helpful hit - you can quickly see the chapter topic by using the video slide bar line to see the subject matter of each chapter and jump to that position in the video.
Retirement videos make it seem like everyone has just slogged through working life, waiting for retirement. Personally, I enjoyed life to the max in my 20s & 30s while working. Retirement at 65 next year will be nice, but it's got a hard act to follow. (although I stand to be happily corrected by what actually transpires in my senior years)
If the current Federal government's Dental care program doesn't get cut by an incoming federal government, then some of the cost/concern for dental work may be less pressing. Still, good advice on getting work done if covered by a work health program.
@@vtaylor73 Yah, I don't think it'll last much past the next election. Poilievre is already saying about the federal government's dental care program that "No one uses it" which isn't true but that's what he's saying. I expect it'll be the first thing to go.
@@HDCanadianTrainVideos It's a debate for sure. I find it's those in low wage jobs, and their kids, that really need it as few of those jobs come with benefits of any kind. I guess I can relate as I have a daughter and grandkid in that situation.
Hey Adam or others, question for you, in your retirement planning would you focus primarily on Snap’s historical scenario analysis or the more standard user input flat rate of return? The context of my question is I plan on holding 10 years of cash:fixed income to cover downturns so is the flat rate of return more appropriate (also provides a much simpler assessment as to retirement readiness?
A common piece of advice is to not try to "time the market" in terms of buying and selling investments as you try to build wealth, but what advice do you have for retirees in terms of "timing the market" (or not) when it comes to liquidating assets? I know you said to keep a 2-3 year buffer, but it still means you're liquidating assets during that period. Should you try to "time" it so you sell at the peak?
You can never time the market. Having the 2-3 years of cashflow allows you to avoid liquidating in a down market. It's more detrimental to sell at the low because you need the money to pay bills versus maximizing returns
@@ParallelWealth Down markets aside, would you take the equivalent of a cost averaging approach to liquidating (or converting stocks into GICs, for example) during retirement?
I bought back $25K worth of service and paid for it with proceeds from my RRSP. I waited 30 years to do it. That was my only mistake. Should have done it at the time the service was earned and it would have been a fraction of the cost.
Slightly off topic, but after watching a lot of your videos, can you explain why GIS doesn't kick in if you run out of TFSA, RRIF or Non-registered funds at the end of ones plan? In todays dollars it would amount to about $1000 a month as a maximum.
This is coming up for us! If we feel the need to get an independent plan put together, and find we do need to change the plan made by our financial company, can we direct them to follow your plan instead of theirs? How would you go about doing that?
I will let Adam answer in full but it's your money and it seems to me that your financial company is required to take direction from you. If they won't I'd find somewhere else to put my money.
Many of our clients take our plan and have their bank implement. Remember that it's your money and your retirement. If they don't help with it, move on
The amount these company charges might seem like quite a bit, but if it saves you money, then that’s actually found money, but if by chance it doesn’t, then there is that piece of mind you did the right thing. Just be prepared that your likely, going to get the suggestion, to delay CPP, so be prepared, and please please ask the consequences of one of the two dying young, the numbers might be surprising. Just my two cents, from someone where a friend had a plan done.
John, we tell all of our clients it doesn't matter when you take CPP as long as you know the difference between different ages. Many can't afford to take it early.
@ exactly why I used the word suggested. Again you offer information, it’s up to someone to use the information smartly. There is always the saying “you can lead a horse to water”
Yah --- I will never move $150K to cash --- I keep 18 months in a payout wedge and rebalance that wedge every 12 months... Longest time to recover that I've experienced in my time investing was 24 months. The above being said if the market was in the tanks for longer than the cash wedge I would live off DB pensions, CPP & OAS, although I've got a few years to go before foundational income will cover all day to day living necessities (IE not yet drawing CPP and do not yet qualify for OAS).
![NLE Choppa - Or What ft. 41 (Orchestra Mix) [Official Music Video]](http://i.ytimg.com/vi/biOFASEgSOM/mqdefault.jpg)
Superb..
Thanks 🤗
Excellent suggestions!
Great video !!! If you could give a name to your tips in the chapters .
helpful hit - you can quickly see the chapter topic by using the video slide bar line to see the subject matter of each chapter and jump to that position in the video.
@@DoneByD That does nothing when they are labeled One Two Three Four, which is what the person was referring to.
Retirement videos make it seem like everyone has just slogged through working life, waiting for retirement. Personally, I enjoyed life to the max in my 20s & 30s while working. Retirement at 65 next year will be nice, but it's got a hard act to follow. (although I stand to be happily corrected by what actually transpires in my senior years)
If the current Federal government's Dental care program doesn't get cut by an incoming federal government, then some of the cost/concern for dental work may be less pressing. Still, good advice on getting work done if covered by a work health program.
Yeah I'm not giving a lot of hope to it sticking around after this election 😢
@@vtaylor73 Yah, I don't think it'll last much past the next election. Poilievre is already saying about the federal government's dental care program that "No one uses it" which isn't true but that's what he's saying. I expect it'll be the first thing to go.
@@ddavidson5 and that will be a good thing
@@ddavidson5it costs too much to taxpayers. I agree with it maybe being subsidized a bit but not fully paid for.
@@HDCanadianTrainVideos It's a debate for sure. I find it's those in low wage jobs, and their kids, that really need it as few of those jobs come with benefits of any kind. I guess I can relate as I have a daughter and grandkid in that situation.
Hey Adam or others, question for you, in your retirement planning would you focus primarily on Snap’s historical scenario analysis or the more standard user input flat rate of return? The context of my question is I plan on holding 10 years of cash:fixed income to cover downturns so is the flat rate of return more appropriate (also provides a much simpler assessment as to retirement readiness?
We like the flat return.
A common piece of advice is to not try to "time the market" in terms of buying and selling investments as you try to build wealth, but what advice do you have for retirees in terms of "timing the market" (or not) when it comes to liquidating assets? I know you said to keep a 2-3 year buffer, but it still means you're liquidating assets during that period. Should you try to "time" it so you sell at the peak?
You can never time the market. Having the 2-3 years of cashflow allows you to avoid liquidating in a down market. It's more detrimental to sell at the low because you need the money to pay bills versus maximizing returns
@@ParallelWealth Down markets aside, would you take the equivalent of a cost averaging approach to liquidating (or converting stocks into GICs, for example) during retirement?
I bought back $25K worth of service and paid for it with proceeds from my RRSP. I waited 30 years to do it. That was my only mistake. Should have done it at the time the service was earned and it would have been a fraction of the cost.
Would have been less, but your RRSP grew over that time too...so probably close to a wash
Slightly off topic, but after watching a lot of your videos, can you explain why GIS doesn't kick in if you run out of TFSA, RRIF or Non-registered funds at the end of ones plan? In todays dollars it would amount to about $1000 a month as a maximum.
This is coming up for us! If we feel the need to get an independent plan put together, and find we do need to change the plan made by our financial company, can we direct them to follow your plan instead of theirs? How would you go about doing that?
I will let Adam answer in full but it's your money and it seems to me that your financial company is required to take direction from you. If they won't I'd find somewhere else to put my money.
Many of our clients take our plan and have their bank implement. Remember that it's your money and your retirement. If they don't help with it, move on
The amount these company charges might seem like quite a bit, but if it saves you money, then that’s actually found money, but if by chance it doesn’t, then there is that piece of mind you did the right thing. Just be prepared that your likely, going to get the suggestion, to delay CPP, so be prepared, and please please ask the consequences of one of the two dying young, the numbers might be surprising. Just my two cents, from someone where a friend had a plan done.
John, we tell all of our clients it doesn't matter when you take CPP as long as you know the difference between different ages. Many can't afford to take it early.
@ exactly why I used the word suggested. Again you offer information, it’s up to someone to use the information smartly. There is always the saying “you can lead a horse to water”
It's sad to say but I just saw a stat that many RNs 51% don't contribute to this or a matching TFSA! Nuts!
2-3 years of cash flow are not going to be enough. The goal should be 5 years of cash flow. It is only $150k cash.
It depends on your source(s) of income in retirement. 5 years of cash on hand could be reasonable for some, likely way overkill for others.
Lol
Yah --- I will never move $150K to cash --- I keep 18 months in a payout wedge and rebalance that wedge every 12 months... Longest time to recover that I've experienced in my time investing was 24 months. The above being said if the market was in the tanks for longer than the cash wedge I would live off DB pensions, CPP & OAS, although I've got a few years to go before foundational income will cover all day to day living necessities (IE not yet drawing CPP and do not yet qualify for OAS).
For God's sake...
Whatever you feel comfortable with. Statistically speaking 3 years should be enough. But do 5 if that helps you feel better about the process.