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

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.

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

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.

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?

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

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.

Awesome, thank you!

Awesome! Thank you!

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.

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

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.

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.....

Thank you!

Well, thank you Dale :)

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.

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.

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.

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.

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.

Bahaha! It’s “salmon” I swear!!

@@wellbuiltwealth BC Pink Salmon!

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

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.

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.

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.

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.

🤓

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. ;-)

Thank you! :)

Thanks!

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.

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

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.

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.....

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?

@@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.’

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.

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

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.

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

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

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.

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.

Thank you! And you’re correct. No CPP or EI premiums in RRSP withdrawals. Well done :)

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

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

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!

Thanks - looking forward to working through your back catalogue.

Great to hear!

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

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

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.

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

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

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

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 :)

@@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?

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

Huge problem. You’re right.

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.

@@rs4328 thanks much

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

Good to know!

Yup!

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

Nope! Just personal maximums.

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.

@@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.

@@Martyupnorth Gotcha. Thanks

@@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.

Well said!

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.

@@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.

@@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.

@@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.

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

Sure does! An he has the best formula ;)

Yes..Cash is king

@Well.built.wealth Ur a bot

Can’t as I dislike Mexican food immensely.

Conquest

BC. But we work with people anywhere in Canada.

100%. If you can.

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.

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.

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

They do not ignore inflation.

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

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

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.

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

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.

😬😎

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.

@@Green__one perfect!

🤣

Definitely wise to plan carefully in advance.

😂

Poetry!

💪😎

Totally fair.

Very clearly stated. Thanks! 😂