Delay if you believe your Gov is solvent

Anything with Roger gets my attention.

Why should you leave money that you paid into for 40 yrs for the government? When you die who gets the money? Nobody unless you have a spouse and the death benefit is $2500. Draw on ccp and oas first. If your rrsp is not depleted before death your family gets it. After taxes of course.

Very interesting - Statistics are generally pretty reliable indicators and if we don't have anything else to base a decision on other than emotions I will lean to the statistics 99.9% of the time (always a chance I guess but kind of doubt it LOL). I just always hope this time we are not in one of the outlier situations on the normal distribution bell curve... Well done.

Just paid off my house a few years ago at 46. I've been investing now since 2012 in Dividend Stocks. Only about $6000 a year. I took a couple of years off during the Plandemic due to job loss. At the end of this year I will have made up my lost time in the market and my Dividend Income is currently at $6000 per year. Not enough to retire on. I will soon be 49 and am looking for ways to retire. This coming year I'm planning on borrowing with a HELOC to invest in Canadian Dividend Stocks. I've heard that the interest paid to invest is tax deductible. I've setup an investing account to prove all transactions. Hopefully pickup some good deal next year for I will be sitting on the sidelines waiting for opportunity. I will not go all in all at once. Split it up in a several transactions. Hope to retire by 2030. Retired at 53 sounds nice

Once again, good information.

Really great info! We are in early 40’s and planning to exit work force early.

Even though you talked about before and after tax totals, your comparison used $7K AFTER tax expenses for Larry and Kari, but then you subtracted BEFORE tax CPP and OAS amounts to determine the shortfall. You have to work with after tax CPP and OAS amounts (maybe you did this but didn't specify).

Pro tips: ✅ Zero debt( no car pmts/ mortgage) ✅ 7 figure retirement account ✅ Control fixed costs ✅ Minimize taxes ✅ Maximize CPP & OAS 🤓 💰

Excellent analysis.

When working you also had fixed costs that go down. I ran those numbers and was shocked at what it was. I had union dues, CPP, gas ( 600 km commute per week) , car insurance went from daily commute to leisure, oil changes, coffee out / lunches, clothes.. the total reduction $15,000/ year

If a client is known as very nervous about markets and likely to bail when markets inevitably fall they should draw down to get to maximum guarantee

Great content! Have looked at a lot of information on this subject and I think not only did you give a good overview of things to consider but you asked the right questions.

You can also delay OAS instead, which makes sense if you didn't yet live 40 years in Canada and it would be reduced anyway. And your survivor benefit is adjusted to if you took CPP with 65, so if you die early, delaying doesn't give your spouse who's outlining you any advantage.

I have had several friends and relatives pass away around or just over 65 (preponderance being men ) so take that into consideration....

The big question is how long is a person going to live. I always thought I would delay both CPP and OAS until 70 and meltdown my RRSP and collect GIS for 7 years before having to RRIF RRSP's. But I did a family tree recently and just found out that the average age of my male lineage is 48.75 years old. I'm already 7 years past due as I just turned 56.

Here we go 95,most of us will be fertilizer by our mid 80s,this delay discussion always has us living to 150,get real.

The government will always want you to use your money first,if every one delayed CPP and OAS till 70,the benefit to government would be huge.So i say just take it and spend it forget all the what ifs.Also there are a whole host of other benefits and supplements they would not have to pay out!

What if you invest in option income etf's. The benefit of this is that you don't have to sell any of your securities to draw income. Do think its possible not to run out of money with this style of investing?

Dumbest video ever, this person has no idea how long you are going to live. Confirm your family history if no one in your family has lived past 78 it is highly unlikely you will live past 78. ( if your father is bald, it is highly likely as a male you will be bald )

Glad we took those trips with my kids and "The Parents"(In-laws/my folks) when we could. Lucky to still have all 4 still around but they are now well into their 80s and Dad will be 91, so travelling came to an end a few years ago because of health issues/needs. My sons, my wife, and I will cherish forever those memories. #LiveLifeWhileYouCan

Great video & very detailed explanation....but not for me. What I personally care about is ensuring I maximize my Go-Go phase to the fullest (no matter the tax/benefits/estate implications) because you never know when the No-Go phase will hit. I would think & hope that retirement means "stop worrying about the future and start enjoying"

One point you and most financial advisors omit is a very very important part. If a husband and wife defer rrsps to age 70 and they melt down all their rrsps. Great from a tax standpoint yes. Lets assume they each now have individual cpp pensions of $1300, then one of them passes away. The maximum pension for the survivor after that is $1364. Do you see a problem. RRSPs depleted and only $1364 cpp + oas to fund retirement. Not saying what you are communicating is wrong but its a scenario many retirees will face

This is a great option for everyone if people can respect each other space. There are so many social, economical and mental benefits to it. Thanks for talking about this!

Excellent video. You are one of the few experts to include the AWI adjustment which significantly increases the potential benefit by delaying CPP to age 70. Most experts only use the 42% which isn't reflective of real world data.

Why would you delay your cpp, oas until 70 and spend your own money rather than the governments? It doesn’t matter what the charts, and spread sheets say, it’s your money take it, and enjoy it. You are not going to live for ever.

One glaring situation that exists for a large portion of Canadians is simply this: if you are an average earner in Canada,you don’t save much. In fact,an average wage earner actually doesn’t benefit much from the RRSP EVEN IF they manage to put money in one. So,a big chunk of the Canadian working population simply doesn’t have the luxury of delaying Cpp. The average Canadian man lives to about 80 and women 83. High earners benefit from RRSP contributions,but also (often) have the luxury of delaying their government entitlements. Average earners may not have the luxury of delaying Cpp,but more emphasis needs to be placed on HOW to maximize the TFSA for us average folks. The TFSA can be a golden goose even for us!

Ive seen so many financial videos who suggest that you should delay CPP until 70. But every one of those videos starts off with a couple that has saved $700,000 or 800 k each. The reality is that the average Canadian has only $130,000 in the RRSPs. Thats from statistics Canada. The fact is if you dont have a Million dollars saved in RRSPs you can't afford to wait until 70 .Using statistics data an adult single income to be considered living in poverty is $25,000 / yr. If the average Canadian has 130k in RRSPs x 2 ( 260k) you are clearly living in poverty for 10 years until you reach 70. Numbers are used to match the outcome you want to achieve. I learned this fact in my Statistics class in university.

The biggest variable in retirement planning is the unknown factor. DOD. Everything calculation is just speculation without ever knowing when you pass. It’s truly a game of percentages.

So if it's better to wait to draw on CPP why does the govt penalize you from drawing it early and reward you for delaying drawing it out . I believe they are doing this for their benefit and not the Canadian citizens .I might be a little darker on this but there is also a theory to use govt money first as they are broke and save your own money for down the road after it falls apart.

Thank you for your video mate, Trump won the election… you know,.. I can’t recommend Evelyn Infurna enough! When I first approached her, I was overwhelmed about retirement planning…Thanks to her guidance, I was able to restructure my investments and focus on high-yield options. Within just a year, my retirement fund grew by 55%!

You should be able to leave your money in your rrsp and remove your money as you see fit rather than being forced to take out minimum mandated withdrawals whether you need them or not.That would be a real self directed retirement plan.The minimum withdrawal rates are insane at later ages such that by the time you are 90 your retirement funds are pretty much depleted. Being broke at 90 doesn’t sound good.

Thank you

Excellent video! Really liked the scenarios to help explain the concepts! Thanks!

Really top notch information here, extremely well presented and produced. Thanks.

Yes 👍 Videos around 10 minutes are more effective. ⏰

This was detailed and well researched. Reverse mortgages in Canada get an unnecessarily bad rap when I have seen them first-hand improve the lives of many retired Canadians. Thanks for this!

We haven't considered using the equity in our home for retirement funds as we should be comfortable without that, but it is comforting to know we will have a paid off mortgage before retirement and there are options for freeing up equity in the future if needed.

My 90 year old Dad just sold his home this year and moved to a very nice retirement residence (renting for the first time in his life). This allowed him to tap into his substantial home equity. And he is thrilled with his new place. He has no house ownership work and worries. All his meals are prepared for him, and lots of options. He enjoys the social aspect and the various activities. And there is immediate medical help if he needs it - he’s not alone. Watching his experience has changed my view of the benefits of selling your home when you get into your late senior years.

Just say NO.

Keep your home. If you can’t afford it sell and invest then move into an apartment. 👍

Great video Steve! New subscriber :)

Of course the sleeping 9 hours a day sounds like heaven to me these days! But thanks for mapping out how to plan a mini retirement.

Yes you will save money, but at a cost. It stunts adult development with dependency on controlling parents resulting in long term relationships difficulties. Psychiatrists refer to this phenomenon as the “ Failure to Launch Syndrome”.

background music is very distracting.

Very interesting! Thanks! I have been following you recently and I like your content. 😊

Nice video, Steve!

I stopped watching politics and news about 15 years ago, my blood pressure is close to normal now...

Like and subscribe, complete, I also saved the video for review. My wife and I have binge-watched many videos on this subject. You present the pros and cons very well in a very simple-to-understand method. Thank you.

RRSP isn't all it was cracked up to be. I'm 32 and luckily realizing its not such an amazing tool... I will be shifting my investments into mostly TFSA deposits from now on. I learned a couple things from this video, so thank you.