Do NOT Make These 10 Retirement Mistakes

Business Inquiries: [e-mail]
Well Built Wealth: www.wellbuiltwealth.ca/
Links:
Planning software we use: Conquest www.conquestplanning.com/en-c...
Withholding tax article: www.moneysense.ca/columns/ask...
RRIF Withdrawal Rates: www.sunlife.ca/en/investments...
Tax Calculator: wowa.ca/calculators/income-tax
-------------
------
Intro (0:00)
#1 - No Retirement Plan (0:17)
#2 - Paying Ridiculous Fees (2:35)
#3 - Paying More Tax Than Necessary (3:58)
#4 - Not Adjusting Spending Habits (6:23)
#5 - Forgetting to Plan for Annual Taxes (7:08)
#6 - Giving Too Much to Adult Children (8:38)
#7 - Retiring Too Late (10:03)
#8 - Not Enjoying the "Go-Go" Phase (11:08)
#9 - Not Planning for Health Expenses (12:16)
#10 - Underestimating Inflation (13:26)
------
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.

[@FrankRizzo401]

One of the best financial channels out there.

[@wellbuiltwealth]

Thank you!!

[@uelmills]

Thanks very much for this sound advice. Greatly appreciated!

[@investmentinrentalproperti2163]

Great advise/info. Thanks for sharing

[@TrudyBraiden22]

Great content easy clear explanations thank you for taking the time to make your Channel

[@Helix5370]

Great practical advice with this one Rhys! Lot's to dig into and consider.

[@wellbuiltwealth]

Thank you :)

[@jemalgie9828]

I completely agree with your statement of the advisor fees!!!!

[@debbiemartell8100]

Very helpful video.

[@neilbertram1922]

Great video. You must put a lot of time and energy into the scripts for these. Many thanks!

[@wellbuiltwealth]

Thank you! And I do! So I’m always glad to hear that people are getting something out of them :)

[@richardmackelvie3036]

This is awesome!

[@Peter-sz1sn]

Everyone should watch your videos. Great material and great presentation. Love it!!!

[@wellbuiltwealth]

Wow, thank you!

[@glenngardin3561]

Solid info, Rhys! Love your content. Please keep up the great work!

[@wellbuiltwealth]

Appreciate it!

[@katbij3149]

Would love a video on your thoughts about taking out life insurance so your estate taxes would be paid especially if you both died together in an accident in the first 10 years of retirement.

[@luiscecilio8807]

great advice...thanks.......but....at the end all will stay here some way or another

[@jackfenkhuber1959]

I have researched and watched a LOT of 'material' on financial planning. You have, by far, nailed it. Anyone who hasn't determined their financial future would be well advised to pay attention to what you have to say. If they are not willing to invest the time to learn and understand what you are stating should go ahead and invest in your 'for fee' planning advice. Of all the investments available, that seems like it would have the best return.

[@wellbuiltwealth]

Well, thank you sir!

[@adventuresonvancouverislan3875]

If you’re paying 2% fees then the 4% rule becomes irrelevant and you now need 1.5 times the portfolio size to make the 4% rule work. Simple switch to low cost etfs and you take a decade or more off your working career.

[@carlsalomon4335]

Love his advice

[@carlsalomon4335]

How do I Get your advice?

[@wellbuiltwealth]

Feel free to check out our options at www.WellBuiltWealth.ca

[@jb_makesgames2264]

Lack of real coemption in Canada is the real culprit for hi fees. It is sick.

[@colleesu555]

In terms of fees: We pay it. I don't understand why, financial advising fees can't be a tax write off of some kind. We all need such advisors for our retirement.

[@user-cn1bg7pr6w]

Living the dream in the “go-go” phase. Thanks to you and your team we are doing it with great peace of mind…mucho gracious. Mexico in 8 days 😎 Love all your videos. 👏

[@wellbuiltwealth]

You rule!!!

[@Andrew21882]

What are thoughts on a strategy like this: opting for not getting deducted any tax and investing an approximate annual tax amount in let’s say in one year GIS or another high interest vehicle.

[@wellbuiltwealth]

That can work. For sure.

[@alexkuhnert6856]

Great video. Thanks for the solid effort. Inflation steals a pensioner's purchasing power. The cause of this is the GoC's fiscal imprudence and its poor monetary policy - inflation is a deliberate sovereign policy - in all governments. That is why you need to plan to deal with inflation. Read :"When Money Dies' by A Ferguson as a starting point. This historical chronicle details how all the German Federal Gov't pensioners - during the Weimar Republic - were crushed by that gov't's deliberate policy of high/ hyperinflation.... If you have a solid plan like Reece details here, Gov't [who controls the money supply] caused inflation will be the largest devil you have to contend with in adapting your plan to the daily realities/ struggles caused by the sovereign's inflation policy.

[@wellbuiltwealth]

Thank you! I haven’t read that book, but I can tell you with certainty that whenever we stress test retirement plans against market crashes, poor returns, high inflation, etc, high inflation is almost always the most devastating. By a lot.

[@OgsteveD1]

Good Evening New subscriber with a quick question please,, I live in Ontario currently receiving O.D.S.P after a car accident back in 2004- can I recieve CPP on top of my O.d.s.p. I turn 60 year's old in May 2024? Yours Truly Robert Douglas..

[@Andrew21882]

Your tax calculator in the links doesn’t have the option for the retirees, it’s just good for the employed or self employed.

[@wellbuiltwealth]

True. Only good for ballparking. If you find a free one (that is good) out there that includes the seniors tax credits please share!

[@JosefA-zzzt59]

The CRA website has a planning tool that could work to give ballpark figures.

[@elainewaselick4679]

If you are already retired and you receive CPP, OAS and GIS and you have RRSPs, do you take out your RRSP in smaller amounts yearly and put them in a TFSA I do not want to lose my GIS.

[@wellbuiltwealth]

Totally depends. You may want to defer RRSPs withdrawals as long as possible in order to keep your GIS.

[@annetteandersen9307]

How do you qualify for GIS ? !

[@annetteandersen9307]

@@wellbuiltwealthhow do you get GIS of an substantial amount if you have other means of income even on a low fixed income of just cpp and oas you get almost nothing from GIS - it’s like maybe 150 .00 pp Sad

[@TT-fq7pl]

Still young and hip? Are people retiring by the age of 25 now?

[@wellbuiltwealth]

65 is the new 25 😎

[@BohemianLifer]

He is obviously prepared, a perfect prepper.

[@100amps]

​@@wellbuiltwealth Ha ha. You are so right. I'm 63 and play hockey with (some) 25 year olds. It keeps me young and it keeps me hip. Well, hip-ish.