantly drain any extra cash we might have for this or that. I'm 56 and working, my husband is 53 on long term disability. We will have major challenges in doing this but we have to at least try. We saved RESPs for the children since the day they were born but never enough left over for the RRSP. If they do not go to post secondary school, then that savings will be our RESP start. Plus, I also need to focus on getting the mortgage paid off and the van loan, too. Just a few challenges on the road ahead, huh? I'll keep watching your videos. I have subscribed and will be notified. I need all the tips I can get.
Always on the money!!
Awesome job!!
The best wisdom dad on UA-cam .
Thank you so much; I appreciate your support. - Marc
One of the most relevant and eye opener video..keep doing good work Marc and Brandon
Thanks, Girish. Nice of you to say so, and thanks for watching. - Marc
How is this video free? Awesome work and presentation!
Thank you so much, Robert. Truly appreciate that. - Marc
This should be thought in high school. There’s so little information available and unless you’re on UA-cam you are left behind unfortunately
Marc it would be nice to have a sample of a good portfolio for retirement.... RSP and TFSA. Thx 🙏🏻
Great idea, and a couple of other viewers have made a suggestion like that. I'll certainly put something together. Thanks for commenting. - Marc
Thank you for this, I want to semi-retire at 55 which means my job instead of being a full-time I’ll be part time. From your video I wouldn’t take out my CPP until 65. In 2022 my company is for the first time doing RSP‘s how do you think I should go about all of this. I do have an investment person that has been really helpful. My motto is live like no one else now so I could live like no one else later and that was taken from Dave Ramsey
Excellent video, very informative!!
Thank you very much. - Marc
Thanks so much, very informative!
Thanks David. Glad you got value from your 33 minutes or so! - Marc
That’s great content! Thanks a lot Marc
My pleasure, Ryan. Thanks for your support. - Marc
Thank you for providing the useful information like the Canadian government pension website for estimating the amount required for our retirement.
Glad it was helpful, Paul. Thanks for watching. - Marc
Great video. Be frugal, save money and keep the money being invested so it can work for you is the key.
Great comment, Trevor. Live below your means, if possible, and save/invest, the earlier the better. - Marc
Excellent video - information well presented, well thought out and explained. Can you consider other topics like LIFs, RIFs, RRSPs .. how to make capital last longer, when am I going to be forced to decrement the funds that are sitting in them etc. Thank you!
Very helpful! Was planning on trying to live off what we’re estimating will be our budget in retirement. Good discipline to try it a few years in advance.
great video marc!!! thanks for the insight.
You bet, and as always, thanks for your support. - Marc
Hi
It is a good presentation about retirement. I love your informative ideas.
I am 55 years , and worked 9 years. I am planning to retire in my 60s , How much the basic benefit will I get.
I am looking forward to getting your feedback in your next video
great vid, thanks!
Okay at 1:54 I see immediately why this is so up voted
Really excellent job on this without the usual BS "financial planners" spout
I'm going this October aged 56. So excited. Best advice I have is (1) have a decent pension scheme and (2) invest in a family of mutual funds starting age 20 inside an RRSP and get a TFSA going. Bonus (3) Invest the CPP and EI amounts each month once your income hits max for the rest of the year. I cap out July. I wish I'd done (3) much earlier but even three years of that has made a nice difference.
Oh my partner and I save $63000 a year pretax by retiring. Working costs more than you think!
Thanks so much for your comment. You seem to have everything planned out, and I especially like your discipline to invest the CPP contribution amounts you're used to, once you've maxed out for the year. That also means you've got a pretty decent income, which helps. Sounds like you've been on this path for a few years now, and it's all working out the way it's supposed to. Really appreciate you taking the time to share your story, and thanks for watching. - Marc
@@beaviswealth Decent income, partner has one as well, both have pensions, and no offspring. Zero debt on retiring . We are both lucky and reaping 20 years of cautious but not frugal living. I'd rather sit around reading a book in the forest than eat junk on a cruise ship but that's me :-)
Thank you for this video Marc! This gave me a lot of insight on what I should look for to achieve my goals for retirement. Those two sites from the government of canada is gold. Im still decades away from my retirement but i can definetly see holes that could be filled for my parents retirement because of your video. I appreciate all the expertise!
I didnt know there were this many possible income sources other than the first few ones you listed. its definetly hard to keep track of lol
Glad it was helpful! Thanks for watching, and for taking the time to comment. - Marc
Thank you Marc..😉
My pleasure! - Marc
Thanks for sharing your knowledge. I really appreciate
My pleasure, Gerson. Thanks for your support. - Marc
A time frame for retirement is one of our biggest challenges. Either partially retire at 55, working 6 months a year until 60, and then fully retiring. Or, work full-time until 59 and then retire all the way. Less money in the end with the first option, but winters in Southern Spain or Croatia would be worth it compared to Winnipeg winters.
Great video! Love the content!
Glad you enjoy it, Ben. Thanks for your support. - Marc
Thank you for your information
Great video! I like to use the Every Dollar app for budgeting
I haven't seen that app, but I'm glad it's getting the job done for you. Cheers. - Marc
Another excellent video.
another good video currently working throught your retirement series. Awesome mini series btw!! when you say consider the investments as savings more then growth what are you referring to owning, banks etc?
Great example retirement scenarios.
Thanks, Anne. - Marc
*grind it out , work overtime , get a 2nd job & max out that TFSA !! , great tax free dividend income for retirement that won't affect your other benefits or income tax. If you’re contributing in 2021 for the first time, you’re eligible to deposit $75,500 in total contributions, provided you’ve been over 18 years of age since 2009.*
Thanks for adding to the discussion. - Marc
don't forget to live too! life is short
@@bobheck2660 *live yes, but within your means or else u will be working until your 90*
@@Slickpete83 you got it, it's going to get alot harder out there with the rise of monthly payments for many products over ownership. We gotta stay sharp.
Thanks for the information fam! I appreciate you guys
Thanks, Jonny. Appreciate your support. - Marc
Thumbs up my friend! I was wondering if you guys would be willing to get a bit more personal and let us know how you did it for yourselves - when did you, as a planner, started saving up, how much, what are your hobbies while saving, etc? You two are a huge inspiration especially for us immigrants. Thanks for all the work you do!
Thanks for your comment and suggestion. Being a tad old school, I'm a bit reluctant to talk too much about myself, because I'm not sure how interesting that would be to others. I have thought about recapping my investing journey, though, so it's not off the table. You never know, maybe one day. Thanks for your support, and all the best. - Marc
Great video Brendon! Thank you. One possible, not uncommon, source of income can be real estate rental. Can’t it be?
A budget is essential when young in order to avoid anxiety during retirement
Thanks for the great video👍
You bet, and thanks for watching. - Marc
Great video, thank you! Could you please explain on how to account for taxes in retirement?
Excellent thank you
great thoughts and advice
Thanks, Kevin. Appreciate that. - Marc
We messed up life. Currently helping kids out, looking after a sibling, assisting with upcoming grandchildren, helping a parent. Your videos are helping.
Retirement for hubby will be later.
I have huge quilt for failing to budget us well. The burden of carrying for so many people.
We are just building another business, which will help supplement if he chooses. He can transition of consulting part time.. its a passion and I think will keep him happy..
You have been the best Canadian Content so far.
Sorry to hear about your financial challenges, and all the best in the steps you're taking to get things back on track. We hope our videos can help provide you with useful information. Thanks for sharing. - Marc
I have enjoyed several of your videos, and they are packed with so much information. I love it! I am thankful you always put the chapter breaks and time stamps in the extra info section
I would love to see you talk about your thoughts on what on a very macro level would give a "good better best" retirement for a single or a couple. Instead of building the finances and all that background that you have given, would be great to say, based on your experience, "if you are a couple, and you had X dollars, you will have a good (but basic) retirement. if you had Y dollars, it could be enhanced with some extra expenditures, and then Z dollars would give a lifestyle including many expenditures. And then repeat this for a single person (either goes into retirement single or loses a partner along the way).
In other words, if someone had a DB plan with X dollars, plus their government money, savings, other investments, house equity etc. at a certain amount, then dont worry about budgets and calculations, you should be able to live within that income if it was at "X" level.
Just some food for thought for future videos.
Thank you so much for this great comment. I will use this email as guidance to create a video to address these scenarios. Appreciate your input. - Marc
@@beaviswealth Looking forward to! Give us the macro idea and then we can do the micro planning on how best to allocate the money to the diverse list of activities that we all have in our lives. Keep up the great work!!
Superb. Thanks again. - Marc
My wife and I have saved a lot... our monthly income when she retires this year is a smidgeon under 10,000.00 a month after taxes cad
Congrats, and I really love the use of smidgeon. Rare these days. 🙂- Marc
Very interesting.!
Good video, thank you Sir!
Very welcome, Sandro. Thanks for watching. - Marc
I have an rdsp investment account? Is that different from what you are talking about?
Yes, this is such a great series Marc but can you add RDSP to the series?
Hi Kelson. I did note that an RDSP can be an income source for those who qualify, yes for sure. Another source of income beyond RRSPs, etc. So yes, if you have an RDSP, add it to your list of sources and factor it into your plan, for sure. And RDSP withdrawals aren't included in income, so that might help with OAS payments if you have a significant level of other income. Thanks for watching. - Marc
@@beaviswealth thanks Marc. Have been maxing out and growing my rdsp in my late 20s so have no plans for withdrawal anytime soon
@@beaviswealth Good to know Marc!! Can’t wait for the segment on RDSP.
Nice video, are you also doing consultancy for retirement?
Love the simulate retirement tip!! 4% rule - don't get it, sit down and do your homework!! It does not have to be a budget, you just need to figure out your major expenses. If you paid $500 rent 20 years ago and are paying $1000 today then in 20 years you can expect to be paying $1500...so play it safe and assume you'll be paying $1500 from DAY 1 of retirement, do this for all your expenses and you're good to go.
Hey Che. You're 100% correct, but the reality is that a ton of people, even well meaning, won't do that work. For those who will, you get more accurate results. For those who won't, at least an estimate is better than just going in blind. Thanks for your comment, and for your support. - Marc
Sorry, not 100% correct. If your rent went up from $500 to $1000 in 20 years that's double. The way interest and inflation work, the same rate over the next 20 years means your rent will be $2000 not $1500. Good luck.
My parents are getting closer to their retirement date and they don’t have a dime to their name. I’m trying to help them setup a portfolio and help them plan…. These series came into my life exactly at the right time!!
Thanks for writing, and I hope we can help a bit with your parents' situation. All the best. - Marc
amazing video...
Is it possible for you to do a Video on RDSP account. I find that there are Not too many information out there regarding RDSP. Also on when is the best time to start withdrawing from RDSP account. Also, Any Possibily to do a Video on If needed which account should an individual start withdrawing fund from, RRSP, TFSA, Or RDSP Account? Thank you Very much 🙏🙏🙏
Thank you for the video :)
My pleasure, and thanks for watching and commenting. - Marc
Good video, very general. It would be nice to see some scenarios where you work out what the math looks like for various levels of savings, pension etc.
Another exceptional video. Almost all the questions I have about retirement planning are answered here. Marc, do you ever advise your clients on estate planning or Wills? I drew up a Will when my kids were babies, but now I have acquired more assets and property. Should I draw up a new Will? This is outside of financial advice but thought I'd ask.
Thanks. When I was active as an advisor, I did discuss Wills and estate planning with my clients, however because I wasn't a lawyer, I would refer my clients to a legal representative to have Wills actually prepared. There are also professionals who specialize in Estate planning issues and will create estate plans. From what you have described, I would strongly suggest you revisit your documents, as you have suggested. - Marc
@@beaviswealth Thank you so much!
Hi guys I really appreciate your videos like Brandon says read read read one of my first books I read was wealthy Barbour. Unfortunately I can’t retire for a while I was raising five children running two businesses and just didn’t have the extra cash to put away and I wouldn’t change anything that’s just the way it is. I did invest in real estate though so hopefully that’ll give me enough to retire in Mexico unfortunately Canada has become too expensive for this gringo. Thanks again appreciate your videos
Thanks for your comment, and for sharing your story . Wherever you end up in retirement, hope it goes well. - Marc