Five Retirement Planning Ideas That Everyone Should Know
28,379
Published 2021-06-28
Stressing about your retirement is the last thing people want to do, but we find that it is a very common occurrence. If you are able to put a solid plan in place, however, a lot of that stress is going to be alleviated, and you'll be able to enjoy your retirement just how it is meant to be. While these five ideas only cover a portion of what your retirement plan will need to include, they are a good starting point, and these ideas will help you create a checklist of what you need to prioritize heading into 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 savings plan on track. You can learn more about our services at www.parallelwealth.com/planning
OUTLINE:
0:00 - Introduction
1:03 - Idea One: Time Horizon
3:50 - Idea Two: Retirement Spending
6:34 - Idea Three: Estate Plan
13:41 - Idea Four: Net Return After Inflation
15:59 - Idea Five: Utilize Your TFSA
18:50 - Summary
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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.
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All Comments (21)
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Mr five, I watched lots of people/professional who talks about TFSP and RRSP and retirement. You are the top in delivering the material is simple language. Well done Adam, I find your video one of the best 👌 👍
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This video had so much excellent information, I had to watch it twice just to make sure I got it all. Outstanding!
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A year later, 2023, I return to watch this again, as it is still relevant. Thank you Adam and team.👍🙏🇨🇦
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I had no idea that you can use your tfsa so wisely...take money out in Dec, not taxed...and then in January you are allowed to put all of what you took out back plus the additional yearly max contribution....compared to taking money out in January and NOT being allowed to put that money in until the FOLLOWING January otherwise the CRA will charge a penalty per month if you do put the money you took out back in in the same year you took it out....crazy rules and so important to be aware of them...thank you Adam!
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Excellent high level example of saving taxes
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Good video. Make me think ... thank you!
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Thank you for the helpful video.
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Thanks Adam, great info and well presented! I also watched it twice!
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Defered capital gains 🐴 Great video
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Awesome video, tons of great info as always. I'm 48 and hoping to retire in roughly 3 and a half years. When should I get my plan done? Asap or closer to retirement? Thanks!
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Hello is better to do more saving in tfsa then in rrsp I'm 55yrs
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Definitely like the idea of strategies on how to get inheritance to others while you are alive and making sure it does not go to the government in taxes. I guess there is a cap of how much one can donate to a charity upon death as it relates to helping reduce taxes. I think I heard on one of your other videos is upon death charity donations are allowed to be 100% of your last years yearly income to qualify for the charitable donation credit. Of course you can give more but there will not be any charitable donation credit for the amounts above the 100% mark. Did I understand that correctly ADAM?
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Who in the Edmonton area do you recommend for financial advice. Thanks!
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Hi Adam, I love your video's and I agree with these 5 planning ideas, the problem that I have is that most of my retirement income is tied up in RRSP's. is there a tax efficient was to move money from an RRSP to a TFSA? Cheers, Kevin
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Hi Adam love your videos you had mentioned typically one would need around 60% of their current income in retirement? But if most bill are are the same actually increased with inflation how can that be thanks
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As always your video always very informative. As an immigrant I learn how complicated Canadian tax system. What the tax bracket on the money we bring to Canada? Say inheritance money from overseas? Is it part of the income for that year?
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Adam, what software you use?
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Question - If a client has RRSP room and TFSA room and is in a high income bracket do you suggest putting money into RRSP until the room is exhausted or into TFSA and RRSP?
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I want to develop a roller coaster strategy 60-67 grow your RSP 68-80 attack your RSP 80- ?? Live off TFSA ( helps your estate ? ) I AM HOPING THAT DELAYING MY CCP IS BASED ON MONTHS NOT YEARS is it not per month delayed that adds to your FUTURE CCP value !????
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Inflation does not impact everyone the same. If inflation is 2% and HISA is 1.5%, you may still come out ok if you are not impacted by the increase in oil, lumber, etc..,
