I have researched and watched a LOT of 'material' on financial planning. You have, by far, nailed it. Anyone who hasn't determined their financial future would be well advised to pay attention to what you have to say. If they are not willing to invest the time to learn and understand what you are stating should go ahead and invest in your 'for fee' planning advice. Of all the investments available, that seems like it would have the best return.
If you’re paying 2% fees then the 4% rule becomes irrelevant and you now need 1.5 times the portfolio size to make the 4% rule work. Simple switch to low cost etfs and you take a decade or more off your working career.
I am confused with the example couple not having enough money to fully fund their retirement with 92-95% funded, but still leaving $3M+ in an estate. How does this work? It is not just property in the estate if the different strategies change the final legacy value.
What are thoughts on a strategy like this: opting for not getting deducted any tax and investing an approximate annual tax amount in let’s say in one year GIS or another high interest vehicle.
Living the dream in the “go-go” phase. Thanks to you and your team we are doing it with great peace of mind…mucho gracious. Mexico in 8 days 😎 Love all your videos. 👏
Would love a video on your thoughts about taking out life insurance so your estate taxes would be paid especially if you both died together in an accident in the first 10 years of retirement.
In terms of fees: We pay it. I don't understand why, financial advising fees can't be a tax write off of some kind. We all need such advisors for our retirement.
Thanks for the very entertaining and informative tips. Q: do you know of an online income tax (for Ontario) calculator designed for those preparing to settle an estate (thinking here of the RIF, Pensions, CPP, OAS, capital gains etc) ? Or are the 'usual' ones suitable to give you an idea of the final income tax owning? Just looking for a back of the envelop / ballpark number, prior to using an accountant. Thanks
If you are already retired and you receive CPP, OAS and GIS and you have RRSPs, do you take out your RRSP in smaller amounts yearly and put them in a TFSA I do not want to lose my GIS.
@@wellbuiltwealthhow do you get GIS of an substantial amount if you have other means of income even on a low fixed income of just cpp and oas you get almost nothing from GIS - it’s like maybe 150 .00 pp Sad
Great video. Thanks for the solid effort. Inflation steals a pensioner's purchasing power. The cause of this is the GoC's fiscal imprudence and its poor monetary policy - inflation is a deliberate sovereign policy - in all governments. That is why you need to plan to deal with inflation. Read :"When Money Dies' by A Ferguson as a starting point. This historical chronicle details how all the German Federal Gov't pensioners - during the Weimar Republic - were crushed by that gov't's deliberate policy of high/ hyperinflation.... If you have a solid plan like Reece details here, Gov't [who controls the money supply] caused inflation will be the largest devil you have to contend with in adapting your plan to the daily realities/ struggles caused by the sovereign's inflation policy.
Thank you! I haven’t read that book, but I can tell you with certainty that whenever we stress test retirement plans against market crashes, poor returns, high inflation, etc, high inflation is almost always the most devastating. By a lot.
Good Evening New subscriber with a quick question please,, I live in Ontario currently receiving O.D.S.P after a car accident back in 2004- can I recieve CPP on top of my O.d.s.p. I turn 60 year's old in May 2024? Yours Truly Robert Douglas..
One of the best financial channels out there.
Thank you!!
Great video. You must put a lot of time and energy into the scripts for these. Many thanks!
Thank you! And I do! So I’m always glad to hear that people are getting something out of them :)
I have researched and watched a LOT of 'material' on financial planning. You have, by far, nailed it. Anyone who hasn't determined their financial future would be well advised to pay attention to what you have to say. If they are not willing to invest the time to learn and understand what you are stating should go ahead and invest in your 'for fee' planning advice. Of all the investments available, that seems like it would have the best return.
Well, thank you sir!
Thanks very much for this sound advice. Greatly appreciated!
I completely agree with your statement of the advisor fees!!!!
If you’re paying 2% fees then the 4% rule becomes irrelevant and you now need 1.5 times the portfolio size to make the 4% rule work. Simple switch to low cost etfs and you take a decade or more off your working career.
Great practical advice with this one Rhys! Lot's to dig into and consider.
Thank you :)
Great advise/info. Thanks for sharing
Everyone should watch your videos. Great material and great presentation. Love it!!!
Wow, thank you!
Great content easy clear explanations thank you for taking the time to make your Channel
Lack of real coemption in Canada is the real culprit for hi fees. It is sick.
Solid info, Rhys! Love your content. Please keep up the great work!
Appreciate it!
I am confused with the example couple not having enough money to fully fund their retirement with 92-95% funded, but still leaving $3M+ in an estate. How does this work? It is not just property in the estate if the different strategies change the final legacy value.
What are thoughts on a strategy like this: opting for not getting deducted any tax and investing an approximate annual tax amount in let’s say in one year GIS or another high interest vehicle.
That can work. For sure.
Very helpful video.
Living the dream in the “go-go” phase. Thanks to you and your team we are doing it with great peace of mind…mucho gracious. Mexico in 8 days 😎
Love all your videos. 👏
You rule!!!
Would love a video on your thoughts about taking out life insurance so your estate taxes would be paid especially if you both died together in an accident in the first 10 years of retirement.
In terms of fees: We pay it. I don't understand why, financial advising fees can't be a tax write off of some kind. We all need such advisors for our retirement.
Thanks for the very entertaining and informative tips. Q: do you know of an online income tax (for Ontario) calculator designed for those preparing to settle an estate (thinking here of the RIF, Pensions, CPP, OAS, capital gains etc) ? Or are the 'usual' ones suitable to give you an idea of the final income tax owning? Just looking for a back of the envelop / ballpark number, prior to using an accountant. Thanks
Your videos are fantastic!
If you are already retired and you receive CPP, OAS and GIS and you have RRSPs, do you take out your RRSP in smaller amounts yearly and put them in a TFSA I do not want to lose my GIS.
Totally depends. You may want to defer RRSPs withdrawals as long as possible in order to keep your GIS.
How do you qualify for GIS ? !
@@wellbuiltwealthhow do you get GIS of an substantial amount if you have other means of income even on a low fixed income of just cpp and oas you get almost nothing from GIS - it’s like maybe 150 .00 pp
Sad
This is awesome!
Love his advice
How do I Get your advice?
Feel free to check out our options at www.WellBuiltWealth.ca
What about using RRSP as mortgage to buy a home, I am nit talking about 35K first home buyer
Great video. Thanks for the solid effort. Inflation steals a pensioner's purchasing power. The cause of this is the GoC's fiscal imprudence and its poor monetary policy - inflation is a deliberate sovereign policy - in all governments. That is why you need to plan to deal with inflation.
Read :"When Money Dies' by A Ferguson as a starting point. This historical chronicle details how all the German Federal Gov't pensioners - during the Weimar Republic - were crushed by that gov't's deliberate policy of high/ hyperinflation....
If you have a solid plan like Reece details here, Gov't [who controls the money supply] caused inflation will be the largest devil you have to contend with in adapting your plan to the daily realities/ struggles caused by the sovereign's inflation policy.
Thank you! I haven’t read that book, but I can tell you with certainty that whenever we stress test retirement plans against market crashes, poor returns, high inflation, etc, high inflation is almost always the most devastating. By a lot.
great advice...thanks.......but....at the end all will stay here some way or another
Your tax calculator in the links doesn’t have the option for the retirees, it’s just good for the employed or self employed.
True. Only good for ballparking. If you find a free one (that is good) out there that includes the seniors tax credits please share!
The CRA website has a planning tool that could work to give ballpark figures.
Please justify how $2900 for one person scenario is fair. A little robust.
Good Evening
New subscriber with a quick question please,,
I live in Ontario currently receiving O.D.S.P after a car accident back in 2004- can I recieve CPP on top of my O.d.s.p. I turn 60 year's old in May 2024?
Yours Truly
Robert Douglas..
You should be able to collect CPP. That is based on how many years you have paid into the CPP system.
Still young and hip? Are people retiring by the age of 25 now?
65 is the new 25 😎
He is obviously prepared, a perfect prepper.
@@wellbuiltwealth Ha ha. You are so right. I'm 63 and play hockey with (some) 25 year olds. It keeps me young and it keeps me hip. Well, hip-ish.
@@100amps Until your hip goes. the 25yr olds won't visit you in the hospital. Ha, just kidding.