Congrats!!!! Well done. I hope you're doing well in retirement. I've seen a few fellow retirees become so bored that they went back to work. To be honest, I'm busier now than when I used to work full-time! :) There's no life like it! Grats again!
Retired at 53, DB pension at 55. Sold house, moved from insanely expensive Vancouver to the province in Philippines with fewer and less expensive expenses. Pension, interest income more than our expenses. No need to touch principal so far. Lots of trips in and out of country. Will collect CPP at 60, OAS at 65. More money than we know what do with it (for now). We pay for healthcare here, not free. But we can see a doctor today, get ultrasound, CATscan, MRI or whatever in the same day. No need to wait months unlike back in Vancouver. Did I mention warm sunny weather?😊
@@Gurkha9 living near a major city is worse because of traffic. I lived in Manila til I was 13 in the 90’s and, back then, going somewhere 10km away wasn’t so bad. That same route now takes at least 3 hours. Good luck getting to a hospital.
@@carloscanizares4699 Well that's great. YVR is a nice city to live in but simply unaffordable for many unless you got into the real estate market decades ago. I've spent 50 years in Canada (not YVR but I have family there) it's enough and time to explore other parts of the world in retirement.
Love your comment on semi retirement! It is so underrated. I’m 62 and have been semi retired for 2 years working two days per week. I enjoy the work, it keeps me engaged and orders my time. I have no pension and my spouse was a stay at home parent. We have plenty of assets to retire fully but the work gives us so much more flexibility to have the resources to help family and give to causes we believe in.
Retired at 50. Sold my ho me in expensive GTA and moved to rural Ontario. Built a simple home. Because im retired i had plenty of time to provide my own labor to the project which essentially meant i was paying myself. Now, no mortgage. No car payments. Greatly reduced gas expenses. I can easily live off 3k a month without sweating things. People over think this stuff. Downsize your lifestyle and enjoy life more. Don't miss work one bit
I had twins at 40 so still have to be close to good schools and kids cost a lot. 50 would be nice but won't happen for me :) Maybe 55 if I can save enough.
I retired at age 45. Today, I’m 55 and enjoying life 🎉. During my working career, I made sure to save at least 25% of my income. I own my home and have no debt whatsoever.
A great presentation. In the scenario presented retiring at age 55 and collecting CPP benefits at age 65 is 10 years of no CPP contributions. It would be nice to hear how this long period of no contributions impacts the calculations on CPP benefits. Thanks
Well, it’ll definitely lead to a haircut. That’s why I gave them 80% each. But the CPP formula drops about 8 of your worst years anyway, so it doesn’t necessarily have to affect you that much. Really just depends on how many years you contributed the max amount along the way.
Thanks for your reply. My wife and I are both retired Ont teachers. Retired at age 56 with unreduced DB pensions. Both now age 61 and waiting to take CPP at age 65. Yes - the non contribution years will inflict a haircut. Our bridge benefit ends at age 65 and if we took CPP earlier than age 65 CPP would not cover that difference. It seems deferring CPP each year just slightly outpaces or makes up for adding another year of non CPP contributions before age 65.
Love this!! Would be great to see a scenario for a couple who would like to retire just before 60 that have both a DB and a DC pension as well as some RRSP and TFSA. Your videos are fantastic !! I’m in my late 40’s and this helps so much!! Thank you !
Good video. Retired at 54...live off a few rentals. I'll take CPP & OAS at 70. I think the only thing I would clarify is that BAD debt is not good to have when you retire. Good debt is a game changer!
You don't need 84,000/yr in retirement. I retired 12 yrs. ago at age 55. My wife and I live fine on 45,000 per year. I withdraw about 13,000 per yr from rrsp. Rest is old age and cpp. Still have the same 600K in the pensions.
You need $84k if you don't own the roof over your head and living in a major city. In the example given, I'd be good living off the interest without having to touch the capital :) ...but we all have different Wants & Needs
Retired at 45. Paid my residential house at age 35. Bought a condo cash. Maximized my rrsp and a little bit tfsa. Also have investments on the side. I thank God for giving me wisdom!!!
Another great video, I retired from corporate at 53 with a reasonable nest egg I started some self employed work to supplement RRSP withdrawals and still doing it at 60. Net worth still climbing I 100% agree semi retirement is the key! Keep up the great content. Bob...
Wife and I both retired at age 56 with Ont Teacher Pensions. Both age 61 now and waiting on CPP until age 65. If we take CPP earlier CPP deduction would not cover the bridge benefit that ends at 65. TFSA's, RRSPs, and a healthy registered stock account - retirement is going well. Keep up the good work - enjoy your videos.
Semi retired is in my plan to guarantee a retirement at 60. It truly is genius. I have no problem trading a 60/hr week for a 15+ week any day. Great video!!
What people forget is that they can still invest during retirement - make it part of your budget and you would be amazed how much money you can have during later years (after 75). I have a small TFSA, GIC, and high interest savings account rolling through my retirement. It won't be a problem for me to retire at 54 with $800000 total in my various funds and taking CPP/OAS at 70 (I'm a single woman who rents). Of course I also live cheaply and don't own big ticket items I don't need. People always overestimate how much money they think they need and how long they will live. A very tiny percentage of us will make it to 88 and if we do, we will be sitting in a chair drooling. That doesn't cost much.
Clear and organized message as always. If I am looking for a CFA would be you. Perhaps another option is retiring the go-go phase in another cheaper country such as Thailand / Vietnam / Malaysia / Philippines. Rent is $500-600 for one bedroom with infinity pool in Bangkok western standard. 30 minutes out in Bangkok still on metro system you can rent $$300-$400. Food is $2 per meal eating out. Or travel to each countries as tourist but never too long to loose the Canadian residency. It’s possible to travel whole year without losing residency but do your homework because consequences of exit tax is VERY dire. Just want to share there are options to retire early with 1.2M 😅
Thank you! And I hear you! We hope to make videos on this topic once we slow down a bit. Plus, it’s a valid reason to travel to some of those countries :)
Medical insurance could be expensive. Alternatively, care at private hospitals are also very expensive. Retiring overseas can be less attractive if you will lose Canada’s universal healthcare.
@@mrslcom western medications are substantially cheaper in sounth east Asia. Other than major medical emergencies, most dr and private hospitals visits are quite manageable running from less than $100 to few thousands. A one week private room private hospital stay in Malaysia for example is about CAD $70 per night (lower end but still decent western standard room). A open surgery to patch a hole in the stomach costs about CAD $5000. And that’s a serious medical incident. Some people choose to self insured. Or buy year round renewable medical insurance. Getting old is no fun :(
I had far, far less than a ton of money when I retired at 54. Twelve years later, I haven’t regretted it for a second, having enjoyed a very satisfying retirement so far!
It’s not so bad drawing down rrsp savings and some TFSA early on while waiting to take the CPP and OAS. Less taxes along the way and when they are both gone estate taxes on all that RRSP end up going to the gov.
Most people wouldn’t need that high an income as they age out and slow down so changing the numbers to reduce income later in life might really help them be on track!
If you retire before taking CPP like say you take CPP at 70 and retire in your late 50’s does that affect what you will get (due to non contributory years?) if so does is there a benefit to taking CPP earlier?
One thing I don't think your models are taking into account is large one time expenses. For example when you need to purchase a replacement car in retirement. You show a continuous withdraw from TFSA's. Would it not be better to save the TFSA for these large expenses? If I had to withdraw $40,000 from my RRSP to pay a large expense it would really throw a wrench into my tax planning. Paying for a car or similar large expense from my TFSA would have no effect on my tax paid.
Good thinking! This is the reason you hear me reference building up cash reserves (or a war chest). Super important to have money on the side for such things.
Another thought i have is to try retirement at younger age (50 for example) for a year or two. If not happy go part time or full time. I can’t imagine retirement means do nothing. It’s not possible :)
That’s what my wife and I are gonna do. I’m 42, she’s 35 and we have covered call ETF investments that bring in income monthly. At our currently rate of growth, we will hit approximately 7k a month by the time I’m 50. At that point, we will truly slow it down - travelling til we get bored or working at our passions (mine is photography/film, hers are with numbers) coz we’d also get bored of doing nothing.
I retired at 48 in 2013. I keep busy by keeping my mind open. I love retirement and find there is not enough time in the day. Am living off my savings and every time i redo the calculations i realize i should be spending more. But i dont like spending money just because i should. Once you turn 80 your spending will go way down so you may as well throw that into your calculations.
That is stupid thinking. So, because there is a small chance you'll die so early, you should just screw up your CPP payout by taking it at 60? Why save anything for retirement at all? I might die early so I won't need it....
Short answer is that it can be. Just depends on couple of things. Sorry for the “politician” answer, but we’d have to chat for me to know more and answer properly. Cheers
Life expectancy to 88 seems optimistic. Life expectancy appears to be going down in this country. COIVID had some impact on the average mortality rate. Processed foods, air quality, obesity etc I realize this is all random examples in all these videos but if average mortality is much lower its the only real point of reference and should be used for most of your examples. The average mortality rate for men is currently around 81/82 years of age. Delaying CPP to 70 is questionable unless your spouse is younger and can take advantage of CPP survivor benefit assuming they have not maxed out the benefit amount. Delaying OAS beyond 65 or 66 makes little sense if your playing to mortality odds.
Depressing :( 1.6million at 55 or $1million but having to work 10 extra years and all this for a 'reasonable' $7k/month At this rate I'll be working 'til I'm 75!
Why? Just use your own numbers. I can't think of any retired person I know spending $7k per month (and I'm in very expensive Victoria). You can live on a lot less.
What he doesn’t mention is that retirement is boring as fuck, I retired at 41. Once my kids are older I’ll be heading back to work just to get out of the house! 😂
@murraytown4 Amen to that. Are you planning to draw CPP while still in the bridge period ? Im debating whether to stop working pt at 60 and draw CPP, or keep working. Pros and cons.
@@davecarpenter4917 my plan is OAS at 65 and CPP at 70, by which time my RRIF will be fully depleted. It’s easy to say defer to 70, however, when I am only 59, but my fear is that by 65 or so my prospective CPP benefits will be burning a hole in my pocket and I will be tempted to draw them earlier. A bird in the hand is worth two in the bush. I’ve five years to decide.
@@davecarpenter4917 plan to take OAS at 65 and CPP at 70, at which time my RRIF will be depleted. At 59 It’s easy to say I’ll defer CPP but at 65 it may begin to burn a hole in my pocket and I may be tempted to take it earlier. A bird in the hand is worth two in the bush. I’ve five years to decide.
@@davecarpenter4917 plan to take OAS at 65 and CPP at 70, at which time my RRIF will be depleted. Though it’s easy enough to plan to defer CPP when only 59, I can see prospective CPP benefits burning a hole in my pocket at 65. So maybe I’ll take it earlier. A bird in the hand is worth two in the bush. I have 5 years to decide.
It’s nowhere near that. Based upon the average of your best 5 years, 2% per year of service up to a max of 35 years. Only commuted value before 20 years, penalized for taking it early between 20 and 24 years. Once you hit 24+1 day, no penalty. So at 25 years, 50%. However, that includes a CPP bridge benefit that stops at 65. Then the pension is about 1.7%/year. No COLA until age+service =85, then you are “caught up”.
If you’re referring to the amount of money they were wanting each month in retirement, that is explained in the beginning when I go over “The Setup.” “After tax” is written in orange.
Retired inJune at 57 with a DB teacher pension and my own investments and TFSAs. No debts and own my condo outright. Life is good. Amen 🙏
Congrats!
Good for you. I hope the condo treats you right. Never liked paying money (condo fees) for things I have little control over.
So true , as a condo owner. For now bt not for too long@@christophercharles3169
Good for you. Putting up with the educational bureaucracy is more than I could bear!! And to suffer it for a lifetime career…you earned it!
Congrats!!!! Well done. I hope you're doing well in retirement. I've seen a few fellow retirees become so bored that they went back to work. To be honest, I'm busier now than when I used to work full-time! :) There's no life like it! Grats again!
Retired at 53, DB pension at 55. Sold house, moved from insanely expensive Vancouver to the province in Philippines with fewer and less expensive expenses. Pension, interest income more than our expenses. No need to touch principal so far. Lots of trips in and out of country. Will collect CPP at 60, OAS at 65. More money than we know what do with it (for now). We pay for healthcare here, not free. But we can see a doctor today, get ultrasound, CATscan, MRI or whatever in the same day. No need to wait months unlike back in Vancouver. Did I mention warm sunny weather?😊
Not far behind you but province life in the PI is not for me, access to healthcare is sparse unless you’re close to a major city
@@Gurkha9 living near a major city is worse because of traffic.
I lived in Manila til I was 13 in the 90’s and, back then, going somewhere 10km away wasn’t so bad.
That same route now takes at least 3 hours. Good luck getting to a hospital.
@@carloscanizares4699 That's true NCR is congested like crazy but there's other options like Cebu and Davao
Id love to visit one day- never went outside NCR before we moved.
But to live, likely not. I really love my life in Vancouver, despite the downsides.
@@carloscanizares4699 Well that's great. YVR is a nice city to live in but simply unaffordable for many unless you got into the real estate market decades ago. I've spent 50 years in Canada (not YVR but I have family there) it's enough and time to explore other parts of the world in retirement.
Love your comment on semi retirement! It is so underrated. I’m 62 and have been semi retired for 2 years working two days per week. I enjoy the work, it keeps me engaged and orders my time. I have no pension and my spouse was a stay at home parent. We have plenty of assets to retire fully but the work gives us so much more flexibility to have the resources to help family and give to causes we believe in.
Awesome :)
Retired at 50. Sold my ho me in expensive GTA and moved to rural Ontario. Built a simple home. Because im retired i had plenty of time to provide my own labor to the project which essentially meant i was paying myself. Now, no mortgage. No car payments. Greatly reduced gas expenses. I can easily live off 3k a month without sweating things. People over think this stuff. Downsize your lifestyle and enjoy life more. Don't miss work one bit
I had twins at 40 so still have to be close to good schools and kids cost a lot. 50 would be nice but won't happen for me :) Maybe 55 if I can save enough.
Want to be you in 7 years. Moved out of Montreal to rural Quebec but house prices are the same here 😂. But no mortgage. No car payments.
I retired at age 45.
Today, I’m 55 and enjoying life 🎉.
During my working career, I made sure to save at least 25% of my income.
I own my home and have no debt whatsoever.
Boom!
May I ask what was your net worth at retirement.
@@Financingmyfuture 1.3 Million, not including principal residence
@@Financingmyfuture That’s a good question. That would be interesting to know.
Excellent summary. Especially highlighting operating costs and semi retirement point. ✅
A great presentation. In the scenario presented retiring at age 55 and collecting CPP benefits at age 65 is 10 years of no CPP contributions. It would be nice to hear how this long period of no contributions impacts the calculations on CPP benefits. Thanks
You can phone them and tell them when you are going to stop working and when you want to start collecting and they will give you a dollar estimate
Well, it’ll definitely lead to a haircut. That’s why I gave them 80% each. But the CPP formula drops about 8 of your worst years anyway, so it doesn’t necessarily have to affect you that much. Really just depends on how many years you contributed the max amount along the way.
Thanks for your reply. My wife and I are both retired Ont teachers. Retired at age 56 with unreduced DB pensions. Both now age 61 and waiting to take CPP at age 65. Yes - the non contribution years will inflict a haircut. Our bridge benefit ends at age 65 and if we took CPP earlier than age 65 CPP would not cover that difference. It seems deferring CPP each year just slightly outpaces or makes up for adding another year of non CPP contributions before age 65.
Love this!! Would be great to see a scenario for a couple who would like to retire just before 60 that have both a DB and a DC pension as well as some RRSP and TFSA.
Your videos are fantastic !! I’m in my late 40’s and this helps so much!! Thank you !
What is a DB pension, and a DC pension?
I love this channel. Excellent information. And very well explained 👍
Thank you :)
Makes a big difference where you live and if you own a home.
Good video.
Retired at 54...live off a few rentals. I'll take CPP & OAS at 70.
I think the only thing I would clarify is that BAD debt is not good to have when you retire.
Good debt is a game changer!
Thanks! And you’re right. I could’ve been more clear about that. Even good debt can increase risk, but the risk/reward can definitely be worth it!
You don't need 84,000/yr in retirement. I retired 12 yrs. ago at age 55. My wife and I live fine on 45,000 per year. I withdraw about 13,000 per yr from rrsp. Rest is old age and cpp. Still have the same 600K in the pensions.
You need $84k if you don't own the roof over your head and living in a major city. In the example given, I'd be good living off the interest without having to touch the capital :) ...but we all have different Wants & Needs
Many people want to travel for 2-3 months of the year in retirement. That's costs $$$
@@johnnyv5995You can rent somewhere and live a lot cheaper than that.
Retired at 45. Paid my residential house at age 35. Bought a condo cash. Maximized my rrsp and a little bit tfsa. Also have investments on the side. I thank God for giving me wisdom!!!
Another great video, I retired from corporate at 53 with a reasonable nest egg I started some self employed work to supplement RRSP withdrawals and still doing it at 60. Net worth still climbing
I 100% agree semi retirement is the key!
Keep up the great content.
Bob...
Another great episode. I always look forward to watching. So very informative!
One of the best Videos that I have ever watched about retiring early. Splendid job. I just subscribed to your channel today. Well done, Lad. Cheers
Thanks for this info! I retired at 51!
Another good video and tips to think about.....
thanks for this. I retired this spring age 56, in victoria. No pension, no CPP, but we are on the 'way more money' strategy lol.
Wife and I both retired at age 56 with Ont Teacher Pensions. Both age 61 now and waiting on CPP until age 65. If we take CPP earlier CPP deduction would not cover the bridge benefit that ends at 65. TFSA's, RRSPs, and a healthy registered stock account - retirement is going well. Keep up the good work - enjoy your videos.
Semi retired is in my plan to guarantee a retirement at 60. It truly is genius. I have no problem trading a 60/hr week for a 15+ week any day. Great video!!
Exactly!!
100 percent, part time work will more than make up half of my retirement income goal
Another great video. Thanks!
What people forget is that they can still invest during retirement - make it part of your budget and you would be amazed how much money you can have during later years (after 75). I have a small TFSA, GIC, and high interest savings account rolling through my retirement. It won't be a problem for me to retire at 54 with $800000 total in my various funds and taking CPP/OAS at 70 (I'm a single woman who rents). Of course I also live cheaply and don't own big ticket items I don't need. People always overestimate how much money they think they need and how long they will live. A very tiny percentage of us will make it to 88 and if we do, we will be sitting in a chair drooling. That doesn't cost much.
Clear and organized message as always. If I am looking for a CFA would be you. Perhaps another option is retiring the go-go phase in another cheaper country such as Thailand / Vietnam / Malaysia / Philippines. Rent is $500-600 for one bedroom with infinity pool in Bangkok western standard. 30 minutes out in Bangkok still on metro system you can rent $$300-$400. Food is $2 per meal eating out. Or travel to each countries as tourist but never too long to loose the Canadian residency. It’s possible to travel whole year without losing residency but do your homework because consequences of exit tax is VERY dire.
Just want to share there are options to retire early with 1.2M 😅
Thank you! And I hear you! We hope to make videos on this topic once we slow down a bit. Plus, it’s a valid reason to travel to some of those countries :)
Medical insurance could be expensive. Alternatively, care at private hospitals are also very expensive. Retiring overseas can be less attractive if you will lose Canada’s universal healthcare.
@@mrslcom western medications are substantially cheaper in sounth east Asia. Other than major medical emergencies, most dr and private hospitals visits are quite manageable running from less than $100 to few thousands. A one week private room private hospital stay in Malaysia for example is about CAD $70 per night (lower end but still decent western standard room). A open surgery to patch a hole in the stomach costs about CAD $5000. And that’s a serious medical incident. Some people choose to self insured. Or buy year round renewable medical insurance. Getting old is no fun :(
I had far, far less than a ton of money when I retired at 54. Twelve years later, I haven’t regretted it for a second, having enjoyed a very satisfying retirement so far!
This is nice to hear!
Good stuff!
It’s not so bad drawing down rrsp savings and some TFSA early on while waiting to take the CPP and OAS. Less taxes along the way and when they are both gone estate taxes on all that RRSP end up going to the gov.
Most people wouldn’t need that high an income as they age out and slow down so changing the numbers to reduce income later in life might really help them be on track!
If you retire before taking CPP like say you take CPP at 70 and retire in your late 50’s does that affect what you will get (due to non contributory years?) if so does is there a benefit to taking CPP earlier?
The calculator showcase in your video is awesome. How can I get my hand on the app? Or something similar. Thanks.
Yes, it is awesome. Best we’ve ever had by a long shot. It’s called Conquest and it’s only available via advisor firms that pay for the subscription.
Is semi retirement means working part time vs full time?
More or less :)
Thank you for this video. Its extremely helpful
You're very welcome!
What is the software you are using?
What software do you use for these simulations…it looks awesome.
It’s called Conquest
One thing I don't think your models are taking into account is large one time expenses. For example when you need to purchase a replacement car in retirement. You show a continuous withdraw from TFSA's. Would it not be better to save the TFSA for these large expenses? If I had to withdraw $40,000 from my RRSP to pay a large expense it would really throw a wrench into my tax planning. Paying for a car or similar large expense from my TFSA would have no effect on my tax paid.
Good thinking! This is the reason you hear me reference building up cash reserves (or a war chest). Super important to have money on the side for such things.
Another thought i have is to try retirement at younger age (50 for example) for a year or two. If not happy go part time or full time. I can’t imagine retirement means do nothing. It’s not possible :)
That’s what my wife and I are gonna do. I’m 42, she’s 35 and we have covered call ETF investments that bring in income monthly. At our currently rate of growth, we will hit approximately 7k a month by the time I’m 50.
At that point, we will truly slow it down - travelling til we get bored or working at our passions (mine is photography/film, hers are with numbers) coz we’d also get bored of doing nothing.
@@carloscanizares4699 good for you guys! We are very verrrry close to jump (leap of faith) towards freedom!!!!
I retired at 48 in 2013. I keep busy by keeping my mind open. I love retirement and find there is not enough time in the day. Am living off my savings and every time i redo the calculations i realize i should be spending more. But i dont like spending money just because i should. Once you turn 80 your spending will go way down so you may as well throw that into your calculations.
Retirement age is 67 in the uk
If you die before getting anything and no one gets anything so start taking it at 60 you never know when you're going to kick the bucket
That is stupid thinking. So, because there is a small chance you'll die so early, you should just screw up your CPP payout by taking it at 60? Why save anything for retirement at all? I might die early so I won't need it....
Rhys, is your professional service fee tax deductible? (I own a sole proprietorship).
Short answer is that it can be. Just depends on couple of things. Sorry for the “politician” answer, but we’d have to chat for me to know more and answer properly.
Cheers
Any advice on how to withdraw a DPSP. I am 62 and will be leaving my employer. I have to move the money or re-invest on my own. Help!
It should transfer over to a RRSP and so all RRSP/RRIF rules apply.
Life expectancy to 88 seems optimistic. Life expectancy appears to be going down in this country. COIVID had some impact on the average mortality rate. Processed foods, air quality, obesity etc I realize this is all random examples in all these videos but if average mortality is much lower its the only real point of reference and should be used for most of your examples. The average mortality rate for men is currently around 81/82 years of age. Delaying CPP to 70 is questionable unless your spouse is younger and can take advantage of CPP survivor benefit assuming they have not maxed out the benefit amount. Delaying OAS beyond 65 or 66 makes little sense if your playing to mortality odds.
Depressing :( 1.6million at 55 or $1million but having to work 10 extra years and all this for a 'reasonable' $7k/month At this rate I'll be working 'til I'm 75!
Why? Just use your own numbers. I can't think of any retired person I know spending $7k per month (and I'm in very expensive Victoria). You can live on a lot less.
Didn't you mean Walter and Skyler? ...Mr White?
Ha! Nice 😊
What he doesn’t mention is that retirement is boring as fuck, I retired at 41. Once my kids are older I’ll be heading back to work just to get out of the house! 😂
It’s boring in Canada, need to travel and retire elsewhere.
Retiring on 1/31/2025 at 54. Debt-free
I retired at 56 but could not have done so without my (unreduced) indexed, DB public service pension. #fortunate
I hear ya!
@murraytown4 Amen to that. Are you planning to draw CPP while still in the bridge period ? Im debating whether to stop working pt at 60 and draw CPP, or keep working. Pros and cons.
@@davecarpenter4917 my plan is OAS at 65 and CPP at 70, by which time my RRIF will be fully depleted. It’s easy to say defer to 70, however, when I am only 59, but my fear is that by 65 or so my prospective CPP benefits will be burning a hole in my pocket and I will be tempted to draw them earlier. A bird in the hand is worth two in the bush. I’ve five years to decide.
@@davecarpenter4917 plan to take OAS at 65 and CPP at 70, at which time my RRIF will be depleted. At 59 It’s easy to say I’ll defer CPP but at 65 it may begin to burn a hole in my pocket and I may be tempted to take it earlier. A bird in the hand is worth two in the bush. I’ve five years to decide.
@@davecarpenter4917 plan to take OAS at 65 and CPP at 70, at which time my RRIF will be depleted. Though it’s easy enough to plan to defer CPP when only 59, I can see prospective CPP benefits burning a hole in my pocket at 65. So maybe I’ll take it earlier. A bird in the hand is worth two in the bush. I have 5 years to decide.
If you end up doing a DB pension video, I’d love to see an example of someone retiring young, at 47 with a RCMP DB pension
Is RCMP DB pension mean you get 70-80% of your top 5 grossing years(provided you served 25 years) ? So +$60k /yr?
@@johnnyv5995not quite 70-80%, but closer to 50-80, but yes, $60k would be a close number
It’s nowhere near that. Based upon the average of your best 5 years, 2% per year of service up to a max of 35 years. Only commuted value before 20 years, penalized for taking it early between 20 and 24 years. Once you hit 24+1 day, no penalty. So at 25 years, 50%.
However, that includes a CPP bridge benefit that stops at 65. Then the pension is about 1.7%/year.
No COLA until age+service =85, then you are “caught up”.
699k is way less value than 10 years. The ‘Wylers’ have made the right choice. Get out!
You don't even define pretax vs post tax. Pretty hard to follow after that big information gap.
If you’re referring to the amount of money they were wanting each month in retirement, that is explained in the beginning when I go over “The Setup.” “After tax” is written in orange.
doing the rainbow couple comparison,u dont have to ,dont worry about the 5% woke crowd.,u are better than that.
I must be missing something here…
@@wellbuiltwealth When you hear them using terms like "rainbow couple" and "woke", then you know they're just a simple minded Trump cult member.
You don't have to be woke even with money....jeeze
?
What are you yapping about?
Do people actually pay for this "advice". Hey just use your $1.6 million. Thanks Einstein.
No way im living to 88 😂