Navigating Retirement: The Importance of a Clear Plan

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Navigating Retirement: The Importance of a Clear Plan

Рет қаралды 8,059

Күн бұрын

➡️Our financial planning services: www.parallelwe...
In this video, we'll discuss how you need a GPS for retirement, and what that entails as you plan for retirement.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track.  You can learn more about our services at www.parallelwe...
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➡️Parallel Wealth Masterclass: www.parallelwe...
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OUTLINE
0:00 - What Is A Retirement GPS?
2:58 - Benefit One
5:45 - Benefit Two
9:33 - Benefit Three
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

Пікірлер: 28

@Rosebrabadian 2 ай бұрын

I’ve been working since early 2006 and faced a significant setback when I lost my job. Despite this, I managed to grow my investment portfolio to about 700k Unfortunately, recent market fluctuations have caused my portfolio to lose nearly 48% of its value, which has left me feeling panicked about the future. With my retirement approaching, I am looking to mitigate risks and create a steady growth path for my portfolio. Additionally, I am planning to buy a new home, Given these circumstances, I would appreciate any advice.

@JosephMateo-sr6lv 2 ай бұрын

Hey Rose i think you should consider the second advice, a Good licensed advisor because you can’t do it all also most times. That is where expert comes. Joan Alora dulieu will help you scale through Cheers.

@markust8904 2 ай бұрын

So my thoughts are and are relevant to your vid, don't give up entirely on paper maps, In the motorcycling world a paper map, gives you an overall view of your trip and is more detailed than you think if you know how to read it, and you realize what has to take place given a destination. Gps gives you a small dose of where you are and maybe some roadblocks along the journey close to where you are or in real time, however some gps tracks don't show you the best route as they only go from A to B. Not showing you that a particular road is no longer in existence and ends at the cliff. But i get it, the financial planner says "oh shit that road has been out for quite a while, Let's take this detour. Good advice.

@pwong0227 2 ай бұрын

First here from Kruger National Park. Still here in South Africa.

@BBRubble 2 ай бұрын

I noticed that the software seems to follow the the withdrawal pattern of non-registered>RRIF>TFSA in that order. This seems to be a logical practice in terms of tax planning. Use the unprotected funds first and let the RRSP and TFSA continue to build before converting to RRIF abetted by tax free TFSA withdrawals. This strategy (provided savings exist) allows for a CPP at 70 and a freedom to decide when between 65-70 OAS will be most advantageous tweak for the laddering process. Interested in you thoughts, Adam as well a the PW channel mind hive.

@ianburton5624 2 ай бұрын

Planning out my retirement income and expenses even as close to 4 years out reminds me of the hurricane tracks that you see from environment Canada. It resembles a cone of uncertainty that narrows as you get closer to landfall (I.e. retirement date). The farther out you are the more uncertainty in all of the contributing factors to net income at retirement.

@user-ty2yb1iy2o Ай бұрын

For people that are above average earners, don't forget about IRMAA. Nothing like being penalized for being hard worker, high earner. This will gouge your social security!!!

@wendylee6040 2 ай бұрын

Great topic! I always enjoy listening to your logical advice. Is the retirement planning software you use only available to financial advisors? Would you have any retirement planning software recommendations for us Canadian non advisors (free and non free) ?

@James_48 2 ай бұрын

Great timing. I was just discussing this.

@fhuzpatch 2 ай бұрын

Thoughts on a retirement plan to empty the RSPs into a non registered investment account early, building on an already larger non registered account to live on with the anticipation of just continuing to grow that account to pass on as inheritance? Keeping TFSAs topped up as investing accounts as well, ready for emergencies but very unlikely to use, but if they get large enough the non registered account could just be emptied to help our son early if needed.

@alexandrailnyckyj6059 2 ай бұрын

Worked with a highly reputable financial planner and he advised that it is NOT a good idea to draw more money out early and then decrease the income stream ie the go-go, slow-go and no-go approach. He acknowledged that it is an approach but that it does not allow for the most efficient tax strategy. Rather, taking out about the same amount all along. Perhaps we have enough in our nest egg to allow for a good amount to meet all of our early retirement desires without having to do the front load? IDK.

@DoneByD 2 ай бұрын

Question for you, you state "He advised that it is NOT a good idea" --- did he demonstrate by showing you the numbers why it's not a good idea? If he can't demonstrate the positive effects or negative effects by the changes it's just an opinion without any proof. I'm not advocating for one way or the other but I want to see the numbers and then I'll do my due diligence/analysis and make a determination what is best for me.

@ParallelWealth 2 ай бұрын

I completely disagree. Again, have this person show you why, not just tell you. We have done thousands of plans - the tax concept works, but more importantly this is how you will spend in retirement

@sandray7609 2 ай бұрын

It could be in his best interest for you to NOT withdraw more early on if he makes a % of the investments. It's a conflict of interest

@ddavidson5 2 ай бұрын

Personally I'd say go with what you feel is right. At the end of the day these planner/advisor people are only making recommendations, it's up to you to decide what you actually do. When I started my retirement journey at age 61 (9+ years ago now) I went against the common knowledge thinking at the time which was: Start CPP & OAS as soon as you can and leave as much in your RRSP as possible untouched until you are required to start taking it out at age 71, and even then take out only the minimum required by law. Not me. I said to my financial adviser I want to defer CPP & OAS to age 70 (which we did) and convert the RRSPs to RRIFs right away. I also said: "If I run out of money by 80 I am okay with that" which made my adviser nervous for me but that was our decision. Perhaps that was an early iteration of "Go-Go" spending but I didn't know the name for it back then. In any case I figured that with my wife and I both deferring we'd eventually get the highest monthly cashflow possible from CPP & OAS (I am at max CPP & my wife at 80%, we both get max OAS) and we'd be fine later in life no matter what. CPP & OAS lasts as long as you are alive so we'd never truly "run of of money" regardless of what might happen to our savings. I am a big proponent of deferring your CPP (OAS too) but I'd also say don't pay any attention to the whole "break even" CPP & OAS discussion, it's a red herring and just a distraction--at least that's my opinion. These days my decisions back then don't seem so radical and in reality I am not going to run out of money by age 80. In fact after lots of overseas travel and wintering down south every year in Mexico our savings are more or less the same as when we started retirement. At my last review with my financial adviser I said: "I feel like I need to be spending more money". Maybe we'll fly business class or something now. Who knows? I think our experience is a common one and all I can say is: Take advice but live the life you want to in your retirement. You probably won't overspend anyway, after a lifetime of saving for retirement you are unlikely to squander it and in fact the opposite will probably be true, you'll be nervous to spend it. Money is money but once you are gone all you'll be leaving is memories so make some memories to leave. (Also read Fred Vettese's book "Retirement Income For Life").

@garth217 2 ай бұрын

@ddavidson5 great post. Do what works for you. I'll take CPP at 63 because I it replaces my drop in my Defined Benefit Pension bridge at 65. Draw both for 2 years and put the money in my TFSA.. no need to meltdown RRSP because all that would do is put me back into the same tax bracket as when I was working..that means OAS clawback

@brassj67 2 ай бұрын

You need to know the real values as they are what the nominal figures will be worth in todays money. If you say want to have 50K net for the first 10 years of retirement then 40K for the following 10 yeas and so on, these are the real values but the nominal will be higher because of inflation year after year. In summary, Real value remains constant over a given period and nominal changes, usually increasing.

@ParallelWealth 2 ай бұрын

Correct. Which is shown in this. Increasing nominal over time...