3 Easy Ways to Know How Much You Need To Retire in Canada

Business Inquiries: [e-mail]
Well Built Wealth: www.wellbuiltwealth.ca/
Links:
- Desjardins Calc: www.desjardins.com/ca/tools/r...#top
- CRA Calc: www.canada.ca/en/services/ben...
- Empire Life Calc: www.empire.ca/retirement-and-...
- Sunlife Calc: www.sunlife.ca/en/tools-and-r...
- CIBC Calc: www.cibc.com/en/personal-bank...
- Scotia Calc: www.scotiabank.com/ca/en/pers...
- Life Expectancy: www.macrotrends.net/countries...
- Sunlife Life Expectancy (in Depth): www.sunlife.ca/en/tools-and-r...
- Nerd Wallet 25x Rule & 4% Rule: www.nerdwallet.com/article/in....
- Calculate Percentage Formula: www.calculatorsoup.com/calcul...
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Intro & Must-Know Details (0:00)
When Are You Going to Retire? (1:44)
How Long Will You Live? (2:22)
How Much $ Do You Want Each Month? (3:19)
70% Rule (3:45)
Retirement Phases (5:08)
Retirement Income Sources (6:17)
List of Income from Others (6:59)
List of Own Income Sources (7:19)
Method #1: Manual (8:39)
Planning Assumptions (8:51)
25x Rule (9:35)
4% Rule (10:27)
Method #2: Free Online Calculators (11:39)
Desjardins Calculator (12:28)
Method #3: How We Do It (15:28)
Benefits of Seeing the Future (22:08)
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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.

[@cathybarker7125]

Finally a Canadian ❤

[@johnnyboyvan]

I loved the CRA tool. It provided some ideas but I hired a professional financial advisor recently. 😊

[@jessicasquire]

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

[@Erikkurilla01]

Thank you for your inquiry. Could you provide guidance on the current optimal investment options? I am contemplating investing in either stocks or cryptocurrencies.

[@jessicasquire]

One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.

[@Lemariecooper]

In my opinion, now is an opportune moment to consider investing in private equity and cryptocurrencies. Could you provide some guidance or advice on these investment options?

[@jessicasquire]

At present, I am collaborating with *STEPHANIE KOPP MEEKS* , a financial specialist whom I had the opportunity to meet during a seminar.

[@ll_distribution]

Very clear info I appreciate your channel. Thank you

[@BRASS8888]

great overview of different options available. well done

[@dawnmitzner5222]

Brilliant video Reece! Great information and demonstration of some powerful software! Thank you!

[@davehancock54]

Awesome video! Great information,

[@yychummer]

Very well done thank you, you made this an easy explanation to my wife, just watch the you video!!

[@johnnyboyvan]

Budget...budget...is the key. Know how much you spend.

[@josephkeith6954]

It’s more than budgeting. Budgeting help to know how much per month. Optimizing multiple income streams over a period of 10-30 years to minimize tax paid is another story. Excel sheet can only go so far and its estimation. Key is to gain access to one of these retirement planning software. There are only two that I am aware of for Canadian but they only allow “professionals” to use their softwares. Imagine they allow DIY subscriptions- what will happen to the income stream of advisors? I suspect the advisor “group” played a role in limiting DIY business model. Which apparently not an issue in US.

[@jayzee316]

been using mint since 2008, its the best thing ever for budget and expense tracking, income tracking, net income trends, etc.

[@chriscowan6630]

Excellent content Subscribed!

[@wellbuiltwealth]

Awesome, thank you!

[@suzierice9730]

Great content! Such good info. Well done! Thank you

[@Charlesragnick]

Retirement doesnt come with a specific requirement, people need to understand that having a right retirement plan is ideal and can help build a financial fortitude. Also, having a financial counselor that will guide you through every process would be good, not just any expert but a very good.

[@Charlesragnick]

That is why I work with Marcia Ann Bice , who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision

[@user_johnrockwell]

You are correct! Working with a financial advisor who has worked in a solid financial firm for a long time, such as Marcia will actually set you up for success in life. I'm delighted I was able to reach out to "Marcia Ann Bice " earlier this year because while others were grumbling about the downturn in the markets due to the state of the economy , I was busy learning from her and eventually made over seven figures in the first quarter alone, which is why it's always good to join the correct community.

[@LoganBurleson]

I appreciate the advise. Finding your coach online was a simple process. Before we planned our phone call, I checked her up online. Based on her online resume, she appears to be knowledgeable.....

[@terryevp4084]

Very well researched and Top-Notch video with wealth of information. Many Thanks for creating this amazing content. Have a great weekend. Your software is no match for those free toools.

[@wellbuiltwealth]

Thank you!

[@billyrock8305]

Excellent advice ✅ Those free calculators are awesome! Bang on and worth it! ✅ 🐈

[@DaleTraber]

You Rock Rhys!!

[@wellbuiltwealth]

Well, thank you Dale :)

[@sewnsew6770]

My take home pay is half my income. So take home pay better estimate then add deductions would face in retirement which are smaller

[@ParallelWealth]

Great breakdown Rhys. But the barbie color shirt is well timed too! Love it. Keep pumping this great content out.

[@wellbuiltwealth]

Bahaha! It’s “salmon” I swear!!

[@OptimisticHominid]

@@wellbuiltwealth BC Pink Salmon!

[@gordonpi8674]

One of the most morbid and most unethical questions, that we, the Canadians who originate in Europe have to hear when nearing retirement is “ how long do you think you are going to live”? That’ s so inappropriate! Isn’t it much more humane and civilized to give every retiree a government pension in a value of 70-80% of his average work time earnings, like it’s done in Europe? Up until a few years ago European seniors had not even heard about any “retirement saving plans” that would make their pension bigger, because there was and there is still not need for it; the government covers almost everything, and any savings can be extra for even better retirement life. On top of that, European seniors have FREE total healthcare, which makes their lives even more worry free and happier. The American seniors can only dream about that! But, once the American “democracy” with its weird way of doing things hit the European soil, it’s trying to convince everyone that its way is a better one, but thanks God, nobody in the world is buying it anymore! I hope our Canada will overthrow all the American influence in this area, give the retirees a mandatory comfortable and liveable pension and follow the right way, the European way soon! Thanks!

[@bonniebrown1305]

Well said!

[@daveb2702]

Great channel

[@MariaGarcia-gv8hj]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it;"

[@quin5155]

Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Earlier this year, I hesitated and failed to take any action until now. However, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.

[@MariaGarcia-gv8hj]

No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with Lewis James Godfrey to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.

[@quin5155]

Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the success you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.

[@MariaGarcia-gv8hj]

I work with *LEWIS JAMES GODFREY,* who is based in the United States. If you would like more information about him, you can conduct a search online. He even got featured on CNN recently.

[@paulmanfred9496]

Glad to see this comment, Working with a skilled financial planner can be compared to having a mentor in the field of finance. I used to struggle to invest on my own and ended up losing money, but things changed once I started working with this same man, Lewis James Godfrey. He played a pivotal role in helping me improve my financial situation. Previously, I relied solely on my job and salary for income, but now I have found ways to generate additional income with ease, which has allowed me to leave traditional employment, thanks to Lewis. Nowadays, I believe that investing is not a choice, but a necessity for anyone who desires financial independence and a good quality of life.

[@genevievemarchand]

Any software that doesn’t do a proper Monte Carlo analysis is just a very BASIC estimator (i.e. an Excel sheet in disguise.). What I need is a software in which I plug in my estimated needs for the go-go, slow-go an no-go years, sources of revenue and then my saving with a mean rate of return and a deviation from that rate. Then it should tell me what is the probability of have enough money till I die (I.e. 50%, 75%, 90%, etc…)

[@elp2689]

And don’t forget to deduct the amount you are saving annually when using the 70% rule. Once retired you won’t be putting away that much money anymore.

[@nadmak9093]

Just stumbled across your channel and binge watching it now. Great stuff!! Just curious to know what software your firm uses to do the planning? And do we, as customers, have access to that software to see our financial portfolio online and play around?

[@jeffsavage7135]

My retirement vehicles are my defined benefit pension. And that's it. Fingers crossed that I can survive.

[@regreimer4570]

DB's are a wonderful thing! Do you know the % of income you've been contributing? Many workplace DBs take in less than the 18% allowed by Rev Can. That means there's still room to contribute more to your registered retirement savings plan, which could be used to grow more future income. 'Fingers crossed' is good... more RRSPs let you relax the fingers a little and do more than survive. ;-)

[@glenngardin3561]

I have used the CRA retirement calculator. It is quite thorough. Takes a while, but shows a lot of information.

[@wellbuiltwealth]

Thanks!

[@Charlesragnick]

Retirement doesnt come with a specific requirement, people need to understand that having a right retirement plan is ideal and can help build a financial fortitude. Also, having a financial counselor that will guide you through every process would be good, not just any expert but a very good.

[@Charlesragnick]

That is why I work with Marcia Ann Bice , who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision

[@user_johnrockwell]

You are correct! Working with a financial advisor who has worked in a solid financial firm for a long time, such as Marcia will actually set you up for success in life. I'm delighted I was able to reach out to "Marcia Ann Bice " earlier this year because while others were grumbling about the downturn in the markets due to the state of the economy , I was busy learning from her and eventually made over seven figures in the first quarter alone, which is why it's always good to join the correct community.

[@LoganBurleson]

I appreciate the advise. Finding your coach online was a simple process. Before we planned our phone call, I checked her up online. Based on her online resume, she appears to be knowledgeable.....

[@mspeters1]

Just curious. Are you able to live outside of Canada and still be able to collect OAS? What is the rule in re: to that if any? Thanks

[@wellbuiltwealth]

Yes you can! But there are rules around it. And that’s actually the topic of my next video. Stay tuned :)

[@rubberroast1598]

I am 55, and most of my friends are retired. Problem is I still have a mortgage balance on my home. We own 75% of the equity but remaining balance is too much to payoff in next 6-7 years. Most assessments and calculators assume that you have a paid off home by time you get to this age. I am puzzled what to do....sell now or a way to stay and retire somehow. Reverse mortgages sound good but are pricy .....especially now

[@wellbuiltwealth]

I’ve actually done many projections for clients where they carry a mortgage into their first few years. It’s not ideal but depending on the whole situation, it may be doable. Of course, many just choose to downsize to eliminate the mortgage and call it a day.

[@marcoprolo1488]

Sell your house and downsize to get rid off the mortgage as soon as it will have to be renewed at high interest rates. Purchase the new location cash with the 75% equity.

[@rodneedham2306]

How flexible is your retirement software. I had looked into using a financial planner and their software but it only allowed for a maximum of 10% on invested assets. My consistent return is well north of this and I would want to know your software can use any input. For example, can we say a 14% return?

[@wellbuiltwealth]

Just tried. Yes, it can do that. Would never recommend building that into a projection. But yup, it can.

[@lukehaswell3075]

Most jobs are losing value daily with massive layoffs, Last year I was working full time budgeting groceries, unable to afford date nights, and missing time with my kids just to make extra money. These days I learn how to make money online, Using my job to finance my goals, You can't be an employee forever everyone should know by now, making extra cashflow interest everyday or weekly should be the goal now.

[@davegustavo4726]

Having a job doesn't mean security rather join a business trade.

[@jessicamegan5850]

Our money way of life absolutely needs to be blown up, but at the same time, people also need to be more responsible. I know for a fact that there's a lot of people that simply don't make enough money. I make roughly 100 k plus a year and in California, rent prices alone eat up almost 3/4 of what I make. Throw in dependents, and other financial obligations and it's easy to end up in the negative.

[@johndeanconway7931]

Big ups to everyone working effortlessly trying to earn a living while building wealth even after the massive layoffs. My wife and I we are both retired with over $2 million in net worth and all paid off debts. living smart and frugal with our money, made it possible for us this early, even till now we earn passively with our asset coach. Adapt to a lifestyle, be thrifty, set a budget, save money and build more streams.

[@jessicamegan5850]

Impressive! having a great savings and more streams to earn makes life goal’s easier, I make most stock purchases when the market is in a confirmed uptrend or cheap cost, although most stocks I bought months ago which showed strong signs of doing well has greatly underperformed. It’s okay for me on the long run, however it’s a good time to add to existing holdings at follow -on opportunities.

[@rahultoggi4672]

hey It appears your asset coach is well established in the pro field. Well I’m open to receiving more interest & value to achieve my target.

[@jwsmith519]

how do I find someone local uses the same software you do?

[@murraytown4]

The Canadian Retirement Income calculators is excellent. Not perfect but darn close. I’ll see how the others compare.

[@wellbuiltwealth]

Good to hear! Would you say that it would be easy to use for those who may not have a solid working knowledge of finance?

[@murraytown4]

@@wellbuiltwealth I think that that is its value proposition. It is ‘dumbed down’ so the average Canadian can use it. It is designed for non-finance types. I geek out on financial planning stuff but am a non-finance type. The only problem I have with the calculator is that the TSFA is awkwardly presented. It treats the TSFA and RRSP the same whereby contributions to both start and stop and the TSFA is melted down as is the RRSP/RRIF. I’m retired but my TSFA contributions have not stopped, nor will they, nor will my TSFA ever be drawn down to zero. It’s my leverage account that I use for extraordinary circumstances and emergencies and treat as my own personal loan fund against which I ‘borrow.’

[@ParallelWealth]

I ran some scenarios through it yesterday and was not impressed. I thought they have made improvements, but didn't seem like much. Let's hope they keep working on it.

[@josephuhlman3150]

21:55: “Gorgeous Safety Buffer” 😂 you’re speaking my language

[@wellbuiltwealth]

🤓

[@davidhughes6048]

I don't budget, I just know how much comes in and how much goes out, couldn't tell you if I spend X on restaurants or Y on the car. All I know is output is usually pretty close to input, and pretty accurately what my fixed costs are. I think that's as close as I'll ever get to a budget.

[@giainto5564]

Wow I tried doing that and it didn’t work for me. What works for me now is I enter every single transaction to the penny.

[@kreuk547]

Love this channel. Really helps lower stress now that I have a clearer idea of what my goals are.

[@wellbuiltwealth]

Great to hear!

[@jacobuszwanenburg1629]

That tool is like a crystal ball wow ! 900G ! Uh oh I don’t have near that , just retired. But I recently bought a sailboat and spend my time in Grenada Who knows how long but we never know so live life. It’s not a super yacht but it’s a Beauty , 38’ I’m learning a lot too. How to repair a boat lol In 90* and 90% humidity. 😂

[@wellbuiltwealth]

I have some clients who did exactly the same thing. Grenada as well! Awesome.

[@barettmac]

Great video, your channel is full of awesome videos with great advice. I'm surprised it too me this long to find your content, I frequent many other Canadian financial planning youtubers, Parallel Wealth, Common Sense Investing, The Plain Bagel and many more. Very glad to have found your content, you have a new subscriber.

[@wellbuiltwealth]

Thank you! :)

[@b_murphy28]

Great video! Appreciate you sharing those free calculators that are provide fairly good estimates of retirement savings/income.

[@islandaerial3414]

What kind of planning are you strategizing for, when the Quadrillion in derivatives go to zero? Thanks

[@grantschoenberger2588]

Good video, but I disagree with the CRA calculator being good, it is useless at estimating CPP payments, best to hire someone to get a good estimate. Is the software you use available to the public?

[@wellbuiltwealth]

I hear ya. As for Conquest, it is only available through advisors.

[@laed3520]

I was always a fanatical budgeter and I was working out my retirement expenses compared to retirement income for 5 years before I walked out of my employment for the last time. Zero stress when you know all the numbers. Rhys will give you folks who hate budgeting, the numbers to allow you to sleep at night in retirement. I'm 10 years into my retirement and I still love budgeting (Spreadsheets are my best friend) and I still sleep like a baby. Thanks Rhys. Love the content. ps... only 5 months and counting for my CPP at age 70.

[@wellbuiltwealth]

Thank you sir! You’ll be able to enjoy even more steak dinners with that extra 42% 🤓

[@jancyking582]

With you all the way. Loved my spreadsheets for the two years before my retirement. Like you, I sleep like a baby 🇨🇦

[@Charlesragnick]

Retirement doesnt come with a specific requirement, people need to understand that having a right retirement plan is ideal and can help build a financial fortitude. Also, having a financial counselor that will guide you through every process would be good, not just any expert but a very good.

[@Charlesragnick]

That is why I work with Marcia Ann Bice , who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision

[@Charlesragnick]

That is why I work with Marcia Ann Bice , who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision

[@sewnsew6770]

I read that in Canada median household income is 63 thousand Canada dollars. But median home value 850 thousand Canadian dollars. So how can people afford to live? Is a serious question as considering retirement in Canada

[@wellbuiltwealth]

Huge problem. You’re right.

[@rs4328]

Depends where. Canada is a big country and house prices vary quite a bit. Most of the housing hype is in Ontario around the GTA or in the greater Vancouver area. Try Moose Jaw Saskatchewan, average house price is $214000.

[@sewnsew6770]

@@rs4328 thanks much

[@johng8310]

Hi, I watched one of your video last week. I think it was called "Retire in Canada with $500k" You used the sample names of Ron and Dawn Swan. I cannot find this video anywhere. Did you remove it? Thanks for being a wealth of knowledge. Cheers

[@wellbuiltwealth]

Thank you! Yes I did. Someone pointed out something in the video that they thought was misleading. I understood their point and so I decided to just redo it to make it even better :)

[@johng8310]

@@wellbuiltwealth thank you for the quick reply when do you plan on posting the new one and do you know what it's going to be called?

[@wellbuiltwealth]

@@johng8310 Sorry, I don't. But I have one coming in the next couple weeks I think that is quite similar.

[@allannirvana]

25x rule, 4% rule, 300x rule are the same equation expressed differently, all works. I plan to spend 10K a month after retirement, I need 3M portfolio, and the money will have 97% of chance of never run out in 30 years.

[@conniesmith3007]

Great video but realize I can never retire, even with a defined pension.

[@motorv8N]

I’ve watched a couple of your videos now and like your delivery and style. And while that shouldn’t be the entire means of judging the value of content- I’m subbing anyway. My wife and I are terrible about this stuff - mostly because we’re afraid of it. We’ve got pensions that weren’t started til mid-career, although our employer has a contribution matching plan we max out, we’ve started and stopped RRSPs over the years, expect the house will be paid off within the next year or so which should free up some cash flow for a ten year final savings push (assuming we don’t get sick or laid off). However we’ve not been smart with tax planning and have been hit with some penalties with maybe more to come. So all in all, not much idea where we stand. We’re in our mid-fifties so we’d bloody well get a grip and tuning in to your channel will be a start.

[@wellbuiltwealth]

Well, thank you for sharing! And your kind words. Most of our clients (80%-ish) come to us in that last 5-10 year phase before they retire. So you’re not alone!

[@motorv8N]

Thanks - looking forward to working through your back catalogue.

[@wgemini4422]

All the calculators can do is to crunch some numbers using assumptions. The problem is these assumptions may or may not be correct. For example, if inflation was 10% over the next 20 years, stock returns were 0% and the Canadian government went bankrupt (all unlikely but very possible scenarios), all the numbers are out of the window. Therefore, what you want from your advisor is to remove variables and provide real time advises.

[@James_48]

All three very possible? Definitely not. Core inflation is already subsiding. Debt to GDP is no where heading to bankruptcy, and there has never been a 20 year period of zero returns from the stock market. So, in reality, none of these are remotely possible.

[@wgemini4422]

@@James_48 Are you sure? The Japanese stock market still hasn't recovered its 1990 high. Yeah, yeah, Canada is not Japan, but the Japanese didn't think it was remotely possible either. There hasn't been a single society that lasted forever. Even the mighty Roman empire fell apart after 1000 years. Everything is possible. Likely? Maybe not. But possible? definitely.

[@James_48]

@@wgemini4422 well you said "very possible" - I still disagree on that. No way will we have 10% inflation, year over year, for 20 years. We're already back down to around 3.5%. Stock returns at 0% - I assumed you meant everywhere. Sure, Canada might experience an extended period of zero returns - but we all should be suitably diversified. Lastly, the idea of the Canadian government going bankrupt is absurd. Sure, they make a lot of mistakes - too many most certainly, but bankrupt? I don't think so. It's okay to be critical of government and policies, but hyperbole is completely misleading.

[@wgemini4422]

@@James_48 I also said unlikely. The reason I say it's very possible, which is still unlikely mind you, is because the world is changing, for Canada and for the rest of the developed country. Canada is rich for very particular reasons. Industrial revolution, colonization, etc... gave us a head start. Even then, our rolling 20 years inflation (actually the US's since I can only find their numbers, but I am guess we were similar) was well above 5% in the 80s. Then, we got globalization, the biggest reason our inflation was low for 20 years. However, that is a double edged sword and things are starting to reverse. Not only we are losing the benefits of cheap labours partly because our political environment, partly because labors in developing countries are getting expensive, but these enriched labors started to buy things. We are also losing the productivity advantages we got from industrial revolution and colonization which gave us technology and capital leads. China now can build things we can build for cheaper, they can also build things we can't build. They also got more money to invest in strategical areas than we do. The end result is that we are a heavily indebted country with an unproductive and expensive labor force (our kids are entitled and outright unmotivated) and no technological or capital advantages anymore. We still got the resources from colonization and a somewhat, although a lot less so, stable society, but that is about it. Unless we make a technological breakthrough (e.g. AI, robotics) that significantly increases productivity, which is likely but not a certainty, or developing countries fall back into poverty, which is again likely but not a certainty, it is rather unthinkable that our inflation going forward will be in the 2-3% range again. One of the consequence is that our government will also no longer have the ability to borrow for dirty cheap, causing debt service cost to jump. And without productivity improvement with developing countries responding to our petty protectionism, there's no reason for the stock market to return any real growth. These difficulties are common among all developed nations. It is very hard to diversified into developing countries given the lack of well regulated financial systems (another advantage we still got). Therefore, all three are very possible, unlikely, but possible. That's not even accounting for a housing market crash, which is inevitable at this point, increasing xenophobia and polarized population and populist politicians everywhere.

[@Martyupnorth]

The government of Canada just published it's annual life expectancy tables, and it's actually going down in 8 out of 10 provinces. It's as much as 1 year less in some cases. I haven't had a chance to dive into it, but some plausible explanations include more medically assisted suicides, the ongoing drug epidemics, more chemicals in our food, more people living in urban settings and even the long-term impacts of the COVID lockdowns.

[@wellbuiltwealth]

I haven’t seen those. If you don’t mind, could you post the link to the updated tables? Would love to look those over as well.

[@Martyupnorth]

@@wellbuiltwealth The tables are very comprehensive. The basic one is all Canada, both sexes at birth. In 2017 life expectancy at birth was 81.9. It was 81.91 in 2018 and peaked at 82.29 in 2019. It started going down after that. It's 81.71 in 2020 and 81.63 in 2022.

[@wellbuiltwealth]

@@Martyupnorth Gotcha. Thanks

[@James_48]

@@MartyupnorthHowever, for retirement planning you can ignite the tables related to life expectancy at birth. Far more important is date related to life expectancy once one is 55, 60, 65 and 70. That tells the story of interest.

[@Green__one]

Have you tried firecalc? I'm curious what you think. You can enter only very basic details, or get very detailed. It doesn't give you a single answer, but instead shows you a cloud of answers using every time period in history. I like comparing to real historical timeframes.

[@wellbuiltwealth]

Never heard of it but I will definitely take a look!

[@totorovictoria2170]

Does the software adequately deal with rental income/properties on a retirement plan?

[@wellbuiltwealth]

Yup!

[@relaxgood5214]

Minus your spending from your income. That’s it.

[@carolynbridge2087]

Is there a maximum that a married couple gets from CPP or OAS ?

[@wellbuiltwealth]

Nope! Just personal maximums.

[@cindypatterson4429]

Do you take on clients?

[@wellbuiltwealth]

You bet. You can go to www.wellbuiltwealth.ca for more info.

[@pleopold4010]

in other words, you have to have money in order to retire. people like me will have to work until the day we collapse

[@MinnieOnCam]

ALL of these retirement calculators leave out people with a disability, I have to plan my retirement with my RDSP and all its regulations and rules and I'm lumped into I will be low income as if I am doomed to stay in poverty forever. So I'm left to figure out on my own.

[@mumumumah]

Heisenberg does financial planning?

[@wellbuiltwealth]

Sure does! An he has the best formula ;)

[@renzenker2526]

What's the name of your software?

[@wellbuiltwealth]

Conquest

[@allannirvana]

The real pitfall is TAX. I'd deplete my DCPP first, then RRSP. At 71, I'll start collecting full CPP & OAS, with 2M in TFSA. When I die, my kids get my TFSA tax free. That's the plan, CRA can suck it.

[@wellbuiltwealth]

Might wanna start CPP a year earlier at 70 as there’s no benefit increase after age 70.

[@allannirvana]

@@wellbuiltwealth right, got mixed up with RRSP forced withdrawal age.

[@user-rj9xp5em6y]

I am planning for my retirement, how can I have your service? And what's the fee? Thanks

[@wellbuiltwealth]

You can check out options here: www.wellbuiltwealth.ca/service-options Cheers

[@jamescooley6781]

Bleak future

[@perrys3801]

What part of Canada are you in

[@wellbuiltwealth]

BC. But we work with people anywhere in Canada.

[@sandeeptanjore1253]

Thanks Rhys for providing the sample links. Using Desjardins I ran the numbers and sadly don't expect to live with my retirement nest egg until 95. I went through your website too and hope to work with you sometime soon. This is my second video of yours on this channel and find the information provided to be very informative. Merci beaucoup! One question - I liked the bookshelf behind you. The color and also the way it is arranged. Is it IKEA ?

[@wellbuiltwealth]

Great to hear! And yes, great eye! It is ikea. I needed that color to match the other furniture in my office :)

[@sandeeptanjore1253]

@@wellbuiltwealth The color is really soothing. I looked up on Ikea's site but couldn't find that piece 🙂

[@Charlesragnick]

Retirement doesnt come with a specific requirement, people need to understand that having a right retirement plan is ideal and can help build a financial fortitude. Also, having a financial counselor that will guide you through every process would be good, not just any expert but a very good.

[@Charlesragnick]

That is why I work with Marcia Ann Bice , who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision

[@user_johnrockwell]

You are correct! Working with a financial advisor who has worked in a solid financial firm for a long time, such as Marcia will actually set you up for success in life. I'm delighted I was able to reach out to "Marcia Ann Bice " earlier this year because while others were grumbling about the downturn in the markets due to the state of the economy , I was busy learning from her and eventually made over seven figures in the first quarter alone, which is why it's always good to join the correct community.

[@Cornuts1000]

if you had 450k left at age 90 then you wouldn't need 900 k to start with to survive. I don't anybody with even close to 900k saved for retirement. Well one person but he was a professional hockey player.

[@g.belanger8302]

Desjardins only has branches in Quebec and Ontario, and assumes only their customers will be using the tool, so that's why only those two provinces appear. Despite what you may think, it's not an FU to the rest of Canada, lol!

[@wellbuiltwealth]

Good to know!

[@JC-hl2ui]

where is the calculation that includes inflation? 20 years ago, I would say things cost at least 1/4 as much or less.... gas, cigarettes, rent etc. so in retirement 20 years from now... you may need 4 times the monthly budget... and that does not count inflation continuing after you retire.... if you lived another 20 years after retiring now it is dramatically higher.

[@wellbuiltwealth]

It’s all in there. We always calculate for inflation. Always. And we always take it one step further in our plans and stress test for high inflation. It’s a must.

[@StarPhil_T-bone193]

Downside significantly...the goal is 3 suitcases maximum per person. Research medical coverage in Mexico and make the move and be happy.

[@StarPhil_T-bone193]

@Well.built.wealth Ur a bot

[@freedomlife3623]

Can’t as I dislike Mexican food immensely.

[@apoch2001]

Most beneficial job was being a market risk manager specialising in stress testing. The same "professional" tool was built in excel with some historical data from Yahoo finance. Lol

[@JayandSarah]

We retired early and left Canada to travel the world full time. Why retire in Canada with miserable weather and high costs when you can live in warm countries all year round and have your dollar buy you 2-4 times as much.

[@KENFORD-lr8cp]

Something you should include is if you leave the country, like I did. Make sure you applied for your pensions (CPP/OAS) are completed. Otherwise like myself, they drag their feet and you get your OAS 4 years late. When you are in another country, they can only pressure OAS once every 6 months, the government never replies and do not care about your pension. Also, your TFSA will attempt to say you are not entitled to them when you leave. I left in 2016 says CRA, but TFSA says I had to no right to them in 2013...! It is now 7 years of delay for an investigation to be done and still no response. Get your ducks lined up.

[@wellbuiltwealth]

Definitely wise to plan carefully in advance.

[@aldeserrano5490]

You wanna retire, no bills including mortgage, no car payments and $0 balances on credit cards.

[@wellbuiltwealth]

100%. If you can.

[@ladyexoticawanderguard712]

Can u give an example of low income people with 40,000 annual net income with a mortgage balance of $100,000

[@readingreddit8499]

I love how these financial plans ignore inflation 😮 and presumes that if I want to live off $5000 per month in today's dollars, that when I'm 70 I won't have to withdrawal much more to get the same purchasing power.

[@wellbuiltwealth]

Inflation planning is a fundamental part of all our plans. So important.

[@James_48]

They do not ignore inflation.

[@sunflowersadie543]

Oh crap. I'm going to have to work until I'm dead

[@user-fv6ke8vv2z]

$2 million / mortgage free home / $1 million invested in banks / Telecom / Hydro Set up to receive the Canadian dividend tax credit / Done myself - 68yrs old

[@wellbuiltwealth]

💪😎

[@fabianmccarty1903]

Tasha Masha will need some financial help,

[@marcoprolo1488]

The best time to retire is while you are still in good health. Too many people kill themselves just for those few extra more years and it gets harder on the body and mind when we get older. Money is secondary to health. I f#cked off at 58 and I am the most happy man in the world. My job is to do nothing but manage my finances and travel in winter because Canada sucks during Winter when you reached that age.

[@wellbuiltwealth]

Poetry!

[@vm6824]

I would like to see an example for single, child-free people who rent. We are the most neglected section of society - for everything.

[@pmb6667]

EXACTLY! It's what I've always noticed whenever I see these types of financial planning/investment videos or articles. There are so many articles about _'Canadians not saving enough' for retirement,_ or how many 'cannot afford homes'. But yet... the majority or investment/planning 'examples' are either for people who are _in their 30s or younger (i.e. plenty of time), _ or if older, _already own homes AND assume they are/will be paid off._ Not a thing at all about single, child-free, and renting -- espcially at middle age/older. This demographic gets neglected, only good enough for the alarmist news headlines.

[@netblue]

No budget is a failure to plan so a Plan to fail 😂

[@wellbuiltwealth]

😬😎

[@Green__one]

I think budgeting isn't necessarily a black or white, you have one or you don't situation. I wouldn't say that I budget, however I can tell you exactly how much I spent every year for the past decade, and every year it is significantly less than my income, and it doesn't have a whole lot of variability. I don't think that's a fail. It also gives me enough information to estimate my spending needs going forward, I can't tell you how much of that money is going to go to what expense, but I can tell you how much total will be spent. Others would say that it's not a budget unless you've accounted for every penny and exactly which thing it is going to, but I feel as long as you are responsible with money overall, the details actually do work themselves out. The key is that overall responsibility.

[@wellbuiltwealth]

@@Green__one perfect!

[@fabianmccarty1903]

Flora Moira want to retire at 60. She needs help

[@wellbuiltwealth]

🤣

[@NeverCryWolf64]

I am in my late 50s and work in telecommunications. In the last few years I have seen most of my coworkers get laid off in their late 50s. It is a terrible age to lose your job when your industry is downsizing and your skills don't translate. I commented because I think we should be aware that we sometimes have to retire earlier than we want.

[@wellbuiltwealth]

Totally fair.

[@mikk1332]

IN CANADA? GOOD FKN LUCK

[@user-oq2wm3jx8z]

Looks like an advertisement for Desjardins.

[@wellbuiltwealth]

😂

[@grantbaechler3529]

so ill never be able to afford to retire lol.

[@Icecold0505]

Retire? That isn’t part of the WEF plan

[@dhg1839]

if Trudeau keeps raising the carbon tax and other taxes, never

[@dougiep2769]

You cant retire in canada..have tou all missed the WEF and his xonnections to canadas government

[@davidhughes6048]

Very clearly stated. Thanks! 😂

[@JamesBond-su7hj]

$2M is barely enough

[@chrisevans7416]

I disagree with 30 % less I gross 125k and interest income brings another 30[k . I save 1200 a week currently plus the 30k. In retirement I would not be saving So out of 125k ,I save 65k which is 60 k I live on -30% is 45k is what I would need to keep same life style. No debt and house cars yacht paid for 1000 a month pays all bills