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What Does It Look Like to Retire in Canada with $1,000,000?

Well Built Wealth 257 views

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how about something more realistic to the majority of canadians ? like retiring with less than 200,000$ ?
Comment from : @kingbeeforever

Just found your channel - good videos on the very relevant topic!brbr(You look a but like the guy from breaking bad :))
Comment from : @anik3255

1 million invested in some good covered call ETFs like QQCL, USCL or HYLD at an average of 12, pays you 10k a month That is more than enough to retire on There No more math required
Comment from : @TonyMontanaDS

Joey and Zoey…what are you doing that you need $8000 a month (after taxes)? Let’s readjust the plan to see how much you would need if you dropped down from 3 butlers and 10 limos to a more conservative 2 butlers and 6 limos
Comment from : @michaelemond7315

Curious about that estate being over 2 million What is that?
Comment from : @scottroy6195

Do you review a portfolio and give advice or recommendations if so what is the cost and give plans in writing? Thanks
Comment from : @fazilete

Your RRSP should NEVER have more than your TFSA or you went horribly wrong
Comment from : @ianvanessen9356

What is that software & is it accessible to everyone?
Comment from : @alexislabelle3399

Are you saying 1 million net worth? Or 1 million in a savings with a house and pension plans
Comment from : @daytonfunk1835

If later your in assistant living home ,it becomes more than 6000 A month
Comment from : @valr852

There is no retiring when the government never stops stealing your wealth
Comment from : @Sam-j6l9x

Would after tax $8K/mo create some OAS clawback ?
Comment from : @GL_0563

Love it I’m a Sun Life advisor and that’s our same planning software I think the official name is Conquest? We call it One Plan Nice work going through that
Comment from : @Leaf93

Cpp, while nice, even shows how regressive (yes, regressive) our taxes are How? The hose who can afford the least to delay cpp payments get way less money And those who can delay till 71 (those with money) get the most Need it the least, but get the most brAnother example of this, is speeding fines The poorest pay the biggest proportional speeding fines Why are their speeding crimes “worse” than a rich person?
Comment from : @kban77

I think you did this model with them only receiving 70 of the CPP I would think that when you make this sort of long term plan you should really know what you are going to get so that you can calculate it a lot closer to what will really happen Great video by the way
Comment from : @barrystevens162

Or if you run out of money, you have credit cards! That debt dies with you🤔
Comment from : @JJ-ps9xe

1 million in Canada isnt much , especially if more that half is your home
Comment from : @Davidhall10

I really would love an answer to this question because I asked it on many similar videos and got no answer Why do you use such a low return of 5 percent? I have money in spy and qqq and consistently make an average return of 15 percent and my fees are almost nothing because I don’t use a financial advisor I invest it myself If I had a million dollars in my account I would be making 150k just in interest every year If I lived off 100k and let the remainder accrue compound interest I’d be even better off with time and have well over a million to leave my kids Please explain why you do not figure the same?
Comment from : @petegodden

Age 47, $2 Mil, no debt, retired! Mission accomplished
Comment from : @jeanpauljeanpaul2530

Great video ThanksbrI know it's not your case but could you do this for Canadians that live in Quebec please?brBest regards
Comment from : @munpas

They say inflation is 3 but in the last several years everything costs 200 more So if I retire in 20-30years it tells me that my money will be worthless
Comment from : @vulcan4d

Nice work with considering the potential stock market and economic tsunami scenarios History shows at least one significant spent is likely to occur during a 20-30 year span of retirement years
Comment from : @pilsn8921

Look we all know if you’re 65 and have a million you’re all set Why don’t you do a deep dive into someone who is in their 30s with the same million and show every social safety net they can take advantage of in Canada, and see if it’s feasible? I’m talking about hiding the money in a corporation, going on welfare, disability, unemployment benefits, grift the system until they are 65 to start on OAS Max out all lines of credit at 70, die at 77 with as much debt as possible
Comment from : @tigerrider6711

Probably less than 1 with a million
Comment from : @CanadianTexaninLiguria

As a single retiree with no legacy requirements I wonder what a projection would like if instead of 2 million legacy it was perhaps 100k to cover estate expenses?
Comment from : @kevinthailand2567

😂😂😂😂😂😂😂😂😂😂😂
Comment from : @Alvin-l9n

You should do a video on cost analysis of different retirement homes in Canada and services covered
Comment from : @ronlhubbard1353

But what if markets correct 20 next 6 months as expected
Comment from : @niceguy8305

Sorry Trudeau will not allow you keep any of your income Stop giving people false hope
Comment from : @eyesopen6110

My first time seeing this dude , what a cool video , love the punch in the face , slow delivery which might seem annoying but is fine here
Comment from : @d7k33

17:46 Should've said: Joey and Zoey, found their sweet spot for their goey phrase
Comment from : @DrewK-e2i

Excellent video and well laid out Super informative
Comment from : @gailkerzner5516

You likely need more than a mil these days
Comment from : @toasty-toast

You should be including life insurance as part of their estate
Comment from : @Kevin-uc8np

The name of the video is somewhat deceptive, should be "Retire with $2,000,000 net worth" and that doesn't include the present value of all pensions This easily places the Gemoey's in the top 10 of all households (possibly the top 5) Wealthy by any measure I really doubt they would have any trouble navigating retirement If you want to analyse the median senior family in Canada, use $1M total, ie including real estate and pensions
Comment from : @ShaunMartin-h7u

Great But The assumption is that between 2025 and until they both pass Zoe and Joey will not need to buy a new car, redo the roof on their house, build a garage or any other big ticket expenses ever
Comment from : @earnmyturns6305

Yes, make it 2 million, dreams come true as they say Thank you for such informative ideas 😊
Comment from : @ronniecudia5514

I love that you stress-tested the plan new Sub for that!
Comment from : @VoodooZ

At 34, if I were to sell my property, along with my banked cash, I’d sit right about 1 mill My big question… can I retire here in BC Canada with that? Assuming I’ll need to rent something small, food, usual expenses, etc Honest question
Comment from : @Jaycee1972

Trying to do same but I am 40 Needing a lot more than a mil
Comment from : @KS-qy5lt

Wife and i recently retired with 7 figures and we still can't afford hamburger
Comment from : @MikeBikerKickstand

Does your firm provide portfolio investment allocation guidance? Ie I am a self managed investor but am looking for advice & guidance (subject to all the appropriate disclaimers - I get that) on how and what to have for income generation Or if you know if any IAs who would do that? Most require me to GIVE them my money to invest in a pool with others, and pay a comish which I am not interested in I want periodic advice say annually for which I will compensate them well
Comment from : @5isiphus

This is a well presented video and plan You are right about the sub par investment returns I’ve been in the business for almost 30 years The other observation is that many people have no idea what their returns are nor the fee they pay and therefore cannot even assess the value proposition they have re returns They may be getting good planning advice but they should be getting both good planning advice and solid investment advice from their advisor
Comment from : @trevormacdougall9385

Great video! Question: Are the amounts you discuss after tax dollars ?
Comment from : @jimgoertzen257

Home paid off No problem, smart investment You're gonna have 2 in no time
Comment from : @Mikesniezek

The difference in return expectations between balanced and growth portfolios seems too small to take the extra risk I would argue that in reality there would be a much larger difference in the 2 returns
Comment from : @johnrule108

If I had a million, I would for sure not retire in Canada!!! 🤔😁
Comment from : @rg6544

It’s true that most people actually hate money and decide to get rid of it by spending
Comment from : @EarnestKaraoke

Hi! I very rarely subscribe to any channel, but subscribed to yours's immediately! Your videos are quite informative and are to the point Most importantly, I find you and your content trust worthy!brI am in dilemma about buying back pervious service, as I now work for company having defined benefit plan The money needed per each year of buy-back is huge, so any video on this will be quite useful and is kindly requestedbrThanks again!!
Comment from : @64NVG

Love the videos Rhys, stupid question but I'm assuming this software is not available for the general public?brCheers, keep up the great contentbrBob
Comment from : @Brackers64

I think 2million is a bare minimum to retire today
Comment from : @dkmchui

$8K of income per month is $96K after income tax How much income tax do they pay in your model? 4K?
Comment from : @jimporter6389

I find your videos very clear and easy to understand My question is, why if you have a legacy of over $10M you still have shortfalls? Is the legacy money left? Shouldn't we plan to have zero legacy? I'm a "Die with zero" type of guy
Comment from : @JDVR69

@wellbuiltwealth are you a fee based consulting agency? I’m 42 and need some retirement planing advice I’d like to have a consultation if this is the case
Comment from : @gabrielchartrand1278

This is a hugely aspirational goal for most of us How about financial planning using the average Canadian baselines Otherwise it's just depressing to see how we "could have lived" 🤥
Comment from : @linesided

Very informative and well structured Could you please share with us what is the software that you are using for presenting the outcome of the different scenarios?
Comment from : @bogdanpicioreanu7954

Most financial planners and models ive seen have a legacy amount thats grown to way more than the starting nestegg On the surface, that sounds good However, that is something that my estate will benefit from far more than me (the person who worked all my life for it) brIs there a way that I myself can use more of my nestegg properly to live fuller life or retire even sooner In perfect world every penny would get used up by the time I go Of course none of us know exactly what year that will happen, but I would like to utilize my nestegg to the fullest I dont need to leave behind a fortune for others Id rather retire 1-5 years earlier instead
Comment from : @rubberroast1598

Unless you're home is 100 paid off and you have no debt, 1 million isn't gonna cut it
Comment from : @JessiJohnson

10 years ago maybe
Comment from : @cha4990

And quit living in fkkking Canada
Comment from : @winchangkou

4:98 Thank you for assuming they have no work pensions This is increasingly more realistic here in Canada
Comment from : @admiralbeez8143

I'll probably have a mil for sure, but it seems like piss all now :(
Comment from : @colnando

HummmmI got a million, no house, no other non-investment assets Similar age Wife has somewhat less We have lived like college students for twenty years, one car, ikea furniture
Comment from : @cowanthegreat8966

Just leave them Yahoo
Comment from : @davidsmiottawa

I understand Legacy, which is super-duper nice of them, but why are they fussing about delaying retirement and CPP if they're going to push up daisies with nearly $2M in the bank?!?!
Comment from : @patusoro4781

who has a million dollars? not divorced people use real examples
Comment from : @cindybrown9898

Something often overlooked is protecting your "savings" from inflation One of the best ways to do that is to own some physical gold (and silver) All wealthy people keep 5-10 of their assets in precious metals It's nice to have some bullion in your safe :) There are many sites you can buy it from (like Toronto Gold Bullion, Silver Gold Bull, TD bullion store, First Majestic, etc)
Comment from : @theastronomer5800

With a million I could earn $50k After income tax that’s $34k After sales tax that’s $32k After property tax that’s a solid $275k per year The life of a millionaire!
Comment from : @sandwichtube

5-6 annual growth? Those are some very mediocre returns Good to be conservative though!
Comment from : @maestroadam

People calling in with 1000000 are delusional of course they are okay Just dumb
Comment from : @timw4369

1 MIL is pocket change to retire in Canada today No mention of OAS & CPA clawback when you have substantial resources
Comment from : @blakeclarke8765

now use 8-10 annual cost of living increases which seems closer to reality in arctic mexico for a while
Comment from : @RampagingMullet

Don’t forget that when you sell any home, you don’t walk away with the whole sale amount
Comment from : @createone100

Wow I am up here duck hunting I can't even imagine trying to retire up here Wicked expensive I don't know how in the world anybody builds any wealth they strip it from you right away
Comment from : @duanesmith5074

can I buy your software?
Comment from : @ArnoldToporowski

Question: In the scenario it is stated that the need for the Go-Go phase is $8000 but in the software the monthly need value at the top says $696KbrbrCan someone explain?
Comment from : @JOLeger-gf6fb

Do these calculations take into account the OAC clawback triggered with taking additional income from a RRIF?
Comment from : @bertschuh5720

Love those great tools available to you to use As a retired financial advisor, I miss doing financial plans I did them on myself and spouse constantly and retired @ 56 9 years ago So far, I have exceeded all my expectations financially and am busy living my gogo stage of life right now Just went for a tour of area that I snowbird at on my new electric scooter, haha! Love your video! Any chance of getting that software? I am still financial planning for myself!
Comment from : @Sandslugs

Great content! I've learned so much from your channel Thank you! I am curious if your software uses a flat return for your equity growth (5), or does it use some variability in those returns but keeps the long-term average at your input (5)? This variability can drastically change your prediction of success If you are drawing down your investments when markets are going down, that is money that won't enjoy the long term returns If you simply assume yearly growth of your input, this could vastly overstate your chance of success Thanks again!
Comment from : @miscstuff7473