You should be able to leave your money in your rrsp and withdraw funds as needed rather than being forced to get a rif and withdraw mandated amounts whether you need it that year or not Having your retirement fund drained when you are 90 is frightening.That would be a real self directed retirement plan.You should push for this idea.That seems fair and reasonable.
@CanadianCarpinHolidays7 күн бұрын
I'm looking at starting investing with 400,000 at 58 years old so I can live off interest with in the first year?
@barenekid96959 күн бұрын
Take pension as early as it's possible. Basic reason being that MANY simply don't live to 65 or if lucky they make it to 70. Beyond that Absolute Max CPP is ~1300$ And good luck achieving that level. So we are only talking about a Few $$ /month differences. Hardly worth the delay. Not a lot of use to have an extra few $$/month when DEAD
@harveyellis67589 күн бұрын
Why not present what Harris as president will do the economy as additional far left socialist policies are implemented?
@email50239 күн бұрын
Trump is seen as much more friendly to business than Harris or Biden for that matter.
@geolee49979 күн бұрын
I can tell you for sure who will tank my pension portfolio!
@johnpye82169 күн бұрын
Better to start thinking about a Harris president negatively impacting your stock portfolio....
@barrydowner797515 күн бұрын
great comparison, thanks
@themightyvillage16 күн бұрын
This is really good. One of the best retirement planning videos I’ve seen. Thanks for posting.
@patrickmckenna768217 күн бұрын
Thank you
@paddyanne202417 күн бұрын
Excellent information, Thank You!!
@misspethamhouse907229 күн бұрын
Well done Joshua!!!
@somai_1Ай бұрын
Thank you so much for providing an example of a single person without pension! Everyone seems to forget about the unmarried and pensionless. Although that recommended number is a little scary.
@minibhandary7439Ай бұрын
Thank you. I found this v useful
@waiwaitony8514Ай бұрын
excellent presentation !
@WillParffit34Ай бұрын
Very useful info.
@Larry1-pl2wqАй бұрын
If your income goes over a certain threshold, you could lose some or even all of your OAS benefits. It’s frustrating because it feels like you’re being penalized for doing well.
@dwaynejohnson6277Ай бұрын
Wow!! Useful information. One question though, the video was all about trying to keep taxable income ideally below $90k and at the end you talked about different tax rates for capital gains and dividends. How does this map to taxable income? Would the taxable income = emp income + rrif withdrawals + OAS payments + CPP payments + .5 cap gains + .3 dividends?
@robertk5441Ай бұрын
Excellent presentation. 😮
@web3telАй бұрын
Thank you, probably it was worthwhile to mention eligible dividend gross up , which might bring total taxable income above OAS clawback level.
@analogconversationАй бұрын
Thank you! All good reminders!
@joethetravelguy6943Ай бұрын
Is it gross income or net income ? It says net income on the government site. Thanks good video
@indradevsmpakar3662Ай бұрын
Nice presentation sir
@paddyanne2024Ай бұрын
Thank you for a clear description of your various scenarios
@leothekitty8449Ай бұрын
This a fantastic learning video , thanks for your video! I’m looking for my wife and I to retire at 55 both. I have a DB pension, and she has a DC pension with some personal RSPs and TFA. I’ve made a “retirement income budget” and I’m looking to chat with a “retirement planner” to see if it’s possible ( 6 years out yet for me and 8 for my wife).
@caperboy11692 ай бұрын
Mine is union. We get 100% at age 62, if we withdraw before 62 we lose 6% per year, same as taking CPP before 65.
@livingworkingoutsidebox2 ай бұрын
Nicely broken down. How many people come to you about using a business to pull a minimum salary then take company loans to supplement their income to pay lower taxes?
@radio_nowhere2 ай бұрын
$1.2 million at 65. Thank you😊
@microtrader5402 ай бұрын
Lots to think about. Thanks for bringing these issues up. New to your channel and now subscribed. Thanks so much.
@tracyau91222 ай бұрын
this was awesome, thankyou
@carolyncalhoun75552 ай бұрын
MAID does not affect insurance payout as it was explained to me by an ontario doctor.
@canpin2 ай бұрын
Just discovered your channel. Just subscribed.
@derrick82242 ай бұрын
New subscriber here. Good content. Thanks for sharing
@jovicrazed2 ай бұрын
Interesting. I reconsider my approach all the time and currently I am contributing to only my TFSA as I have a large-ish amount in RRSPs (low to mid 6 figures), a LIRA, and am employed with a DB PP. Though my TFSA contributions don't have tax benefits now, continuing to increase my taxable accounts doesn't make the most sense for me. My income is definitely higher than it will be in retirement.
@marcelmed45742 ай бұрын
Would be nice to see how these enhancements impact your CPP payment.
@kevinthailand25672 ай бұрын
Well laid out comparison.Thanks. I retired at 55 and just started cpp at 60 despite the scenario because I have seen a better than 8% roi the last five years and just decided to take cpp to allow more gogo years freedom.
@dominic82182 ай бұрын
Great vlog and kept a complex subject simple. In UK, but love the look of the software you use 👍🏻
@billyrock83052 ай бұрын
Excellent real life case study example for the vast majority of Canadians 👍. Even better if you used the average retirement age of 62. The key is CPP and OAS at 70 ✅ You should have added this as another scenario. By “ Capital” you actually mean “ savings” (house not included)
@billyrock83053 ай бұрын
Awesome video ✅
@pensacola3213 ай бұрын
Don't spend it all. There.
@CalmPlains3 ай бұрын
The role of annuities could be added to this discussion in a future video. Thanks for the food for thought.
@princesspeach79423 ай бұрын
Great video. Comprehensive and I like how you deal with the real practical thoughts, like how your experience shows that expenses go up, not down, and you have to plan for that. The myth of 70% target is a legacy that needs to be put away to pasture. Retirement planning is changing and new strategies and real life metrics have to be part of the forefront.
@Lori_g703 ай бұрын
Great video
@jonscrivner90873 ай бұрын
I love the phases approach. No one talks about this and the one time decisions that are affected.
@OurRetireEarlyJourney3 ай бұрын
Solid advice and content!
@rorymacintosh66914 ай бұрын
Beautifully clear, thanks.
@NoOne202779 ай бұрын
Good content but the shrill S's are so hard to listen to. Torture
@aleem320510 ай бұрын
Just want to thank you guys for providing this information. I always find your segments very interesting and informative, I even get more information from you guys than my own financial advisor. If you guys can do a segment on RRSP meltdowns strategies. Thank you
@johnwillock678710 ай бұрын
All the information you pass forward is much appreciated.
@ronaldcambridge312611 ай бұрын
It is good to hear that your discussion of “optionally” conveys and advocates equity leveraging as a method possibly involving using a Reverse Mortgage as asset utilization (for individuals). From a layman point-of-view, this useful financial product has often been presented as a nonviable source.