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The Truth About How Much Money You Need To Retire

Parallel Wealth 136 views

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Based on my current lifestyle and expenses, I can retire on $200k if I also own my own home However, I'm aiming more for $500k-$600k just to ensure a more conformable retirement and have more breathing room
Comment from : @すずちゃん-r3h

I believe I need at least 5 to 7 million dollars more to properly retire
Comment from : @supercompooper

I don’t think I need 17 mil I think I need more 😂 Thankfully I’m on track and started investing into my retirement at 19
Comment from : @LoganRoberge

But if you pop 17 million in the bank and leave it there, the bank has that money to use for lending and making money Of course BMO would exaggerate It’s how they can afford to do more business
Comment from : @brianschryver8314

They need alot more than 17m
Comment from : @AH-mj1rd

Is OAS clawback factored in this example?
Comment from : @craiglindholm6338

Get ready for the government to come after your assests Capitol gains tax galore
Comment from : @scottmarwood7654

We are paying for retirement from our paycheck Technically we shoupdnt require savings to retire We already paid for that
Comment from : @celuiquipeut6527

My retirement party will be the same day as my funeral
Comment from : @recrdholdr

I would never trust a bank to give unbiased advice They will give advice that’s best for them, not you
Comment from : @JBrierley02

This is all well and good if you have a home Housing is out of reach for most people Tag on another $3500 per month in housing costs to your calculations
Comment from : @krunk485

It’s actually closer to 25 - 3 million according to current numbers and projected 2 (roughly) rises in inflation per year for the next 25-30 years brbrI guess it depends on your current age I’m 32 and have 200k saved and basically live like I’m poor Prices are going to rise dramatically in the next 30 years considering housing already costs 16 mill starting here
Comment from : @Eminetics

I couldn't watch this hole thing as there is too much fluf at 5 return your at $85,000 less TAXES! Say even you keep at the lowest rate of 18, that is a loss of 15,300, no total of about $70k say, for likely 2 people! Most retirement homes that are nice, cost 3-5k/month, 36-60k per year not much left over to do anything at all without erroding the base That doesn't even touch inflation is running 4-8 (and don't quote me on the governments rates, my household inflation from 2019 to 2023 was over 35) So a 5 return isn't keeping up with inflation currentlybrSo if you mean you don't need 17M as you will eventually die with Zero and leave your family/kids/etc nothing than sure I agreebrBut if you want to live and leave something for your next generation you need at least 17M and that will be hard to not errode away to nothing so now you need to do math on how long you think you will live, as if you hit 0 before you die, don't count on the government to look after you!
Comment from : @marcusone1

It makes sense that if people don't know how much they will need in retirement, and that they think they will need 17 million, that they don't feel prepared for retirementbrUnless you enter retirement with the same debt load and expenses as you have in your 30s and 40s, you definitely do not need 17 millionbrYour physical health will play a big part in this as well brStart taking care of your finances and your body in your 30s and 40s (or earlier) and you can stay in your paid off home well into old age
Comment from : @1964mcqueen

I am horrified at the notion of depleting my assets during retirementbrbrIn my opinion any retirement plan who's assets don't grow with inflation is a failed plan That's why I believe retirement needs a bstupid/b amount of money And my lifestyle is CHEAP
Comment from : @DerrickJolicoeur

How many people actually get to retire, it has to be a small percentage of out population I'm 47 year old male I will die standing up, at work And so will others, or die on the street homeless
Comment from : @Mutorcsym1391

I have a nice indexed pension that I got at a pretty young age, so I only save for splurging money, for later on brI'm not rich, but I used my work earnings to DO interesting things, instead of saving money and NOT doing anything
Comment from : @TheJimprez

There's no "Truth" about how much money you need to retire, it's only a matter of what kind of retirement you want It's a spectrum with one end being simply surviving during retirement and the other end being extensive travelling, dining out, etc I suspect 17M would be more on the right side of the spectrum
Comment from : @rickmorris3580

In Canada you need likely 80k a year to live comfortably go on some cruises or vacations during your retirement and for the later years you will need a minimum of 50k for in home assistance as you age outbrbrI agree most people won't make it to 95 plus, but, when it comes to retirement you want to make sure you have the income to ride you to that age regardless if you make it or not because at 85 to 90 you don't want to be questioning if your finances are going to make it last those final years and put a burden on your family if your family is even willingbrbrOver all more is always better because what you don't use just gets passed down any way
Comment from : @DotADBX

As a Canadian millennial , I have come to terms that I will never retire Once I realized that, my whole mentality changed when it came to making money as well as my career path Now I am doing something that I love and don’t mind doing it for the rest of my life
Comment from : @p-stylez571

It takes an average if $227k annual post tax income to afford a home here in the Lower Mainland today What do you think it will cost in another 30 years? How would $89k/year be a livable wage for a couple who needs a lot of extra money for medical?
Comment from : @find7725

Assuming OAS will always exist is dangerous There's been a tremendous amount of pushback against it recently - or at least calls to make it wealth tested instead of income tested
Comment from : @Weaver_Games

I want this guy managing my money I have one of the best pensions in Ontario and I’m watching people that have retired from this line of work taking on other jobs cause there’s not enough money in the pension to keep yourself from being broke should something happen like needing to buy a vehicle or bigger maintenance on your house you weren’t expecting br Pension is $60,00000 a year Retirement age is 55
Comment from : @richvail7551

It's more like 3 million
Comment from : @adjepson

All depends on what lifestyle you want to live If you are good with eating cat food and living in a dumpster you can retire with far less If you actually want to enjoy your retirement, 17 million is about right
Comment from : @blacquejacqueshellaque6373

If i need 17mill to retire guess im not goingvto be able to retire Sad but true Oh well FML
Comment from : @ugna2773

BMO needs you to have 17M for their bottom line Unnecessarily scaring people
Comment from : @glennwilliamson889

You need at least 10 million to live well
Comment from : @Tugela60

I’m too lazy to save moneybrI’m 35 180k in debtbrNo savingsbrI’m gonna die one day so money doesn’t matter to me
Comment from : @ddfurrymann

That's a number most people will never have!
Comment from : @cedude69

Horse Pucky! Live within your means An 80-year Harvard study proved that embracing community helps us live longer and happier lives brClose relationships, more than money or fame, are what keep people happy throughout their lives, the study revealed 17 million, seriously? Are we dining every day at the Ritz
Comment from : @Can-Ab-strong

Need 17 easy to retire young
Comment from : @FusioN_764

What about if you own a home, and are still paying a mortgage and upkeep? what a bout owning a car? The majority of us are not going to be able to sock away 750k in RRSP's
Comment from : @tedzaleschook

Depends on what "comfortable" costs 😂
Comment from : @mickeygallo6586

So, I expect BMO is assuming that BMO will be providing the financial services for your rrif and capital investing They will charge 09 of your gross value every year That's a minimum Don't count on OAS or CPP OAS can be entirely clawed back
Comment from : @timmigrant6597

Hmm, but will the future look like the last several decades? (I'm not convinced it will) And, I don't think the real inflation rate is (or will be) 3brAlso (as I know USA more, but not Canada system), what happens when someone needs to go into assisted living, or more intensive care in Canada For my parents (in USA) that has been/was CRAZY expensive
Comment from : @SteveW928

@6:30 "you're never going to spend that in later retirement "brbrI'm curious about that - doesn't medical care get much, much more expensive for a good fraction of people? brdrugs and help ain't cheap
Comment from : @lowbarbillcraig3689

I don’t really plan on retiring, don’t think I can but also love my job even though the pay isn’t keeping up with any price changes
Comment from : @robs1714

“90k, that’s impossible to spend” …Hold my beer
Comment from : @BKNb77

$17 million? Not me I plan on having 1 million at age 60 including the value of my home… and I WILL be retiring or doing some stupid, menial job that I “like” doing
Comment from : @beri232

My parents are in a retirement home in Ont, It has been costing them 6 thousand a month Now my father has to move to a nursing home and therefore their cost of staying in two separate places will increase to 7 thousand per month So not sure why all the financial people say it costs less to live the older you get?
Comment from : @bestlifeover60

The important point that needs to be mentioned is that the "no go" stage can actually be the most expensive if long term care is required In a good facility it can be over 100k annually
Comment from : @peterhill7860

Keep voting Liberal and that number will just go up
Comment from : @dantech1

A lot of people are going to be screwed if you need 17 million
Comment from : @Bkamaclean

My honest opinion If you have a house that is paid off , you only need about half a million above that Together with OAS & CPP , you can live off the interest on half a million The budget would be tighter if you're renting , a little more than that would be better
Comment from : @johngawrylash7732

as a Canadian I can tell you for sure that about 90 of Canadians are not very smart when it comes to money The really issue is that of that 90 about 90 of them have no interest in learning about money/investing, They are to consumed with how the liberals are screwing them and would rather complain than take action
Comment from : @ratemyfastfood

It's from a bank, and therefore you need to take this with a large (Everest sized) grain of salt They're obviously trying to scare people in believing that they'll need more money saved/invested, and of course the banks are more than happy to help you with that Of course, they won't tell you about ETF's, or other low fee investment strategies Instead, they'll recommend their own high-fee mutual funds, and maybe even recommend taking out a HELOC to increase your investments, etc etc
Comment from : @jaxwylde2139

If Canadians really think that they need $17 M to retire there will be very few people retiring!
Comment from : @chrisfournier6144

We've gone over the numbers, and we cannot afford to retire in Canada
Comment from : @billwhitis9997

Is this 17 million per couple or per person? That's a scary amount for a single person Why does everyone forget about the single people?
Comment from : @somai_1

cuz most can’t budget totally rediculous $$ numbers
Comment from : @gradermen_1968

Is this number accurate isn't really the question It's more like is it realistic? The average Canadian is just making it
Comment from : @sammemrys8195

What is this software and how do I get it or use it?
Comment from : @JDRichard

Bang on My 95 years old mother comfortably lives on about $CDN 26,000/yr in a nice geared-to-income residence in Oakville ON and SAVES money!
Comment from : @rogercyr1551

are you kidding me most people are complete financial trainwrecks
Comment from : @bobmanp8653

This is ridiculous Most people I know in the west end of Vancouver are in subsidized housing, have about $2,000 a month to live on Get real
Comment from : @MK-cc5ve

Having or not having a pension comes into play If youva well funded pension plan, that provides retirement income its much different than a self employed
Comment from : @dirtdevil70

If most Canadians believe they need 17 million to retire they will be working until they drop dead
Comment from : @relaxgood5214

I have 38mil usd at 41 and I don't think its enough for retirement would be more comfortable in the 5-7mil range
Comment from : @johnnash9523

Can you please share the link for the calculator you showed in the video ?
Comment from : @digitalworkshop

Well good for them I'm 60 yrs old, single and make $18/hr thats my reality
Comment from : @graceinguelph

I’ll be watching for you to produce the video about Canadians that have worked in the USA and subsequently transfer their employer 401k’s to RRSP’s in Canada I was assessed a 30 withholding and have not found a way to recover that loss What will be the video name/title? I don’t want to miss that one
Comment from : @bevblair2245

With what inflation has done in the past couple of years, how on earth can one ACCURATELY determine what you need if you were hoping to retire 10 to 20 years from now?
Comment from : @yarrdayarrdayarrda

I feel like I might be saving too much Or I need to figure out something to do in early-ish retirement
Comment from : @alanj9978

Whether or not Canadians bneed/b that much to retire is a bit immaterial The vast majority of Canadians will never bhave/b that much in retirement And by that I mean well above 90
Comment from : @RobertFalconer1967

You do need about 1M net worth in Canada to retire comfortably from 65 to 85 It is true Whether that NET 1M is a combination of Real Assets and Liquid that's what you need
Comment from : @joelzinho4600

You’ll own nothing and be happy , Klaus Schwab
Comment from : @chrave1956

A retired couple who has paid off everything (living in the Midwest) needs around $3000 a month Want to travel or like gambling, you'll need more! One more thing Be sure to have great health insurance Sickness will eat up your funds!
Comment from : @johncipolletti5611

I have a feeling that Women are the ones answering higher numbers for obvious reasons
Comment from : @DanoG

So these numbers are just for the top 1, right? I easily live on less than $2000/mo What are Dave and Ruth doing in retirement? Driving Maseratis and Wintering in Monte Carlo?
Comment from : @troyboyd3100

How much you need if homeless ?
Comment from : @WinterRider

Take your money and leave Canada, you can retire in many beautiful places around the world for a fraction of that
Comment from : @ws2102

This hippie breaks it down! Man!
Comment from : @danielstartek1497

You’re absolutely right these articles are way off I will go further and say they are a joke When someone with a vested interested like BMO polls and releases the data What the heck is the point No 2 people are the same Good video
Comment from : @ryanmenezes3227

$89k won't even get you a new pickup truck
Comment from : @tlr-nut7275

Great video thank you
Comment from : @franckneigel4401

Depends on what you want your lifestyle to be after retirement Most people won’t leave their front door step because they say they’re retired and on a fixed income Lol
Comment from : @alelectric2767

Does that 17 M include the house? If you mentioned this in the video I apologize but, I'm watching this early in the AM
Comment from : @blue04mx53

Most people are at greater risk of running out of health before moneybrbrFactor in anyone with the kind of money has a paid for home and that’s a ridiculous amount of money for a couple to retire
Comment from : @Fehr270