How To Create a Solid Retirement Plan // Canadian Finance

Рет қаралды 22,647

Күн бұрын

Ever wonder how to build out a solid retirement game-plan? In this video we show you the key things you need to think about, how to build in a safety buffer and some free resources on how you can do this on your own if you want to.
Business Inquiries: info@wellbuiltwealth.ca
Well Built Wealth: www.wellbuiltwealth.ca/
Intro (0:00)
Test Case Details (1:37)
Defining Your Retirement Goals (1:57)
Details of Your Investment/Savings Accounts (3:45)
Details of Your Pensions (4:06)
Details of Your Property(s) (5:30)
Details of Your Liabilities (6:13)
Taking Stock of How You're Tracking (6:25)
Retirement Income Shortfalls (7:11)
Strategizing to Address Shortfalls (7:30)
Stress-testing Your Plan (10:51)
Free Resources (12:15)
Links:
CRA Retirement Calculator: www.canada.ca/en/services/ben...
PERC: perc.ecm.lifeworks.com/
DISCLAIMER: The content and opinions on this channel are for informational and educational purposes only and none of it is (nor is it intended to be) investment advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and does not provide specific recommendations. Those looking for specific investment advice should seek out a registered professional. Rhys Martell is not responsible for any investment decisions taken by anyone other than himself.

Пікірлер: 48

@wellbuiltwealth Жыл бұрын

First thing my wife pointed out to me was a grey hair sticking out sideways in my goatee. Now that's all I see...

@billyrock8305 Жыл бұрын

Top retirement advice: 1) Eliminate all stress 2) Eliminate all debt 3) Daily fitness regimen

@canpin Жыл бұрын

Great info.! Thank you.

@garyfeser4294 Жыл бұрын

Great video...new sub...I myself am close to 50 and single...and trying to figure out when /how much and all other factors needed for retirement...but one thing I find is limited resources for single retirees compared to couples...any plans on exploring that on your channel...would definitely appreciate it!

@wellbuiltwealth Жыл бұрын

Gary, thanks for your feedback and your idea. 100% I will make a video on exactly this. And I'll do it soon. And I'll base it of a single person, current age 50. Just for you :)

@laed3520 Жыл бұрын

WOW! Thank you for the link to Frederick Vettese PERC. I have read many articles from Fred and did not know about this calculator. I tried the Gov Canada calculator but found it wanting.

@wellbuiltwealth Жыл бұрын

If you end up using it, please let us know how you found it. Very curious...

@christinee8353 11 ай бұрын

I actually found the gov of cda one quite good. If you think it thru you can even adjust your income in the different retirement stages.

@wellbuiltwealth 11 ай бұрын

@@christinee8353 Thank you! Good to hear.

@franciscirillo836 Жыл бұрын

what do you think the priorities should be for my wife and I? I am 23 she is 25. We both work full time and I am also in the Army reserve. We recently bought a house and pay $1520 a month on the house and the total of both our incomes is right around 95k. We have no debt other than the mortgage which has $206,500 left on it. We both contribute to retirement accounts to get our matches and we put $250 a month into a vanguard S&P 500 ETF. What are some of your recommendations to get become a millionaire asap? Thanks for any input you might have. Love your channel.

@McCraniewind Жыл бұрын

I'm 48yrs old living in Montreal. I believe my retirement is quite close and I'll if things go according to plan, bought my second house last month. I find it extremely useful for planning my retirement. I only got into this stuff seriously when I hit 40 (48 now) but as I’ve never previously wasted too much money with a bit of focus and tweaking things each year I should be able to retire if I want to at a decent age

@Ronnievega39 Жыл бұрын

You're really doing well for yourself, I aspire to own my home, that's really a big flex.. Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value

@McCraniewind Жыл бұрын

My advisor 'Martha Cornell Kerns'' In terms of portfolio diversity, she's a genius. she has years of financial market experience... The uncertainties accompanying this present market is more reasons I have both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive analysis, it's quite impossible not to outperform. Netted over $750k in return on investment, since using a coach for about 2years..

@jaidenSalinas Жыл бұрын

Nice, I’m 70 and just paid off my mortgage. Cash flow has improved as a result, of course. My SS is solid (not fantastic) but I manage it very carefully. I’m able to cover my monthly and annual expenses and put a bit aside as well. However, I do work part time (from my home) about 10 to 20 hours a week, which allows me to put away 25% in my 401K, keep an emergency fund, and deal with old house adventures. I still keep my monthly spending on a tight leash, especially compared to most people of my age that I know. I sometimes get criticized for being so careful, but that’s usually from people who spend in ways I don’t find valuable

@Chaim127 Жыл бұрын

@@McCraniewind Thank you. Just what I needed. Me and hubby are directors of our farm business and own property, plus small pensions. I also earn passive income online. I am nearly 52, hubby is 55. We have started to think about when we could retire from the farm, and could we afford to live on rental income. We want to get private health cover, especially as our plans could include living in Spain for at least part of the year. Will get the spreadsheet, and start to think more in detail.

@ggpp6252 7 ай бұрын

When withdrawing from your investing, do we start from the low-return investment or the high-return investments from our non-registered accounts?

@midlifeexplorer160 5 ай бұрын

Great information in the video. Not sure about the PERC link. I created a profile, entered a lot of information about myself and my wife. Got to the very end and tried to run the report. The system told me I had an connectivity issue (internet working fine). I logged back in and lost all my data.

@wellbuiltwealth 5 ай бұрын

Brutal!

@KimJilene 9 ай бұрын

Great video- I will check out the PERC calculator. I get thrown off by how inflation will affect the amount of money I will need in future. For example, if I am 40 now and need $4000 a month to live today, if plan to retire at 70, how much of today’s money do I have to save to make sure I have the equivalent of $4000 of purchasing power in 2053? Also, won’t the $4000 of 2053 money go up every year due to inflation? So I will actually need more money every year from age 70 to 90. I find it all so confusing…

@wellbuiltwealth 9 ай бұрын

You’re totally right. Once you pick an inflation percentage estimate that you’re comfortable with, you have increase your $4,000 by that amount each month for the rest of your expected life. Just use software or online calculators. Definitely the easiest route :)

@DoneByD Жыл бұрын

So what financial planning software do you use? I've only seen a couple talked about on KZfaq Channels - SnapProjections and RazorPlan and neither look like what was in your video.

@wellbuiltwealth Жыл бұрын

We use Conquest. Huge upgrade. Love it.

@chanm1000 7 ай бұрын

Can you provide some fairly decent paid for software for retirement planning? What software do you use? I'm willing to pay for decent software to do continually adjusting as I get closer to retirement and market changes

@wellbuiltwealth 7 ай бұрын

We use Conquest. However, it’s only available through advisors.

@seancarson6481 11 күн бұрын

Could you recommend a place in the Toronto area, that I could get to. As I see you are in the BC area which is a little out of my way.😊

@wellbuiltwealth 11 күн бұрын

Sorry, I don’t know many options out there. But we do work with people all over Canada.

@georgiaroberts 4 ай бұрын

What do you charge to provide a financial analysis for retirement or do you do it only for clients? We live near toronto ontario

@wellbuiltwealth 4 ай бұрын

We provide fee-for-service planning for people all across Canada. You can check out the pricing and details here: www.wellbuiltwealth.ca/the-fee-for-service-option

@Mm_bear Жыл бұрын

Hi there, I keep getting different information from CRA each time I call. It’s so frustrating as I’m planning to retire.

@wellbuiltwealth Жыл бұрын

You’re not alone on that one!!

@Mm_bear Жыл бұрын

@@wellbuiltwealth how do I contact you with questions as a financial advisor please? I used to have one, and thought I could retire without one, as I’ve been budgeting for years, BUT finding it so difficult to get started to retire next year.

@wellbuiltwealth Жыл бұрын

@@Mm_bear Feel free to email us at info@wellbuiltwealth.ca or pop over to our website at www.wellbuiltwealth.ca/

@Mm_bear Жыл бұрын

@@wellbuiltwealth Thank you!

@ryangervais5045 8 ай бұрын

I’ve read the book you talked about a few months back. What are your thoughts on the book die with zero and solving for maximum enjoyment when spending down assets. I bought both at the same time and thought they were both excellent. Not enough resources exist for spending down capital as we are just taught to accumulate.

@wellbuiltwealth 8 ай бұрын

Never heard of that book. Might have to give it a go :)

@ryangervais5045 8 ай бұрын

It’s a great one. If you don’t take something from it post here and I’ll pay for it! I’m a contrarian by nature so it speaks to me. I’m a few years out from needing a plan as my finances are way to complicated right now. I’ll look you up once I simplify and you’ve read that book. Lol

@wellbuiltwealth 8 ай бұрын

@@ryangervais5045 Fair deal!

@katsadventures7027 29 күн бұрын

How much do you charge to do my plan for me? I am retired now actually at 57. I have my budget done up. I have no debts. I would love to have my planned on at the moment. I’m going to get my money out of the bank because of the fees and I’m going on my own. I own my own home fully paid. My monthly expenses are extremely low. He recently widowed I received my husband CPP 700.

@wellbuiltwealth 29 күн бұрын

You can find pricing here: www.wellbuiltwealth.ca/the-fee-for-service-option Cheers

@katsadventures7027 29 күн бұрын

@@wellbuiltwealth thank you