How Much You Need to NEVER Run Out of Money in Retirement (as a Canadian)

Comments · 190

• JA

  @jamesmoyes3006 · 4 months ago (edited)

  I’m retired at 60 with 122,000 in the bank and I’m just fine

  11

• TA

  @tamodaleko-f8h · 5 days ago

  One thing is clear, majority does not have enough

  1

• JU

  @juliegolick · 4 months ago

  All the calculators: "You're almost there! You just need to save double what you're saving now and you'll be set!" That's... not a realistic goal, calculators. Knowing more does not, in fact, make me feel any better. :(

  5

• RO

  @robertmcintyre9411 · 4 months ago

  One thing rarely discussed in retirement planning is the cost of long term care. We all think we will live out our final years at home, healthy. Reality is that doesn’t always occur. Would love to hear someone assess the costs, any financial assistance available ( if any) and the  impact on retirement planning.

  14

• AN

  @anterodacruz86 · 5 months ago

  Fear only ,no sense control expenses is the key.

  2

• NE

  @newportgss6566 · 3 months ago

  Comments like these give me a lot of comfort. I never had a number in mind but regularly put money into RRSPs, TFSA, and non-registered savings. I budgeted $10k a year on non-necessity spending (sports, travel, hobbies etc.) and did this 20 plus years and counting. Compound interest is your friend. I am 56 and have a networth of $2.6M and will retire at 60. I have some bucket list items to knock off and I have the cash to do it. I beat the game 😊.

  1

• OK

  @okkbiker · 4 months ago

  Financial planners like to use super conservative calculations to cover all scenarios, their numbers are high, for self serving purposes. First, you are most likely not going to live to 100, change that number to 90 and you need way less. She was honest about the 25% tax being high, but used it for calculation anyway. Use a realistic tax rate, like 20% (Should be even less, remember that you don't need to pay tax for your TFSA withdrawal, you should have a good size TFSA if you planned for retirement). And your property can be sold, to fund your late years. You need way less than what they all tell you.

  4

• RO

  @rosaurarodriguez596 · 5 months ago

  Excellent video, thank you.

  5

• RO

  @rongrant3500 · 5 months ago

  I don&apos;t have anywhere near a million to retire, but I&apos;m not worried. I have two older siblings that retired about eight years ago with less than $40k in the bank. They receive &nbsp;CPP, OAS &amp; GIS and they both manage to make ends meet, although they do live extremely frugally. They do both have a car, one rents an apartment in London ON and the other lives in central Ontario &nbsp;in a small off grid house. (paid)<br>I&apos;m not recommending it, but it shows me that you don&apos;t absolutely need a whack of money unless fancy cars and constant globetrotting are part of your retirement plans.

  24

• JO

  @joaquinzannchez3184 · 1 month ago (edited)

  My current living espenses without mortgage is $4,500/months. That includes saving for vacations to Mexico every other year, while raising two children. So, once I am retired, I expect my monthly expenses at around $4,000 max adjusted to inflation. Including taxes that would be around $55,000/year. A 1 million portfolio earning 6% should be more than enough, considering that I would have CPP and OAS on top of my portfolio earnings

  1

• PO

  @PowerCat71 · 4 months ago

  Yes but the bank thinks everyone lives in Toronto

  1

• JE

  @jeffsim4191 · 5 months ago

  Max OAS is not 40 years of residence, &nbsp;it is 40 years after you are 18+

  8