8 ай бұрын
Жыл бұрын
Жыл бұрын
2 жыл бұрын
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@DJPsyfer 8 күн бұрын
I'd like a chance to talk.. I'm 48 , 16 years in at TMMC. I am thinking of leaving this year (2025). I have the chance to move out to Alberta and live debt and rent/expense free with family. I'm single , no debt, no obligations. I want to live a simpler life away from Ontario. Would love some input
@pensionsolutionscanada 8 күн бұрын
DJ. I' m happy to discuss with you. Can you jump on my site and book free 15 minute Zoom call? Pensionsolutionscanada.com
@FlorentGulliver 9 күн бұрын
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family...
@EmilyEvelyn-90 9 күн бұрын
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@FlorentGulliver 9 күн бұрын
@@EmilyEvelyn-90 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ..
@EmilyEvelyn-90 9 күн бұрын
@@FlorentGulliver Oh please I’d love that. Thanks!
@FlorentGulliver 9 күн бұрын
*MARGARET MOLLI ALVEY*
@FlorentGulliver 9 күн бұрын
Lookup with her name on the webpage.
@sheenasahota6894 10 күн бұрын
Very complicated 😢
@pensionsolutionscanada 10 күн бұрын
Complicated, yes. But for a good cause: lower your income taxes.
@pensionsolutionscanada Ай бұрын
Tricky matter. Bond yields loosely follow interest rates set by central banks. For simplicity, let's assume that those 2 are in lock step. Then it remains true that falling rates beget higher commuted values. Beyond that, please book a time slot on my site. Let's explore. Site: Pension Solutions Canada.com
@rosemaryhoulihan5048 Ай бұрын
Quick question...I know you said in one of your other videos that low interest rates amd low bond yields means more Commuted value. I hear in the news that the bond yields are really strong and seem to be increasing while interest rates continue to go down. How does that impact the amt of CV you would get? Is one more important to the calculation than the other?
@pensionsolutionscanada 15 күн бұрын
Morning. Sorry that i'm slow responding. Bond yields and interest rates are related but different. As interest rates drop, bond interest payments, "coupons" drop. But, bond rates change every day whereas interest rates change monthly or less often. Look at it this way: as interest rates drop, your CV rises, very difficult to quantify. That's really the issue for you. On the matter of bond yields, people confuse bond yields with investment returns on bonds. The thing is that returns on a bond or bond fund come from 2 sources: coupon or interest rate paid PLUS change in the price of the bond. Beyond that, please schedule a ZOOM call with me on this site. We can explore further.
@johnnyv5995 2 ай бұрын
Thanks Bruce, good to have you back on here.
@pensionsolutionscanada 3 ай бұрын
True. The real attraction of an annuity is that you cannot outlive it.
@ma.melinegarcia5639 3 ай бұрын
In 2024 blue chip investments or dividend investments should bring in 12.6% here in Ontario
@rosemaryhoulihan5048 3 ай бұрын
Is the 10% what the client gets or does the fees come out of that 10%?
@pensionsolutionscanada 3 ай бұрын
Hi. 10% is net to client. Can be higher depending on funds
@604nation 4 ай бұрын
Thanks for the videos and content - very helpful 👍
@robertk5441 5 ай бұрын
I paid dearly for not knowing the facts about taxation within holdco. It has taken years before I was able to figure out that CG are taxed favorably. I kept selling US, dividends generating investments, and buying Berkshire Hathaway shares. Paid taxes in the process. After successfully having completed the transaction, I watched Berkshire Hathaway CG with satisfaction. Now retired and ready to pick the fruit, I got hit by a new CG inclusion rate of 66.7%. I look at the screen watching numbers on my account, and I feel like this is not real money. Any move will be heavily taxed.
@pensionsolutionscanada 6 ай бұрын
Thanks so much Cathy. My job is to simplify the complex. Any suggestions for videos, let me know. Cheers
@misspethamhouse9072 6 ай бұрын
Good video with clear explanations! Thanks!
@gordonpi8674 7 ай бұрын
Do annuities payments follow the inflation?
@pensionsolutionscanada 7 ай бұрын
Normally not, but they can. Sorry for the confusion. Insurers can quote 1% or 2% etc annual increase, but can't quote CPI increases.
@gordonpi8674 7 ай бұрын
@@pensionsolutionscanada thanks, seems like RRIFs are much bette4 choice then.
@pensionsolutionscanada 7 ай бұрын
Can't go direct. Plus, a broker goes to multiple companies
@fanfancheong 7 ай бұрын
Should I go through a broker to get an annuity or direct to a life company
@pensionsolutionscanada 15 күн бұрын
Sorry, not sure that i replied. You cannot buy an annuity directly from an insurance company. You need to go thru a broker. Good news is that the insurance company pays the broker.
@kevinwelsh7490 8 ай бұрын
what's commuted value?
@pensionsolutionscanada 8 ай бұрын
The commuted value of your defined benefits pension is the cash value. This might be an option when you retire.
@jimrobinson5601 9 ай бұрын
For a defined benefit pension with inflation protection, shouldn't the estimate take into account that the payment will increase annually by the amount of inflation? And, if so, would the total payments over 'n' years with a constant inflation rate of 'i' be: P × ((1+i)^n - 1)/i [instead of P x n] ? And you'd take 60% to 80% of that? Where: 'P' is the initial payment amount (at year 0) 'i' is the annual inflation rate 'n' is the life expectancy minus the current age (e.g., 87 - 65) I realize inflation isn't constant over the years, but taking the BoC's target rate of 2% should be good enough, right?
@pensionsolutionscanada 15 күн бұрын
sorry for late reply. Yes, the commuted value includes that inflation provision.
@cathycasupot3732 10 ай бұрын
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@sergec.2014 11 ай бұрын
All your numbers are very good...BUT... It is the government who administers the CPP. And in my case they...the government... slices my CPP and OAS, by 31%. I worked in South Korea for 12 years and being Canadian I worked in Canada for 31 years. The government of Canada has a social treaty with South Korea. (Treaty -E102217) It states: Article 6 Definition of Certain Periods of Residence with Respect to the Legislation of Canada 1. For the purpose of calculating the amount of benefits under the Old Age Security Act: 1. if a person is subject to the Canada Pension Plan or to the comprehensive pension plan of a province of Canada during any period of presence or residence in Korea, that period shall be considered as a period of residence in Canada for that person as well as for that person’s spouse and dependants who reside with the person..." THEY REFUSE TO HONOUR THEIR OWN TREATY! My appeal has been in the minister's office for more than 6 months and it took 2 years to get there. I do not hold out much hope that, Seamus O'Regan, Minister for Seniors, will rule in my favour. So...CPP is a good thing for Canadians... BUT IT SCREWS OVER LOW INCOME SENIORS WHEN IT CAN...JUST BECAUSE THEY CAN. We do not have the means to hire lawyers. They know this. And they use this.
@AnthonyYoung-n7b Жыл бұрын
Hi,I am in a unique situation,my wife is collecting cpp oas and me,being 17 years her junior and working a union job for 30 years with a good pension. Any advice is greatly appreciated.thanks for a informative pod.
@pensionsolutionscanada Жыл бұрын
How can I help you?
@pensionsolutionscanada Жыл бұрын
Hello Dogs. Ford allow a deferral. That is pretty rare. I don't know if Stellantis allow. Take the CV or not, that's a long conversation. Have a look at my other videos & blogs. Or you can book a free Zoom chat. Cheers
@workingbulldogs Жыл бұрын
Hi there. Thank you for the video, I’m a new subscriber who works for Stellantis. We finally caught up to Ford and Gm and will have the commuted value option now starting in January 2025. Do you feel in this higher interest rate environment it’s a good move ? Also, you mentioned there is the option to defer your pension in exchange for 5 or 6% more value. How long do you have to defer it for and what are your feelings on that option? Thank you Bruce.
@pensionsolutionscanada Жыл бұрын
Happy to chat with you about it, book a call with me here: calendly.com/bruceyoungblud/consultation Thanks for being a subscriber!
@jaedenparker6779 Жыл бұрын
😴 P r o m o S M
@mii2oo150 Жыл бұрын
I don't fully understand bonds, but I've been trying to get my head around the whole thing for a little while now. So interest rates are up today (a year after you'd posted this), but I thought high interest rates made bonds less appealing... I'm not understanding what this whole bond yield is. I know there's an inverse relationship between bond yields and interest. If bonds aren't appealing when interest rates are high, then what's with all this chatter about bonds right now? I'm not seeing how these things truly work together (or truly work against each other, lol). Can you help me get a better idea about these concepts? Thanks for your time!
@pensionsolutionscanada Жыл бұрын
Neither do i, but we have a bond manager who does. i'd say, find a bond fund that you like, then give that manager your investments.
@paulpoco22 Жыл бұрын
Have lots of RRSP room if your employer regularly offers a lump sum early retirement incentive package, some employers offers 12 to 18 months. Don't forget you need to pay your own Extended Health or Dental, some pension plans offer the plans.
@pensionsolutionscanada Жыл бұрын
Yes, RRSPs present a dilemma. If you contribute every year, then you save taxes every year at let's say 25% tax rate. Or, you contribute zero each year, thereby running your available contribution room up. That means that you may have lots of contribution room, maybe $150k. Then you retire, you can stuff $150k into your RRSP. You may save tax at a marginal rate of 50%
@garyfeser4294 Жыл бұрын
Good thing I like peanut butter lol
@pensionsolutionscanada Жыл бұрын
Sardines are full of protein, no pollution & cheap. 😎
@garyfeser4294 Жыл бұрын
@@pensionsolutionscanada Ha ....I luv those as well...its great to be cheap!
@karelglasner2673 Жыл бұрын
It's already gone.
@samspade1841 Жыл бұрын
Unfortunately my pension plan administrator will only provide a commuted value calculation once I have submitted termination papers. Hard to make an informed choice when left with that option. Any ideas about how to address that?
@Asdasdssd 2 ай бұрын
one of the many reasons why pensions work for employers and not for employees behind closed door and gates.
@pensionsolutionscanada 15 күн бұрын
Sorry for late reply. I just spoke with a similar issue. She has hired an actuary. Try that. Jump on ZOOM with me if you wish to discuss further.
@robertross8565 Жыл бұрын
What are you doing personally? Taking CPP at 70 and OAS at 65?
@pensionsolutionscanada 15 күн бұрын
I made a mistake. i took CPP early. I'm waiting on OAS due to clawback.
@view23015 Жыл бұрын
In these plans I would most often recommend that client keep some life insurance to offset early deaths with these plans. For some I’ve suggested coverage to stay until age 75-85 range . That way if someone dies early you are covering off that lost income , as well as delayed CPP . I plan on delaying mine , thus I have a term policy to cover this to nearly age 80. Just a thought .
@parkerbohnn 11 ай бұрын
Life insurance is for suckers. If you're worth enough money your heirs will realize that you always lose by taking out insurance of any type.
@jjlad5037 Жыл бұрын
Retired at 55 with $1-Mil in my RRSP. Starting drawing down at $100K a year. At 65 my CCP/OAS kicks in. RRSP should be fully depleted by then (more or less). From 65+ my non-reg investments form my income.
@pensionsolutionscanada Жыл бұрын
Congrats
@pedroadriano9183 Жыл бұрын
That's peanuts
@pensionsolutionscanada Жыл бұрын
$30k a year plus your spouse at age 70. Not too shabby.
@JasonGaudet01 2 жыл бұрын
thank you for this easy and understandable explaination
@pensionsolutionscanada 2 жыл бұрын
Glad to hear. Cheers
@ApresSavant 2 жыл бұрын
You assume we are looking for an exact answer. the 60% of benefits up to 85 is a good estimate. For those of us looking to leave a position for another one do not have up to 60 days for an estimate. We just want a ball park answer to figure out if we want to withdraw it, sell it to an insurance company, or park it in a LIRA and have an idea for what is left (to pay down debt or mortgage).
@pensionsolutionscanada 2 жыл бұрын
@pensionsolutionscanada 2 жыл бұрын
@pensionsolutionscanada 2 жыл бұрын
 ApresSavant commented on your video How do i calculate my pension's commuted value?  ApresSavant You assume we are looking for an exact answer. the 60% of benefits up to 85 is a good estimate. For those of us looking to leave a position for another one do not have up to 60 days for an estimate. We just want a ball park answer to figure out if we want to withdraw it, sell it to an insurance company, or park it in a LIRA and have an idea for what is left (to pay down debt or mortgage). REPLY MANAGE ALL COMMENTS If you no longer wish to receive emails about comments and replies, you can unsubscribe.© 2022 KZbin, LLC 901 Cherry Ave, San Bruno, CA 94066 There are truly only 2 sources for snap estimate: clearly your pension administrator is the best. Secondly, ask a fellow employee who has recently left the plan. For me, as an external expert, to estimate your pension or the locked in portion is irresponsible. I don't have your numbers. Mind you, you can consult the MTV (maximum transfer value) chart for cap on your LIRA. Check Google or our website. Hope that helps. Cheers Bruce Youngblud, CFP, CIM 905 524 1800 Show quoted text  Address not found Your message wasn't delivered to [email protected] because the address couldn't be found, or is unable to receive mail.LEARN MOREThe response was: The email account that you tried to reach does not exist. Please try double-checking the recipient's email address for typos or unnecessary spaces. Learn more at support.google.com/mail/answer/6596 ---------- Forwarded message ---------- From: Bruce Youngblud <[email protected]> To: KZbin <[email protected]> Cc: Bcc: Date: Fri, 16 Dec 2022 08:19:05 -0700 Subject: Re: New comment on "How do i calculate my pension's commuted value?" ----- Message truncated -----
@paulmcintosh7296 2 жыл бұрын
My understanding is that If a person elects to take a defined benefit pension plan and pass away, their partner will continue to receive XX% until their death. Should they both pass say in a accident, or die within a few weeks/months of each other, what typically happens to the balance of funds? Doe it automatically go to the estate or get absorbed back into the plan? I'm told in this instance CPP just gets absorbed back and does not go to the estate; but I could be wrong.
@pensionsolutionscanada 2 жыл бұрын
Hi Paul. Short answer: pension dies with 2nd death, CPP has survivor benefit to spouse only.
@paulmcintosh7296 2 жыл бұрын
@@pensionsolutionscanada Thanks for the fast response. Then if a person had multiple pensions, it might be a good idea to keep one defined benefit (assuming there are some dental/medical benefits attached) and the commuted value for the rest? This would beneficiaries you want instead of back into the company/union pension plan?
@pensionsolutionscanada 2 жыл бұрын
Definitely keep benefits. At age 80 you want to have automatic travel coverage.
@mikefarhat6461 2 жыл бұрын
straight forward , thanks
@pensionsolutionscanada 2 жыл бұрын
Cheers
@vijayvarade8077 2 жыл бұрын
What is more beneficial to retire in November or February in following year .
@pensionsolutionscanada 2 жыл бұрын
Hi Vijay. That's a tax question. Generally, you want to avoid extra income from a pension or severance settlement in a year when you worked full time: short answer: January/ February better. Cheers
@vijayvarade8077 2 жыл бұрын
@@pensionsolutionscanada Thank You .
@ribl1000 2 жыл бұрын
is the yearly ammount you use to calculate the MTV Gross or Net yearly pension?
@pensionsolutionscanada 2 жыл бұрын
Gross. Has to be, otherwise the graduated tax grab would favour the poor. 😎
@ribl1000 2 жыл бұрын
@@pensionsolutionscanada amazing, thank you! hard to find that out online
@deerinnature9611 2 жыл бұрын
The Government does all their calculations so that we work until we are almost dead. Most people die before 80 so you won't even get your money back. This is done on purpose. Take a look at how the Government treats veterans or Indians without drinking water. It makes me want to live in North Dakota where they don't pay taxes. Imagine no taxes. We here in Canada are taxed on everything. There isn't anything we don't pay tax on. The Government always has their hand out and claims they need more money. The truth is the Government doesn't care about anyone of us. They are purposely making people poor with taxes so they will have to struggle and work until 70 just to survive. People are waking up to the corruption in the Government and the insult of the crumbles (small pension) that the Government gives us at retirement.
@ivankeliimov6795 2 жыл бұрын
kzbin.info/www/bejne/gWXTipijnMZnedU !
@rodhurst5831 2 жыл бұрын
I liked it when you said “your 60 so what? get over it and get to work! lol 😂 Probably the best overall advice right there. I don’t care about cpp break even points, I care about locking in a 36% reduction for life taking it at 60. I worked for over 40 years just doesn’t seem reasonable to give up so much.
@pensionsolutionscanada 2 жыл бұрын
How long are you going to live? Wouldn't it be better to collect more, later? If you're going to die at 70, take CPP early If there's a chance that you'll live to 90, that fatter will buy you a better nursing home bed. Cheers
@jamesripton7120 2 жыл бұрын
Retiring too young can cause many problems later. 62 is certainly too young. Most of us should wait until 70 to begin collecting a Federal welfare check.
@JohnDoe-ug9or 2 жыл бұрын
Hello I am 26 in financial hard ship am I able to withdraw money from my RPP?
@pensionsolutionscanada 2 жыл бұрын
Perhaps. Ask your plan administrator re Financial hardship .
@krikoralexanian1593 2 жыл бұрын
Hello sir I have send email and put a comment about helping me your company in filing my application but no reply. Please l like to know why. Thanks
@pensionsolutionscanada 2 жыл бұрын
We cannot help you to apply for CPP. Call the government of Canada
@krikoralexanian1593 2 жыл бұрын
Good morning sir. I am trying to get in touch with your company but I must be doing something wrong. My name is Krikor Alexanian,l am a Canadian citizen,I will turn 65years old in October l have been leaving abroad for about 10years I was wondering if your company can help me apply for CPP retirement.ofcourse for a fee. Because I am leaving in Philpen now it is very hard to travel to Canada.l will be waiting for a reply from your company. Thank you very much.
@krikoralexanian1593 2 жыл бұрын
Good morning sir. My name is Krikor Alexanian. I have been leaving abroad for about 10years. On Oct. I will be 65years old. I would like to know if your company is able to apply for my retirement pantion plan of course for a fee. Because it is very hard for me to travel to Canada. I am leaving in Philpen. I will be waiting for a reply thanks. Hoping to hear from you soon.
@pensionsolutionscanada 2 жыл бұрын
No. Sorry. You have to contact Cdn gov directly.
@James_48 2 жыл бұрын
It’s astounding to me how many comment to take it right away as opposed to ensuring a higher, indexed payment. Sure, if you need the money to live, by all means go ahead but you are giving up a boat load of money. It’s best to work with a planner to truly understand the best decumulation plan that maximizes indexed pension and OAS. Great advice here.
@pensionsolutionscanada 2 жыл бұрын
Thank you James. Another video in the pipe re final year contribution, I.e. at age 71. Two strategies. My question to all: why take unused RRSP room into retirement? Cheers
@James_48 2 жыл бұрын
@@pensionsolutionscanada I have a few reasons, some of which may apply to me. 1) I have significant capital gains in my non-registered accounts that i will take into retirement and I might use available RSP room to offset the taxes in the year(s) I sell. 2) I might own a rental property, also with significant gains, and I no longer want to be a landlord after retirement. Having some RSP room can help mitigate those taxes. 3) There could be an income splitting opportunity that I want to leverage by using that room to contribute to a spousal RSP. Lots of variables there of course, but it's another reason. To me, it boils down to if there is the potential for a significant tax liability after retirement that can be mitigated with RSP room. Of course, it must be factored in if that available room can be used more efficiently by using it sooner.
@pensionsolutionscanada 2 жыл бұрын
Hi James. May I invite you to book a 15 minute chat with me. No obligation, just better communication. Go to website. Watch for the pop up. I'm happy to speak with you. Cheers
@NN-gw7qc 2 жыл бұрын
Where are you located?
@pensionsolutionscanada 2 жыл бұрын
Ontario, Dundas