Do NOT Make These 10 Retirement Mistakes
29,676
Published 2023-11-25
Well Built Wealth: www.wellbuiltwealth.ca/
Links:
Planning software we use: Conquest www.conquestplanning.com/en-ca/home
Withholding tax article: www.moneysense.ca/columns/ask-a-planner/withholdin…
RRIF Withdrawal Rates: www.sunlife.ca/en/investments/rrif/withdrawals/
Tax Calculator: wowa.ca/calculators/income-tax
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Intro (0:00)
#1 - No Retirement Plan (0:17)
#2 - Paying Ridiculous Fees (2:35)
#3 - Paying More Tax Than Necessary (3:58)
#4 - Not Adjusting Spending Habits (6:23)
#5 - Forgetting to Plan for Annual Taxes (7:08)
#6 - Giving Too Much to Adult Children (8:38)
#7 - Retiring Too Late (10:03)
#8 - Not Enjoying the "Go-Go" Phase (11:08)
#9 - Not Planning for Health Expenses (12:16)
#10 - Underestimating Inflation (13:26)
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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal 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, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.
All Comments (21)
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One of the best financial channels out there.
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I completely agree with your statement of the advisor fees!!!!
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Great video. You must put a lot of time and energy into the scripts for these. Many thanks!
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Thanks very much for this sound advice. Greatly appreciated!
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Great advise/info. Thanks for sharing
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Great content easy clear explanations thank you for taking the time to make your Channel
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Great practical advice with this one Rhys! Lot's to dig into and consider.
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Very helpful video.
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This is awesome!
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I have researched and watched a LOT of 'material' on financial planning. You have, by far, nailed it. Anyone who hasn't determined their financial future would be well advised to pay attention to what you have to say. If they are not willing to invest the time to learn and understand what you are stating should go ahead and invest in your 'for fee' planning advice. Of all the investments available, that seems like it would have the best return.
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Everyone should watch your videos. Great material and great presentation. Love it!!!
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Lack of real coemption in Canada is the real culprit for hi fees. It is sick.
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Love his advice
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Would love a video on your thoughts about taking out life insurance so your estate taxes would be paid especially if you both died together in an accident in the first 10 years of retirement.
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great advice...thanks.......but....at the end all will stay here some way or another
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Solid info, Rhys! Love your content. Please keep up the great work!
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In terms of fees: We pay it. I don't understand why, financial advising fees can't be a tax write off of some kind. We all need such advisors for our retirement.
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If you’re paying 2% fees then the 4% rule becomes irrelevant and you now need 1.5 times the portfolio size to make the 4% rule work. Simple switch to low cost etfs and you take a decade or more off your working career.
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What are thoughts on a strategy like this: opting for not getting deducted any tax and investing an approximate annual tax amount in let’s say in one year GIS or another high interest vehicle.
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Living the dream in the “go-go” phase. Thanks to you and your team we are doing it with great peace of mind…mucho gracious. Mexico in 8 days 😎 Love all your videos. 👏
