Retirement Planning for Singles

[@johnnyboyvan]

Finally. Everything is geared towards couple. Income splitting etc. Don't forget huge maintenance on keeping your home...insane prices now! A huge challenge if you have been a renter all your life...most singles are in fact renters and not owners. I am an owner.

[@billyrock8305]

Finally a SINGLE case study!!! And excellent examples. RRIF meltdown strategy, OAS, CPP, Auto replacement, ($45k) house primary asset. ($600k-$900k) Age 62-65, lifespan 87, Etc. All key variables. ✅ YES!! Thank you!! 🙌 👍

[@caperboy1169]

Everytime I see one of theses videos it’s mostly for those who have lots of money

[@chadgriffith1969]

So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?

[@justamanwithbeliefs]

in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor

[@garrickphillips-x1z]

Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)

[@bukki07]

sounds great! i've never utilized a financial advisor but enthused about making money from the stock market, could you be kind enough with info of the advisor guiding you please? I could really use some guidance

[@garrickphillips-x1z]

Katherine Nance Dietz is the licensed advisor I use. Just google the name and you'd find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@Biggerstaff4]

such an eye-opener! cant wait to experience financial advisory at first hand... curiously inputted Katherine Nance Dietz on the web and at once spotted her consulting page, she seems highly professional from her resumé

[@RidlysEmptyNetter]

Great video. I'd like to see a similar video but add in rental income too. That income seems to make a difference because it puts you into higher tax brackets after you add in your RRIF.

[@laundrygoddess4]

Amen! A video for us single people.

[@smohamed4060]

Awesome video with excellent expiation. I was wondering if you can do some videos on insurance For retiree what type of insurnace to buy to help with death taxes. Thank you

[@meyerfamily65]

Helpful retirement considerations but the one thing you don't discuss is the high cost of retirement facilities and possible long term care. My parents are 94 years young and moved into a retirement home 8 years ago. A well run facility with a 2 bedroom unit apartment unit is about $8K per month. If they need higher level care in the same facility its about $12K per person per month (so could be $24 K per month) These costs keep rising! Your models assume big drop in income requirements after 80 years old...if you're lucky! Many seniors require support living in their 80s and beyond. When majority of boomers reach their 80s in about 10 years the demand and cost for these facilities will absolutely sky rocket!

[@KathySanderson-k1n]

Could you explain how CPP works for someone who has a survivors benefit through CPP when they retire and take CPP?

[@Northern_Squirrel]

Great video David, thanks for showing various options in detail. As you were doing the analysis, have you considered a hybrid approach which would lower the overall tax liability and leave a fair amount in her estate? I have watched a number of videos showing the overall withdrawal strategies but it’s not clear how to strike a balanced approach.

[@deborahl7875]

I have a suggestion. Retirement plans for spouses separated by ~ 10 years in age. Who to prioritize for rrsp, etc? How to capitalize on one spouse potentially still working while the other starts taking CPP, etc. Spousal rrsp, income splitting, etc.

[@katek1017]

Man, if I had this kind of income, pension and assets, I'd be laughing. Not reality for most of us.

[@gogohappygirl]

Have you got anyone on your team who specializes in RDSP’s? I’d like to see a video on a scenario similar to #2, except it’d be a single person with a pension starting age 60, RDSP required to start payments at age 60, RSP, LIRA & TFSA, retiring at age 60 with a gross annual income of $60K, taking CPP at age 70, with & without downsizing. Have you got anyone on your team who specializes in RDSP’s? I would like to see a video on a scenario similar to scenario number two, except it would be a single person with a pension, RDSP required to start payments at age 60, RSP, LIRA & TFSA retiring at age 60 with a gross annual income of $60K, taking CPP at age 70, with & without downsizing. Given the fact there are three registered plans in this scenario, I’m thinking melting down the RSP first along with the required RDSP withdrawals & putting any excess left over into the TSA to top that up. Currently, RSP balances is slightly higher than TFSA.

[@ryanm7171]

I agree that more needs to be done for the disabled community. I am not sure if any of the retirement planning software even has room for RDSPs. I, too, would love to see multiple scenarios, especially one without a pension, where RDSP income is involved.

[@troyboyd3100]

Thanks for doing a video for singles!!! But, 60+15 = $75,000 yearly, after tax. Wow!!! Kelly is a 1% 'er. How about us mortals? The average salaried income in Canada is $65,000. That's $46,000 after tax, when working. And a "normal" house is about $400,000. Kelly is not normal. A $90k salary, pre-retirement is what a teacher, with two degrees, makes per year. Kelly's retirement income is the same as a working full-time, maxed out, teacher. I'm glad you are talking to singles, but you are not talking to normal people...

[@christinepaley6149]

Actually, this scenario fits me pretty well, so I got a lot of food for thought out of this. House values in Vancouver or Toronto are in the $1 million + range.

[@AGCRC]

agreed!!

[@bradhodgkinson7996]

Well I won't have 60000 after tax income so I will have to be a hermit.

[@Monique-tz8wv]

Where does Kelly live after she sells? Renting is difficult where I live!

[@AaronWealthManagement]

Well that may be true in many cities but Canada is huge country.

[@christinee8353]

Really like these comparisons! What amount was CPP assumed to be in today's dollars? And/or % of maximum?

[@mikechr88]

Looks like 85% CPP and 95% OAS from my calculations.

[@rosemariel.9000]

Hi David. What happens to the primary residence after death. Is there tax payable. Thanks

[@philc824]

A new car every ten years…..avoid that plan…everytime

[@somai_1]

I don't know how I'll be able to afford property tax increases when I retire when the tax rate is near 10% in my city. At $4000 it will go up to$10000 in 10 years, $26000 in 20 years, 650000 in 30 years if I use the compound interest calculator to estimate future tax.

[@YvonneFranken]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@zubairadamu2477]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@YvonneFranken]

@@zubairadamu2477 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@zubairadamu2477]

@@YvonneFranken My advisor is *MARGARET MOLLI ALVEY*

[@zubairadamu2477]

You can look her up online

[@DyonvreduogG]

@@zubairadamu2477 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@philc824]

Yikes, $60 k after tax is what….not much of a calculation ….not a great video