Possible to retire with 250,000.00, many etfs available at 10-15% annual dividend, also they pay monthly.

Hmmm, let’s see. I’m retiring in October and hitting the road for as long as we want with our RV trailer. But while on vacation I will still be cycling, paddling, hiking and working out because these are the normal activities that have always been a part of my life and I like to earn my margarita! Also, if a marriage made it through Covid the way we experienced it then we will be fine. My hubby is my bestie and yes of course we will need to make time for doing our own thing. Can’t wait to enjoy it all. I feel for all the people who don’t have any activities that bring them joy. It starts early while you are still employed so you have a work/life balance. Otherwise? Yikes.

I will be living overseas just after my 63 rd birthday, I hope it will be automatically done

You didn't cover the fact that the CPP contributions by workers today support retirees today. It doesn't go into their CPP - which would be paid by workers when the current ones retire...

Healthcare in Canada is NOT covered...unless you want to DIE on a waiting list. Just as important to plan for your Healthcare as it is for retirement.

I’m trying to figure out how 68k per year is considered high income earning 😂

The greater the CPP income in retirement the lesser the GIS amount. It's obviously a gimmick for the govt to take more money now and save money down the road.

enjoy your great videos, I pulled some money out last year, but CRA didn't add all of it back in the over all limit listed on line. How do you ask CRA to correct?

Taking CPP at 63. Had Doug Runcie run my numbers. 1000/ month. Defined Benefit Bridge drops off at 65. CPP is 100 bucks higher than the bridge drop. Collecting for 2 years means $24,000 goes directly into TFSA

As mentioned in Adam's presentation, it's another matter for self-employed who pay twice the amount for the same CPP post-retirement benefit gain back.

I never read the BMO article but it sounds like $1.7M could be what's needed IF YOU wont have CCP & OAS. I'm only an average Canadian, just retired at 59, with 37 years in a good paying factory job and [in todays #'s] my CCP & OAS combined when I start benefits at 65 are estimated to be $23,640/year multiple that by 25 [too 90y/o] it is $591,000. If you subtract this # from the $1.7M = $1,109,000 , therefore close to $1M is a more realistic number. A breakdown like $700K[registered investments] + 200K [ non-registered cash accounts] + 100K [TFSA] = $1M ACTUALLY needed. I never used the value of my home when planning my retirement funding, its paid for, so only taxes and upkeep required till I decide to sell well in the future, therefore cheap living, its kind of like an Ace up my sleeve aside from savings. I truly believe many/most people are uneducated and/or brainwashed about their finances regarding retirement, they think they can't afford it or believe in some sort of social norm that says they can't retire till 65y/o or later. I blame the big banks [like BMO] for the first point, its in their interest for you to keep working and investing with them, not withdrawing. The second point I blame on the big employers [corporations, manufacturer's, industries] and governments, both of these entities claim retiring before 65 is early, nonsense! People need to educate themselves about retirement/finances and stop being steered by banks, employers, governments! The #1 asset a person can have in retirement is TIME not MONEY, its unfortunate most people don't understand that.

This is interesting, but most of our spending as we were on our two kids getting them through college and so on. So most of our money was going towards that. Both of our kids have graduated college debt-free and we supported with housing , cars, medical, cell phone and etc.

I am planning to retire at the end of the year, I’ll be 64 then. I totally agree with this video and so tired of working a stressful job. I do take care of myself I go to the gym every morning mostly strength training and do a lot of walking on the weekends. I eat healthy I have not seen a fast food place in the long long time.The sad part is that I find myself counting every day till the end of the year.

2 takes from elderly people many say they retired too early and others say too late.

One of things we’re doing is gifting money to our adult children for the FHSA accounts. This gives them money for a downpayment and a tax deduction as an extra bonus. We’re acutely aware of the difference in the housing market for them versus when we bought out first house. We figured this gradual gifting is more helpful than a lump sum when we’re dead.

Great tips for people to be aware of, especially that Successor Holder. But one important detail that could be elaborated on is your withdrawal is added back to your contribution in the subsequent calendar year.

Thank you for this Adam, Dr. Moynes, and Team! I was thrust into retirement due to health issues and in my first short year of ‘retirement’ I’ve gone through almost all of the steps and topics mentioned in this conversation. Everything from loss of routine, social connections, depression and out the other side. We all experience retirement differently and this conversation has shone a light on some common aspects we may share other than financial which gives validity to what ‘Normal’ may look like. Thanks again for all the valuable work you do! Much appreciated.😊

I've watched a few of these hugely promising videos. However, as a senior who's combined CPP, OAP & GS income totals less than $2000 per month, I haven't noticed any change. No TINY amount let alone massive amount. Although my income falls below the poverty line in Canada, the Canadian government seems to think I'm making too much. It seems I'm neither poor enough nor rich enough to receive any increase. So far, to me, all these videos are empty fluff: BS. I file them under flat earth propaganda.

Great overall info, I’m sure. The challenge comes with many folks like me that don’t have enough money to retire, on paper (I’m 66), and who feel they must continue working well into their old age just to survive. Think there’s an aspect of “trusting the universe” that comes into play in the knowing that everything is going to be alright. Info like this is seems all left brain, logical. Well, if I apply this to my current situation, I would think I’m screwed. Blessings 🙏

You could borrow on your house (or assets), and spend that money while still young enough to enjoy it, while still keeping the house. Anyway, great video!

What a naive way of perceiving life. You may get cancer any time. Your children may get cancer or severe injury any time. Will you still be listening to yourself in this video? Will you be proud how greatly you have planned your last day?!

I was born poor. I dont want to die poor - GEORGE SOROS.

Do you have a video where one spouse is 4 to 5 years younger than the other. Great content.

Withdrawing more then minimum at 60. = 3.33% Can we instruct financial institution to withhold more tax at this point. Not just on the difference between min and actual amount.

Can you denounce Canadian citizenship as well? The. You get no clawback, pick up Mexican citizenship where they have only 10% capitol gains.

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means.

Not a fan of budgets either, prefer cash flow projection for 12 months prioritizing paying oneself first, as well as an annual Balance Sheet growth of a minimum 10% year over year for decades. Prior to retirement/financial independence an income bucket allocation of 70% life and lifestyle, 10% saving (short term investing),10% long term investing,10% giving, over several decades along with zero debt, will get one to retirement easily. Once committed to not working, one's retirement income streams can fill the following 4 buckets: 1. Life, all basic living expenses 70% 2. *Hobbies/Healthcare, spend on hobbies & interests while healthy, any turn of event, spending switches to healthcare 10% (formerly saving allocation) 3. *Travel/Entertainment/big purchase bucket, enjoy while able, redirect funds for health support 10% (formerly long term investing allocation) 4. Giving bucket. 10% A great way to express appreciation for abundance :) *The dollars flow within the buckets 2 & 3 as health and ability dictates. Money is energy!

I have recently retired on 50% of my pre-retirement income…but before I retired, I was only spending 50% of my income in expenses. The rest went to savings, pension, and RSP payments. Now that I don’t need to save or invest anymore…I am basically living on what I was spending before! I did almost all my travel before retiring too…so now I don’t feel like I want to travel (had some health issues too though)…so I’m living comfortably on what I’m bringing in…and I haven’t even touched my CPP or OAS yet. If you worked on your finances before, if you were smart, then there are no worries! I’m enjoying a simple life…finally! 🙏

High growth stocks are a must have in a TFSA

With the ever rising cost of living, my concern is ensuring a comfortable retirement. If I end up with only 500k, I might run out of money

I review my tfsa account 10 times in a day lol😅

I think it boils down to something I'll never forget....people don't plan to fail, they fail to plan. I've been a budget freak my whole life but still enjoyed it. I made sure first thing is pay off the home. Invest any money I could in rsp's while working. Pay off credit card debt every month. Took my CPP at 64 to help the investments. Went from a small pull behind RV to a bigger one, then a class b van and finally 3 years ago a 25 foot motorhome. Every so often I go back and calculate my rrif withdrawals combined with CPP and soon to be OAS. We have places to visit on my bucket list in the motorhome and when the bucket is full, sell the highly desirable motorhome for yet another profit. Just as many people pass away at 70 as 80 or 90 years old and I wanna enjoy life before that! Don't just look at your retired $$$'s in your head and say "I'm fine." Get out the pencil and paper and make a realistic budget and goals. Lastly, you're on the right path if all this scares you.....means you get it!

Good video!

Several people I hung with in college (class of 1976) have died. Its a wakeup call.

Interesting insight. However, it seems to be about creating a retirement that simply replaces work productivity for another form of productivity. The luxury of retirement to explore the world both near and far, increase the relationships with those who are most important, and reflect on who i am is far more satisfying

Needing 70% to 85% of your pre-retirement income seems high to me. When I was working I was saving 18% of my income in RRSPs, I was also maxing out the TFSAs every year, and that means I had less than 80% of my pre-tax income to live on in the first place plus I when I was working I was in the 50% marginal tax bracket. I don't know what my overall tax rate was then, let's say it was 35% but it was probably higher. That means when I was working I was living on no more than 40%-45% of my income, maybe less. Add in I was also paying a mortgage for most of that time and raising a family, there was little left to actually "spend". These days, the kids are gone, the mortgage is paid off, and we are debt free. I am now in a 15%-16% overall tax bracket and I am not "saving" any of my income, it's all for spending. Wintering down south and 3-4 weeks overseas travel every year, life is good. Given all that, 9 years retired with about 50% of my pre-retirement income, I find I have more money to spend in retirement than I ever had when I was working. This is also the conclusion that Fred Vettese comes to in his "Retirement Income For Life" book. For most, if you have 50% of your pre-retirement income you should be doing just fine financially in retirement. If you are at 70% or more then you will be living very well indeed. Of course much of what this percentage is depends on what your income was when you were working. Someone that earned near the poverty line will need 100% or more of their pre-retirement income to retire comfortably while someone that made 7 figures can probably live on a tiny percentage of their working income. I dare say neither of those groups are watching this channel but for those of us in the middle my experience is that 50% of your pre-retirement income is more than enough.

Bidenomics will make i easy to die with 0 dollars And that is before the stock market collapses under the weight of too much government debt.

Although the firms in my portfolio are solid, this year has seen a standstill in it. I need to raise the roughly $50,000 that I have in reserve.

I retired within the past year. I dont think i will be going thtough the phases as described. I worked for 50 years (paid work starting at 13) and also did a lot of volunteering and learned various hobbies during that time. I will never be bored. I still volunteer and I even took up a new hobby this spring. I plan on travelling winters. So i think i am already in combination of phases and dont think thst will be changing.

Hey Adam, have you ever done a video dedicated to CPP survivor benefits in regard to when to take your own CPP? My wife recently passed away and just looking for some guidance on this topic. Thanks

one way to pay some bad debt is by using that cash portion of your pension that you have to take. i got a little over 60k from the cash portion, and paid all credit debt, and the last 2 years of my car loan, and still had 12k left for anything else that popped up. since i now bring in more than i spend it get higher every month, and its now my traveling money. i no longer use credit cards except to buy tickets, but pay it same day out of my account. if you're swimming in debt with no way out maybe look at bankruptcy as it screws you for 5 years

A financial planner who’s not a budget guy. Love it.

Of course they need more as the Libs are stealing from to save the icebergs

Why there is FHSA account in the list? Is it not much needed?

I live alone, my CPP doesn’t even cover my grocery bill. 🇨🇦

I’m only 55 and retired so private healthcare coverage for my husband and I is $220/month, not including pre existing conditions, so definitely more than your estimate! Physio, massage, prescriptions are not 100% covered, and no dental is covered….

Yes, the Government Misnamed it and has cost Everyone thousands, making the average Joe more beholden to them..Way to Go Government of Canada 😂

Question about contribution room. I have my TFSA maxed out in a Wealthsimple account. I have 13 stocks that all paid dividends. I get roughly $1000 a month from that. But my question is now that my TSA total is maxed out do the dividends go towardmy total contribution room? Also, if I pull the dividends which do not get reinvested out, is that going against my yearly withdrawals? Hope that makes sense.

This video is 2 years ago...watch it again today since im planning to retire in the next few years. Great video Adam!

Rates will come down to 1% soon anyways. LOL. You clearly don't grasp the macro environment. If we're at 1% we're in a recession and no stock will do well.