Reducing the assumed 5.22% return by 1%, and raising the inflation rate from 3% to 4%; that was a gnarly tsunami. That means the real return on their savings was only 0.22%. I wonder if that is even realistic. If inflation is 4%, you can probably earn 5% just by buying GICs.
I’d be very interested to see this video for couples who are not planning to leave anything behind. If I understand it correctly they will end up leaving 2.1 mil? Is that what legacy is? That’s a lot of money to leave behind and would substantially increase their quality of life in retirement. There are plenty of people who don’t have kids, or family, or anyone to leave a fat inheritance to. How much sooner could they retire?
I think that legacy amount is the $!M house he included. He said it was worth $1M now, I assume the software builds in an annual increase on the homes value i.e. if they are 65 now and life expectancy is 90 that's 25 years. If the house goes up in value by 3%/year x 25 years i.e. inflation, the house would be worth just shy of $2.1M.
You are absolutely correct. I definitely see my 2 homes as part of my resources for retirement. One is down south and could fund long term care a long time, and my house here has an oceantfront suite I could rent for 30k a year too, plus easily reverse-mortgaged. Ideally I'd like to pass with very little equity remaining having spent it all along the way, but reality is we'll probably still end up leaving 7 figures for charity. I just retired at 56
Unfortunately it doesn't work that way. If you could predict future returns with complete accuracy, as well as future inflation, and any unforeseen expenses, you could plan to spend down your money to zero. And there are all sorts of people advocating for the die with zero approach. The problem is that the real world gets in the way, if I want to make sure that I don't run out of money in retirement, I have to be able to account for both good and bad future rates of return, unforeseen events, and inflation. The only way to do that while ensuring you don't run out of money is to set yourself up in such a way that on average you'll die with a whole bunch of money in the bank. If I run my current projections through a simulator that accounts for real returns and inflation over the past hundred plus years, I find that I might die with $1,000 in the account, or 23 million in the account. That's starting with the exact same amount of money, and spending the exact same amount of money accounting for inflation in every scenario. The only change is which year you retire. But there's no way ahead of time to know which of those scenarios I will be in, and worse yet, by the time it becomes clear, I will be at least 2/3 of the way through my retirement, and at a point where I am likely reducing my spending, not looking to increase it.
Retiring in Canada with $1M is a dream for many. I remember visiting Vancouver last year, and the cost of living was high, but the quality of life was worth it. Great video!
If you house is paid for, make sure your income is zero. Then collect CPP, OAS, an Guaranteed Income Supplement. Honestly that is the reason why I would focus on putting everything in a TFSA because its not taxed. Honestly all these investment vehicles are so bad.
@silas232003 For many, it makes sense to contribute to their RRSP for the tax advantage, which is a great investment vehicle. I've got 560k in my RRSP basically because I started contributing earlier and have taken advantage of the compounding benefits. With 96k in my TFSA, I'm now going to work on maxing out my annual contributions to hopefully get it up to the 500k range for retirement.
5 point something percent return for a balanced portfolio? That seems low, unless that number is real/adjusted for inflation return? The figure I've always heard is closer to 7-8% for a globally diversified 60-40 equities/bonds portfolio.
You’re right. But those are in line with what the regulators want us to use. Basically, it’s being conservative. But as mentioned I t he video, there are many Canadian law with balanced portfolios who haven’t even achieved this.
This is a well presented video and plan. You are right about the sub par investment returns. I’ve been in the business for almost 30 years. The other observation is that many people have no idea what their returns are nor the fee they pay and therefore cannot even assess the value proposition they have re returns. They may be getting good planning advice but they should be getting both good planning advice and solid investment advice from their advisor.
Love those great tools available to you to use. As a retired financial advisor, I miss doing financial plans. I did them on myself and spouse constantly and retired @ 56 9 years ago. So far, I have exceeded all my expectations financially and am busy living my gogo stage of life right now. Just went for a tour of area that I snowbird at on my new electric scooter, haha! Love your video! Any chance of getting that software? I am still financial planning for myself!
Great to hear! I have an electric scooter too 🤓 As for the software it is only available via firms that pay the subscription. But maybe you have an in?
I appreciate the conservative ROR that you factor in for this couple (especially their TFSA). Maintaining a dividend growth portfolio in their TFSAs would help them grow their assets more than the drawdown. I have a family member who has RSP, TFSA and pension from Embridge where she worked. She says she can’t spend what is available to her and her portfolio keeps growing. Our goal is similar: live comfortably, give generously and leave generational wealth for our children to do the same for theirs.
I would like to see a scenario where if the market went south they cut their expenses for a couple of years to get by the rough patch. That seems to be a big weakness in the Monti Carlo scenarios is they don't allow for expense adjustment.
Went through that very (real-life) scenario myself. Took early retirement as the Covid market hit.... Ouch.... Fortunately, I was able to use Facebook to find odd jobs around the neighborhood; just enough to keep our emergency cash reserve from dwindling too quickly. I'll admit, I much prefer to rake leaves for someone than sit in an office again. We also took a camping vacations instead of a tropical island one. (We learned that we could camp for FREE all over Southern Florida!!!!) Pulling the trigger on retirement just before a major market crash did set us back financially, for many years. It was the worse possible time. Fortunately, the trade-off was having plenty of free time to explore my thrifty hobbies!!! ;)
That was excellent. You just mention it as an aside, but having a growth portfolio for funds you don't intend to touch for over a decade is a great idea.
I like your video style. Please do a video about retiring single. And it would be great if you could do one about retiring single (let's say at 56) as a government employee... Thanks!
Why is 5% ROI? If you keep it with inflation, than 5% + 3% = 8%. Which is more realistic. One million is the good line... Out of all retired people 3% are above and 97% are below. I have heard it here on RUclips. Must be true.
5% is an extremely conservative estimate. Accounting for 3% inflation the return is only 2%. In their "punch in the face" scenario they were doing 4% returns and 4% inflation (0% ROI), plus a 40% market crash immediately after retirement. In my opinion delaying your retirement to account for this unlikely scenario is not prudent.
When interest rates fall its due to inflation falling so naturally your rate of return falls. So 3 to 4 percent is closer to what people will earn in a year. The people who come up with this 6 percent figure are the ones with zilch in their bank accounts because in the real world a 6 percent return doesn't exist.
@parkerbohnn I did 23% last year and 18% the year before. Granted those were incredible returns but don't say above 6% doesn't exist. This year I'll be happy with 10% but we'll see.
definitely need more than 1mil, im 28 bringing in 1920 and 2000 respectively for rental income with 1 paid off and one around 260,000 in a mortgage, i should be able to achieve 4 in total around 2-2.5 mil in property value for rental income which means id have 8k in rental income not adjusting for rental increases over the next 2 decades by the time i retire around 47-53. Even with that amount of rental income i dont think id be comfortable and i will definitely need to dip into my rrsp/tsfa for sure.
Future scenario: Eddy & Betty Steddy where both retire at 60, but Betty is 5 years younger than Eddy. Both have RRSP’s, pensions, etc. I’m most interested in what/how much does Eddy drawdown while waiting for Betty to retire, CPP timing, etc. Love your channel. Thanks!
Well, that really does depend on how much Betty is still raking in while working. Do they need more income or would investment withdrawals be meant for more for managing tax liabilities? Lots to consider in that one :) Love the names 🤣
Most financial planners and models ive seen have a legacy amount thats grown to way more than the starting nestegg. On the surface, that sounds good. However, that is something that my estate will benefit from far more than me (the person who worked all my life for it). Is there a way that I myself can use more of my nestegg properly to live fuller life or retire even sooner. In perfect world every penny would get used up by the time I go. Of course none of us know exactly what year that will happen, but I would like to utilize my nestegg to the fullest. I dont need to leave behind a fortune for others. Id rather retire 1-5 years earlier instead
Buy hard assets that appreciate in value. Borrow against your assets to live. You can borrow against real estate and even equities (stocks). Never sell, let them increase in value. Look up Buy, Borrow, Die method.
I would re-invest the proceeds from the sale of the primary residence (currently tax free in Canada) and use 10% as a down payment on a new smaller primary residence and invest the $900,000.00 at 5% will get you a return of $45,000.00 per year. That would cover any mortgage and property expenses provided you can get a decent interest rate in Canada (good luck with Turdeau in the house). I have always found it better to invest the lump sums of money vs paying cash for a 600K house.
Great video as always, a clear breakdown. That last part is it, without a mortgage, 8k a month in today's dollars is a huge amount, unless you like to continuously travel to Paris or Vienna or something. Safaris (And even then I met heaps of retired people self driving the parks for $20-$60 a day). Unless climate disaster makes all the tropical areas a no go in 25 years, we're going to downsize, buy a place in a smaller community with a big yard for a garden, a decent hospital close, and spend only Summers there and in the mountains. The crappy 6 months it's cold we're out of here and in SEA or central America or something. I've done it lots in my younger days and could easily spend 4k living large there while maintaining my home abroad. Let alone the slow go phase if you're healthy, you can easily spend it in Thailand or somewhere if that's your thing. Good healthcare, good food, warm climate, comfortable. I think the younger generations won't go on tours and stay in fancy hotels, they'll do it cheaper because that's what they've always done. They won't have huge houses because they've had few or no kids. They live more minimal I find.
You should do a video about a scenario where someone who is 25 years today, and how much they will need to retire in 2064. What will be the cost of living at that time, and how much next egg will they need. How much they should put in RRSP and TFSA etc? And how much will the CPP and OAS be in that year?
Very informative and well structured. Could you please share with us what is the software that you are using for presenting the outcome of the different scenarios?
I have been retired for 10 years and can easily get by on 50k per year. Saying that most of my retirement funds are not in an rrsp so a person could take that into consideration. I use the bucket approach to keep ar least 6 years of cash on hand so i could ride out a market crash. My question is what are you spending 8k per month on?
I was thinking along the lines of HELOC for say up to half of the value of the home (to mitigate the risk) for investing in high income dividend ETFs at 8-10% p.a. return and the interest (5-7%) would be tax deductible, this would still make them some passive income. 🤓
@@JohnHobbs-o3z It was the worst decision my mother ever made (talked into it by an older sibling with good intentions). Eventually, we all banded together and paid it back.
wow congrats you're getting alot of views. As a first-time home buyer Canadian I want to purchase a property hours outside of Toronto , immediately flip it and roll the funds into a home closer to Toronto, and repeat that til I can afford something in Toronto. But I don't want to pay capital gains tax each time. So the USA has a 1031 but as far as I can see Canada only has section 44 of the Canadian Income Tax Act but it seems I have to rent it out for some time to show rental income...is that correct? For how many months, before I can flip it?
Hi! I very rarely subscribe to any channel, but subscribed to yours's immediately! Your videos are quite informative and are to the point. Most importantly, I find you and your content trust worthy! I am in dilemma about buying back pervious service, as I now work for company having defined benefit plan. The money needed per each year of buy-back is huge, so any video on this will be quite useful and is kindly requested. Thanks again!!
Interesting future scenario: What if you wanted to retire early (50-55) on a Million+. So many planning scenarios have us living to 90 and I get why that’s prudent. But we all know of someone that retired at 65 and died 2-3 years later. For many of us, that doesn’t sound all that appealing to only enjoy a couple of years of retirement so you might decide to go for it. Is there a scenario whereby you retire early but outlive your expectations and actually do make it to 90? As bonus, the surviving spouse now gets 100% of the tax hit as they no longer have a partner to split the RRIF income with. Factoring that likely scenario into the mix would be helpful.
I could be wrong, but I think that software is SNAP Projections, and is only available to certified financial planners. Take a look at Adviice - it requires a subscription but you can just subscribe periodically to do some self-planning. Not sure what Rhys provides for the one-time $3900 (for a couple) for his one-time plan. Sure hope there's more too it than punching some numbers into the software.
good idea to push TFSA off to the future so if they die, the estate doesn't get hit with high taxes when entire balance of RRSP/RRIF comes into income upon death of 2nd person.
“They can’t access their house for income”. Nonsense! Owning a house and living in it is worth thousands of dollars a month in rent or mortgage they don’t have to pay. You can’t discount this.
Love the videos Rhys, stupid question but I'm assuming this software is not available for the general public? Cheers, keep up the great content. Bob...
Great content! I've learned so much from your channel. Thank you! I am curious if your software uses a flat return for your equity growth (~5%), or does it use some variability in those returns but keeps the long-term average at your input (~5%)? This variability can drastically change your prediction of success. If you are drawing down your investments when markets are going down, that is money that won't enjoy the long term returns. If you simply assume yearly growth of your input, this could vastly overstate your chance of success. Thanks again!
And thank you :) The software does use a flat return rate throughout. But it also has stress testing capabilities to include things like market downturns as well as a variable return simulator. So basically, it does factor in all sorts of scenarios.
I like that fact that you do not count the house outside of the amount. Your primary residence should not be considered as part of that $1 Mi. But I think $8K a month is too excessive - that's $96K after tax.
@@Yielar1 Disagree, I certainly count my paid off house because my cost of living is so much lower. I get it you need to make money off fees. We clued into that whole 'need 1 million to retire' scam years ago
I find your videos very clear and easy to understand. My question is, why if you have a legacy of over $1.0M you still have shortfalls? Is the legacy money left? Shouldn't we plan to have zero legacy? I'm a "Die with zero" type of guy.
Thank you! And yes, the legacy would be coming from non-liquid assets like real estate. But you can definitely make a plan that liquidates those assets well. Very easy to do :)
Just because they maximize RIF withdrawal earlier, doesn't mean they have to spend every dollar withdrawn ? maximizing withdrawls, but still leaving in a brokerage cash trading account, ( in kind transfer ) ???
The difference in return expectations between balanced and growth portfolios seems too small to take the extra risk. I would argue that in reality there would be a much larger difference in the 2 returns.
Yup! But financial planning regulators don’t want financial planners being too aggressive with the projections so that’s why the built-in returns in software are usually lower. But you can tweak them to whatever you like, if you’re so inclined.
Wow.. The first Canadian retirement video that I 100% agree with; and I've spent several years consuming retirement/FIRE content like a fiend. It's as if you've taken a long hard look at my own excel spreadsheet. ;) I'll admit, your software tool seems sooooo much more powerful and well put together than my excel tables. Might I ask what software you're using? Great video. Thank you for making it; I truly enjoyed it!
At 34, if I were to sell my property, along with my banked cash, I’d sit right about 1 mill. My big question… can I retire here in BC Canada with that? Assuming I’ll need to rent something small, food, usual expenses, etc. Honest question.
For the last few years I've been buying dividend paying stocks with the aim of getting a 8% average dividend. I buy Canadian bank and oil stocks on dips and ones in other sectors. The good one grow their dividends, so you'll keep up with inflation. If some of the stocks go up a lot I sell part and re-invest, increasing my dividends. At 8%, with 450K you'll get $3000/m cash flow. There are many inexpensive houses in Canada for 200-300K still, bit away from the city. With a used car (I drive a nice used Caddy that I got for under 10K) you can do quite well. $1M you can be really set! BTW, I never made a lot and I only worked for 13 years and on average made ~45K/yr, but bought some rental real estate and invest in precious metal stocks, re-investing gains in dividend stocks.
@@wellbuiltwealth Thank you for the quick response. I am looking for something that I manage and "punch it in the face" on an ongoing basis. Are you aware of any software allowing an end user to do that?
I'm using Adviice right now. Very similar software, just not quite as slick. i.e. there isn't an optimize button yet. But it's pretty comparable for only $9 per month, and can cancel anytime
A huge variable each persons standards .? If you want to maintain your lifestyle , or consider moving to a more affordable city and changing or lowering your standards .
Question: In the scenario it is stated that the need for the Go-Go phase is $8000 but in the software the monthly need value at the top says $6.96K Can someone explain?
Does your firm provide portfolio investment allocation guidance? I.e. I am a self managed investor but am looking for advice & guidance (subject to all the appropriate disclaimers - I get that) on how and what to have for income generation. Or if you know if any IAs who would do that? Most require me to GIVE them my money to invest in a pool with others, and pay a comish which I am not interested in. I want periodic advice say annually for which I will compensate them well.
interesting. 1 mill seems like a lot. one question, is the rates of return you refer to around 12:30 for the portfolios after inflation? (you may have stated so, if so I missed it)
Two things: 1. What if Joey kicks the bucket? Without Joey’s income, and his CPP and OAS, Zoey better have a plan B if she wants to maintain her standard of living. 2. If you delay CPP and have no other income, then why not live off the TFSA’s and collect the GIS for the first few years? Sure, you’ll pay more tax down the road, if there is a road (see #1).
@@DoReMeaCulpa I have a feeling that everyone except govt employees are going to get a financial punch in the face especially when it comes to rifs which are designed to have you broke when you are 90.
I wonder if most had to choose from having a career they loved and could do until they die but live modestly, or have a job they really didn't like, but have a million at 60, what would they choose.
@DarrenX9 definitely and I plan to not retire until my house is paid off. I don't use the equity in my home as part of my retirement calculation like many others. I need to live somewhere and may just choose to age in place like my parents have done. If something serious happens with my health, I have a backup plan. Everyone's plan is different but that's mine
real inflation is between 5% and closer to 10% when you consider shrinkflation . Might I suggest asking some retirement homes what their rates have been every year for the last 10 or so years?
Why do people make this so hard? Take the million, invest in a dozen or so Canadian blue chip dividend payers. Earn around 6% and will match or better inflation. Live on dividends and collect whatever OAS, CPP and GIS you can get. Done. The dividends are incredibly tax friendly, don’t actually count as income, so you can still call yourself a low income senior.
yah…right…6% if not guaranteed especially in the last years where the stock market is just a large casino for big players. Take your money out of the casino market and find other investments. A BIG crash is due SOON!
You’re being obtuse. Blue Chip Dividend payers. Pick a Canadian Bank, a Canadian Telecom, a Canadian pipeline and Hydro one. Done. Congrats. They’ve been growing dividends that outpace inflation, even over the last few years and will get you the 6% strictly on dividend. Stock price is secondary.
I was with you up until the word 'Canadian blue chip'. No. Our economy is terrible, productivity per capita is in steep decline, regulations and taxation ruinous to our efficiency, and every company doing business here is deeply exposed to undue risk and future dollar debasement. My money all gets invested in the USA which has outperformed Canada substantially since forever, more than a century. Just think of the implications of the 'Land Back' movement and what the Constitution and the courts have cast in stone for this nation's future.
The name of the video is somewhat deceptive, should be "Retire with $2,000,000 net worth" and that doesn't include the present value of all pensions. This easily places the Gemoey's in the top 10% of all households (possibly the top 5%). Wealthy by any measure. I really doubt they would have any trouble navigating retirement. If you want to analyse the median senior family in Canada, use $1M total, i.e. including real estate and pensions.
Funding Retirement...The hardest equation in finance! Too many variables. I've been tracking my personal rate of inflation for a few years now. It has been surprisingly stable. Most recently, transportation costs have declined offsetting increases in Insurance and food. Q: How does your software address travel and vehicle replacement?
We can add those costs as a future goal to be funded or we can simply increase the retirement income needs throughout to offset ongoing large purchases. If we do the latter, the assumption is that excess income will simply accumulate in cash reserves (from which a vehicle or whatever can be purchased).
How about the families that only will have one ccp My wife and I believe lots of people only have one income, okay her income is very low but she was home for the kids.
I've lost a lot of money since moving to Canada 10 years the amount of taxes I've paid is quite a lot I don't know if I will be able to retire even if I earn over a 100K maybe when I don't have to take care of my kids but at this point all of them in University me paying everything out of pocket even with OSAP it's very stressful
I’m planning to retire at 57 and my wife at 55. Had a stem cell transplant is I don’t think I’ll live past 85. I will have about cad$1.2 million and my wife 1.5 million in our company plans We also only lived in Canada for 25 years. What our out come would be if we want $8000 per month with our house paid off($650,000)?
That would require a deep dive into your specific situation in order to give you a meaningful answer. You may want to check our service options at wellbuiltwealth.ca
I understand Legacy, which is super-duper nice of them, but why are they fussing about delaying retirement and CPP if they're going to push up daisies with nearly $2M in the bank?!?!
Hello - thanks for the great content. I'd like to see you do a "Retire with $1M in TFSA series' - what this portfolio look like? How would you structure a retirement portfolio if someone had $1M in their TFSA?
All fine and dandy. However, unfortunately, long term care is not figured in. This can be very costly. As long as they both stay healthy, it could work out.
If they require long term care facility they no longer require their house. By that time that asset will be worth closer to 2 million dollars. That plus the 6K a month will more than cover them
In Canada, how much you pay for ltc is based on their personal income unless they are under 65 in which case it uses household income. So yes it will cut into the income the partner in the community has but they also then have lower house expenses as they won't be traveling and will be sticking close to home
@@nicklanfear4303 as someone who has been through this process, I assure you the government won't tell you to access maid. Furthermore, qualifying isn't as easy as you think, especially for age related illnesses. There are very strict protocols to ensure its the patients idea with no financial or outside pressure.
Awesome video, Loved the transparency. Just cracked my first million in my dividend portfolio this last week, with the help of a finance manager who trades my funds for me.
I really love these videos. I love the different scenarios. It helps me to know what i need to aim for in retirement.
Most people don’t actually want to be a millionaire…they want to spend a million dollars.
I'll be happy with a clean 2012 Bentley GT for a measly $90,000
@@aaz1992 no you won't, you'll just take it for granted and want the next shiny thing. There's no limit
Reducing the assumed 5.22% return by 1%, and raising the inflation rate from 3% to 4%; that was a gnarly tsunami. That means the real return on their savings was only 0.22%. I wonder if that is even realistic. If inflation is 4%, you can probably earn 5% just by buying GICs.
Agreed. Super gnarly.
The best 5 year rate with unlimited sums is 4.3 percent at Maxa Financial.
Today. Last year you could get 5%. 2 year treasuries were over 5% until a few months ago, too.
S and p average 11% hopefully that will continue forever
I’d be very interested to see this video for couples who are not planning to leave anything behind. If I understand it correctly they will end up leaving 2.1 mil? Is that what legacy is? That’s a lot of money to leave behind and would substantially increase their quality of life in retirement. There are plenty of people who don’t have kids, or family, or anyone to leave a fat inheritance to. How much sooner could they retire?
I think that legacy amount is the $!M house he included. He said it was worth $1M now, I assume the software builds in an annual increase on the homes value i.e. if they are 65 now and life expectancy is 90 that's 25 years. If the house goes up in value by 3%/year x 25 years i.e. inflation, the house would be worth just shy of $2.1M.
You are absolutely correct. I definitely see my 2 homes as part of my resources for retirement. One is down south and could fund long term care a long time, and my house here has an oceantfront suite I could rent for 30k a year too, plus easily reverse-mortgaged. Ideally I'd like to pass with very little equity remaining having spent it all along the way, but reality is we'll probably still end up leaving 7 figures for charity. I just retired at 56
Unfortunately it doesn't work that way. If you could predict future returns with complete accuracy, as well as future inflation, and any unforeseen expenses, you could plan to spend down your money to zero. And there are all sorts of people advocating for the die with zero approach. The problem is that the real world gets in the way, if I want to make sure that I don't run out of money in retirement, I have to be able to account for both good and bad future rates of return, unforeseen events, and inflation. The only way to do that while ensuring you don't run out of money is to set yourself up in such a way that on average you'll die with a whole bunch of money in the bank. If I run my current projections through a simulator that accounts for real returns and inflation over the past hundred plus years, I find that I might die with $1,000 in the account, or 23 million in the account. That's starting with the exact same amount of money, and spending the exact same amount of money accounting for inflation in every scenario. The only change is which year you retire. But there's no way ahead of time to know which of those scenarios I will be in, and worse yet, by the time it becomes clear, I will be at least 2/3 of the way through my retirement, and at a point where I am likely reducing my spending, not looking to increase it.
I love your video. I am financial planner in Quebec. Your video are well made, simple and and well resume.It’s inspiring. continue your good job!
Retiring in Canada with $1M is a dream for many. I remember visiting Vancouver last year, and the cost of living was high, but the quality of life was worth it. Great video!
You can retire on way less if you're smart and still live fine. Owning a house is a big help.
If I liver in Vancouver I would live a lifestyle that would not involve car driving very much.
If you house is paid for, make sure your income is zero. Then collect CPP, OAS, an Guaranteed Income Supplement. Honestly that is the reason why I would focus on putting everything in a TFSA because its not taxed. Honestly all these investment vehicles are so bad.
Vancouver sucks!! The quality of life is shit.
@silas232003 For many, it makes sense to contribute to their RRSP for the tax advantage, which is a great investment vehicle. I've got 560k in my RRSP basically because I started contributing earlier and have taken advantage of the compounding benefits. With 96k in my TFSA, I'm now going to work on maxing out my annual contributions to hopefully get it up to the 500k range for retirement.
Superb explanation and most importantly:doable. Thank you.
5 point something percent return for a balanced portfolio? That seems low, unless that number is real/adjusted for inflation return? The figure I've always heard is closer to 7-8% for a globally diversified 60-40 equities/bonds portfolio.
You’re right. But those are in line with what the regulators want us to use. Basically, it’s being conservative. But as mentioned I t he video, there are many Canadian law with balanced portfolios who haven’t even achieved this.
I love that you stress-tested the plan. new Sub for that!
This is a well presented video and plan. You are right about the sub par investment returns. I’ve been in the business for almost 30 years. The other observation is that many people have no idea what their returns are nor the fee they pay and therefore cannot even assess the value proposition they have re returns. They may be getting good planning advice but they should be getting both good planning advice and solid investment advice from their advisor.
Love those great tools available to you to use. As a retired financial advisor, I miss doing financial plans. I did them on myself and spouse constantly and retired @ 56 9 years ago. So far, I have exceeded all my expectations financially and am busy living my gogo stage of life right now. Just went for a tour of area that I snowbird at on my new electric scooter, haha! Love your video! Any chance of getting that software? I am still financial planning for myself!
Great to hear! I have an electric scooter too 🤓
As for the software it is only available via firms that pay the subscription. But maybe you have an in?
I appreciate the conservative ROR that you factor in for this couple (especially their TFSA). Maintaining a dividend growth portfolio in their TFSAs would help them grow their assets more than the drawdown. I have a family member who has RSP, TFSA and pension from Embridge where she worked. She says she can’t spend what is available to her and her portfolio keeps growing. Our goal is similar: live comfortably, give generously and leave generational wealth for our children to do the same for theirs.
“Live comfortably, give generously, and leave generational wealth.” Awesome.
Excellent video and well laid out. Super informative.
I would like to see a scenario where if the market went south they cut their expenses for a couple of years to get by the rough patch. That seems to be a big weakness in the Monti Carlo scenarios is they don't allow for expense adjustment.
I’ve built out a similar idea of using cash reserves during a market crash in this video: ruclips.net/video/JNvycwWGUAU/видео.htmlsi=j3_pSwHdsZyfvIhs
Went through that very (real-life) scenario myself. Took early retirement as the Covid market hit.... Ouch.... Fortunately, I was able to use Facebook to find odd jobs around the neighborhood; just enough to keep our emergency cash reserve from dwindling too quickly. I'll admit, I much prefer to rake leaves for someone than sit in an office again. We also took a camping vacations instead of a tropical island one. (We learned that we could camp for FREE all over Southern Florida!!!!)
Pulling the trigger on retirement just before a major market crash did set us back financially, for many years. It was the worse possible time. Fortunately, the trade-off was having plenty of free time to explore my thrifty hobbies!!! ;)
That was excellent. You just mention it as an aside, but having a growth portfolio for funds you don't intend to touch for over a decade is a great idea.
I like your video style. Please do a video about retiring single. And it would be great if you could do one about retiring single (let's say at 56) as a government employee...
Thanks!
Yes. Most retirement plans aim for couple… not many for single
I'm curious, what is the name of the program that you use? Is there any good one for a personal level?
Why is 5% ROI? If you keep it with inflation, than 5% + 3% = 8%. Which is more realistic. One million is the good line... Out of all retired people 3% are above and 97% are below. I have heard it here on RUclips. Must be true.
5% is an extremely conservative estimate. Accounting for 3% inflation the return is only 2%. In their "punch in the face" scenario they were doing 4% returns and 4% inflation (0% ROI), plus a 40% market crash immediately after retirement. In my opinion delaying your retirement to account for this unlikely scenario is not prudent.
When interest rates fall its due to inflation falling so naturally your rate of return falls. So 3 to 4 percent is closer to what people will earn in a year. The people who come up with this 6 percent figure are the ones with zilch in their bank accounts because in the real world a 6 percent return doesn't exist.
@@parkerbohnn Are you confident enough to bet $1mil dollars that a 6% return doesn't exist in the real world?
It's actually 4 and 96 but a million today is not enough to live on.
@parkerbohnn I did 23% last year and 18% the year before. Granted those were incredible returns but don't say above 6% doesn't exist. This year I'll be happy with 10% but we'll see.
definitely need more than 1mil, im 28 bringing in 1920 and 2000 respectively for rental income with 1 paid off and one around 260,000 in a mortgage, i should be able to achieve 4 in total around 2-2.5 mil in property value for rental income which means id have 8k in rental income not adjusting for rental increases over the next 2 decades by the time i retire around 47-53. Even with that amount of rental income i dont think id be comfortable and i will definitely need to dip into my rrsp/tsfa for sure.
Future scenario: Eddy & Betty Steddy where both retire at 60, but Betty is 5 years younger than Eddy. Both have RRSP’s, pensions, etc. I’m most interested in what/how much does Eddy drawdown while waiting for Betty to retire, CPP timing, etc. Love your channel. Thanks!
Well, that really does depend on how much Betty is still raking in while working. Do they need more income or would investment withdrawals be meant for more for managing tax liabilities? Lots to consider in that one :)
Love the names 🤣
Most financial planners and models ive seen have a legacy amount thats grown to way more than the starting nestegg. On the surface, that sounds good. However, that is something that my estate will benefit from far more than me (the person who worked all my life for it).
Is there a way that I myself can use more of my nestegg properly to live fuller life or retire even sooner. In perfect world every penny would get used up by the time I go. Of course none of us know exactly what year that will happen, but I would like to utilize my nestegg to the fullest. I dont need to leave behind a fortune for others. Id rather retire 1-5 years earlier instead
Buy hard assets that appreciate in value. Borrow against your assets to live.
You can borrow against real estate and even equities (stocks).
Never sell, let them increase in value.
Look up Buy, Borrow, Die method.
I would re-invest the proceeds from the sale of the primary residence (currently tax free in Canada) and use 10% as a down payment on a new smaller primary residence and invest the $900,000.00 at 5% will get you a return of $45,000.00 per year. That would cover any mortgage and property expenses provided you can get a decent interest rate in Canada (good luck with Turdeau in the house). I have always found it better to invest the lump sums of money vs paying cash for a 600K house.
Is that drawdown optimizer proprietary or is it available online?
Great video as always, a clear breakdown. That last part is it, without a mortgage, 8k a month in today's dollars is a huge amount, unless you like to continuously travel to Paris or Vienna or something. Safaris (And even then I met heaps of retired people self driving the parks for $20-$60 a day). Unless climate disaster makes all the tropical areas a no go in 25 years, we're going to downsize, buy a place in a smaller community with a big yard for a garden, a decent hospital close, and spend only Summers there and in the mountains. The crappy 6 months it's cold we're out of here and in SEA or central America or something. I've done it lots in my younger days and could easily spend 4k living large there while maintaining my home abroad. Let alone the slow go phase if you're healthy, you can easily spend it in Thailand or somewhere if that's your thing. Good healthcare, good food, warm climate, comfortable. I think the younger generations won't go on tours and stay in fancy hotels, they'll do it cheaper because that's what they've always done. They won't have huge houses because they've had few or no kids. They live more minimal I find.
You’re too funny with the names. Aside from the jokes, retirement planning is a serious matter. Good video again. Thanks.
Do these calculations take into account the OAC clawback triggered with taking additional income from a RRIF?
Yes, make it 2 million..., dreams come true as they say. Thank you for such informative ideas 😊
You should do a video about a scenario where someone who is 25 years today, and how much they will need to retire in 2064. What will be the cost of living at that time, and how much next egg will they need. How much they should put in RRSP and TFSA etc? And how much will the CPP and OAS be in that year?
Very informative and well structured. Could you please share with us what is the software that you are using for presenting the outcome of the different scenarios?
Thanks! Its conquest. There’s a link in the description.
I’m digging the software… What platform you are using?
Can you do a single with 1MM took CPP at 60, excluding house Retire at 63.
60 YO, ETD 75.
Equity in house $400k
No dependants so use it up
I have been retired for 10 years and can easily get by on 50k per year. Saying that most of my retirement funds are not in an rrsp so a person could take that into consideration. I use the bucket approach to keep ar least 6 years of cash on hand so i could ride out a market crash. My question is what are you spending 8k per month on?
A smart man
So, almost the same as the couple getting by on 96,000. You're one person . They are two.
Don’t forget that when you sell any home, you don’t walk away with the whole sale amount.
Excellent video and realistic numbers! The software is awesome. Can you tell me what software you used for the planning?
oh, I got it, thank you for the the software link in the description.
Thanks so much for your videos. You do a wonderful job of explaining things. The whole retirement thing and planning for it can be quite daunting lol…
You are so welcome!
Is the "Monthly Need" figure, the average of all of the monthly amounts during the 'go-go, slow-go, no-go' years?
Yup!
They can’t access the home equity unless they sell the house? Why not use a reverse mortgage? Perhaps a topic for a future video?
Definitely a video topic on the near horizon :)
I was thinking along the lines of HELOC for say up to half of the value of the home (to mitigate the risk) for investing in high income dividend ETFs at 8-10% p.a. return and the interest (5-7%) would be tax deductible, this would still make them some passive income. 🤓
Then you have to factor interest in which cuts into the amount available to them for income
Stay away from reverse mortgage if possible,should be last resort.
@@JohnHobbs-o3z It was the worst decision my mother ever made (talked into it by an older sibling with good intentions). Eventually, we all banded together and paid it back.
You should be including life insurance as part of their estate.
wow congrats you're getting alot of views. As a first-time home buyer Canadian I want to purchase a property hours outside of Toronto , immediately flip it and roll the funds into a home closer to Toronto, and repeat that til I can afford something in Toronto. But I don't want to pay capital gains tax each time. So the USA has a 1031 but as far as I can see Canada only has section 44 of the Canadian Income Tax Act but it seems I have to rent it out for some time to show rental income...is that correct? For how many months, before I can flip it?
Terrific video. Thank you.
Great video. Is that your own software? Or is that accessible to anyone to play with?
Hi! I very rarely subscribe to any channel, but subscribed to yours's immediately! Your videos are quite informative and are to the point. Most importantly, I find you and your content trust worthy!
I am in dilemma about buying back pervious service, as I now work for company having defined benefit plan. The money needed per each year of buy-back is huge, so any video on this will be quite useful and is kindly requested.
Thanks again!!
Interesting future scenario: What if you wanted to retire early (50-55) on a Million+.
So many planning scenarios have us living to 90 and I get why that’s prudent. But we all know of someone that retired at 65 and died 2-3 years later. For many of us, that doesn’t sound all that appealing to only enjoy a couple of years of retirement so you might decide to go for it. Is there a scenario whereby you retire early but outlive your expectations and actually do make it to 90?
As bonus, the surviving spouse now gets 100% of the tax hit as they no longer have a partner to split the RRIF income with. Factoring that likely scenario into the mix would be helpful.
That software looks amazing, where can we use it? Is it free?
I could be wrong, but I think that software is SNAP Projections, and is only available to certified financial planners. Take a look at Adviice - it requires a subscription but you can just subscribe periodically to do some self-planning.
Not sure what Rhys provides for the one-time $3900 (for a couple) for his one-time plan. Sure hope there's more too it than punching some numbers into the software.
good idea to push TFSA off to the future so if they die, the estate doesn't get hit with high taxes when entire balance of RRSP/RRIF comes into income upon death of 2nd person.
Great video! Question: Are the amounts you discuss after tax dollars ?
Thanks! If you’re referring to the monthly income in retirement, the answer is “yes.”
“They can’t access their house for income”. Nonsense! Owning a house and living in it is worth thousands of dollars a month in rent or mortgage they don’t have to pay. You can’t discount this.
Reverse mortgages are also a thing.
@@alanj9978a very dangerous thing.
Love the videos Rhys, stupid question but I'm assuming this software is not available for the general public?
Cheers, keep up the great content.
Bob...
Thank you sir! And no, it’s only available via firms that subscribe to it.
Great content! I've learned so much from your channel. Thank you! I am curious if your software uses a flat return for your equity growth (~5%), or does it use some variability in those returns but keeps the long-term average at your input (~5%)? This variability can drastically change your prediction of success. If you are drawing down your investments when markets are going down, that is money that won't enjoy the long term returns. If you simply assume yearly growth of your input, this could vastly overstate your chance of success. Thanks again!
And thank you :)
The software does use a flat return rate throughout. But it also has stress testing capabilities to include things like market downturns as well as a variable return simulator. So basically, it does factor in all sorts of scenarios.
I like that fact that you do not count the house outside of the amount. Your primary residence should not be considered as part of that $1 Mi. But I think $8K a month is too excessive - that's $96K after tax.
It's about right depending on where you live. In areas of BC it's definitely not too high especially if you want to do any travelling
@@Yielar1 Not if you own your house
@@Deb-y6z Disagree, I don't include my house in my retirement calculations either for good reason.
@@Yielar1 Disagree, I certainly count my paid off house because my cost of living is so much lower. I get it you need to make money off fees. We clued into that whole 'need 1 million to retire' scam years ago
Your house is just another disposable asset. You can live anywhere. Pocket the difference in prices.
Why you include TSFA in your retirement income?
Is absolutely tax free
I find your videos very clear and easy to understand. My question is, why if you have a legacy of over $1.0M you still have shortfalls? Is the legacy money left? Shouldn't we plan to have zero legacy? I'm a "Die with zero" type of guy.
Thank you! And yes, the legacy would be coming from non-liquid assets like real estate. But you can definitely make a plan that liquidates those assets well. Very easy to do :)
What software do you use for your modeling? Is it a retail application or do you offer a subscription if it is a tool you developped?
It’s called Conquest (there’s a link in the description). It is only available via advisors.
Just because they maximize RIF withdrawal earlier, doesn't mean they have to spend every dollar withdrawn ? maximizing withdrawls, but still leaving in a brokerage cash trading account, ( in kind transfer ) ???
The difference in return expectations between balanced and growth portfolios seems too small to take the extra risk. I would argue that in reality there would be a much larger difference in the 2 returns.
Yup! But financial planning regulators don’t want financial planners being too aggressive with the projections so that’s why the built-in returns in software are usually lower. But you can tweak them to whatever you like, if you’re so inclined.
Wow.. The first Canadian retirement video that I 100% agree with; and I've spent several years consuming retirement/FIRE content like a fiend. It's as if you've taken a long hard look at my own excel spreadsheet. ;) I'll admit, your software tool seems sooooo much more powerful and well put together than my excel tables. Might I ask what software you're using? Great video. Thank you for making it; I truly enjoyed it!
Thanks :)
It’s called Conquest. There’s a link to their website in the description.
Cheers
now use 8-10% annual cost of living increases which seems closer to reality in arctic mexico for a while...
The current FU number is USD $2.5 M per person in Vancouver.
At 34, if I were to sell my property, along with my banked cash, I’d sit right about 1 mill. My big question… can I retire here in BC Canada with that? Assuming I’ll need to rent something small, food, usual expenses, etc. Honest question.
Really wish you did more videos. They are so informative and easy to understand. Do you do fee for service for people in Ontario.
Thanks
Well, thank you! I appreciate that :)
And I’m working on it!
And yes, we do feel-for-service work all across Canada.
WellBuiltWealth.ca
Cheers
For the last few years I've been buying dividend paying stocks with the aim of getting a 8% average dividend. I buy Canadian bank and oil stocks on dips and ones in other sectors. The good one grow their dividends, so you'll keep up with inflation. If some of the stocks go up a lot I sell part and re-invest, increasing my dividends. At 8%, with 450K you'll get $3000/m cash flow. There are many inexpensive houses in Canada for 200-300K still, bit away from the city. With a used car (I drive a nice used Caddy that I got for under 10K) you can do quite well. $1M you can be really set! BTW, I never made a lot and I only worked for 13 years and on average made ~45K/yr, but bought some rental real estate and invest in precious metal stocks, re-investing gains in dividend stocks.
Thanks for the video Good information. Question: What software do you use? Is it available to end users?
You’re welcome. It’s called Conquest (link in the description). But it is only available via advisors.
@@wellbuiltwealth Thank you for the quick response. I am looking for something that I manage and "punch it in the face" on an ongoing basis. Are you aware of any software allowing an end user to do that?
Sorry, I’m not.
I'm using Adviice right now. Very similar software, just not quite as slick. i.e. there isn't an optimize button yet. But it's pretty comparable for only $9 per month, and can cancel anytime
@@alvey9907 Thank you. I'll check it out.
A huge variable each persons standards .? If you want to maintain your lifestyle , or consider moving to a more affordable city and changing or lowering your standards .
Question: In the scenario it is stated that the need for the Go-Go phase is $8000 but in the software the monthly need value at the top says $6.96K
Can someone explain?
That’s the average need throughout the whole retirement including the go-go, slow-go and no-go.
what is a balanced portfolio ? a 60/40 or 50/50 ?
Typically 60/40
Does your firm provide portfolio investment allocation guidance? I.e. I am a self managed investor but am looking for advice & guidance (subject to all the appropriate disclaimers - I get that) on how and what to have for income generation. Or if you know if any IAs who would do that? Most require me to GIVE them my money to invest in a pool with others, and pay a comish which I am not interested in. I want periodic advice say annually for which I will compensate them well.
interesting. 1 mill seems like a lot. one question, is the rates of return you refer to around 12:30 for the portfolios after inflation? (you may have stated so, if so I missed it)
Nope! Those are pre inflation. So if the rate or return is 5.22% but inflation is 3%, then you’re left with 2.22%.
Cheers
@@wellbuiltwealth oof. ok, thanks!
Two things: 1. What if Joey kicks the bucket? Without Joey’s income, and his CPP and OAS, Zoey better have a plan B if she wants to maintain her standard of living. 2. If you delay CPP and have no other income, then why not live off the TFSA’s and collect the GIS for the first few years? Sure, you’ll pay more tax down the road, if there is a road (see #1).
"Let's punch their plan in the face a few times..." 😂 Gotta love the humour and the word play.
Mike Tyson said "Everyone has a plan until they get punched in the mouth" or something like that. Its a suitable warning for retirement plans too
@@DoReMeaCulpa I have a feeling that everyone except govt employees are going to get a financial punch in the face especially when it comes to rifs which are designed to have you broke when you are 90.
"palpable disgust" made me LOL
Thanks for this video. what is this software / interface used at 7:10 ?
You’re welcome! It’s called Conquest.
I wonder if most had to choose from having a career they loved and could do until they die but live modestly, or have a job they really didn't like, but have a million at 60, what would they choose.
$8K of income per month is $96K after income tax. How much income tax do they pay in your model? 4K?
There's a night and day difference between retiring with a paid-off house and retiring without a house.
Indeed
@DarrenX9 definitely and I plan to not retire until my house is paid off. I don't use the equity in my home as part of my retirement calculation like many others. I need to live somewhere and may just choose to age in place like my parents have done. If something serious happens with my health, I have a backup plan. Everyone's plan is different but that's mine
real inflation is between 5% and closer to 10% when you consider shrinkflation . Might I suggest asking some retirement homes what their rates have been every year for the last 10 or so years?
I have been retired with a generous pension.
My pension over 15 years is approximately $750,000 after taxes and Morgage free.
Why do people make this so hard?
Take the million, invest in a dozen or so Canadian blue chip dividend payers. Earn around 6% and will match or better inflation.
Live on dividends and collect whatever OAS, CPP and GIS you can get.
Done.
The dividends are incredibly tax friendly, don’t actually count as income, so you can still call yourself a low income senior.
yah…right…6% if not guaranteed especially in the last years where the stock market is just a large casino for big players. Take your money out of the casino market and find other investments. A BIG crash is due SOON!
You’re being obtuse. Blue Chip Dividend payers. Pick a Canadian Bank, a Canadian Telecom, a Canadian pipeline and Hydro one. Done. Congrats. They’ve been growing dividends that outpace inflation, even over the last few years and will get you the 6% strictly on dividend.
Stock price is secondary.
I was with you up until the word 'Canadian blue chip'. No. Our economy is terrible, productivity per capita is in steep decline, regulations and taxation ruinous to our efficiency, and every company doing business here is deeply exposed to undue risk and future dollar debasement. My money all gets invested in the USA which has outperformed Canada substantially since forever, more than a century. Just think of the implications of the 'Land Back' movement and what the Constitution and the courts have cast in stone for this nation's future.
Sub-par returns and way too expensive? Yup, the TD funds are exactly that.
1 MIL. is pocket change to retire in Canada today. No mention of OAS & CPA clawback when you have substantial resources.
Great video! It would be nice to factor in the legacy amount. It will affect the plan a lot.
Thanks! It’s factored in a bit with the downsize but certainly wasn’t the focus of this particular vid.
The name of the video is somewhat deceptive, should be "Retire with $2,000,000 net worth" and that doesn't include the present value of all pensions. This easily places the Gemoey's in the top 10% of all households (possibly the top 5%). Wealthy by any measure. I really doubt they would have any trouble navigating retirement. If you want to analyse the median senior family in Canada, use $1M total, i.e. including real estate and pensions.
What software did you used for this?
It’s conquest, you can see it at the start of the video.
Very informative video, you have a new subscriber!
Funding Retirement...The hardest equation in finance! Too many variables. I've been tracking my personal rate of inflation for a few years now. It has been surprisingly stable. Most recently, transportation costs have declined offsetting increases in Insurance and food. Q: How does your software address travel and vehicle replacement?
We can add those costs as a future goal to be funded or we can simply increase the retirement income needs throughout to offset ongoing large purchases. If we do the latter, the assumption is that excess income will simply accumulate in cash reserves (from which a vehicle or whatever can be purchased).
This is terrible !! you’ve made me realize how broke I am. 😮😢. Great video though 👍🏻
😬
How about the families that only will have one ccp
My wife and I believe lots of people only have one income, okay her income is very low but she was home for the kids.
"Money in the jeans". Love it!
4:98. Thank you for assuming they have no work pensions. This is increasingly more realistic here in Canada.
I've lost a lot of money since moving to Canada 10 years the amount of taxes I've paid is quite a lot I don't know if I will be able to retire even if I earn over a 100K maybe when I don't have to take care of my kids but at this point all of them in University me paying everything out of pocket even with OSAP it's very stressful
What a shame that software is only B2B - I'd pay for something like that.
I was checking torrents..
I’m planning to retire at 57 and my wife at 55. Had a stem cell transplant is I don’t think I’ll live past 85. I will have about cad$1.2 million and my wife 1.5 million in our company plans We also only lived in Canada for 25 years. What our out come would be if we want $8000 per month with our house paid off($650,000)?
That would require a deep dive into your specific situation in order to give you a meaningful answer. You may want to check our service options at wellbuiltwealth.ca
Do you still receive OAS and GIS if you retire outside of Canada?
Put your question into the you tube search bar. Tons of videos should help you out as there are many facets to your question and individual situation.
ruclips.net/video/8_6y8Lf6Oy4/видео.htmlsi=FrAMVZUw_29cWCi4
I understand Legacy, which is super-duper nice of them, but why are they fussing about delaying retirement and CPP if they're going to push up daisies with nearly $2M in the bank?!?!
All you have to do is invest for income in pass thru entities: pipelines, REITs, BDCs. Discounted. Option wiriting CEFs out of favor big oill...
Hello - thanks for the great content. I'd like to see you do a "Retire with $1M in TFSA series' - what this portfolio look like? How would you structure a retirement portfolio if someone had $1M in their TFSA?
You’re welcome! And that sounds like an interesting idea. But spoiler alert: it would look like a ton of delicious, tax-free income 🤓
My brother ran his to over 100 million and is afraid Revenue Canada will knock him up for business income.
All fine and dandy. However, unfortunately, long term care is not figured in. This can be very costly. As long as they both stay healthy, it could work out.
If they require long term care facility they no longer require their house. By that time that asset will be worth closer to 2 million dollars. That plus the 6K a month will more than cover them
They still have house to draw on. Even for the downsize scenario, at 85 it'll be worth over $1M and growing, assuming it grows only with inflation.
In Canada, how much you pay for ltc is based on their personal income unless they are under 65 in which case it uses household income. So yes it will cut into the income the partner in the community has but they also then have lower house expenses as they won't be traveling and will be sticking close to home
Govt will offer MAID
@@nicklanfear4303 as someone who has been through this process, I assure you the government won't tell you to access maid. Furthermore, qualifying isn't as easy as you think, especially for age related illnesses. There are very strict protocols to ensure its the patients idea with no financial or outside pressure.
can I buy your software?
Awesome video, Loved the transparency. Just cracked my first million in my dividend portfolio this last week, with the help of a finance manager who trades my funds for me.
I can agree with you. Who's this person & how can I reach out for help?
Thank you. Her name is Emmennet Jaccque Barrett. You can research her.
This is wonderful. My friend in NY who also works with Emmennet Jaccque Barrett referred her & she manages my portfolio too. Great lady.
I really enjoy your videos, when you speak of amounts couples want to have for income, is this before taxes? Please confirm!
Thank you!
It’s after tax. So I’m referring to the amount they can spend :)
Very helpful to help understand my own situation.
Why are you not considering delaying CPP to age 70.
They did delay it to 70.
No kids. Who cares about a legacy? Spend the money. Keep the house until the nogo phase and then sell it off for comfort.
I love to get my hands on this software / tool ... how can one get it, can you advise please? (Free tool similar to this will be even more awesome) ..