$1 Million Retirement Portfolio

$1 Million Retirement Portfolio - Can We Retire?

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Ай бұрын

$1 Million Retirement Portfolio - Can We Retire?
𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗮 𝗰𝗮𝗹𝗹 𝘄𝗶𝘁𝗵 𝗗𝗮𝘃𝗶𝗱 📅 calendly.com/aaronwealthmanag...
Planning for retirement is a crucial part of financial stability and independence. Many people wonder if having a $1 million retirement portfolio is enough to ensure a comfortable and secure retirement. In our latest video, "$1 Million Retirement Portfolio - Can We Retire?" we delve into the intricacies of retirement planning, providing you with comprehensive insights and practical advice to help you determine if your retirement savings will meet your needs.
Retirement planning is highly individualistic, and what works for one person may not work for another. We explore how to assess your personal retirement needs by considering factors such as your desired lifestyle, expected expenses, healthcare costs, and longevity. We provide tools and techniques to calculate your retirement budget, helping you understand how much income you'll need to maintain your standard of living.
A $1 million portfolio is a significant milestone, but it's essential to understand how it fits into your overall retirement income strategy. We discuss various income sources, including CPP &OAS, pensions, and other savings accounts, and how they complement your portfolio. By evaluating these sources together, you'll get a clearer picture of your total retirement income and how to manage it effectively.
Retirement is not just about financial security; it's about enjoying your life and pursuing your passions. We delve into lifestyle considerations, such as travel, hobbies, and spending time with family and friends. We provide tips on how to balance enjoying your retirement with maintaining financial stability, ensuring you can live your retirement dreams without compromising your financial health.
To provide practical insights, we include a real-life case study of a couple who have retired with a $1 million portfolio. These stories highlight different approaches to retirement planning, the challenges faced, and the solutions implemented. By learning from these experiences, you'll gain valuable perspectives on how to manage your retirement portfolio effectively.
"$1 Million Retirement Portfolio - Can We Retire?" is designed to empower you with the knowledge and confidence to make informed decisions about your retirement. Whether you're just starting your retirement planning or nearing retirement age, this video will provide valuable guidance to help you achieve a secure and fulfilling retirement. Join us to explore the possibilities and ensure your retirement portfolio is ready to support your future.
𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗪𝗮𝘁𝗰𝗵:
This video is not just for economists or financial experts; it’s for anyone concerned about their financial well-being in the coming years. If you're looking for ways to safeguard your investments, plan for retirement, or understand the economic indicators that could impact your future, this video is your go-to resource.
By the end of this discussion, you’ll have a clearer understanding of the driving forces behind rising interest rates, market volatility, CPP / OAS, Retirement planning and the tools you'll need for protecting your assets and ensuring a secure financial future.
Don't leave your financial future to chance. Equip yourself with the knowledge you need and consider getting professional advice to navigate these uncertain times. Subscribe for more insights and actionable tips.
Disclaimer: This video is for informational purposes only and should not be considered as financial advice.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to schedule your confidential meeting with me.  You can schedule your meeting here: calendly.com/aaronwealthmanag...
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#retirementplanning #cpp #rrspmeltdown

Пікірлер: 78

@billyrock8305 Ай бұрын

Awesome video! Great advice! 👍 The cost side of the ledger is vital. Delayed CPP to 70 always seems wise along with the RRSP meltdown in the 60-70 period. The assumption of home ownership is logical. A similar case study for singles would be valuable.

@AaronWealthManagement Ай бұрын

Thanks Billy

@billyrock8305 Ай бұрын

@@AaronWealthManagement You’re welcome!

@kellycooper2502 Ай бұрын

Would love to see a plan for early retirement at 50 and/or 55, moderate income ($60k after tax +15k travel in go go years)

@CalmPlains 29 күн бұрын

Yes agreed, early retirement age 55 or 60 is what many of us aim for, would love to see the numbers run for an example there.

@kylejulius9596 Ай бұрын

Excellent work

@craigloginonly2020 Ай бұрын

Great video…thanks 😊

@BolleDuc Ай бұрын

Yes, more like this please!

@JDRichard Ай бұрын

Show more of this please. Great job as usual

@longhorn789000 Ай бұрын

Yes pls, more videos like this would be awesome!

@brl6219 Ай бұрын

Great video!! Would love to see more real life plans.

@k.i.1700 Ай бұрын

Yes more examples would be great. Thank you!

@bitcoinenergy1 7 күн бұрын

What about if you throw bitcoin into the mix ? No one who has held bitcoin for the 4 year cycle has ever lost any money. In fact if you price property in bitcoin everything gets cheaper every four years. How ? because bitcoin unlike the pound is fixed in its supply and the purchasing power gets stronger every four years. For example a house you want to buy today will be cheaper in four years in bitcoin terms. This is why all the leading asset managers are buying and holding bitcoin. Even business are adopting bitcoin to gain competitive advantage. Why and How ? Lets say cashback for example. If you were to offer a customer 5% cashback and give it to them in bitcoin instead of pounds the cashback to them would increaes in value in four years. Hence the 5 pounds given to them in bitcoin would probably be worth 15 to twenty pound in four years. Am I selling bitcoin ? No I just teach other entrepreneures how it works. No spamming or emails. Just some food for thought. You can subscribe to my channel if you wish to learn about bitcoin, Thats it. Tony.

@patricklildhar3843 Ай бұрын

Please do more! All your videos are great.

@AaronWealthManagement 29 күн бұрын

Thank you! Will do!

@KBSheldon0926 Ай бұрын

Love these videos as I’m nearing retirement within the next 6 to 10 months.

@mikea6565 Ай бұрын

Great video! Your planning tool way more detailed than what TD wealth offers!

@AaronWealthManagement Ай бұрын

Thanks Mike

@davidhughes6048 Ай бұрын

Yes please, more examples. Would be good to see a GIS strategy too. Would also like to see some fundamentals around drawdown: are there any basic rules? e.g. Non-reg first until age X, then registered, then TFSA, (or some ratios thereof) up to specific age or tax brackets etc. great videos!

@marcelmed4574 Ай бұрын

Thanks for the video, I've seen many retirement videos that highlight this reduced spending as you get into your later years. The issue is these retirement and assisted living homes very easily run between $5000- 7500/month. It may be lower in other parts of Canada but that's the going rate these days in Ottawa. I've gone through this with my own parents.

@AaronWealthManagement Ай бұрын

Thanks for sharing your experience Marcel.

@kylejulius9596 Ай бұрын

Yes more! More couples!

@tinaleer4497 Ай бұрын

I love your videos, do you have clients in Alberta ? I’m interested.

@AaronWealthManagement Ай бұрын

Thanks Tina. Yes I have clients in Alberta, in fact right across Canada. calendly.com/aaronwealthmanagement/discovery

@evadeanu1 Ай бұрын

Great video! Where can I see your prices for the Retirement planning for low income families? Many thanks.

@AaronWealthManagement Ай бұрын

Hi thanks for watching the video. There are two pricing options available. One for a household and the other for a corporation.

@Pmjay00 17 күн бұрын

Over and over I see the example of a couple both delaying CPP (and in this example OAS also) to 70. Looks great on paper, IF both have a long life...but survivor benefits are never addressed. If one of the spouses passes early, maybe at 72, their OAS and CPP benefits are gone. Along with all the RRSP money withdrawn for 2 people doing the meltdown. OAS has no survivor benefit and if both delayed CPP, they would each already be getting the max, so no survivor benefit there. You dont get to "double up" on the CPP. I think delaying CPP is great for a single who is not so worried about survivor benefits but someone needs to address the scenario of survivor benefits when both delay CPP and/or OAS.

@LivingTheLifeRetired Ай бұрын

Do your plans assume a complete depletion of retirement assets?

@AaronWealthManagement Ай бұрын

Great question. Its really up to the client as per their goal. Some people intend to spend the cash down to zero and pass on their home while others spend very little with a goal to pass on as much as they can.

@MyStuffhappens Ай бұрын

You're videos are great, but I'v never seen anyone ( oin you example scenarios) that still has debt ! going into retirement, I'm I the only one ! :-)

@AaronWealthManagement Ай бұрын

You're not alone. Many people still have debt as they enter retirement especially with the low interest rate environment, may people got caught at retirement with unaffordable debt purchasing rental properties.

@jackjanpour8532 Ай бұрын

$1M + $1.5M house? So they have $2.5M.

@AaronWealthManagement Ай бұрын

Their net worth is but they're not using their house to supply them with income in this example.

@PBKiteboarding 19 күн бұрын

I heard on meltdown. Better to convert RSP to Rif at 65, since no fee to withdraw from. Rif and now withholding. Correct?

@navmehta895 Ай бұрын

more examples of retirement plans in different scenarios are welcome

@James_48 Ай бұрын

Our plan will RIF our RSPs at 60/58 (to avoid deregistration fees) and melt to 70. Then we will start CPP and OAS. We will continue to contribute to our TFSAs through retirement and only use them for out of ordinary expenses (roof, car, bucket list trip, etc. ) we have a modest db pension and non-registered dividend income to complement this strategy.

@parkerbohnn 15 күн бұрын

Canadian dividends will result in an OAS clawback and losing most of the age credit at 65 and beyond due to the 38 percent gross-up of Canadian dividends.

@James_48 15 күн бұрын

@@parkerbohnn that’s true, assuming a bunch of other conditions that may or may not be true. Dividends to not guarantee OAS clawback. Certainly not for us.

@johnwillock6787 Ай бұрын

Is there a sweet spot in $$ for how high a RRSP should get to? Strange these people have loaded up their RRSP and have no TFSA, that it’s self seems problematic.

@AaronWealthManagement Ай бұрын

Hi John, Yes, your correct they should have been funding their TFSA along the way. It's why I say in almost every video get a plan done right away. The "Sweet Spot" is going to be different for everyone. A retirement plan will illustrate the most efficient deposit and withdrawal schedule.

@HeatherPayne-jc6kz Ай бұрын

Is there an age at which it is too late to begin melting down RRSPs? My parents are 80 and I have recently learned that the vast majority of their retirement savings are in taxable registered accounts. Advisor has been avoiding meltdown "due to a modest investment value being modest. They've been retired 20 years and have never touched their principal. Both have longevity in their family but manage multiple chronic conditions over decades. Advice?

@parkerbohnn 15 күн бұрын

Everything depends on how much money is in their registered accounts and how much tax they pay each year. If they're already in the top tax bracket nothing matters but if they're not in the top tax bracket cashing in extra money each year if it doesn't push them into the top tax bracket would be the thing to do.

@HeatherPayne-jc6kz 14 күн бұрын

@@parkerbohnn Lowest bracket with significant room to top up. Benefit and credit tax strategy with very minimal tax obligation over 20 years per advisor. She states low withdrawal rate is necessary to ensure building and maintenance of sufficient funds to last both until age 90+ (even in the event of one in nursing home/one remaining in house). Looking at $175000 to CRA upon death of 2nd parent currently.

@parkerbohnn 14 күн бұрын

@@HeatherPayne-jc6kz $175,000 as a lump sum upon death would push them into the third tax bracket. If it's all capital gains then they'd still be in the second tax bracket. Cash in investments before they die so upon the year of death they pay in the second tax bracket. It helps to die in January.

@kangaese592 Ай бұрын

Just an fyi, as soon as somebody has enough hubris to tell me that I "must watch this video to the end! this is the video I have to watch!", i just start laughing.

@AaronWealthManagement Ай бұрын

Feel the same way when someone uses the word "hubris"

@bigQuackers Ай бұрын

If they start with 1M in saving and have a 1.5M house and wind up with 3.5M estate at 90 what assumptions are you using for their investments during retirement?

@AaronWealthManagement Ай бұрын

4% fixed income, 6.87% Equity (60/40 split) blended return of 5.15% and 2.5% on the real estate

@parkerbohnn 15 күн бұрын

@@AaronWealthManagement Good luck with the equity portion if the stock market ever corrects to fair market value in America it will be worse than the 1929 to 1954 stretch in time.

@DoneByD Ай бұрын

I'm not sure why you wouldn't convert RRSP to RIF as soon as you start your meltdown as it will allow you to avoid admin fees on de registration. If over the age of 65 during this period you would also be available to claim pension credit and split income with your spouse to equalize income between the two therefore paying less tax as family. I would like to see the tax liability more uniform (within 2%) throughout retirement as well because that strategy has been shown in other channels to lessen the lifetime tax paid

@AaronWealthManagement Ай бұрын

The software automatically calculates income splitting and applies the pension tax credit so while I'd like to take credit for that its all baked into the software. RRIF at 65 still falls short as compared to the RRSP meltdown by $36K in cumulative taxes and also $85K less in estate value.

@DoneByD Ай бұрын

@@AaronWealthManagement How can this be as you can withdraw the same amount out of RRIF as you could withdraw by deregistering RRSP funds and at the same time? I didn't say don't start the RRIF withdrawals until age 65, start those the same time you would have started deregistering RRSP dollars. The RRIF will also give you some of those funds (your minimum RRIF withdrawal) without the with holding tax. This tax with holding reduction would only benefit of course if you didn't have to pay additional tax upon filing your income tax.

@parkerbohnn 15 күн бұрын

In the year you turn 65.

@parkerbohnn 15 күн бұрын

@@DoneByD If you're in the top tax bracket it doesn't matter when or how much RRSP or RRIF money you withdraw. If its a LIRA converted to a LIF it has maximum withdrawal limits. Converting any RRSP to a RRIF at 65 and getting the $2,000 tax credit for any extra 7 years is always the smartest thing to do.

@DoneByD 15 күн бұрын

@@parkerbohnnsorry not seeing anything different in your post than what was said already. RRIF ASAP and then when you turn 65 start claiming the pension income tax credit. Nothing mentioned previously about LIF or LIRA.

@angelocardoc Ай бұрын

Great video. Their $1M portfolio doesn't earn any dividends? Should be easily earning 5%/yr on that $1M. $50,000/yr income.

@AaronWealthManagement Ай бұрын

It does not matter if the earnings are in the form of interest, dividends or capital gains, since all amounts withdrawn from an RRSP are taxed at rates for ordinary income. If they had a large non-registered account then your dividend comment is applicable.

@kylejulius9596 Ай бұрын

Do any of your clients have pensions? I’d be happy to give a scenario for you !! We’re interested to see a real meltdown strategy with a couple that has a fair amount or registered savings, and a pension.. we (couple in their early 40s) would like to retire from full time work at 50, and meltdown their RRSP significantly until age 60 when our pensions kick in.

@angelocardoc Ай бұрын

@@kylejulius9596 That's exactly what I want to do, but to retire at age 55 (now). I don't want to screw up my CPP payout though. I've been maxing out on CPP payments for the last 20 years, and if I stop contributing at 55, it'll screw up my CPP payout.

@parkerbohnn 15 күн бұрын

Canadian dividends push you into an OAS clawback and the same thing happens to the age tax credit when the dividends are grossed up 38 percent. The thing to do is put most of your money into something that produces no income and hopefully a capital gain that way you're less likely to get your OAS clawed back and lose most of the age amount tax credit. Alternately you can give a lot of money to your heirs before you die due to no gift tax in Canada if they're 18 or older to avoid the clawback on the OAS and losing all the age amount tax credit.

@angelocardoc 14 күн бұрын

@@parkerbohnn The Old Age Security (OAS) clawback, starts to kick in when a recipient makes more than $90,997 in 2024. Now try to explain to me how you're going to pick an investment, that'll grow in value every year, in your retirement? It's a lot easier to pick dividend paying investments than it is to pick growth investments. What's hot today might not be hot tomorrow.

@mikechr88 Ай бұрын

In the very first scenario, I see there is already one party delaying CPP and OAS up to 70.

@AaronWealthManagement Ай бұрын

Not sure what your question is

@mikechr88 Ай бұрын

@@AaronWealthManagement I guess just since that scenario is supposed to be without any planning, was that intentional? Usually the "no planning" scenario assumes a 65 start for those.

@AaronWealthManagement Ай бұрын

@@mikechr88 reached the video and I see CPP starting at 65 in the first scenario

@mikechr88 Ай бұрын

@@AaronWealthManagement yes, but seems only for one party, not both..the combined value for both CPP and OAS jump at 70, which I assume must be the second party's share of them kicking in.

@shar1338 23 күн бұрын

Would love To see a plan for a single woman age 62 with less of a portfolio.. Eg 1mil investment and a older Paid home. Self Employed

@parkerbohnn 15 күн бұрын

Park most of the money in Mexico Pesos and earn a double digit rate of return there on your money still looks like the most profitable thing to do for a Canadian.

@StewieGriffin Ай бұрын

Weekly contributions in NVDA for 20 years is the easiest 10 million of your life

@James_48 Ай бұрын

That’s what they used to say about Nortel.

@parkerbohnn 15 күн бұрын

My brother put a million into it back in August 2015 at 20 dollars a share. My brother-in-law watched it go from 20 to 100 on the last trading day of the year back in 2015 and told my sister we're not buying it because its gone up too much. I begged my sister to buy it at the same time I told my brother to buy it. It was just before 4k tv sets hit the showroom and Nvidia had the video cards in all the major brands. I also did a parlay of Nvidia onto AMD with Nvidia at 120 before any stock splits and AMD at $6.45. Trumps trade war with China cost me a fortune but I sold AMD at 80 dollars a share as 40 was their old high and with inflation during the meantime I came up with 80 dollars as the sell point.

@parkerbohnn 15 күн бұрын

I shorted the stock last week knowing it will get killed with second quarter profit taking to June 27th at the 4:00pm close. The second quarter ends the last day of June.

@tertur2957 Ай бұрын

If you can’t retire on $1 million, you are living far beyond your means.

@AaronWealthManagement Ай бұрын

it's all relative

@DoneByD Ай бұрын

It all depends upon your lifestyle and the amount of money you've become accustomed to over your working years before retirement. Many retirees will need more than $1M to completely fund their retirement. Then on the flip side many people with a modest working income lifestyle will need a lots less. Both lifestyles are living within their means it's just one has more money to spend but is still within their means.

@parkerbohnn 15 күн бұрын

If you retire outside of Canada. You'd have to live like a pauper on a million dollars in Canada.