I watch several TH-cam videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
@@Patricia-Margaret Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
Your videos are awesome and I post your links when I see retirement articles on MSN. I think most people don't realize that we don't really need very much money when you own your home when you retire. I'm 61 (almost 62) and I have not worked the last two years because I look after my aged mom. I have lots of RRSP and TSFA + cash (300 G total). The last two years I have been living on less than 20 G (before taxes) by pulling some RRSP. This even pays my yearly $3300 property taxes my town collects from me every year. I pull a max of $13000 RRSP each year because that is covered by the basic personal exemption so I pay NO tax on that. I don't drink, don't smoke, or do dope. If you are reasonable in your life style it's not going to be a problem.
Definitely doesn’t have to be very costly to live a decent life if you have housing paid for. This is definitely going to be harder as home ownership is becoming out of reach for a lot of the younger people in this country. You’re certainly going to feel pretty rich once you collect both CPP and OAS.
90 is a good number as life expectancy when planning for retirement. Even Elizabeth the II-nd stopped all state visits at age 89 so that she can be free to make the transition to that more permanent place of rest -the grave- in her 90s. Having just enough in retirement is a good place to start unless one wants to die well-to-do or intends to leave a good inheritance.
You're a frkn Nut Job - Love it! This was hilarious. I'll hit you up on Patreon or whatever other way that ensures you get all the $ (don't get too exited, really isn't much) - let me know. Having retired parents I see how they now need to watch every dollar they spend, important to not only be mortgage free but debt free. One thing no one talks about is PRE-retirement plan(2-3years prior), that includes buying and paying cash for that the new car that's going to last 15+ years, having major repairs or maintenance done (new roof/windows/kitchen/etc.). For the few lucky ones that will be able to travel a few times a year, although you may have budgeted plane tickets/hotel - travel insurance is not cheap...and NO your Credit Card does not cover it(1 CC has 15days, numerous restrictions)
Our retirement income will be 3.5X our monthly expenses at age 55. Will also have Emergency Fund of 15 months. Retirement income will be 40% rental income 60% Dividend portfolio. Will sell our rental properties at age 80
Is it a comedy channel... a finance channel.... who knows!?? Love it and very informative. Will reach out to you soon as the goal line is getting closer...or maybe I'll work until I keel over. ;-)
Well, they suggest that about 30% of people live until 90, so it's not hardly anyone. I would suggest that as long as health care and living expenses are low, then the cost to live in your 80's is quite low, which reduces the retirement number even more. You'd likely be surprised how many people want me to plan for them into their 90's. I would prefer being safe rather than sorry, but I also know a lot of people have saved a heck of a lot more than they need or want.
CPP requires a long term compound rate of return of inflation + 4%, a return which most people would consider very ambitious, particularly if we aim for zero carbon. Of course we can spend the accumulated CPP money but we might be leaving a large hole for future generations. OAS is financed out of general revenues and will represent a large and growing burden as the population ages. Of course everyone rolls their eyes when these issues are raised but a sceptic might consider these programs to be unsustainable.
Interesting, I retired at 55 and my wife is a few years younger when she retired. We made over 200k before retirement, but live on about 40k now with no problems. We have not changed anything, so you really don't need as much as you think....
I’m fascinated by this, especially since I plan for us to retire at 55 and am constantly crunching the numbers to make sure we have enough to keep the same salary (after deducting investment amounts we make today) we enjoy today, rising with inflation. How is it you don’t notice a difference going from 200k to 40k? What about travel, a summer home, an RV or other retirement-enjoying expenses like that?
@@BusterDarcy we have a small trailer and go camping, we noticed that a lot of bill decreased when we retired and when the kids left the nest. We moved to a smaller home, this decreased expenses even more. I don't know but we are not concerned about incomes, bills are paid and we have left over income at the end of the month. Mind you we have not been able to do much because of covid. We are debt free. That really helps.
The main thing with financial independence I think is having reasonable expenses and being flexible. For example, people who live in large cities, if they bought a house, often have 200K, 500K or more in equity. They are often not aware that there are MANY places in North America where you can buy a nice little house with land for ~100K away from a big city. If you have say 500K, you can buy say a 150K house with 20% down, have a tiny mortgage, invest the rest of your money in dividends and second mortgages to generate 2-3K/month and you're done. Everyone is in a different situation, but the key is to have some plans and long-term goals, and work towards them :)
Unfortunately when you get older, your medical needs increase. All the center for excellence of medical care ( cardio, cancer and others) are all in major city center. I know people moved away to small town for few years, have to move back in the city.
@@freedomlife3623 Agreed. Plus if you're single why move to a place where you have no friends or relatives . As you get older you need your support group.
I think the income taxes rates are a little on the high side about $3,500 on $39,000. Personal credits $13,800, age credit $7,700 and pension credit $2,000. Based on 20% rate.
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month.
Great video Kent ... Got a few good laughs . very informative once again. I always thought I would try to build my assets so I could retire on the amount just before OAS starts to get clawed back ($78,000 or so). I know I could live on that for sure.. and enjoy the good life..
When I think about the house taxes and car insurances as well as any maintenance, food, hydro , cable, etc. When I try to widdle everything down to the bare minimum while even getting rid of all luxuries, it's still incredibly expensive to live with 5000 a month. for two people. We don't make that much a month so it's scary to think about retirement in a few years.
Well, there are ways to enhance what you will be able to live off, which is why planning before retirement is so important. Gives you an idea of when it would be possible and how to do it. Inflation is definitely an issue these days. One other thing to note is that in almost all cases, except for additional medical/home care expenses, your cost of living will go down as you age.
Please make a video for a divorced mom with a special needs child. How much should I save for my son who can't work and how much should I save for myself? Thank you
I was able to retire early with crypto investments and NFts flipping through the help of a certified investment analyst Tom Harris. A little investment can give you a lifetime support for you and your child. I was able to pay off my mortgage and and debt and I'm living on 15k a month.
Kent, what percentage of people know they are paying 2.5% in fees on their accounts at the bank? It's probably low. You make a great point in that you can increase your retirement income substantially by reducing fees - and you can still work with a qualified advisor like Kent and have lower fees. 😉
Hi Kent. Could you please make a video on a discussion on the terminologies of a Defined Benefit Pension Plan (such as Commuted Value Payout, Commuted Value Locked-in Potion, Commuted Value Taxable Portion, etc.)? I believe that this would help a lot of people understand their pension plan and consequently make more sound decisions when required to make one. Also, please discuss the meaning of the following options if the retiree chose not to commute the value payout (50% / 60% / 100% Joint & survivor, no guarantee; 50% / 60% / 100% Joint & survivor, 10 year guanrantee) . Thanks!
Hi Anne, I’ve made a number of videos discussing pensions and how to understand all of the terminology. They’re in the library somewhere. I’d check the retirement planning playlist
I don't think I'm going to be able to be mortgage free when I retire. 39, single and living in Toronto, currently renting, and the property market is insane.
I am recently widowed at 45 with two young kids. We had a life insurance policy so I can pay off all debts including my mortgage. After that I should have about $350,000 to invest, maybe more depending on a few things. I make about $30K to $40K a year self employed and I get survivors benefits for me and my kids. My house currently is worth over $1 million. I’m going to be working with an advisor but do you have any good advice for me? I’m in Ottawa.
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
You're welcome. That sort of depends on a few factors. We're a little too busy to do anymore fee-for service plans right now, but are hoping to get back to providing that as an option. We charge hourly for that. If you're working with us long term, our fee is a maximum of 1.0%, plus the fee of the ETFs and the asset manager, so a maximum of 1.55%, which decreases depending on the size of your accounts.
Hi thank for your teaching, how it will be a situation for a in migrant to reach 65 years old and only is been living in Canada 20 years? How much I need ??
I think the real rate of return is flawed in this calculation. Inflation only impacts the burn rate of your yearly expenses impacted by inflation which should not be equivalent to the rate of return on investments. IE expenses at $50,000/ year with inflation at 2% is $1000.00 negative impact and is far less than the rate of return for example on $600 K in RRSPs / investments in general making 5% = $30,000 / year. Therefore your real rate of return is substantially higher than 3%. Is this a correct assumption in your opinion? I track everything very closely so if my theory is flawed I may be calculating my ROR incorrectly.
You will be entitled to CPP and OAS. This video doesn’t include a person with a defined benefit pension plan. I would suggest watching this th-cam.com/video/h1s0-x6QfSo/w-d-xo.html
So..what you're really trying to say is..if I want to retire early in about ten years or so at fifty-five I need to buy even more DOGCOIN and pump up the RRSP..well maybe if I forget to buy even more DOGCOIN when it dips again!
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
Great video Kent. Sorry just noticed this video. I am 61 and was wondering if you think I would be safe retiring at 65. 100 k In TFSA, 300 k rrsp. House will paid off in 18 months making extra payments. House about 750k. I was thinking of delaying CPP and getting elevated cpp and applying for GIS for a few years. After house is paid off should have and extra 1000 month to save. Make approximately 88 k/yr. I may need your assistance for an overall plan in a couple years. Presently with Questrade for stocks and ETFs and Canadian bank for days stuff and a couple GICs
Sounds close. I think it can be done. Guess the market might dictate a bit of it. A plan once the house is paid off is probably a good idea to see how close you are.
Those rrsp and tfsa numbers are today’s. Not the future. Getting about 12 k a year right now in dividends that will be of course added to my total at 65
Thank you for the video! Couple questions... What if we wanted to leave money to our kids when we pass away? We were planning on living off the interest on our investments each year. The rest can go to them after we pass. Is there a way to get around the death tax?
Hi Ron, That’s a bit of a tricky question because in the exact scenario you are explaining, there wouldn’t be any tax owing. My guess is that there’s more to your situation than exactly what you’re explaining. TFSAs avoid all tax. RRSPs are fully taxed. No registered accounts are sold upon death and taxes are owed. There are plenty of ways to reduce the taxes now and upon death, but they’re definitely not something that I can explain in the comments. It’s easily the most complex planning for individuals who don’t own businesses
I am 60 years old with $500,000 in DC plan.. How much can I realistically pull out per month to have it last 25 years. I checked and will be getting maximum CPP at 65 and I guess $615 oas at 65.
4% rule suggests that you can pull out 4% per year, indexed to inflation, and you should be able to do that with a high degree of certainty. Some factors can help or hurt that. So, that’s an expectation of $20,000/year. You could consider delaying CPP and OAS and utilizing the funds first, which might provide a higher income for life, but that would eat into a potential inheritance.
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
@@huejanus5505 that would make it close, so the difference is now a lower CPP amount, so you need a bit more to make up for that and a bit more to make up for the extra couple of years.
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
Literally one of the worst lessons I ever got taught about money was when I was in Jr. High and an advisor came in and said we could be a millionaire at 65 if we saved $100/month from 18 - 36 and never save again. I think he was showing 12% returns. Retirement at 55 is really tough without a pension.
Haha we are fucked.. government put up gas prises too much .. I'm 10 years behind. I was fine two years ago to retired.. thinking go back to work.. now.. 20 percent inflation
Kent I enjoyed and learned a lot with your videos. I’m planning maybe to apply for my CPP this year but will continue working and invest that money on my own. I also have a company pension plan that i will collect in the future. My vision / personal opinion I think very soon Trudeau with his socialists cabinet and his idea of the Great Reset and partnership with the World Economic Forum will introduce the universal income system and all of these will changed forever. I maybe wrong but I know many Canadians are thinking like me. It looks like the country it’s going to be broke pretty soon. Finally I realize why many Canadians are heading to the south after the 50s. It’s sad to be old, broke, in a gold weather and confined in a nursing home 🥲. Buckle up Canucks 🇨🇦🇨🇦🇨🇦
@@dianehardy9136 if you want $3,000 a month and aren’t investing very well, it will take a lot of money. There are a number of factors that need to be considered in retirement planning and I have stated hundreds of times in other videos that retirement is very difficult for single Canadians. If you have less, you just have to live in less, or work longer and delay CPP and OAS. All that being said, if someone can save and invest even a small portion of their income for their working life, they could easily accumulate a few hundred thousand dollars. I’m not saying it’s easy to save, but it wouldn’t have taken much to build up that kind of a nest egg over several decades.
Well, in some cases it’s not possible for people to have enough to retire and give an inheritance. Presumably, there will be a tax free inheritance in the form of a principal residence, so I’d suggest that’s a pretty nice inheritance for most.
@@K4Financial we also need to factor in aging related costs Home care Hiring people for chores you no longer can do cleaning etc Retirement homes Long term care not everyone is comfortable will the basic and if one spouse needs to go in it can be a drain I am now dealing with this with in-laws and parents luckily they planned well But it makes me nervous knowing the state of our health care system
What a lame example. If my family makes 90K a year I would not watch your video son. What about emigrants in Canada? We typically arrived in our 30-40. We struggle to find decent job here and filled up lowest pay positions. Tim Hortons attendants, janitors, pizza delivery. So we don't have huge 400K RRSP founds. Our CPP in 65 is $300 and Old Age Pension like $250. What to do? Go back? Where? Here are our children and grandchildren. This is our country too. We don't want anything for free, but show us how to survive if my 1 bedroom basement in Oshawa cost me $1,500?
Hi Dusan, as an immigrant I totally agree. Our journey to retirement is much much harder because our CPP and OAS is significantly less. Even harder still if you're and immigrant and single. Please consider retirement planning regardless. Invest in TFSA and if you can RRSP. Take advantage of work RRSP. I mentioned Saskatchewan Pension Plan to another commenter as well. It is good for people who just want to have a pension plan to pay into and not worry about making their own choices. Their typical rate of return is 8% a year with 1% fee. It's available to all Canadians. Keep a close eye on work rrsp and log in and make sure to chose a plan not just take the super conservative plan they auto chose, it won't have any returns otherwise. Trying to make my immigrant friends aware how much more they have to plan. They typically don't inherit property from rich Canadian parents, they don't have the safety net from parents generation, they don't receive full cpp and oas.... its hard for sure.
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I watch several TH-cam videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
@rachealhubert74 I want to go into stock but i need a certified/registered professional who will guide and handle my account;;
@@Amelia-Elizabeth What is the name of your broker and how do i connect with him or her ?
@rachealhubert74 Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.
@@Patricia-Margaret Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
Your videos are awesome and I post your links when I see retirement articles on MSN.
I think most people don't realize that we don't really need very much money when you own your home when you retire.
I'm 61 (almost 62) and I have not worked the last two years because I look after my aged mom.
I have lots of RRSP and TSFA + cash (300 G total).
The last two years I have been living on less than 20 G (before taxes) by pulling some RRSP. This even pays my yearly $3300 property taxes my town collects from me every year.
I pull a max of $13000 RRSP each year because that is covered by the basic personal exemption so I pay NO tax on that.
I don't drink, don't smoke, or do dope.
If you are reasonable in your life style it's not going to be a problem.
Definitely doesn’t have to be very costly to live a decent life if you have housing paid for. This is definitely going to be harder as home ownership is becoming out of reach for a lot of the younger people in this country.
You’re certainly going to feel pretty rich once you collect both CPP and OAS.
90 is a good number as life expectancy when planning for retirement. Even Elizabeth the II-nd stopped all state visits at age 89 so that she can be free to make the transition to that more permanent place of rest -the grave- in her 90s. Having just enough in retirement is a good place to start unless one wants to die well-to-do or intends to leave a good inheritance.
Thanks Kent. This one gave me quite a few chuckles.....
Happy to add a smile to your face
You're a frkn Nut Job - Love it! This was hilarious. I'll hit you up on Patreon or whatever other way that ensures you get all the $ (don't get too exited, really isn't much) - let me know.
Having retired parents I see how they now need to watch every dollar they spend, important to not only be mortgage free but debt free. One thing no one talks about is PRE-retirement plan(2-3years prior), that includes buying and paying cash for that the new car that's going to last 15+ years, having major repairs or maintenance done (new roof/windows/kitchen/etc.). For the few lucky ones that will be able to travel a few times a year, although you may have budgeted plane tickets/hotel - travel insurance is not cheap...and NO your Credit Card does not cover it(1 CC has 15days, numerous restrictions)
Our retirement income will be 3.5X our monthly expenses at age 55. Will also have Emergency Fund of 15 months. Retirement income will be 40% rental income 60% Dividend portfolio. Will sell our rental properties at age 80
Excellent advice ! Thnx for going to all of the trouble of making these videos!
Thanks for watching and commenting. Always appreciate the support
Is it a comedy channel... a finance channel.... who knows!?? Love it and very informative. Will reach out to you soon as the goal line is getting closer...or maybe I'll work until I keel over. ;-)
We're not totally sure what kind of channel it is either. Cheers.
Hardly anyone lives beyond 90, especially men in the western world. Too funny. You are very thorough. I like your clear explanations.
Well, they suggest that about 30% of people live until 90, so it's not hardly anyone. I would suggest that as long as health care and living expenses are low, then the cost to live in your 80's is quite low, which reduces the retirement number even more. You'd likely be surprised how many people want me to plan for them into their 90's. I would prefer being safe rather than sorry, but I also know a lot of people have saved a heck of a lot more than they need or want.
CPP requires a long term compound rate of return of inflation + 4%, a return which most people would consider very ambitious, particularly if we aim for zero carbon. Of course we can spend the accumulated CPP money but we might be leaving a large hole for future generations. OAS is financed out of general revenues and will represent a large and growing burden as the population ages. Of course everyone rolls their eyes when these issues are raised but a sceptic might consider these programs to be unsustainable.
Interesting, I retired at 55 and my wife is a few years younger when she retired. We made over 200k before retirement, but live on about 40k now with no problems. We have not changed anything, so you really don't need as much as you think....
It rarely is. We really don’t need that much to live a pleasant life. Homes and cars are always money pits though
That is incredible. Do you own your own home?
@@lori9423 Yes
I’m fascinated by this, especially since I plan for us to retire at 55 and am constantly crunching the numbers to make sure we have enough to keep the same salary (after deducting investment amounts we make today) we enjoy today, rising with inflation. How is it you don’t notice a difference going from 200k to 40k? What about travel, a summer home, an RV or other retirement-enjoying expenses like that?
@@BusterDarcy we have a small trailer and go camping, we noticed that a lot of bill decreased when we retired and when the kids left the nest. We moved to a smaller home, this decreased expenses even more. I don't know but we are not concerned about incomes, bills are paid and we have left over income at the end of the month. Mind you we have not been able to do much because of covid. We are debt free. That really helps.
The main thing with financial independence I think is having reasonable expenses and being flexible. For example, people who live in large cities, if they bought a house, often have 200K, 500K or more in equity. They are often not aware that there are MANY places in North America where you can buy a nice little house with land for ~100K away from a big city. If you have say 500K, you can buy say a 150K house with 20% down, have a tiny mortgage, invest the rest of your money in dividends and second mortgages to generate 2-3K/month and you're done. Everyone is in a different situation, but the key is to have some plans and long-term goals, and work towards them :)
Unfortunately when you get older, your medical needs increase. All the center for excellence of medical care ( cardio, cancer and others) are all in major city center. I know people moved away to small town for few years, have to move back in the city.
@@freedomlife3623 Agreed. Plus if you're single why move to a place where you have no friends or relatives . As you get older you need your support group.
I think the income taxes rates are a little on the high side about $3,500 on $39,000. Personal credits $13,800, age credit $7,700 and pension credit $2,000. Based on 20% rate.
Very good perspective of the typical retirees
We do our best. Thanks
was planning on retiring next year and live off DC plan for 4 years until CPP/OAS Kicks in.
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month.
Best retirement advice ever. thanks!
Glad to hear it.
You’re very welcome. Thanks for watching
Great video Kent ... Got a few good laughs . very informative once again. I always thought I would try to build my assets so I could retire on the amount just before OAS starts to get clawed back ($78,000 or so). I know I could live on that for sure.. and enjoy the good life..
Good goal. That’s definitely a good income in retirement. I like to see retirees have some fun with their hard earned money
When I think about the house taxes and car insurances as well as any maintenance, food, hydro , cable, etc. When I try to widdle everything down to the bare minimum while even getting rid of all luxuries, it's still incredibly expensive to live with 5000 a month. for two people. We don't make that much a month so it's scary to think about retirement in a few years.
Well, there are ways to enhance what you will be able to live off, which is why planning before retirement is so important. Gives you an idea of when it would be possible and how to do it.
Inflation is definitely an issue these days. One other thing to note is that in almost all cases, except for additional medical/home care expenses, your cost of living will go down as you age.
Please make a video for a divorced mom with a special needs child. How much should I save for my son who can't work and how much should I save for myself? Thank you
I was able to retire early with crypto investments and NFts flipping through the help of a certified investment analyst Tom Harris. A little investment can give you a lifetime support for you and your child. I was able to pay off my mortgage and and debt and I'm living on 15k a month.
It is called an inheritance.
Kent, what percentage of people know they are paying 2.5% in fees on their accounts at the bank? It's probably low. You make a great point in that you can increase your retirement income substantially by reducing fees - and you can still work with a qualified advisor like Kent and have lower fees. 😉
Thanks buddy. Same goes for them with you
Hi Kent. Could you please make a video on a discussion on the terminologies of a Defined Benefit Pension Plan (such as Commuted Value Payout, Commuted Value Locked-in Potion, Commuted Value Taxable Portion, etc.)? I believe that this would help a lot of people understand their pension plan and consequently make more sound decisions when required to make one. Also, please discuss the meaning of the following options if the retiree chose not to commute the value payout (50% / 60% / 100% Joint & survivor, no guarantee; 50% / 60% / 100% Joint & survivor, 10 year guanrantee) . Thanks!
Hi Anne, I’ve made a number of videos discussing pensions and how to understand all of the terminology. They’re in the library somewhere. I’d check the retirement planning playlist
"Work until u die. And don't enjoy your money." Retirement, something to look forward 2. Lol 🤣
I don't think I'm going to be able to be mortgage free when I retire. 39, single and living in Toronto, currently renting, and the property market is insane.
Nothing says you have to buy a home.
@@K4Financial And I suspect I never will. Lifelong renter.
Retire to a small little town like Mackenzie BC where you can buy a nice 3 bedroom family home for 100-150 thousand dollars. Boom. Retired!
@@seanfrank4158 It's gonna have to be somewhere within an hour or so of the GTA. All my family is here!
@@seanfrank4158 great plan
Haha just say screw off and Ill take the hint. Great video bud love how you methodically go through the entire topic. 😀🇨🇦
Haha, thanks
Thanks for the informative video.
You’re welcome
Well done videos Kent. First comment, never before! Great common sense and reality.
Thanks David
thanks
You’re welcome
4:34 Shouldn't the goal be $78,000 of total gross income for the couple since each needs to earn $39,000 gross?
Totally wondering that too
I am recently widowed at 45 with two young kids. We had a life insurance policy so I can pay off all debts including my mortgage. After that I should have about $350,000 to invest, maybe more depending on a few things. I make about $30K to $40K a year self employed and I get survivors benefits for me and my kids. My house currently is worth over $1 million. I’m going to be working with an advisor but do you have any good advice for me? I’m in Ottawa.
Make sure that you set your own goals and then work with an advisor who helps you achieve them rather than just selling you stuff
@@K4Financial thank you! I told him I wanted to retire at 55. He said he’d help me get there but not sure if it’s a pipe dream or not at this point.
@@fembot521 probably not a pipe dream based on your circumstances, but hard to say for sure
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
Thank you for what you are doing. How much do you charge for financial planning for a single person? Cheers
You're welcome. That sort of depends on a few factors. We're a little too busy to do anymore fee-for service plans right now, but are hoping to get back to providing that as an option. We charge hourly for that.
If you're working with us long term, our fee is a maximum of 1.0%, plus the fee of the ETFs and the asset manager, so a maximum of 1.55%, which decreases depending on the size of your accounts.
@@K4Financial Thank you!
Hi thank for your teaching, how it will be a situation for a in migrant to reach 65 years old and only is been living in Canada 20 years? How much I need ??
I think the real rate of return is flawed in this calculation. Inflation only impacts the burn rate of your yearly expenses impacted by inflation which should not be equivalent to the rate of return on investments. IE expenses at $50,000/ year with inflation at 2% is $1000.00 negative impact and is far less than the rate of return for example on $600 K in RRSPs / investments in general making 5% = $30,000 / year. Therefore your real rate of return is substantially higher than 3%. Is this a correct assumption in your opinion? I track everything very closely so if my theory is flawed I may be calculating my ROR incorrectly.
th-cam.com/video/P_V4zmIFOHo/w-d-xo.html maybe this will help clear things up
Oh dear...don't want to sound negative here...but I hope I don't live to 90! Not interested! 80 is good for me.
Your life sounds dull
@@darrenturcotte7799 ya because 80-90 yr old do SO MANY exciting things. 🤡
@@cristinaxo You’re right but I hope to be healthy enough to still do something.
you are a hoot!!!
Haha, thanks. It’s a team effort
Pensions are rare these days. I am 60 and no pension. You should do videos for most of us without and gov workers with.
You will be entitled to CPP and OAS. This video doesn’t include a person with a defined benefit pension plan. I would suggest watching this th-cam.com/video/h1s0-x6QfSo/w-d-xo.html
So..what you're really trying to say is..if I want to retire early in about ten years or so at fifty-five I need to buy even more DOGCOIN and pump up the RRSP..well maybe if I forget to buy even more DOGCOIN when it dips again!
You’re very good at reading between the lines
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
Great video Kent. Sorry just noticed this video. I am 61 and was wondering if you think I would be safe retiring at 65. 100 k In TFSA, 300 k rrsp. House will paid off in 18 months making extra payments. House about 750k. I was thinking of delaying CPP and getting elevated cpp and applying for GIS for a few years. After house is paid off should have and extra 1000 month to save. Make approximately 88 k/yr. I may need your assistance for an overall plan in a couple years. Presently with Questrade for stocks and ETFs and Canadian bank for days stuff and a couple GICs
Sounds close. I think it can be done. Guess the market might dictate a bit of it.
A plan once the house is paid off is probably a good idea to see how close you are.
Those rrsp and tfsa numbers are today’s. Not the future. Getting about 12 k a year right now in dividends that will be of course added to my total at 65
Thank you for the video! Couple questions...
What if we wanted to leave money to our kids when we pass away? We were planning on living off the interest on our investments each year. The rest can go to them after we pass.
Is there a way to get around the death tax?
Hi Ron,
That’s a bit of a tricky question because in the exact scenario you are explaining, there wouldn’t be any tax owing.
My guess is that there’s more to your situation than exactly what you’re explaining.
TFSAs avoid all tax. RRSPs are fully taxed. No registered accounts are sold upon death and taxes are owed. There are plenty of ways to reduce the taxes now and upon death, but they’re definitely not something that I can explain in the comments. It’s easily the most complex planning for individuals who don’t own businesses
Isn't the goal amount $78,000 annually?
Yasss, James!!
I am 60 years old with $500,000 in DC plan.. How much can I realistically pull out per month to have it last 25 years. I checked and will be getting maximum CPP at 65 and I guess $615 oas at 65.
4% rule suggests that you can pull out 4% per year, indexed to inflation, and you should be able to do that with a high degree of certainty. Some factors can help or hurt that. So, that’s an expectation of $20,000/year.
You could consider delaying CPP and OAS and utilizing the funds first, which might provide a higher income for life, but that would eat into a potential inheritance.
@@K4Financial Thank you very much for info Kent.. When time comes may be contacting you to manage DC plan
I need help, I have very specific objectives I want to achieve. How can I get in touch with you please. Thanks.
You can email us at info@k4financial.ca
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
Do these numbers hold up if you retire earlier, say at 61 or 62?
Not really. You have to deplete your savings harder before getting OAS at 65
We get what’s called a bridge at work. A set amount of money times the years worked, till age 65. It’s almost equivalent to oas, for me.
@@huejanus5505 that would make it close, so the difference is now a lower CPP amount, so you need a bit more to make up for that and a bit more to make up for the extra couple of years.
I was able to retire early after employing the service of an investment analyst. He advised crypto investments and flipping of NFTs. I took advantage of the opportunity and I was able to pay off mortgage, debt and live on 15k a month
you have the most monotone presentation voice ever, bro. lol
After watching this one, I say I'm not doing too bad! Going out to buy more crackers.
Haha, speak of the devil. We’re just looking at your paperwork right now and I was telling my Associate that you are golden. I’ll email you right away
What happened to freedom 55. I have put in 100.00/month at age 24. Well, I am 55. Where is the freedom
Freedom 55 is when your kids are 55! 😆
Literally one of the worst lessons I ever got taught about money was when I was in Jr. High and an advisor came in and said we could be a millionaire at 65 if we saved $100/month from 18 - 36 and never save again. I think he was showing 12% returns.
Retirement at 55 is really tough without a pension.
@@ParallelWealth lol
Is it worth putting any $ in a TFSA? Interest rates are about 0.1%
100%. You invest inside of the TFSA. Don’t use it as a savings account. Think of it as a Tax Free Investment Account
Put it in a tfsa and buy embridge stocks they yield at 7% plus the stock appreciatio3
Too expensive Canada. Rent
Canada is a big place with a wide range of cost-of-living.
Haha we are fucked.. government put up gas prises too much .. I'm 10 years behind. I was fine two years ago to retired.. thinking go back to work.. now.. 20 percent inflation
Kent I enjoyed and learned a lot with your videos. I’m planning maybe to apply for my CPP this year but will continue working and invest that money on my own. I also have a company pension plan that i will collect in the future.
My vision / personal opinion I think very soon Trudeau with his socialists cabinet and his idea of the Great Reset and partnership with the World Economic Forum will introduce the universal income system and all of these will changed forever. I maybe wrong but I know many Canadians are thinking like me. It looks like the country it’s going to be broke pretty soon. Finally I realize why many Canadians are heading to the south after the 50s. It’s sad to be old, broke, in a gold weather and confined in a nursing home 🥲.
Buckle up Canucks 🇨🇦🇨🇦🇨🇦
What single old lady can make 445,000. No way man you talking for millionaires I'm guessing not good
When did I say a single old lady needs $445,000?
@@K4Financial I'm looking at your single profile of how much a 65 yr old must have to retire ... Unless I'm not seeing in right
@@dianehardy9136 if you want $3,000 a month and aren’t investing very well, it will take a lot of money. There are a number of factors that need to be considered in retirement planning and I have stated hundreds of times in other videos that retirement is very difficult for single Canadians.
If you have less, you just have to live in less, or work longer and delay CPP and OAS.
All that being said, if someone can save and invest even a small portion of their income for their working life, they could easily accumulate a few hundred thousand dollars. I’m not saying it’s easy to save, but it wouldn’t have taken much to build up that kind of a nest egg over several decades.
I'm getting some 500. Monthly on dividend but I'm just wondering what the lowest is to live ok ...should I spend RRSP first or my RRSP ?
Sorry RRSP or TFSA
So you dont want to leave any money to kids/ grandkids . The zeroing method is selffish
Well, in some cases it’s not possible for people to have enough to retire and give an inheritance. Presumably, there will be a tax free inheritance in the form of a principal residence, so I’d suggest that’s a pretty nice inheritance for most.
@@K4Financial we also need to factor in aging related costs
Home care
Hiring people for chores you no longer can do cleaning etc
Retirement homes
Long term care not everyone is comfortable will the basic and if one spouse needs to go in it can be a drain
I am now dealing with this with in-laws and parents luckily they planned well
But it makes me nervous knowing the state of our health care system
What a lame example. If my family makes 90K a year I would not watch your video son. What about emigrants in Canada? We typically arrived in our 30-40. We struggle to find decent job here and filled up lowest pay positions. Tim Hortons attendants, janitors, pizza delivery. So we don't have huge 400K RRSP founds. Our CPP in 65 is $300 and Old Age Pension like $250. What to do? Go back? Where? Here are our children and grandchildren. This is our country too. We don't want anything for free, but show us how to survive if my 1 bedroom basement in Oshawa cost me $1,500?
Hi Dusan, as an immigrant I totally agree. Our journey to retirement is much much harder because our CPP and OAS is significantly less. Even harder still if you're and immigrant and single. Please consider retirement planning regardless. Invest in TFSA and if you can RRSP. Take advantage of work RRSP. I mentioned Saskatchewan Pension Plan to another commenter as well. It is good for people who just want to have a pension plan to pay into and not worry about making their own choices. Their typical rate of return is 8% a year with 1% fee. It's available to all Canadians. Keep a close eye on work rrsp and log in and make sure to chose a plan not just take the super conservative plan they auto chose, it won't have any returns otherwise. Trying to make my immigrant friends aware how much more they have to plan. They typically don't inherit property from rich Canadian parents, they don't have the safety net from parents generation, they don't receive full cpp and oas.... its hard for sure.
thanks
You’re welcome