I was afraid to retire at 60 with 600,000 and mortgage-free thinking it was insufficient. But i did... 5 years later my 600,000 is only down to 550 because it has been earning enough to supplement my income. Your information helps a lot of seniors or about to be. Now I have continued traveling around the world while i am still in the GO GO stage.
@@Mikemathews33- I have been taking out 6% to not modify my lifestyle and enjoy the retirement years while on the go-go stage. Every case is different so I would be careful and plan well. My scenarios are placed in Excel which I am proficient with and basically study, and I watch RUclips such as Parallel Wealth to get as many pointers and ideas as possible. Even with a financial planner, it is best to arm yourself with the knowledge to know how your planner is investing your hard-earned money.
I'm almost ready to retire, and having a financial advisor has been incredibly beneficial. Since I started investing later in life, I couldn't rely solely on compound interest from index funds. Nonetheless, I've managed to earn more than some long term investors. I'll be retiring with at least $5 million
I generally avoid giving specific recommendations since everyone's situation is different, but I've worked with Emily Ava Milligan for 7 years and attest to her great service. see if she meets your criteria
As a widow who’s husband passed suddenly at 65 , just a few years into retiring, it was a shock to learn your retirement income will drop so much with the loss of your spouse with their OAS and most of their CPP being cut . If I had drawn down my own savings first I would have been left with very low income and no savings . Much more to think about than just the numbers on a spread sheet !
@@DebbieCWellness The only correct answer to that would be, it depends. Everyone's situation is different. About 6 years off retiring early at 60 and know delaying CPP and using RIF/TFSA early will give wife and I more money each year. The stress test, which is great that Adam included in this video, would be what if I died earlier in retirement. Wife loses all my OAS and majority of CPP income. Our house is the hedge against that bet, where downsizing would supplement/replace lost income.
YES! Singles are usually left out of these scenarios. I would be interested too. Single female, almost 60 (OMG!) and as of now I have no plans to retire for another 10 years. I have $300K saved but no way can I afford to retire with just that.
Good stuff Adam. So many folks (I'm one of them) are convinced that the need to save millions in order to have a comfortable and safe retirement. It's vids like these that people need to see.
The hardest thing is to get used to pulling money out of savings as opposed to putting it in. And you want to be so cautious which may be utterly wrong as I get to better appreciate the go-go to no-go trend.
Pointless...same premise applies all depends on your lifestyle and how much you spend and where you decide to live. It's not rocket science; and 250k is alot of money, even more so if you live outside the united states and live a frugal life.
It just shows how important it is to talk with others and keep an open mind. In our case I just retired 11 days ago and we are planning to stay in our home for the next 5-10 years. We like the idea of having enough room for our 3 boys to visit with their families. Like all decisions this one is not permanent and our plans may change.
Plus a lot of your income may be splittable with your spouse at tax filing time which may save you thousands per year if there is a large difference in overall retirement savings/income between the two of you.
When you add in other financial info it's even more substantial..less gas,less maintenance to your car. No coffee or lunches out at work..lots more to consider..even car insurance drops if you change to leisure driving
Plan B,, move to another country where everything is cheaper, do a couple test runs and a lot of research.this allows you to cash in your house, this could double or triple your retirement income.
That sounds like a great idea to move out of Canada but the only thing is healthcare - what’s it like in the US? I realize it’s not great here atm but you hear of people losing their house paying off medical expenses
Great information. I’m very glad to see mention of the risk of lost cpp and oas if one spouse passes early. I have seen some advisors recommend holding off drawing on rrsp’s as long as possible as the extra years of tax deferred compounding would more than offset the higher taxes as per their software. Do you have any videos comparing rrsp meltdown vs drawing non reg and TFSA accounts first?
Thanks Adam! Great information as always. 😊 Curious about early retirement 55 -60. What scenarios look like. We are close to 50 now and planning for 5 years or so. I appreciate you and your knowledge
Great video as always. I love how you open the eyes to solutions with lower assets. It gives some comfort to see that a good retirement is possible with reasonable savings. I’m hoping to retire at 55 and you give me confidence that I can. Thank you for all these informative videos.
Great video once again, Adam. Like others on this thread I'd love to see a single version of this & there are a lot of us out here. I am almost 60 and my plan is to retire in 10 years. I have a spreadsheet :) and it maps my investments over the next 10 years plus my income needs once I retire, which interestingly is $5K after tax. I have a budget and a Parallel Wealth line item LOL
Another good video explaining the value and design of a fully executable plan for the client. Very important to understand, believe and being able to execute the strategy of a robust plan. Also very important to make the appropriate assessment and be able to recognize when adjustments for the better or worse are required as you move through the years of retirement. Thanks Adam. I'm obsessed with this subject now and preaching all to often to family members the importance and value of a robust executable retirement plan.
Interest rates pay more than double in Mexico so if you move from Canada to Mexico the interest on your money is more than twice as much and the Peso appreciates in value instead of depreciating in value like the Canadian dollar.
@@raymondlangille2886 but the survivor amount depends how much CPP you are currently getting yourself. So if both people in the relationship are at or very near the CPP max, the survivor amount will be very small in relation to the amount of CPP which was lost by the passing partner.
there is BUT, if like the example above, you are @ 75% then the max you can get to is 100% (so you would lose 66% of the spouse's CPP) and that math is based around getting CPP @ 65, there is no extra 42% on the survivor portion even if they had deferred to 70 originally
My question: When you delay your CPP until age 70 you get a 42% increase. 42% increase from the amount the time you were 65? Just thinking of the inflation in the past 5 years.
You would also get the increases in the average wage inflation factored into your calculations before you start CPP. After you start CPP, then you get CPI adjusted increases.
Most people are too stupid if their income is low and they won't get their OAS clawed back. Most people who think they can invest the money and take CPP and OAS early end up losing money instead of making more than 7.2 percent and 8.4 percent.
For those who are uncertain or perhaps not proficient at preparing a retirement plan on their own, I personally believe that Adam's team (or other such provider) is such an inexpensive way to get it done right ahead or early into retirement. Such a no brainer when you consider all of those hard earned $$ at stake.
Adam can you PLEASE do a video for those of us with a Defined Benefit Pension. Its clear that if you delay CPP until 70 you get more money, but those of us with DB Pension drawing down RRSPs aggressively from 60 to 70 can increase the taxes you pay for that 10 years vs the increase in CPP and the potential OAS clawback. The additional taxes paid on an RRSP meltdown of $20 to $30 k / year is substantial over 10 years..but would you be better off in collecting $6000/ yr more in CPP for 15 years from 70 to 85??... of course you still have to make it to 85.
I did a quick calculation of increased taxes using a tax calculator based on my pension and determined that with RRSP meltdown my taxes would increase by roughly 5000 / year by pushing more money into a higher tax bracket ..so having more money but taking less home...I'm not an accountant so I'm not sure of the numbers... at 63 my CPP is 1000/ month at 65 1200. Are you actually better off getting 6000 more a year towards the end of your Go Go years vs $12000/ year for 7 years ($84,000) before you collect a dime from CPP and burned through your hard earned savings? I'm still in the camp of taking less CPP for longer and taking less out of your RRSPs for longer. Remember that when your savings are gone you become totally dependent on CPP. CPP is not part of your estate. You only get survivors benefit to the max of CPP...that could mean Zero $$$. Adam please run the scenario..I'd be happy to be proven wrong
@@garth217 Hi Garth - I am 8 months away from retirement with a DB plan. I will be 54 when I retire and I have run these scenarios a lot. My goal is to keep my income in the tax bracket I will find myself. Because of the value of my pension, I will be in the "$55k to $111k" tax bracket so I will take out my RRSP savings to bring my total income to just below the $111k mark (2023 tax bracket value) from retirement through to OAS collection at 65, where I think I will have most of my RRSP melted away. From 65 to 70 I will take my full OAS and then from 70 onward tap into CPP. The OAS should be clawed back a bit with the new CPP income added to my pension, but I think this is the most efficient strategy. Of course there are many extenuating circumstances that could allow for great tax write-offs, so each person has their specific best way to do it. But I think if based purely on income from these four buckets (DB, RRSP, OAS, CPP) and a hopefully long life, this might be the best. Cheers!
@@garth217 Most people lose all their money in an OAS clawback. If you just put most of your money into something that produces no income you can avoid the OAS clawback.
@@macdaddymgiarc Just put money into gold bars to avoid any clawback. Anything that produces no income. Canadian dividends are taxed at the 38 percent grossed up value and that's how most get clawed back on their OAS.
@macdaddymgiarc I guess I have a lot more RRSPs than you do. I retired at 54 , 6 years ago and have yet to need a dime from my RRSPs. I'm not interested in paying the same amount of taxes in retirement as when I was working. My pension is currently close to $80,000/ yr. And my expenses have dropped significantly
If the market experiences a correction, say -30%, during the first years of retirement (quite likely to happen) where are they going to get the income to live until 70 from? Average market performance never happens in short cycles; so they would do extremely well or they might have to go back to work unfortunately doing who knows what. I would keep working those extra 2 years and have peace of mind.
I hate to break things to you but a correction to fair market value would be at least an 80+ percent drop in the major indexes. I don't feel sorry for the buy and hold people they'll get what's coming to them.
Thanks for more great information! Whenever our advisor shows us gross vs net retirement income he uses the same tax brackets that are used for working income. Am I right to understand that that the brackets are different? Does your age matter? We are both retiring at 62. Or do your examples show less tax based on the source? The vast majority of our savings is in RRSP of over $1M with a small amount in TFSA of $100K yet we are nervous. Any clarification is appreciated, thank you!
Not sure I get the math on this... $250k in savings is used first 5 years, guess you can squeeze out $5k/yr gross. At age 70 will their combined amount CPP/OAS not be closer $4500?
Great information Adam 😅but I think I’m in trouble. I’m worried about the OAS clawback for both my wife and I. What are the rules behind it? I am worried if I draw on my RRSP’s. We both have great pensions as well we are receiving the OAS and CPP. We live in Alberta. I don’t want to lose the OAS that we are receiving. Can we income split on RRSP income?
RRIF income is splittable after the age of 65. OAS. OAS clawback doesn't start until $90,997 of net world income for 2024 so if you can equalize income between two it means you could have family income a few dollars shy of $182,000.
A little high based on historical and projected, but er on side of conservative approach. Don't get caught in the recent window or elevated times...not normal.
The real inflation rate is abou9t 10 or 12 percent but they tall yu its 2.8 percent so you lose all you indexeed money in CPP and PAS and pay more in taxes.
@@ParallelWealthweak response to someone financially struggling
2 месяца назад+1
I want to live 200 years. Hopefully technology allows it by then. I need to account for bigger savings to shield from possible world collapse during that time. In reality I’ll just try to get to a point where my passive income grows faster than my spending.
Great information Adam 😅but I think I’m in trouble. I’m worried about the OAS clawback for both my wife and I. What are the rules behind it? I am worried if I draw on my RRSP’s. We both have great pensions as well we are receiving the OAS and CPP. We live in Alberta. I don’t want to lose the OAS that we are receiving.
I was afraid to retire at 60 with 600,000 and mortgage-free thinking it was insufficient. But i did... 5 years later my 600,000 is only down to 550 because it has been earning enough to supplement my income. Your information helps a lot of seniors or about to be. Now I have continued traveling around the world while i am still in the GO GO stage.
How much % are you taking out from the 600k 4%?
I was concerned about having only $530,000 saved and a defined benefit pension of $78,000/ yr.
@@cirodirosa6752 I retired at 54. 6 years ago... but worked on contract for a few of those years
@@cirodirosa6752 I did retire..6 years ago
@@Mikemathews33- I have been taking out 6% to not modify my lifestyle and enjoy the retirement years while on the go-go stage. Every case is different so I would be careful and plan well. My scenarios are placed in Excel which I am proficient with and basically study, and I watch RUclips such as Parallel Wealth to get as many pointers and ideas as possible. Even with a financial planner, it is best to arm yourself with the knowledge to know how your planner is investing your hard-earned money.
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'm almost ready to retire, and having a financial advisor has been incredibly beneficial. Since I started investing later in life, I couldn't rely solely on compound interest from index funds. Nonetheless, I've managed to earn more than some long term investors. I'll be retiring with at least $5 million
Your advisor must be excellent. How can I get in touch with them? I'm worried about my retirement portfolio and could really use some guidance.
I generally avoid giving specific recommendations since everyone's situation is different, but I've worked with Emily Ava Milligan for 7 years and attest to her great service. see if she meets your criteria
I looked up her name online and found her page. I emailed and made enquiries. Thanks for the help
I would appreciate the same scenario for a single person with the same in savings.
Agreed I searched your videos and see tips for singles but would love to see a financial example like this for singles
Me too , but it’s probably impossible.
Me to!! Please and thanks 😊
And if $250,000 won’t work what about $500,000
Without a home
As a widow who’s husband passed suddenly at 65 , just a few years into retiring, it was a shock to learn your retirement income will drop so much with the loss of your spouse with their OAS and most of their CPP being cut . If I had drawn down my own savings first I would have been left with very low income and no savings . Much more to think about than just the numbers on a spread sheet !
That’s a concern of mine as well.
Thank you for co tributinv this comment. It’s important to think about. Not everyone gets to 90.
That’s a really good point, so it’s worth looking at focusing on CPP and OAS first and delaying withdrawing savings until later?
@@DebbieCWellness The only correct answer to that would be, it depends. Everyone's situation is different. About 6 years off retiring early at 60 and know delaying CPP and using RIF/TFSA early will give wife and I more money each year. The stress test, which is great that Adam included in this video, would be what if I died earlier in retirement. Wife loses all my OAS and majority of CPP income. Our house is the hedge against that bet, where downsizing would supplement/replace lost income.
It would be great to see same scenario for single person without private pension . Great channel and as always great info.
YES! Singles are usually left out of these scenarios. I would be interested too. Single female, almost 60 (OMG!) and as of now I have no plans to retire for another 10 years. I have $300K saved but no way can I afford to retire with just that.
@@lw1405 no plans to retire for 10 years..by choice or circumstances?
Yes agreed. Single and just RRSP. So rare now to have a pension
Pension. That’s as old as the the two dollar bill
Good stuff Adam. So many folks (I'm one of them) are convinced that the need to save millions in order to have a comfortable and safe retirement. It's vids like these that people need to see.
I have seen it and applied it really effectively
The hardest thing is to get used to pulling money out of savings as opposed to putting it in. And you want to be so cautious which may be utterly wrong as I get to better appreciate the go-go to no-go trend.
Great info, can you do single person now at $250000
Pointless...same premise applies all depends on your lifestyle and how much you spend and where you decide to live. It's not rocket science; and 250k is alot of money, even more so if you live outside the united states and live a frugal life.
Could you please do a plan like this for a single person? Tx
Yes please 😁
300,000 for single
It just shows how important it is to talk with others and keep an open mind.
In our case I just retired 11 days ago and we are planning to stay in our home for the next 5-10 years.
We like the idea of having enough room for our 3 boys to visit with their families.
Like all decisions this one is not permanent and our plans may change.
The tax advantages for retirees is quite substantial: no cpp contribution, no UI contribution, no work pension contribution.
Plus a lot of your income may be splittable with your spouse at tax filing time which may save you thousands per year if there is a large difference in overall retirement savings/income between the two of you.
When you add in other financial info it's even more substantial..less gas,less maintenance to your car. No coffee or lunches out at work..lots more to consider..even car insurance drops if you change to leisure driving
@@garth217not sure where you live however in SK there hasn't been any change to my car insurance rates or package policies because we drive less.
@DoneByD ontario.. daily driver vs leisure
Thank you, Adam, for this 250k illustration.
Plan B,, move to another country where everything is cheaper, do a couple test runs and a lot of research.this allows you to cash in your house, this could double or triple your retirement income.
In Mexico the interest on your money is more than twice what Canada pays in interest on a GIC.
That sounds like a great idea to move out of Canada but the only thing is healthcare - what’s it like in the US? I realize it’s not great here atm but you hear of people losing their house paying off medical expenses
There is alot of inflation of home prices in other places too, and you have to deal with different rules of many kinds
Great information. I’m very glad to see mention of the risk of lost cpp and oas if one spouse passes early. I have seen some advisors recommend holding off drawing on rrsp’s as long as possible as the extra years of tax deferred compounding would more than offset the higher taxes as per their software. Do you have any videos comparing rrsp meltdown vs drawing non reg and TFSA accounts first?
There are many of those videos on this channel. It’s quite interesting.
Thanks Adam! Great information as always. 😊 Curious about early retirement 55 -60. What scenarios look like. We are close to 50 now and planning for 5 years or so. I appreciate you and your knowledge
If home ownership is a decisive factor then I'm in trouble.
Great video as always. I love how you open the eyes to solutions with lower assets. It gives some comfort to see that a good retirement is possible with reasonable savings. I’m hoping to retire at 55 and you give me confidence that I can. Thank you for all these informative videos.
Great video once again, Adam. Like others on this thread I'd love to see a single version of this & there are a lot of us out here. I am almost 60 and my plan is to retire in 10 years. I have a spreadsheet :) and it maps my investments over the next 10 years plus my income needs once I retire, which interestingly is $5K after tax. I have a budget and a Parallel Wealth line item LOL
Would love to see a similar video of the difference in money needed to retire at 55 instead of 65. Would 250K still be enough?
Yes it is 👍
Depends upon your monthly income cash flow needs - it certainly wouldn't be enough if you had the same income needs as the couple in this video.
I'm about to do it and plan to retire around 50-60 years old
Possible to retire with 250,000.00, many etfs available at 10-15% annual dividend, also they pay monthly.
Another good video explaining the value and design of a fully executable plan for the client. Very important to understand, believe and being able to execute the strategy of a robust plan.
Also very important to make the appropriate assessment and be able to recognize when adjustments for the better or worse are required as you move through the years of retirement.
Thanks Adam. I'm obsessed with this subject now and preaching all to often to family members the importance and value of a robust executable retirement plan.
Interest rates pay more than double in Mexico so if you move from Canada to Mexico the interest on your money is more than twice as much and the Peso appreciates in value instead of depreciating in value like the Canadian dollar.
Valuable info! Thank you!
When one dies, the other CPP is gone. Big problem.
and OAS.
There is a survivor amount for CPP.
@@raymondlangille2886 but the survivor amount depends how much CPP you are currently getting yourself. So if both people in the relationship are at or very near the CPP max, the survivor amount will be very small in relation to the amount of CPP which was lost by the passing partner.
there is BUT, if like the example above, you are @ 75% then the max you can get to is 100% (so you would lose 66% of the spouse's CPP)
and that math is based around getting CPP @ 65, there is no extra 42% on the survivor portion even if they had deferred to 70 originally
My question: When you delay your CPP until age 70 you get a 42% increase. 42% increase from the amount the time you were 65? Just thinking of the inflation in the past 5 years.
You would also get the increases in the average wage inflation factored into your calculations before you start CPP. After you start CPP, then you get CPI adjusted increases.
Most people are too stupid if their income is low and they won't get their OAS clawed back. Most people who think they can invest the money and take CPP and OAS early end up losing money instead of making more than 7.2 percent and 8.4 percent.
Can you explain what you mean in your comment?
@@nickyfurlano8531 OAS cannot be taken early. 65 or beyond.
For those who are uncertain or perhaps not proficient at preparing a retirement plan on their own, I personally believe that Adam's team (or other such provider) is such an inexpensive way to get it done right ahead or early into retirement. Such a no brainer when you consider all of those hard earned $$ at stake.
Adam can you PLEASE do a video for those of us with a Defined Benefit Pension. Its clear that if you delay CPP until 70 you get more money, but those of us with DB Pension drawing down RRSPs aggressively from 60 to 70 can increase the taxes you pay for that 10 years vs the increase in CPP and the potential OAS clawback. The additional taxes paid on an RRSP meltdown of $20 to $30 k / year is substantial over 10 years..but would you be better off in collecting $6000/ yr more in CPP for 15 years from 70 to 85??... of course you still have to make it to 85.
I did a quick calculation of increased taxes using a tax calculator based on my pension and determined that with RRSP meltdown my taxes would increase by roughly 5000 / year by pushing more money into a higher tax bracket ..so having more money but taking less home...I'm not an accountant so I'm not sure of the numbers... at 63 my CPP is 1000/ month at 65 1200. Are you actually better off getting 6000 more a year towards the end of your Go Go years vs $12000/ year for 7 years ($84,000) before you collect a dime from CPP and burned through your hard earned savings? I'm still in the camp of taking less CPP for longer and taking less out of your RRSPs for longer. Remember that when your savings are gone you become totally dependent on CPP. CPP is not part of your estate. You only get survivors benefit to the max of CPP...that could mean Zero $$$.
Adam please run the scenario..I'd be happy to be proven wrong
@@garth217 Hi Garth - I am 8 months away from retirement with a DB plan. I will be 54 when I retire and I have run these scenarios a lot. My goal is to keep my income in the tax bracket I will find myself. Because of the value of my pension, I will be in the "$55k to $111k" tax bracket so I will take out my RRSP savings to bring my total income to just below the $111k mark (2023 tax bracket value) from retirement through to OAS collection at 65, where I think I will have most of my RRSP melted away. From 65 to 70 I will take my full OAS and then from 70 onward tap into CPP. The OAS should be clawed back a bit with the new CPP income added to my pension, but I think this is the most efficient strategy. Of course there are many extenuating circumstances that could allow for great tax write-offs, so each person has their specific best way to do it. But I think if based purely on income from these four buckets (DB, RRSP, OAS, CPP) and a hopefully long life, this might be the best. Cheers!
@@garth217 Most people lose all their money in an OAS clawback. If you just put most of your money into something that produces no income you can avoid the OAS clawback.
@@macdaddymgiarc Just put money into gold bars to avoid any clawback. Anything that produces no income. Canadian dividends are taxed at the 38 percent grossed up value and that's how most get clawed back on their OAS.
@macdaddymgiarc I guess I have a lot more RRSPs than you do. I retired at 54 , 6 years ago and have yet to need a dime from my RRSPs. I'm not interested in paying the same amount of taxes in retirement as when I was working. My pension is currently close to $80,000/ yr. And my expenses have dropped significantly
If the market experiences a correction, say -30%, during the first years of retirement (quite likely to happen) where are they going to get the income to live until 70 from? Average market performance never happens in short cycles; so they would do extremely well or they might have to go back to work unfortunately doing who knows what. I would keep working those extra 2 years and have peace of mind.
Adam has the plan investment return @ 5%. Can't be too much risk with that type of return. But I am with you better safe by working a few more.
I hate to break things to you but a correction to fair market value would be at least an 80+ percent drop in the major indexes. I don't feel sorry for the buy and hold people they'll get what's coming to them.
Thanks for more great information! Whenever our advisor shows us gross vs net retirement income he uses the same tax brackets that are used for working income. Am I right to understand that that the brackets are different? Does your age matter? We are both retiring at 62. Or do your examples show less tax based on the source? The vast majority of our savings is in RRSP of over $1M with a small amount in TFSA of $100K yet we are nervous. Any clarification is appreciated, thank you!
Hey, Adam, what do you think of using a tontine like the Longevity Pension Fund instead of an annuity?
Hi Adam, in your illustration of $5,000 per month, is it gross or net? If gross, what is the net per month?
After i save $2.5million i guess
how do i save 2.5 million dollars
In the Bank ?
Not sure I get the math on this... $250k in savings is used first 5 years, guess you can squeeze out $5k/yr gross. At age 70 will their combined amount CPP/OAS not be closer $4500?
No it’s $5000 per month net
@@patriciabee4690 HOW do you get to $5k net at age 70 with only OAS & CPP? $713x2(OAS) + $1450(75% of max + 42% increase)x2 = $4326
Interesting converting RRSP to RIF at 65. What is the reason for that, what benefit? Was it because they didn't have a work pension?
Check out Adam’s other videos on the RRSP Meltdown strategy… it explains everything! Or Google RRSP meltdown…
Video coming this Friday on this topic.
The pension tax credit of $2,000.
Great information Adam 😅but I think I’m in trouble. I’m worried about the OAS clawback for both my wife and I. What are the rules behind it? I am worried if I draw on my RRSP’s. We both have great pensions as well we are receiving the OAS and CPP. We live in Alberta. I don’t want to lose the OAS that we are receiving. Can we income split on RRSP income?
RRIF income is splittable after the age of 65. OAS. OAS clawback doesn't start until $90,997 of net world income for 2024 so if you can equalize income between two it means you could have family income a few dollars shy of $182,000.
2.5% inflation?
A little high based on historical and projected, but er on side of conservative approach. Don't get caught in the recent window or elevated times...not normal.
The real inflation rate is abou9t 10 or 12 percent but they tall yu its 2.8 percent so you lose all you indexeed money in CPP and PAS and pay more in taxes.
Adam, have you ever done a plan for someone on ODSP? With all the limits imposed on them?
Yes a few
@@ParallelWealthweak response to someone financially struggling
I want to live 200 years. Hopefully technology allows it by then. I need to account for bigger savings to shield from possible world collapse during that time. In reality I’ll just try to get to a point where my passive income grows faster than my spending.
That seems really impressive. I’ve got 365,000 and I’m being told I can’t take more than 1000.
I’m 57 and my husband passed so all I get is his CPP
@@katsadventures7027 You get half.
@@katsadventures7027 and a little bit of a widow’s pension? Is that a thing?
Great information Adam 😅but I think I’m in trouble. I’m worried about the OAS clawback for both my wife and I. What are the rules behind it? I am worried if I draw on my RRSP’s. We both have great pensions as well we are receiving the OAS and CPP. We live in Alberta. I don’t want to lose the OAS that we are receiving.
Move to a countory that has a tax treaty with Canada and they will never claw back any money even if you maek millons of dollars a year.
I am 66 and my wife is 72
Does that include a defined pension plan?
No. It looks like TFSA + RRSP to start at 60 and CPP at 70 and OAS at 65.
Subscribed now that you’re no longer on the hill.