What Does It Take To Retire With $7,500/Month?

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Title	:	What Does It Take To Retire With $7,500/Month?
Lasting	:	15.42
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Even in Canada medical expenses add up That makes up a sizeable portion of our expenses including two private(employee) benefit plans that we pay for now that we are retired Also home maintenance and property taxes are very highbrbrWe considered moving to a seniors place with meals but those are around 6,000 a month and up as we want a two bedroom
Comment from : @dougandsharonkrenz8906

Would it make sense to take a 2,1 inflation and get rid of the GO phases? Personally, I think it would be easier for me to adapt to the probable slow loss of « buying power »
Comment from : @ericrichard4336

Do these scenarios account for the reduction in OAS that happens with income in addition to pension amount?
Comment from : @PerryWoodman-l3s

Has it been your experience with clients that inflation protected pensions actually increase to match inflation? I have a former coworker who retired 10 years ago with a provincial government pension They say it is inflation protected and reviewed every 5 years After 10 years, he says he gets the EXACT dollar amount today as his first pension cheque 10 years ago
Comment from : @eac381

@ Well Built Wealth, need a video for many DO NOT own a home applying to this issue!!! Not everyone also owns RRIFS!
Comment from : @babybunnie1840

Great video…as always I’m nearing retirement and spending way to much time looking at retirement videos across the Web Yours are by far the best one out there Love the scenarios, clear and concise language with a nice mixture of wisdom and wit Looking forward to your next video
Comment from : @francoislaforge7840

7500 per month??? Such a small amount of money
Comment from : @michelefisher5171

Great video as always
Comment from : @BrianGreen-l5q

7500 per month you need zero advice if you can't survive on that you really need some mental advice not financial advice
Comment from : @timw4369

What about increased medical costs in later years, when you no longer have corporate health insurance Was that factored in? Also the gogo, logo and nogo phases didnt look like it on the graphs, it just looked like the income anticipated was the same and always growing Or did I miss something
Comment from : @rubberroast1598

The reality is everyone should have a defined benefit pension and would make everyone's retirement life easierbrThere is no reason why a government can't set up a defined benefit pension moving forward for its citizenry
Comment from : @AndrewSmyk

My wife and I currently live on approx $3800 a month (paid off house and cottage) We go on a couple trips a year, nothing exotic, usually to east & west coasts We buy quality, often organic food, and too many meals from caterers We'd have to double our spending to use up $7500 a month (we're 65) As far as waiting until 70 to claim CPP/OAS, it's not a slam dunk by any means One thing not mentioned is the compound effect of inflation on the buying power of that CPP/OAS, waiting from 65 to 70 And you both need to live past 83 or so (break even point, considering interest and inflation) to make more overall than you would taking at 65 But generally good information here as always, regardless
Comment from : @rongrant3500

Really enjoy your videos and have recommended a few to others to watch! Question: at around the 13min mark you mention for scenario 3 that you generally like to see a bigger buffer than the 103 this couple is at Just wondering how large a buffer do you prefer to see?
Comment from : @kerry510

That's a very low rate of return
Comment from : @davidpatterson9770

It’s interesting to see people here mad with the $7500 used I was thinking thats too low for the lifestyle I want There is a difference on getting by and enjoying retirement on your terms Don’t say it’s unrealistic 7500, because to some of us thats low In my case I will still have kids at home when I retire I had them late in life I am plainning for $8700 after taxes My wife and I both have DB pensions Great video, I like to understand what these incomes are taxed at in BC used in this example
Comment from : @ShockfactorCA

Excellent presentation!
Comment from : @RomelAlibudbud

I'm calling bull! I have been continuously employed my entire life and have paid into superannuation from when it became mandatory My current pay in 2024 is less than a thousand a week gross The only way I could possibly get 7000 a month from superannuation is if I won the lotto of was a doctor or politician These videos are for the rich only, just rubbish, like the whole superannuation con!
Comment from : @paulsandford3345

It only takes $7500 if you die a month after your retire $7500 a month is more than average people gross when still working
Comment from : @supergmx1046

This is a fantastic video
Comment from : @MLovesacoffee

Trying to figure out the best time to retire and still get my CPP and no claw back on my OAS If I work the first three months of the year I can keep my income just under 80,000 but if I work longer in the new year 2025 I get big time claw back So much to figure out TY for the video helps lots
Comment from : @marianmetta4165

As usual the singles are forgotten
Comment from : @somai_1

How much should your war chest funds be?
Comment from : @robbierabby1848

No go phase at $5000 per month Have you looked around at the price retirement homes charge I live in Ottawa, $5000 per month is on the low side for retirement homes The scenario you have here in the no go phase is 20-25 years out With inflation rates no way would $5000 work
Comment from : @marcelmed4574

Love your videos Would like to see an example of regular salaries under 100k with minimum TFSA around 50k with only 150k in RRSP Most people won’t qualify for maximum CPP
Comment from : @dinapaulic6694

How about taking CPP OAS at 65 and invest this amount to a point in time you want or need to bring it into your monthly income? How does that compare to the increase you will get waiting to age 70? The risk is waiting to 70 means you will live to that age
Comment from : @davee2274

I'm developing a mix of accounts to fund my retirement (about 15-20 years away) One of my fears is significant changes to taxation rules Case in point is the planned changes to capital gains inclusion rates Grrr Who knows what things will be like when I'm ready to hang up my slide rule, but my hope is that having diverse accounts will mitigate risks
Comment from : @The_R_Vid

Great job! You've successfully documented all of the factors for retirement income planning in a concise and well thought out presentation
Comment from : @biggestbattles

30 of Canadians are single Do you have videos for retiring single?
Comment from : @jeannemarin2923

That's 4 months for me
Comment from : @timkopacsi7517

I work in the financial industry and I have seen it numerous times When a company offers a benefits package if people voluntarily leave it’s normally directed at older workers There is pressure to accept it, usually indirectly So most people take it
Comment from : @cameronlane2465

Love your videos You make it very enjoyable to watch and learn so much
Comment from : @SandiMullane

How greedy can you be to want this amount!
Comment from : @elizabethk3238

Why do so many videos mention a pension It’s not 1975 Very very few people have a defined pension plan anymore 7500 after tax a month is massive Must be a lot of wealthy Canadians
Comment from : @Labrador15-o2y

What software is that?
Comment from : @TheNetbug

Awesome!
Comment from : @evadeanu1

came across your channel and had to say it is very well done!
Comment from : @dalec5109

I'm about to finally be out of bad debt this month after years of being in it, learned my lesson and have been bringing up my financial knowledge over the years, still learning everyday, I can't wait to properly use my money for investing and retirement, loving your videos!
Comment from : @Strykertd

What you don't take into account is if one of the two individual passes away in there early to mid 70's The changing of the CPP and OAS to after 70 will have a larger negative impact and now the RRSP money or other investments have been lowered because of delaying The remaining person does not get both CPP's and OAS of the husband and or wife
Comment from : @dfence7934

I have followed several of these types of videos and the thing that never gets mentioned is the cost of long term care in the "no-go" phase Have you ever looked at this, it makes a huge difference Tony
Comment from : @tonywright6793

what software are you using? is it available to non-professionals?
Comment from : @adamlawr

When you say "pension" (in the 2nd portfolio), are you referring to Defined Contribution Benefit Plan or Defined Benefit Pension Plan?
Comment from : @sandeeptanjore1253

Nice and informative video as well as collection of books Hope it's not background wall paper 🙂
Comment from : @sandeeptanjore1253

Awesome video Rhys This is why we invest with you! You know your stuff and you take care of us!
Comment from : @hpar74

Your content is always top-notch
Comment from : @RetirementReadyInvesting

Can you do a FIRE simulation? 50 year retirement, $3m portfolio for Lane and Jane Kane, spending $10k per month with a 100 etf equity account
Comment from : @xxxxx2084

Me looking at the titleA LOT OF TD banks shares!!!! :D
Comment from : @mrxernorus4026

How about for singles? Can you make a video for this please? Thanks
Comment from : @jayesoriano7216

I like your contents I watch Azul, Dave Ramsey (man aint he grumpy) and the money guys, and learned a lot about retirement planning, however to have you specifically talk about our scenarios in Canada can factor in CPP and OAS, which is slightly different from social security in the US, can be helpful Overall 75K a month doesn't require a lot if you retire at 65
Comment from : @allannirvana

Thanks for the great video Worth considering: downsizing from $13m to $900k results in $65k in JUST taxes, commissions and fees! And in the spirit of other comments on here, I nominate Mit and Kit Schitt for your next hypothetical family
Comment from : @jordonhope3408

Great video, nice to hear someone who understands retirement planning Thank you
Comment from : @sunfun2010

I’m so glad I found your channel! Very well done 😃👏🏻 You’re a great presenter and articulate speaker Wonderful, clear, concise, and valuable content - no fluff! I’m diving in for more! 🙂
Comment from : @vickymoorman3220

Is the $7500 gross income per month? It they will be taxed for the $90k per year, it will bring down their monthly income by almost 40 in BC netting $4500 per month If they are living in BC feel like that will be too low Thoughts?
Comment from : @1ngupta

13 million home? Get lost
Comment from : @ColdHardToronto

I am not sure but did you take in to account that their OAS will be clawed back if they target 7800 after tax income All your graphs shows OAS is always there
Comment from : @richardgilmore5607

Amazing video You are really the Best!
Comment from : @wardaissany7651

What software is that?
Comment from : @kurts3779

btw i don;t think 450K is a large RRSP, i only been here 15 years RRSP is over that amount
Comment from : @ybc8495

75 per month? Did I hear weekly?
Comment from : @ybc8495

We’ve watched a number of videos on retiring and yours are the best! Thank you Would love to see a video like this for those of us looking to retire early
Comment from : @stevosworld1656

Does an ownership of investment property disqualifies from GIS?brThank you!
Comment from : @lukel4541

Really well described options/ ideas!
Comment from : @shawnmabey9806

You couldn’t tell me what software you use, could you
Comment from : @JDRichard

Love your videos! Thank you for providing such valuable information Would love to see more scenarios for single folks ☺️
Comment from : @mariantsaprailis5570

How much would it take to do this retiring at 51
Comment from : @bradtowle1161

Love it!
Comment from : @evadeanu1

Your graphs indicated 678K as the needs per month with all of your scenarios Maybe I’m miss understanding but that is not 75k as what your stating was the goal Can you clarify this a bit more as suspect 75K is at gogo stage and how much at slow go and no go stages?
Comment from : @waynevillon7646

I love all of your videos I am currently collecting CPP ,OAS and GIS Last month i was informed by a company i used to work with that i am going to receive about $20/000 as a pension benefit from them If i invest this money into TFSA , how does it affect relating to my GIS earning ? if so, how much deduction ?
Comment from : @Mikemor359

Enjoyed your video Thanks! Can I ask what software program you use? I liked the visual simplicity and the ease of running scenarios
Comment from : @user-beckyc

Fantastic scenario breakdown - thank you Just so I’m reading the chart correctly, is the $150K on the left side indicating total combined household income from both jobs while they are working?
Comment from : @motorv8N

Best video by far I’ve found Throw in “move to other country half time… “ that’d be interesting
Comment from : @tjthompson4728

Great video
Comment from : @dyoung6967

Great video & presentation to demonstrate various scenarios Thanks!
Comment from : @rpkandeepan

Don't forget that private home care can cost between $5,000 and $20,000 a month I just went through over 9yrs with my mother
Comment from : @paulmoore6175

Great info thank you
Comment from : @kathleenpage8148

Another thought provoking video Really enjoy the what-if analysis What software do you use? Is it a commercial or proprietary package? I have been hearing recently about "bare trusts" and how the CRA may treat the joint account that I have with my 93 year old mother as such and hence require me to file a T3 return Any insight on this?
Comment from : @davimars1

Just out of curiosity, 60/40 portfolio is the most common model portfolio in retirement and you said that you don’t recommend it, I wonder why and what a better option would be ?
Comment from : @Andrew21882

$5000would be a more realistic number to go off with
Comment from : @twitchellmartis

That is more than enough for a couple with no mortgage
Comment from : @brassj67

I really like your videos Do you recommend reverse mortgages to supplement later retirement years? Pros / Cons , have you done a video on this subject? Cheers
Comment from : @Popflyer123

Great video What software do you use?
Comment from : @HMeshmesh

Great video Rhys Your content is so easy to follow and understand - except for remembering the names LOL
Comment from : @DoneByD

awesome video, thanks for sharing
Comment from : @philippecharest9538

Brilliant, I am just confused why these easy but meaningful found the representative from our bank don't know about it? Thanks for sharing my follow up question is: what the 7500/mon's retirement life looks like?
Comment from : @digitnomad