Retire Abroad: Retirement plan including Deferring CPP/OAS and RRSP Meltdown (Client Example)
Вставка
- Опубліковано 5 сер 2024
- Retire Abroad: Retirement plan including Deferring CPP/OAS and RRSP Meltdown (Client Example)
Are you considering retiring abroad and looking for the best strategies to maximize your retirement income? Look no further! In this insightful video, we delve into an expertly crafted retirement plan that includes deferring CPP (Canada Pension Plan), OAS (Old Age Security), and implementing an RRSP (Registered Retirement Savings Plan) meltdown strategy. Learn from a real client example and discover how you can optimize your retirement finances while enjoying life in a new country.
Video Chapters:
00:00 Introduction
01:22 Putting the Retirement puzzle together
02.03 Client example introduction
02:36 What happens to CPP & OAS when you leave Canada
03:29 Tax benefits of living in specific countries
4:30 Client Financial Plan - Living abroad
08:34 CPP Deferral & Downsizing
09:39 RRSP Meltdown
11:19 Tax Savings as a result of having a Financial Plan
𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗮 𝗰𝗮𝗹𝗹 𝘄𝗶𝘁𝗵 𝗗𝗮𝘃𝗶𝗱 📅 calendly.com/aaronwealthmanag...
𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗪𝗮𝘁𝗰𝗵:
This video is not just for economists or financial experts; it’s for anyone concerned about their financial well-being in the coming years. If you're looking for ways to safeguard your investments, plan for retirement, or understand the economic indicators that could impact your future, this video is your go-to resource.
By the end of this discussion, you’ll have a clearer understanding of the driving forces behind rising interest rates, market volatility, CPP / OAS, Retirement planning and the tools you'll need for protecting your assets and ensuring a secure financial future.
Don't leave your financial future to chance. Equip yourself with the knowledge you need and consider getting professional advice to navigate these uncertain times. Subscribe for more insights and actionable tips.
Disclaimer: This video is for informational purposes only and should not be considered as financial advice.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to schedule your confidential meeting with me. You can schedule your meeting here: calendly.com/aaronwealthmanag...
➤ 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄 to our Channel here: bit.ly/2lPUJjA
➤ 𝐇𝐨𝐰 𝐈 𝐡𝐞𝐥𝐩 𝐌𝐲 𝐂𝐥𝐢𝐞𝐧𝐭𝐬 𝐀𝐜𝐡𝐢𝐞𝐯𝐞 𝐓𝐡𝐞𝐢𝐫 𝐆𝐨𝐚𝐥𝐬:
• Welcome to Aaron Wealt...
➤ Business Inquiries:
☎️ 1-866-623-8368
📥 aaronwealthmanagement@gmail.com
🌐 aaronwealthmanagement.com/
📅 calendly.com/aaronwealthmanag...
⚡ 𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝘄𝗶𝘁𝗵 𝗗𝗮𝘃𝗶𝗱 𝗔𝗮𝗿𝗼𝗻 𝗼𝗻 𝗦𝗼𝗰𝗶𝗮𝗹 𝗠𝗲𝗱𝗶𝗮
Facebook: / aaronwealthmanagement
LinkedIn: / aaronwealthmanagement
Instagram: / aaronwealthmanagement
Toronto Mississauga Oakville Burlington Brampton Woodbridge Vaughan Richmond Hill Newmarket Thornhill NorthYork GTA Etobicoke Markham Aurora King City Ontario Manitoba British Columbia Alberta New Brunswick
#retirementplanning #cpp
Great video 👍
RRSP meltdown strategies for SINGLE folks with real numbers is most interesting.
“ Fixed living costs “ food, taxes, internet, electricity, insurance etc. ✅
Great video ....I will need a adviser for sure.
Thankyou
Maybe get a Joby mic arm to avoid the low frequncy distortion in your audio (ie. from touching the desk).
Very interesting
Thank you
And you cannot stay in any country for more than 3-6 months, so they will be on the move🎉🎉🎉🎉🎉
If you have a visas or, even better, multiple passports, you can. If you had a second passport, for instance, you simply enter your chosen country on your first passport and get to stay say for 90 days (although some are for 180 days). You then leave that country and come back the following day on the 2nd passport for 90 days. After 90 days, you leave and come back again on your first passport for another 90 days ... and keep repeating the process. And, in some cases, you can even do these "visa runs" on the same day and using the same passport to exit and return again.
Hi David. Do you need to come back to Canada every 6 months to continue to collect CPP and OA? Thanks
No you receive your CPP & OAS. the reason people come back within 6 months is to not lose OHIP
I think the only thing is your cpp and oas won’t get the cost of living increase.
@@AaronWealthManagement Actually it's not 6 months but 5 months ... that is you can stay out of Ontario for 7 months in a year and still receive OHIP as long as you reside in Ontario for the other 5 months of the year. And this is a calendar year, not a rotating 365 day calendar. So, in essence you could live in Ontario for January to May of the first year, be abroad from June to July of the next year and return for the final 5 months of the 2nd year, and you'd still qualify for OHIP. (However, not all provinces are like this ... some provinces do require a 6 month residency and some are also a 365 day rotating calendar so people would have to check on that in their own province.)
@@realismatitsfinest5745This way you can be out for consecutive 14 months n not loss ur Ohio benefits.[ This is my Understanding]
Is the health care / insurance cost abroad included in the calculations?
That's the funny thing I find about Canadians in general (and I am one myself). They all say "well what about health care costs" because the only exposure we've had is to our uninsured American cousins. We constantly compare our health system to theirs and we all thank God we don't live there! However, you do realize that there are another 190 countries out there, don't you? And most of them provide much better and more affordable health care coverage than Canada. Also, unlike Canada, most of these countries have both a public and private health care system. Canada is one of only 3 nations on Earth that has an outright ban on private hospitals. The other 2 are Cuba and North Korea, so we're in real good company there!
When I was hospitalized in Panama, in a private hospital I might add, I paid a measly $16.68 for a 5-hour stay in intensive care with 3 doctors, 5 nurses and a lab technician all looking after me that whole time (with IV and drugs being pumped into me). I went to emergency and I got straight in ... that's never happened in Canada. (I've been living outside Canada since 2006 but I get Canadian content on YT by using a Canada-based IP address from my VPN service.)
Typically, private health care insurance in other countries runs around US$50 per month. Of course, this increases with age but that's if your in your 40s and 50s. But because costs are so low abroad, most expats I know simply pay out of pocket for hospital and medical expenses as they need them. You see... the point is, we've all been lied to by our politicians because all we see are Americans who aren't covered. But most of the other countries out there provide affordable and BETTER health care than Canada could ever dream of providing! I'm living proof of that.
I'm confused! Why? not simply take advantage of the tax treaty and withdrawal the total RRSP. As the tax treaty caps it at 15%. Instead of having to deal with the RRSP and the rules around it every year.
Deferred growth
@@AaronWealthManagement But if you're living abroad, as a non-resident Canadian, you're not paying any taxes anyway. And, besides that, why leave it in Canada when, at age 71, you'll have to transfer it to a RIF and forced to take money out of it and paying taxes in Canada. No thanks! I'll take all of it out, put it into a bank account and invest it privately while still having the tax-free growth FOR LIFE!
@@realismatitsfinest5745 so your RRSP withdrawal will have withholding tax. You're still paying taxes on the withdrawal.It's about controlling the withdrawal to pay less tax.
the healthcare model s broken , not getting any better Soon
I paid US$16,68 at a private hospital in Panama for a 5-hour stay, with 3 doctors, 5 nurses and a lab technician all looking after me (IV drip with drugs included). I was checked into the hospital through Emergency and got it right away. I thought it was Dengue Fever because I had been to an area with that ... basically it's known as "bone crushing disease" and that's what my bones felt like. However, they determined it was food poisoning instead. I should also note, I had a private room in intensive care. What would this have all cost in Canada if I didn't have coverage? At least mid hundreds if not into the thousands. Health care abroad is much better and more affordable than anything you could ever get in Western nations. (Most doctors there are also trained in the USA or by USA-affiliated hospitals in Panama; e.g., there is a John Hopkins affiliated hosp in Panama.)
90K is nothing these days.
Still descent. Depends now you manage it.
Certainly don't need all if that OAS at 90K and at 150K you certainly don't need it at all.