What Does It Take To Retire With $7,500/Month?

Business Inquiries: [e-mail]
Well Built Wealth: www.wellbuiltwealth.ca/
Links:
- CPP & OAS Vid: • KEY Details About Cana...
- Planning software we use: Conquest www.conquestplanning.com/en-c...
------
Intro (0:00)
Assumptions (1:43)
#1. RRSP heavy (4:49)
#2. Mishmash (9:27)
#3. Mishmash with a pension (11:35)
#4. Downsizing (13:24)
------
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.

[@niccamelfly]

Putting in a life long discipline of living below your means as soon as you can, cleanses the body and mind. That said ! At 49, I had a life altering medical event. So...At the exact moment when I thought I was going to enter my maximum earning years...I earned exactly zero for 4 years. Not only that ! I had to re-start at the very bottom of the totem poll at 55. Life has a way of humbling you. Keep up the good work. You have a great podcast.

[@wellbuiltwealth]

Thank you! And wow, yes, we’ve seen this happen to clients as well. Life can throw a lot at you. We have way less control (of pretty much everything) than we think!

[@canders8779]

@@wellbuiltwealthHow is it said, .. life is what happens while we are making other plans

[@Jackie-plus]

I love the way you give us different scenarios - thank you🎉

[@stevosworld1656]

We’ve watched a number of videos on retiring and yours are the best! Thank you. Would love to see a video like this for those of us looking to retire early.

[@wellbuiltwealth]

Thank you! And that’s actually the next topic coming out :)

[@cfantasticseeallgood]

I am single and don’t spend anywhere near 7000 a month and I’m living comfortably. I have a condo paid off and no debts. I have a pension geared to inflation. So I receive my pension, CPP and mow started to receive delayed OAS. I will not be drawing down from my RRSP until 1 year from now. So it all depends on your lifestyle for you to need all that money to live on.

[@marcelmed4574]

Interesting, are you aware that any remaining RRSP or RRIF at death is all taxed at your marginal tax rate? Say you have 100K left at death in those accounts that’s close to a 50% marginal tax rate and the Govt will get half before any goes to beneficiaries.

[@user-fw5xl8wo1n]

Marginal tax rate for $100K in BC is currently 31%. You have to reach ~$250K to get to 49.8%. But your point is taken. All funds in a RRSP have never been taxed and are only taxed upon withdrawal at your current marginal tax rate. @@marcelmed4574

[@JayandSarah]

@@marcelmed4574 If you withdraw it you are paying at your marginal tax rate anyways. People need to focus on their money for them while they are alive. You can live longer than you think and money growing without tax is why you should have lots of money in your RRSP. When you are dead, you are dead, Who cares what the beneficiaries get. They'll get a lot more than if you burn it down and spend it, which is what would likely happen anyways.

[@biggestbattles]

Great job! You've successfully documented all of the factors for retirement income planning in a concise and well thought out presentation.

[@sunfun2010]

Great video, nice to hear someone who understands retirement planning. Thank you.

[@ishouldbeworking9800]

This is the first video i watched of yours. You explained things super well. Answered questions i had. I wasnt sure where to begin of which would be better. Whats really good is the numbers you had for your couples were very reachable. Im super excited to have found a new resource.

[@mariantsaprailis5570]

Love your videos! Thank you for providing such valuable information. Would love to see more scenarios for single folks ☺️

[@vickymoorman3220]

I’m so glad I found your channel! Very well done 😃👏🏻. You’re a great presenter and articulate speaker. Wonderful, clear, concise, and valuable content - no fluff! I’m diving in for more! 🙂

[@wellbuiltwealth]

Thank you so much! 🤓

[@cameronlane2465]

I work in the financial industry and I have seen it numerous times. When a company offers a benefits package if people voluntarily leave it’s normally directed at older workers. There is pressure to accept it, usually indirectly. So most people take it.

[@rpkandeepan]

Great video & presentation to demonstrate various scenarios. Thanks!

[@jason4real]

Thank you so much for this. I'm much clearer where I'm at and super pumped!

[@RetirementReadyPortfolio]

Your content is always top-notch.

[@canders8779]

There are just soooo many variables involved as we all progress forward. No one would have predicted 12 years of interest rates close to or under 1% and suddenly, boom, up to 4.5% + in less than a year and a half. No guarantees folks. Get some enjoyment along the way ! There is no such thing as purchasing time credits at humanity's customer service counter. Thanks for the content.

[@dfence7934]

What you don't take into account is if one of the two individual passes away in there early to mid 70's. The changing of the CPP and OAS to after 70 will have a larger negative impact and now the RRSP money or other investments have been lowered because of delaying. The remaining person does not get both CPP's and OAS of the husband and or wife....

[@shawnmabey9806]

Really well described options/ ideas!

[@neilbertram1922]

As informative AND entertaining as ever. I love this channel. An interesting (in a bad way) situation that is currently developing for us is the possibility that we have to move to MORE expensive housing as we age. We live an hour outside of Toronto. As we start to require specialized health care, we're finding that specialists in Toronto are declining referrals from outside of the region, because their waiting lists are already long. This implies that we may actually have to move INTO Toronto to be able to get in to see them.

[@wellbuiltwealth]

Thank you! And I’m sorry to hear this. This could be a case where you actually need more in your no-go stage 😳

[@dalec5109]

came across your channel and had to say it is very well done!

[@wellbuiltwealth]

Thank you :)

[@Strykertd]

I'm about to finally be out of bad debt this month after years of being in it, learned my lesson and have been bringing up my financial knowledge over the years, still learning everyday, I can't wait to properly use my money for investing and retirement, loving your videos!

[@mpTraveller87]

Great video thank you… Love the different mishmashes- so helpful for younger ppl - will share with my kids. I would love something similar for an earlier scenario (retirement at mid 50s). If you need more name ideas how about Ben and Jenn Wren. 😂

[@wellbuiltwealth]

It’s on the list!!!

[@MrBman2435]

Excellent video, new subscriber

[@Monte-lw4in]

Another great video 👍, wondering if could do similar video where one of the spouses passes away around 72-78 years old. How would CPP and OAS look like with only one (survivor) government benefit coming in for income.

[@hpar74]

Awesome video Rhys. This is why we invest with you! You know your stuff and you take care of us!

[@wellbuiltwealth]

Well, thank you kindly :)

[@mozerm]

Amazing video. Thank you!

[@DoneByD]

Great video Rhys... Your content is so easy to follow and understand - except for remembering the names... LOL

[@wellbuiltwealth]

😂

[@philippecharest9538]

awesome video, thanks for sharing

[@allannirvana]

I like your contents. I watch Azul, Dave Ramsey (man aint he grumpy) and the money guys, and learned a lot about retirement planning, however to have you specifically talk about our scenarios in Canada can factor in CPP and OAS, which is slightly different from social security in the US, can be helpful. Overall 7.5K a month doesn't require a lot if you retire at 65.

[@digitnomad]

Brilliant, I am just confused why these easy but meaningful found the representative from our bank don't know about it? Thanks for sharing. my follow up question is: what the 7500/mon's retirement life looks like?

[@SandiMullane]

Love your videos. You make it very enjoyable to watch and learn so much.

[@wellbuiltwealth]

Thank you very much!

[@DrivingPhilippines]

Or sell that $1.3mil house, move out of the bone-chilling cold wet weather that southern BC is, and move to a warm country like Philippines 😊 With your company pension, CPP, RRSP meltdown, interest income you can enjoy warm sunshine, fresh meats and veg, minimal taxes, and explore a few new SEA countries. Great video by the way!

[@philc824]

What are new SEA countries ?

[@SunriseSurvivor]

⁠@@philc824I’m guessing South East Asian…

[@tjthompson4728]

Thailand as well. Those would be my goal. Probably Thailand.

[@jovicrazed]

Serious question - what health care coverage do you use/suggest?

[@kellyinPH]

Yes 👍 I am in PH and living quite well with my wife and spend 900-1000 per month CDN

[@kirtjmoney4166]

Love your videos, great content! Could you possibly do a video for people that would like to retire at 55. With 7,500 per month? Thanks

[@christinee8353]

Yes and for singles!

[@wardaissany7651]

Amazing video. You are really the Best!

[@wellbuiltwealth]

Thank you! 🤓

[@adamlawr]

what software are you using? is it available to non-professionals?

[@04forerunner]

Like your perspective and the content. I am happy to say I planned for this exact scenario and by sticking to a five year plan we have exceeded this amount. No mortgage, no debt other than small car loan of $400. Most important thing I learned is have a plan (budget) and stick to it. Extra was regularly put into mortgage and spousal RRSP. It just takes determination. In our mid /late 50’s and can retire this year. Nice feeling and worth the effort.

[@tjthompson4728]

I can only imagine how nice that feels

[@davidhughes6048]

It also takes luck. The older I get the luckier I realize I am: no workplace accidents, no car accidents, no debilitating disease, no lawsuits, no divorce, no kids to bail out of jail. So many things can go wrong and I don’t intend to demean your diligence, just an add-on that things can go sideways so badly, and, in the end, it always goes “sideways” for all of us. 🎉 ❤

[@seanfrank4158]

No debt is a massive advantage. Way to go.

[@user-beckyc]

Enjoyed your video. Thanks! Can I ask what software program you use? I liked the visual simplicity and the ease of running scenarios.

[@wellbuiltwealth]

Thanks! Conquest

[@johncraig4823]

Yes would love to know this as well please

[@paulmoore6175]

Don't forget that private home care can cost between $5,000 and $20,000 a month. I just went through over 9yrs with my mother

[@kathleenpage8148]

Great info thank you

[@dyoung6967]

Great video

[@tonywright6793]

I have followed several of these types of videos and the thing that never gets mentioned is the cost of long term care in the "no-go" phase. Have you ever looked at this, it makes a huge difference. Tony

[@wellbuiltwealth]

You betcha. And I touch on it sometimes. And when we do custom plans for clients, we always discuss it.

[@evadeanu1]

Love it!

[@cruiser33]

Love the practical and real scenarios! Not sure if this has been answered in a previous video. What does the Retirement Score (e.g. 100%) actually measure? Is it 100% the plan will work no matter the sequence of returns? Or 100% of not running out of money with 95% confidence interval? Understanding this would really help as it is part of many of your videos.

[@wellbuiltwealth]

Good question! It means that you have 100% of the liquid assets and other sources of retirement income needed to reach your retirement income goal. If you’re above 100%, you have buffer. If you’re below, you’ll need to reduce your income goal (or sell your house, etc…).

[@sandeeptanjore1253]

When you say "pension" (in the 2nd portfolio), are you referring to Defined Contribution Benefit Plan or Defined Benefit Pension Plan?

[@davimars1]

Another thought provoking video. Really enjoy the what-if analysis. What software do you use? Is it a commercial or proprietary package? I have been hearing recently about "bare trusts" and how the CRA may treat the joint account that I have with my 93 year old mother as such and hence require me to file a T3 return. Any insight on this?

[@wellbuiltwealth]

Thanks! Software details are in the description. As for bare trusts, this is an excessively lame development. I won’t have time to put out a video on this but I do recommend you search for one or two on the topic. It’s now, unfortunately, an important thing to understand.

[@tjthompson4728]

Best video by far I’ve found. Throw in “move to other country half time… “ that’d be interesting.

[@JayandSarah]

Why only half time?

[@tjthompson4728]

@@JayandSarahNot sure I'd want to live out of canada more than half

[@evadeanu1]

Awesome!

[@HMeshmesh]

Great video. What software do you use?

[@wellbuiltwealth]

Conquest!

[@cici2O]

Fantastic video! Cant believe I didn't find your channel sooner! Would love to see Ray and Kay May's scenario (with DB pension) if they were to retire early at 55 with same amount and distribution in portfolio but with $55K for go-go years, instead of $70K! Also, do you provide fee-only financial planning services?

[@wellbuiltwealth]

Thank you! And yes we do :)

[@Popflyer123]

I really like your videos. Do you recommend reverse mortgages to supplement later retirement years? Pros / Cons , have you done a video on this subject? Cheers

[@wellbuiltwealth]

Thank you! I do plan on doing a vid on this I just haven’t had the time yet. I think these have become a better option than they used to be. Some appealing things about them for sure… But I’ll make the vid and do a deep dive :)

[@rhondasloss5451]

@@wellbuiltwealth looking forward to the reverse mortgage video. It would be very helpful if you could discuss HELOCs as well

[@Cicton]

Where can I get my hands on your forecasting model? Great video

[@wellbuiltwealth]

Thanks! There’s a link in the description to the software. You can only access via an advisor who pays for the subscription though.

[@motorv8N]

Fantastic scenario breakdown - thank you. Just so I’m reading the chart correctly, is the $150K on the left side indicating total combined household income from both jobs while they are working?

[@wellbuiltwealth]

Yup! And that dollar axis indicates the spending each year (gross value) after they retire throughout the go-go, slow-go, and no-go stages.

[@Mikemor359]

I love all of your videos. I am currently collecting CPP ,OAS and GIS . Last month i was informed by a company i used to work with that i am going to receive about $20/000 as a pension benefit from them. If i invest this money into TFSA , how does it affect relating to my GIS earning ? if so, how much deduction ?

[@wellbuiltwealth]

Thanks! TFSAs won’t mess with your GIS at all :)

[@brl6219]

Do you do plans where the goal is to only get the optimal mix of buckets for decumulation where cpp and oas are already being collected?

[@wellbuiltwealth]

Yup. We do all sorts of scenarios.

[@kurts3779]

What software is that?

[@husa-good-berg4186]

Great video! I appreciate the multiple scenarios. I have scanned the comments and have not seen anyone else ask - so here goes: in scenario 4 (downsizing/downpricing) you mention selling house at $1.3M and buying a new one at $900K - leaving $400K to invest. HOWEVER - in BC, they would lose $42,000 in real estate commission, plus an additional $2,100 in GST. Then when they purchase house at $900K they lose $16,000 in property transfer tax. Let's assume $2,000 in legal fees on each transaction (reasonable I think). Then maybe $2,000 in moving expenses which is probably low even if all they do is rent a truck and get volunteers since they will probably need to replace at least one major piece of furniture or appliance. So a minimum of $66K evaporated, leaving $334K to invest (a loss of 16.5% of the initial amount stated). Does your scenario/software account for this? In the end you show them purchasing a house for $750K, so we can lower the PTT to $13K but all other costs remain the same. Thank you for any clarification.

[@wellbuiltwealth]

Thanks! This was a simplified scenario so that the video didn’t take all day. But yeah, we can and do build closing costs etc into our real life planning.

[@JayandSarah]

The moment you start to think about downsizing, I think you should start looking at renting. Dumping those kind of sums of capital into non income producing assets at that stage in life.- I believe is a mistake. We retired overseas at a very early age. The cost of living in Canada gives you the impression the world is very expensive, when in fact - there are many places where those sums of money you will never outspend.

[@tseek001]

@@JayandSarah Good idea ... unless you have kid(s) you want to leave hard asset (property/home) for, then renting is not a good idea in my opinion.

[@sandeeptanjore1253]

Nice and informative video as well as collection of books. Hope it's not background wall paper 🙂

[@wellbuiltwealth]

Thanks! And they’re real :)

[@xxxxx2084]

Can you do a FIRE simulation? 50 year retirement, $3m portfolio for Lane and Jane Kane, spending $10k per month with a 100% etf equity account

[@jayesoriano7216]

How about for singles? Can you make a video for this please? Thanks.

[@larrykaberga5453]

going thru all these scenarios and complications don’t make sense when you have 930k in savings. Investing at 5.19%, you could withdraw 66k per year for 25 years. Add another 40k for the couple in CPP and OAS combined and you end up with 106k/year, or about 8k a month after tax; all these without using any fancy software

[@wellbuiltwealth]

Don’t forget about inflation.

[@mozerm]

Inflation is a factor though and you also can't guarantee 5.19% every year. The software he uses runs simulations to mirror real world market fluctuations to arrive at the chance the plan will work. For example, what if in the first 3 years the returns on the portfolio is actually negative...

[@JayandSarah]

@@mozerm even if it sits in cash at zero return, $930k taken over 25 years from 65 is a huge amount of monthly income.

[@JayandSarah]

@@wellbuiltwealth if you pull out the last few years, outside of real estate costs, actual inflation has been very low in Canada over 20 years. And inflation does not affect everyone the same. When you retire, your spending declines significantly in many cases.

[@mozerm]

@@JayandSarah I think 'huge' is subjective. To some people $40K per year may be huge. To others it's poverty. Even modest inflation can compound fast over time depleting the value of cash. At modest inflation of 2.5% $40K today would require $58K in 15 years to maintain the same standard of living.

[@enkhyy]

90K after taxes is closer to the top 20% of seniors and is somewhat unrealistic for average viewers.

[@JustinFH]

That's based on a couple, so not entirely unrealistic.

[@garmin1488]

pretty easy for couples with DB's , ie teachers, nurses/healthcare, cops , fireman etc

[@JayandSarah]

I think closer to 1%. You can work until you are 65 in Canada, retire and then face an expensive retirement, and 4 years to travel with travel medical insurance before they stop underwriting you. No thanks. We retired very early 50's overseas, and live a way better life for way less money... and will not lose those best years to working, but instead seeing the world.

[@7SideWays]

Or have real estate. Buy every little fixer upper in a good neighborhood you hear about over the years. $1.2M in held mortgages will do it.

[@wellbuiltwealth]

Yes, rental income is an option too. For sure. If you’re cool with dealing with all the things that come with rentals during your retirement, it can be a great way to generate some income.

[@SonneCreations]

Where are they living? West Vancouver?

[@mr.xernorus4026]

Me looking at the title...A LOT OF TD banks shares!!!! :D

[@lukel4541]

Does an ownership of investment property disqualifies from GIS? Thank you!

[@wellbuiltwealth]

Rental income certainly could.

[@jordonhope3408]

Thanks for the great video. Worth considering: downsizing from $1.3m to $900k results in $65k in JUST taxes, commissions and fees! And... in the spirit of other comments on here, I nominate Mit and Kit Schitt for your next hypothetical family...

[@wellbuiltwealth]

They’re on the list!!

[@ramspace]

What do you suggest for a single person retiring? What is the $7,500 equivalent for a single person?

[@wellbuiltwealth]

Unfortunately, it costs way more since couples are able to “share” a ton of the expenses. Plus, they often have double the CPP and OAS. So to get to the same retirement income numbers, singles have to have far more assets.

[@misspethamhouse9072]

@@wellbuiltwealthplease do a similar video for us “singles” using similar numbers!?

[@ybc8495]

btw i don;t think 450K is a large RRSP, i only been here 15 years RRSP is over that amount.

[@1ngupta]

Is the $7500 gross income per month? It they will be taxed for the $90k per year, it will bring down their monthly income by almost 40% in BC netting $4500 per month. If they are living in BC feel like that will be too low. Thoughts?

[@wellbuiltwealth]

Its net.

[@davidhughes6048]

Great video as always Reese, but I am skeptical. Most of the online planner videos I watch trim expenses down in the final years dramatically, but that doesn’t square with my firsthand knowledge of what my mother is paying for one smallish room in a care facility. It’s certainly more than $5000 a month, and if she didn’t have my dad’s gov’t health care plan (thanks fellow taxpayers!) she would be out of pocket even more. If she came to live with me, full time live-in care would be no cheaper. Where do you draw your numbers from for No Go Years expenses? 30+% of Canadians live in Ontario, and retirement homes are not cheap here, unless you enjoy squalor.

[@wellbuiltwealth]

I do hear you. Especially if you do not own a home as a backup asset. There is risk in planning for less at that stage. And some people don’t like to. But we see a lot of situations and have older clients as well. And many simply spend very little. But when we build plans we always build them with as much buffer as possible to account for more being potentially needed. And again, as noted in the video, we always always always recommend you build a solid “war chest” for retirement as well. You will always need backup cash. Always.

[@pjbeattie1]

Or, in our case, my father died and my mother is alive in an Alzheimer’s facility in BC that has been constantly raising their fees and is now just over $10k per month. My mom and dad were not rich by any means and had just my dad’s government job. But they saved a ton and managed to accumulate a portfolio of approx 1.5m in mutual funds and a few blue chip Canadian stocks. Dad’s pension, coupled with dividend and interest from investments covers about $8k per month and the balance is melting down the principal of the investments unfortunately. Now I know that there are other, ,cheaper options for facilities, but it was my dad’s wish that all funds that were saved be used for my mom’s comfort and care first and foremost. My point is that yes, retirement in the later years does not necessarily get cheaper, as noted by the poster above. It can maintain or even exceed levels from earlier years, and one has to assume that with inflation and high care costs that the annual expenditures will likely not decrease.

[@wellbuiltwealth]

For sure. We do factor in inflation, but healthcare costs could easily exceed regular inflation. When we do custom plans, people get to pick whatever they want for spend levels. And if an expensive option for a care facility is desired, we build that in. Absolutely. Every situation is unique.

[@Pkeats817]

I could be wrong on this, but I feel people who have money set aside pay for their elderly healthcare, but if there are no funds, the government absorbs the cost? Am I wrong?

[@davidhughes6048]

@@Pkeats817 I could be wrong but you are not likely to be able to select where you go if you are not paying. Thats a big deal for me. My plan has no differentiation between the 3 stages in terms of spending. Indeed I fully expect life to get *more* expensive as I age and will adjust early spending accordingly. Worst thing that happens I read more books, take more walks and my kids inherit some money. With the demographics of an aging population and people living into their 90s commonly, I am planning to self-finance the whole thing and not rely on government.

[@Andrew21882]

Just out of curiosity, 60/40 portfolio is the most common model portfolio in retirement and you said that you don’t recommend it, I wonder why and what a better option would be ?

[@wellbuiltwealth]

I have a few videos on investing that summarize my philosophy on the long term consequences of owning (the 60% sleeve of a balanced portfolio) and loaning (the 40% sleeve). It’s too lengthy to write here but essentially, a balanced portfolio is easy to stomach for most people, but leads to mediocre results over the long-run. More equity in a portfolio leads to a more volatile journey, but better results. Everyone is different and has to use what they can stomach, but if they can learn to put up with a bit more volatility, it can lead to profoundly better outcomes. More to say on all this, of course, such as making sure you also have a solid war chest, making sure you’re appropriately diversified, etc.

[@Andrew21882]

@@wellbuiltwealth When we compare 60/40 portfolio to 80/20 since Dec.31, 2007, the annualized return of 60/40 is 5.6% and 5.1% of 80/20. Standard deviation of 60/40 is 8.1% and 11.6% of 80/20 portfolio, also max. drawdown is -23.8% and -40.9% respectively making a 60/40 portfolio clearly a better choice in retirement.

[@johnnyv5995]

In other words, if you plan on spending $7500/month(65-75) you better have +$900k $aved up :) I appreciate you showing us the different scenarios, however truly not a fan of the pushing back CPP to age 70(but I get why you did it). I have a question for you concerning cashing out some shares and putting these in my TFSA, how can I reach you?

[@wellbuiltwealth]

Thanks! And I hear you. Practically, for many of our clients, it doesn’t happen. Case by case though. As for how to get in touch, just shoot over to our website @ www.wellbuiltwealth.ca

[@brassj67]

That is more than enough for a couple with no mortgage

[@investmentinrentalproperti2163]

Amazing analysis, soon you will have no customers, they way you are going at it. Giving away everthing for free. Thanks for sharing different cases

[@wellbuiltwealth]

Thanks! But that’s ok, I’m thinking of switching careers to become a puppeteer anyway, so it’s all good!! 😂

[@davidhughes6048]

🤣

[@waynevillon7646]

Your graphs indicated 6.78K as the needs per month with all of your scenarios. Maybe I’m miss understanding but that is not 7.5k as what your stating was the goal. Can you clarify this a bit more as suspect 7.5K is at gogo stage and how much at slow go and no go stages?

[@wellbuiltwealth]

The section you’re looking at is actually describing the average need throughout retirement which includes the amounts stated in the go-go, slow-go, and no-go (those amounts are discussed in the video).

[@JDRichard]

You couldn’t tell me what software you use, could you

[@wellbuiltwealth]

No prob. It’s linked in the description.

[@ybc8495]

7.5 per month? Did I hear weekly?

[@richardgilmore5607]

I am not sure but did you take in to account that their OAS will be clawed back if they target 7800 after tax income. All your graphs shows OAS is always there.

[@wellbuiltwealth]

It’s income between two people so they are each well below clawback.

[@richardgilmore5607]

@@wellbuiltwealth ha yes. I rember that. Thanks.

[@user-ey2te5vs3z]

Why do so many videos mention a pension. It’s not 1975. Very very few people have a defined pension plan anymore. 7500 after tax a month is massive. Must be a lot of wealthy Canadians

[@JDRichard]

I totally agree with you, but the fact is most Canadians don’t have pensions anymore. You only have a pension if you’re a civil servant. Most Canadians have a job with the company that provides RRSP support. So stop doing videos assuming that everyone has a pension.

[@tseek001]

Hello there, Great video by the way. If you don't mind, I have simple ask / question / scenario and wonder if you can provide your thoughts on it or better yet demonstrate a feasible solution / plan. Age : 60 (not retired yet, but eligible for full cpp / oas) Cash money in hand: $1,000,000 to $1,500,000 million Canadian dollars Scenario / Challenge to provide a method / solution to: For a 60yrs old individual with above mentioned cash in hand, is there a real practical way to implement an investment solution to generate $6,000 to $10,000 cdn per month after tax passive income for a minimum of 30yrs (or in perpetuity)? If yes, please help explain and if no, then what might be possible / feasible closest to the goal. Thank you for your time in advance as i look forward to your reply. P.S. What's in it for you? Well, a potential client 😎

[@sunflowersadie543]

I'm gonna need a man to make up those numbers lol

[@theliftexpert]

That’s why god made women….lol

[@bradtowle1161]

How much would it take to do this retiring at 51

[@wellbuiltwealth]

Well, that would require a custom build. And we definitely do those for people all the time :)

[@twitchellmartis5637]

$5000...would be a more realistic number to go off with

[@mujkocka]

For 2 people? They will have to pay real estate taxes right? With a 1.3 million home, that’s like 8000 a year? If. They eat out and travel…

[@CalmPlains]

Wait... you barely ever recommend a balanced portfolio even in retirement? Would love to be directed to a video where you are talking about this...

[@jeannemarin2923]

30% of Canadians are single. Do you have videos for retiring single?

[@timkopacsi7517]

That's 4 months for me

[@elizabethk3238]

How greedy can you be to want this amount!

[@e.m.-lw1dn]

RRSP is a giant ripoff. Your getting taxed at the regular income rate. Use upur TFSA then your non registeted account.

[@Itsuptome250]

Sorry but 2 elderly with $5500 combined a month at age 85? Ok, but living where? At home with family great, easy. But certainly not in any comfort “if” assisted living is required.. 1 female $9000 a month assisted 1 bdrm apt with a view. Yup. Just food for thought is all when running numbers.

[@wellbuiltwealth]

You have to make some assumptions when making generic scenarios like this so that lots of people can benefit from it. But when we do custom plans, we build whatever the clients want. For sure.

[@Itsuptome250]

Understandable, I get it these are superficial sales/marketing and make me happy videos. Personally I do find it somewhat disturbing in a way when I have yet to see a video here on planet KZbin from a “wealth manager” where the possible financial realities of living longer are actually discussed. $9000 a month per person was in 2022 dollars.. wait another 25yrs folks. Like wow $$$. Yes I’m now ranting maybe it’s is a private conversation, a conversation too big to be tackled here when people’s concentration levels today are that of a squirrel, but should it be? Education system thinks it is., shush no one fails! Maybe people need to be woken up. Are you that guy? In my opinion “survival “ should be part of planning and the possible financial obligations to one’s family should also be discussed openly and discussed now! Not when the party and the European vacations are over and people are left living off CPP and OAS ie. the government. Maybe this financial outline needs to be flip flopped for some? Live on less now just in case you do actually survive? I run into this all the time, no one likes sacrifice, live for today mentality supersedes all rationality. Hey no one plans to fail, they just fail to plan. That right there is reality, and it can be absolutely crushing on so many levels yet folks just keep driving towards the cliff thinking the autopilot will kick on soon. Look squirrel! Anyway best of luck, enjoy the ride.

[@DoneByD]

Many people do not require assisted living facilities or if they do in the final stages of their life it is for shorter period of time so although expensive it's for months rather than for years so the cumulative cost isn't as much as one might think.

[@Itsuptome250]

@@DoneByD True, obviously not everyone requires it but not everyone requires certain insurances but they purchase them just in case. Personal example, my father in law had a stroke at 62, was as healthy as a horse prior, now 82, assisted living for 20 yrs and counting. Friends mother passed at 102, assisted living since 92 with dementia. So yes it happens and it can happen to you is all I’m saying. No crystal ball here.

[@davidhughes6048]

@@Itsuptome250Agreed. This is why we buy insurance, right? Chances are your house won’t burn down, but you’d be a fool to gamble on that. My Dad was gone in 5 hours after a healthy life at home - at 101 - but he could just as easily have spent 10+ years in a care home. We plan because we cannot tell what the future holds. I guess I’ll trade a few cruises or new cars for the certainty that I won’t be eating cat food. Unless I develop a taste for it of course. 😂

[@ColdHardToronto]

1.3 million home? Get lost

[@TheNetbug]

What software is that?