Breaking Down A Subscriber's Retirement Plan....It wasn't pretty
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- Опубліковано 8 лют 2025
- For All Your Retirement Needs ► transcanadawea...
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In this week’s video, we break down a retirement plan submitted by one of our UA-cam subscribers.
Let me tell you, it wasn’t pretty. There were several missed opportunities that we were able to identify and correct, turning the plan into something far more secure and effective.
-Marc Sabourin, CFP®, CIM®
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Contact Information
Office Phone Number ► 204-256-5555
Email ► msabourin@harbourfrontwealth.com
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement on track.
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Disclaimer
The information contained in this video message is believed to be reliable, but the accuracy and completeness of the information are not guaranteed. Harbourfront Wealth Management Inc. has no liability to viewers of this message, and its use is entirely at the risk of the viewer. Harbourfront Wealth Management Inc. does not assume any errors that may occur in this message. Please consult your Harbourfront Wealth Management Inc. advisor before investing. Typeform is an online form-building service that allows users to develop a quiz or questionnaire. Our advisors use this as one of many tools to gather information and build your financial plan. However, it is not to be considered a substitute for consultation with professional accounting, tax, legal or other professional advisor. Trans Canada Wealth Management and Harbourfront Wealth Management inc. are in no way partnered with Typeform but do pay a small subscription fee for use of the digital form service. Information is provided to Typeform & our advisors at the client's discretion.
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You are the first financial planner (on the internet) to recognize, and factor in, that one of the major problems with taking OAS when one is 60 is that there is no survivor benefit with OAS, so a partner's death would mean a 100% loss of this money. Good for you.
1.5M$ plus 800k$ for the house. That would be a largely irrelevant situation for most people, no?
Another excellent summary. 👍
Great video. I note that the real estate seems to show in the graphs as if it has 0% growth, instead of 2%?
Wow. Fab summary.
Was the spending plan of 72K and $24k before income taxes or after?
Looks great. Are you using Conquest?
Yes. The software is “Conquest”. I had a plan done by another firm so I know the format.
I believe a number of people have too much money in their RRSP and not enough in open accounts. If one of them happen to pass away in their mid 70s then the balance of a (now) RRIF moves tax free but makes withdrawals a whole different ball game and I might think much less tax efficient.
@@johnwillock6787 I agree with the caveat one cannot look at the RRSP value in isolation rather should be taking RRSP into an all inclusive comprehensive financial plan throughout retirement. Ie if no pension plan then more RRSPs is better and, in this case, you would also have to protect against longevity risk in the overall plan so cannot run RRSP meltdowns as early in life compared to those that have more foundational income (pensions, CPP & OAS) streams.
Hi Mark. New to your channel..I’m 69 and my advisor suggested I put 15% of my portfolio into annuities for 10 years withdrawing every month as a pension until it’s drained..Volatility is affecting me now and it would be a peace of mind but I’m not yet sold on the idea..Your input would bring appreciated..
I unfortunately cannot respond to comments on UA-cam but would be happy to provide insight via email. msabourin@harbourfrontwealth.com
Hey Marc good video. I do have a question assuming these people are in Manitoba is there a reason you wouldn't want to go to target income @ $57,374 the top level of the 27.75% marginal tax bracket, especially since they have buffer room in their overall plan? My thought is might as well pull a little extra @ that tax level even if it's just going to be reinvested in TFSAs or just keeping a slush fund available.
I unfortunately cannot respond to comments on UA-cam but would be happy to provide insight via email. msabourin@harbourfrontwealth.com
You should be able to leave your money in your rrsp and not convert it to a rif and be forced to take minimum withdraws.That would give you a margine of safety when or if you get really old and the govt taxes whatever is left anyway.
If you like the idea contact the minister of finance and prime minister.You have nothing to lose by making your views known but potentially a lot to lose. Cheers
Thank you. Did I missed where you mentioned retirement income splitting for this case? Would it make sense to break help to the kids across few years, for example (4*25K)? Did you have chance to run MonteCarlo for this plan, what was the success rate, please?