How much do you really need to Retire? | Retirement In Canada

hello welcome to video three of our retirement series where today we're going to be tackling the question how much money do i need to retire [Music] we're going to be looking at four key things that you need to consider when you're tackling this question number one we're gonna be looking at when you're gonna retire number two how much money and look at how to calculate some rules of thumb and some guidelines to help you answer that question then we're going to look at the sources of money we're going to determine you know how much i need where's that money going to come from if we identify a gap we're going to look at ways that we can steps we can take to fill that gap we're going to start with what i think is the easiest of these questions is when you're going to retire some of you may already have an idea if you're in your 50s you probably have a destination in mind even if you're in your 40s you may have it's tougher to answer this question if you're younger i mean if you're in your 20s or 30s you uh you may have a vague idea like i'm going to retire early or you know have some rough number but because it's typically decades away it's not realistic to have it nailed down to a particular day but the things we're going to learn and discuss today will help you when you do get to that point a few things to consider when you're making that decision of when i'm going to retire and the first thing is your health or your life expectancy i mean in a you know in a nutshell if you have poor health sadly or if you have a shortened life expectancy then you're going to need to provide for fewer years in retirement and obviously how many years in retirement really plays a big role in how much money you're going to need to to create or how much wealth you're going to need to create to get to that point secondly if you have a long life expectancy if all of your family members have lived to 90 95 100 well then that's going to present a bit of a challenge because you're going to have to build up a bigger nest egg i guess to provide for decades of funding in retirement second thing to consider do you have a partner do you have a spouse are you married if there's two people involved in this retirement question it should be discussed and it kind of makes sense but it's not always the case you may have an age gap and let's say you know one partner is 10 years older than the other are you still planning and retiring at the same time those kind of lifestyle questions that you might not think about because we think of retiring sort of in this aspect as a number crunching exercise but there's a lot of psychological or lifestyle considerations to have to go into place as well another significant consideration to factor in is your career if you work in a job where you love going to work and it's you know easy on the body and you have no rush to retire well that could push things back a little bit conversely if you work in a job where you just struggle to go to work every day or maybe it's it's hard physically and you feel as you get a little bit older you're not gonna be able to do the job properly well that might you know prompt you to move that day a little bit more forward another consideration is i mean flat out can you afford to retire it's one thing let's say you're 50 and you want a retired 55. uh once you crunch the numbers you just may not be in a position where that's feasible so that will also factor in and that's what we're trying to do here is narrow in on what that date might look like for you something interesting that i saw in my career as a financial planner is that a lot of people pick that retirement date you know ahead of time and then as you get closer and closer people tend to delay it a little bit push it back and it wasn't uncommon at all just as an example you might have had someone say at 50 who said they're going to retire at 56 they get to 54 55 and that decision day comes and it's quite common that they're going to say you know what i'm enjoying my work and and making good money right now so they tend to maybe push it back to 57 and they get to 56 you know maybe push to 58. i saw that quite often hopefully you're in a situation where you're enjoying your work and you know if it comes to that where you don't want to necessarily hang up your shingle yet that's something that that you're in a position to be able to do and enjoy it question number two that we need to answer and this is a critical part of this whole equation is how much money i'm going to be spending when i get to retirement and that will dictate how much money you need to provide for that income obviously two ways we can go about this there's rules of thumb which i'm going to cover off a few of them here and that'll give you sort of a ballpark idea and then there's just sitting down and doing the calculations it's a more labor intensive but it does it does prove to be more accurate i'm going to cover both of them right now you can do most of these numbers online today or you can consult a professional to do that for you when i was working i did prepare financial plans and the biggest benefit i felt to people who you know who got financial plans prepared for them tended to be closer to retirement so maybe you're five years out from retirement or 10 and you can kind of see that finish line the number one benefit that people got was if they felt they're in a position to retire was essentially to confirm that you know a sort of validation that yes i'm on the right track and you know you don't need to change anything or change a few little tweaks here and there and that will get you to that finish line there is a very valuable resource i would say on the uh government of canada website i think they call it the canadian or the retirement income calculator or something to that effect effect and i'll i've gone through it myself and i'll show you a few screenshots here of what that looks like essentially it's a calculator where you can answer some you know some basic questions so then you start entering information like what year you want to retire things like your monthly expenses your income whether you're going to be you know getting maximum cpp oas etc and then you go through and fill out the different parameters it does a really good job of providing you with a graphical view of you know what your retirement is going to look like it also might raise a few things that you hadn't considered such as when you're going to be starting your cpp or your old age security you know those types of questions near the end it provides you with a summary and a good estimate of whether you're going to you know whether you're on track whether you have a bit of slush fund it's something and you know beyond that you're able to go in and print out a report and this might be a really good starting point to just gather the information and it'll help you sort of hone in on on what that number is going to look like for you regardless of whether you get it done professionally and have a financial plan prepared or whether you do it yourself online there's a few things that you're going to a few challenges i would say that you're going to need to consider number one is inflation obviously if we think back you know 20 years ago or 30 years ago things were much less expensive than they are today that pattern's not going to change so you have to calculate in today's dollars what you're spending and then the software that you're using should project out and factor in a reasonable level of inflation another challenge we have today is we're living longer you know with medical intervention uh just the the life expectancy of people continues to uh to go just as a few examples i'll show you a table here it comes off the stats canada website for example if you're 30 years old today and you're a male you have 48 years of life expectancy ahead of you and if you're female you have 53 years and you can go through the table and pick out your age and and sort of see uh you know what a rough guideline is as to how long you can expect to live now there's no way you're going to be able to nail to the penny exactly how much you're going to spend when you retire especially if it's a few years out but let's look at some rules of thumb that are commonly used i would say as a starting point they're not going to give you a super act a super accurate number but let's look at the starting point one of the most common uh i would say is the four percent rule now this is quite controversial it uh it was developed back in 1994 by a financial advisor named william bengan and he basically came to the conclusion in his study that if you're assuming a 30-year retirement and you're assuming a balanced investment portfolio in fact he used 50 stocks and 50 treasuries you should be able to spend four percent of your income on an annual basis inflated or going you know indexed for inflation without running uh without running out of money so again this assumes a 30 year retirement period let's look at a mathematical example and according to his numbers if you have a million dollars available to you to fund your retirement and you use the four percent rule well that means you would be able to fund 40 000 worth of retirement expenses and that would be indexed to inflation for 30 years so that's not a bad starting number a few things to consider number one is if you are more conservative than that and you feel well gee i just want to have a bit of more of a buffer then you can lower that number and you can use say three and a half percent uh and spend that amount which would be 35 000 a year with that same million dollars rather than the four percent now if you feel that i can far outperform that and just as just as an aside the uh to generate that type of re to generate those type of numbers you would assume a four percent rate of return plus inflation so you know roughly in the six six and a half seven percent range if you feel you can do better than that well then heck you could use four and a half percent uh if you're more confident in that regard something else that you have to take into consideration when you're doing this calculation is if you can do a rough estimate of where we are in the economic cycle and if we look at the valuations of the major indices around the world they're quite high right now if we look at you know just using price to earnings of the major indices there's you know a considerable likelihood that the markets will drop in value you know well before too long at some point we know that they will it's kind of unfortunate but you don't want to you don't want to time the withdrawals from your portfolio that coincide exactly when the markets drop only because then if you still take that four percent constantly out you're taking the four percent from a smaller number if your investment portfolio drops in value so that's something you might want to consider uh as far as timing of your retirement is concerned also right now are really challenging with this portfolio the four percent is derived from this balanced portfolio including a substantial amount of fixed income or bonds and right now interest rates are are so low that that portion of the portfolio you may struggle to keep up with that four percent plus inflation a sister rule to the four percent rule is the 25 times rule and what this says is essentially that you calculate how much money you're going to need for living expenses when you retire then to fund 25 years of retirement you simply multiply that number times 25. this also assumes you're getting a four percent rate of return uh plus plus inflation on that as well let's look at a couple of mathematical examples so assuming you want seventy five thousand dollars in retirement income to do the calculation you take your seventy five thousand dollars times twenty five and that equals one million eight hundred and seventy five thousand dollars this formula assumes that you have no other sources of income and the reality is that most people will have some other income whether it's cpp or oas or perhaps some pensions let's look at some examples of that sticking with the 75 000 if that's what your target is let's assume that you're going to be getting a thousand dollars a month from government benefits a combination of canada pension plan and old age security so we'll take our 75 000 we'll take 12 000 off of that that leaves us with 63 000 as a shortfall or as that gap that we need to fill 63 000 times twenty five equals one million five hundred and seventy five thousand dollars taking that example one step further let's assume that you have a pension that you're expecting to get two thousand dollars a month again indexed to inflation so now we take twenty four thousand dollars from pension we take twelve thousand dollars from government benefits and that equals thirty six thousand dollars when we subtract that from the seventy five thousand dollars we're left with thirty nine thousand dollars that we actually have to fund so in this case you take thirty nine thousand times 25 that equals 975 000 that you will have had to have accumulated in order to provide uh to make up the difference between the government pension plans your private pension plans and the money that you're planning on spending another example that i saw that was quite common during my working years was a lower income target so if we used 50 000 income as your target if we assumed you have a thousand dollar pension let's be a little bit more conservative and we assume that you're going to be getting a thousand dollars a month from your oas and cpp well that's twenty four thousand dollars if we take the fif the uh twenty the fifty thousand dollar target income and we subtract the twenty four thousand dollars from that that's going to leave twenty six thousand dollars that we need to make up 26 000 times 25 equals 650 000 if you're using this 25 times rule that seems to me to be a fairly common fairly realistic evaluation of what you can expect when you get to your retirement years let's look now at what i call the best solution for you know calculating how much you're going to need in retirement and this is i'm going to say the b word this is creating a budget and this word kind of sends some people you know running for the hills and i think back over my career and i worked with so many clients who had such diverse views on this and one of the very first couples i ever took on as clients way back when i remember vividly in a first meeting the uh the wife said to me if you ever use the word budget or if you ever try and put me on a budget we're gonna find another advisor and uh she was so they had assets but she never wanted to feel like going out and you know buying a new pair of shoes or something along those lines was something that she didn't want to have the stress of that so she never wanted to prepare a budget now on the flip side of that i worked with a couple who probably five to ten years leading up to retirement created a very detailed spreadsheet and literally every month it was updated with market values reduction in debt all of the details of their particular plan they had their date nailed right down to the day that they were planning on retiring and it worked very well for them but they're very very detail-oriented so it comes down to the the person if you can keep a budget i think or prepare a budget i guess i would say uh i think that's the best solution it gives you a much more a much clearer vision of what you're going to need to to fund your retirement uh so that's that's just my advice is if you can if it's if you have it within yourself prepare a budget let's look at some tips on how to go about doing that a couple of really simple ways if you haven't been keeping a budget is just to gather uh your gather the data so look at your credit card if you if you tend to put things on credit cards look at your credit card bills for the last probably three months should be pretty sufficient i mean a year is ideal because you're going to have sort of the more annual lump sums in there but even for three months if you go through pick out you know what you spend on gas what you spend on groceries that type of thing is going to give you a pretty good picture uh by the same token go look at maybe your bank account so if you have pre-authorized checks for you know your hydro bills or maybe your phone bills that type of thing coming out of your of your bank account use the data that's already there to compile that'll give you a pretty good idea of what you're spending today when you compile that data look at what is fixed and what is discretionary so what are things that are going to continue after you've retired and what are things that may stop after you've retired things like your your transportation budget may go down maybe you're not spending money on gas going back and for forth to work those types of things just look and see what you have on there that you may that will change when you retire once you've gathered that data there are a few different sources that you can use to sort of put that into something more formal number one uh going back to the canada government of canada website they have actually a very good budget planner on there i'll put some screenshots up they have a site that you can go to and and it's uh they call it the budget planner and if you go through it will take you through a a very comprehensive platform where you can enter you know all the relevant data that you would need to prepare your budget such as your income and it goes down into various savings plans that you have if you're putting money away every month for retirement uh education that type of thing that then goes into your expenses and has a very comprehensive list of sort of the most common expenses that most people would uh would be facing once you've entered that information it takes you to a a very comprehensive summary and one of the things i like about it is it gives you an idea if you're uh sort of in the ballpark with fellow canadians it'll it'll give you some averages and show if you're above average or below average in that respect it then gives you what i think is quite a an attractive graphical report and for those of you who are more visual it just helps sort of solidify the you know step number one of the question is uh what do you have today because if you know what you have today it'll help you understand what you're going to need when you get into retirement another just a very simple example of how to keep track of this i'll put a spreadsheet up that i've used with clients over the years and it's just a simple excel spreadsheet that shows along the top your various sources of revenue then it shows your expenses down the left and it just goes month by month and it can show you you know if you have some uh uneven or lumpy cash flow where you may want to be prepared and have some money saved up for the months where you have some annual expenses or lump sum expenses that may exceed your current income something i saw used with great success with the clients i worked with over the years was if you're a year or two away from retirement and typically let's say a year out maybe simulate retirement so you've got your calculations as to how much you're going to need to spend and as much as possible start doing that a year ahead of time so if you're earning more than you need you know save the excess that you don't need and just see how it goes and you may find that you're right on or you might find that you need to adjust things a little bit before you um before you actually get to retirement but it's a good way of going through that dress rehearsal i would say and i can say it has really helped people out and that's been my personal experience so we've looked at when you're going to retire we've looked approximately how much your expenses are going to be in retirement but we need to acknowledge that there are really three distinct phases in retirement it's not like you retire on day one and your spending habits continue for you know for decades the first part of retirement i'm going to call the early phase which i categorize up until age 70 and of course it's a little bit arbitrary but based on my experience the first number of years people tend to spend more tend to travel more maybe do some work around the house take on some new hobbies that might cost some money that you may not have you know had the time to do before so allow for a little bit higher expanding expenditures in the first year so i'm going to say up till 870. the mid phase let's call it ages 70 to 80. most people still if they have a bed for traveling they're still going to want to do that at this point there may be grandchildren in the picture and it's not uncommon for people to spend money uh or to spend time with their grandchildren which can mean traveling to see them or paying sometimes for the grandchildren and the families to come out uh very common that parents with some wealth are maybe wanting to share it so maybe they have adult children who uh you know have a home or a mortgage and they they want to share their wealth and maybe help them with uh with paying those types of things down it's a it's a fake it's quite different for a lot of people but it can be a a phase where you've gone through the early expensive years and now you settle into sort of more of a routine for from your 70s up until your 80s the late stage i call it 80 plus and everybody's a little bit different of course this is not one size fits all but the reality is that most people when they're 80 are more content to stay home they certainly will be traveling less and their expenditures tend to be a lot less as well more eating at home rather than going out to restaurants uh an exception to this is it's possible in fact it's common that when you get older you may have to pay pay for health care so this depends a lot on your circumstances uh your living arrangements and but if you are susceptible to possibly needing to pay for uh care home then you need to factor that in uh i i know that there is insurance that you can buy i was not in the insurance industry i couldn't even give you an idea what the rates are but if you are concerned that your budget doesn't have a lot of extra room in there in case you need to pay on a monthly amount to be in a care facility then maybe consult with an insurance representative to find out how much it would cost you today to cover those potential expenses off as you as you get older i'm just telling you these three phases because when you're when you're planning for your retirement expenditures just recognize that like i said it's just not one number for the entire 30 or 40 years it is gonna ebb and flow as you move through your retirement years also a couple of last points on this part of our discussion here today retirement isn't just financial it's very emotional and to think about to visualize your retirement can be very valuable because it's it can be an abrupt change and and i know people who have been forced to retire so maybe get you know getting into some form of a mindset where you anticipate being in retirement and that will help you ease into that phase of your life in all cases whether you're in an early retirement mid retirement or late retirement uh it's always advisable to have some form of an emergency fund or a slush fund to have around you know there's different rules of thumb but let's say three months of living expenses just in case something uh really negative happens and you're you're forced to come up with some money in a hurry you don't need to liquidate some assets in order to raise that money so that's something to consider as well okay step one we looked at when you're planning on retiring step two we looked at roughly how to estimate what your expenses are going to be in retirement now we have to look at what sources of in income you're going to have in retirement and see if they cover what your expenses are going to be let's start with government of canada i'm just going to kind of go through what the uh what uh the common sources of income are in retirement and you can just pick and choose which ones apply to you and pop them into your spreadsheet when you're doing your calculations let's start with uh cpp most canadians will get some form of canada pension plan oas and gis somewhere in the 600 range you can expect for old age security if you lived in canada most of your life if you are fortunate enough to have a pension plan it will be one of two types it'll be either a defined benefit plan which means that you have a specific amount that you expect to get when you retire uh you have no choice in how the the the funds are managed and basically the amount that you're going to get is a formula that is calculated it's based on most commonly based on the number of years that you've worked for your employer and your salary and it's a percentage of that and that determines how much you'll actually be able to draw on a monthly basis some plans are indexed to inflation some are not indexed so when you're doing your math you'll need to check and see whether yours is or not the other type of pension plan is called a defined contribution plan and these are much more common these days than they were back in the old days defined contribution plan the the amount that's known is the amount that you're actually contributing to the plan the amount that you'll get when it comes time to retire will depend on how the funds are managed the rate of return that you get between now and retirement um less secure less definite than than the sort of the old-fashioned defined benefit plans if you do have a defined contribution plan typically when you retire you're going to take the lump sum that's accumulated in that plan and you're going to roll it out and put it into either a locked rrsp a locked in riff a retirement income fund or possibly an annuity that you would purchase with a life insurance company again at the time of retirement rdsp a registered disability pension plan you may participate in a pooled registered pension plan which is similar to a defined contribution plan but the employer contributions are optional in in a case like that you may participate in a voluntary retirement savings plan which is the quebec version of the the pool pension plan you may also have non-registered investments that you have that you've accumulated money that you'll now turn into a revenue stream another relatively common strategy when you retire especially in certain pockets of the of the country like vancouver or toronto for example where the price of housing is quite high you may have a large amount of equity built up in your home it's very common that you may at some point in retirement typically not early but at some point later in your retirement you may downsize and sell your home uh buy a less expensive place whether it's a smaller place or whether it's in a smaller community perhaps and the money or the difference in the equity you will use that that will add to your income pool as well another less common but available source of income if you do in your home is a reverse mortgage so this is essentially where you take your home and you borrow against it and as long as you're living in the home you have that debt against the home but it frees up some capital so that you can use that for living expenses last on the sort of most common methods of funding retirement and although a lot of people don't want to even think about this is inheritances and a lot of people will be inheriting money and i've always thought as i was preparing financial plans there's no shame nothing wrong with with facing reality and saying at some point uh the people who you know typically parents will be passing along and uh they there will be assets that pass down to the next generation you know you're not going to know the exact day of course that that's going to happen but whether it's 5 years or 10 years or 15 years down the road you can build that into a financial plan so at some point you may have a an infusion of cash that becomes available to help fund your retirements as well those are the most common sources of income and as you're doing your planning you just look and fill in in one of the budgeting spreadsheets you just look at each of those that are applicable to you put those numbers in and that will really help you form the base of the income that you can rely on in retirement and now we're going to move on to section four which is filling the gap so you've kind of determined here's how much i want to spend here's how much i have to spend and you now just need to know are you okay are you on track or is there a big gap that you need to fill if you're in the fortunate situation where you do your calculations you do your math and you have enough and you expect that that will last you through uh through your retirement i mean that's awesome good for you from an investment perspective don't forget you do have typically decades worth of invest of retirement funding ahead of you it's common that people kind of take a very very cautious approach when they get into retirement if you have a enough to provide you with um with your income flow but not a ton of extra keep in mind the money probably will need to be remain invested to counter uh you know inflation because as we talked about earlier i think you know prices are going to continue to rise whether you're retired or not so you're going to want to grow that money and in fact the the sort of the rules of thumb that we looked at anticipated some growth let's look at some different time frames of you know how close you are to retirement and looking at some investment strategies there let's look first that if you are 20 years or more from retirement you have a lot of you know time is on your side you have quite an investment horizon in front of you uh before you get to that point where you're going to start drawing income i'm never an advocate for being a speculative investor you know don't take huge bets but you definitely can orient your portfolio to more growth oriented you can buy you know have the asset allocation shifted more towards growth less in fixed income bonds cash that type of thing make sure that you have the fortitude if you're going to go that route to ride the ups and the downs in the market because they will come the fact that you're younger when the markets do crash from time to time and if you're 20 you're going to go through some crashes it does you no good if the markets drop you pull your money out you wait till they go back if you put it back in and you repeat that cycle so time is on your side take advantage of it but you know most importantly know what you're doing now if you are somewhere from 10 to 20 years to retire so you're in that phrase in that stage if you're on track well just keep doing what you're doing you know just you've obviously been doing things all right so far and uh just i wouldn't make any major changes to that it's it's you know it's not time yet to be cautious and uh you know obviously don't be over overly aggressive as well uh if you haven't built up an estate yet it's unfortunately it's not too late uh you you can actually dedicate more of your resources to building up the portfolio again if you're in that sort of 10 years or 15 years out from retirement i would say in this days you want to really start focusing on the savings and as much as you can comfortably allocate without you know living like a hermit take money establish a regular investment program and just keep building that nest egg up to provide you with more comfort uh you know when you get to those retirement years if you are 10 years or fewer from retirement so now you actually see the finish line you may have some very specific uh goals that you're able to identify now uh if you if your math shows that you're on track just keep doing what you're doing maintain a a balanced portfolio uh no time to take unnecessary risks but it's also probably too early to you know put your money under a mattress as well if that day ever comes so just you know keep that balanced portfolio and keep putting an allocation of your percentage of your income into a plan and stay on track now if you're behind and you have fewer than 10 years it will be tough i mean it's just you got to call it what it is if you've um just starting now you've lost the benefit of of compounding which is one of the most powerful aspects of developing a nest egg urgency is of the priority really start putting aside as much as you can right now i found in through my working career that people around the age of 50 kind of finally got serious about investing it might be late 40s early 50s but somewhere in that range people start i guess because you can sort of see the end in sight and you look at your investment account you go wow this is uh this is not where it should be take advantage of uh in most cases or in many cases you're going to be in your peak earning years right now so if you can trim your expenses and start putting more and more money away uh two investments at this point it'll be more saving than it will be uh investing just because of the the the fewer years that you have until retirement but even when you get to retirement don't forget you'll be there for a long time as well so just keep plugging away that that in that respect from a portfolio uh perspective uh take a more moderate stance the last thing you can do right now and i see people doing this all the time when they do the math and go wow i'm way behind i better wrap up the risk you may get lucky and you know reach a target that you've set for yourself or have more money in retirement however there there's also this risk that you're going to take a big hit if the markets just turn against you at the wrong time and you just can't afford now to to take a huge drop that's just going to set you back too far and it could be you know i would say catastrophic if that's the case if you are closer you may have to just sort of face reality and go i may have to work a little bit longer whether it's a year or two or three years extend the time horizon of when you're planning on retiring you you know you you want to make sure your money is managed safely and do the best you can to increase the rate of return without taking an inordinate amount of risk uh and maybe just um you'll start shifting your mind or start with that mind shift of what retirement looks like if you can't afford the dream so you've had all these visions in your in your mind and maybe now maybe some regret but if you simply don't see being able to achieve those start preparing yourself now for what that's going to look like so when the day comes you don't want to be in retirement and be depressed or regret looking back over your life so mentally prepare for that as well i want to kind of recap what we've talked about today in this this quest to answer the question how much will i need to retire first of all let's you look at when you're going to retire that time frame between now and then is a key factor you want to estimate what you'll need and this is something that only you can do you can use those rules of thumb uh which are a start uh if you go and spend the time doing a proper budget that'll give you a much clearer picture review the sources of income that you have so do you have government pension plans uh oh sorry you probably will have government pension plans do you have private pension plans uh how much have you built up to provide you with that uh step number four in this equation is assessing where you're at so do you have a shortfall do you have a surplus if you have a gap take the steps to fill it if necessary if if it's possible then do everything you can to just you know really start focusing on that retirement date and in many cases if you're behind you'll be able to catch up i hope this has provided you with some real structure and thoughts as to the things that you're going to need to know to retire comfortably but i am curious what did i miss i know there's there's so many uh different scenarios and clearly in a video like this you can't address every individual scenario but i'm hoping that there was nothing you know obvious that i left out of this but if i did for a future vid video i'm you know all uh welcome all comments so if you want to drop a line and just say well what about this or you know should we be considering that i welcome that and look forward to uh to being able to respond whether it's you know by answering comments online or whether it's at some point creating a another video on this topic as always if you aren't sure about investing but you've identified that maybe it's something you probably should be doing and you want to you know really take that serious and learn the proper way of investing uh the first link in the description below is for our investing academy and that's what the whole academy is structured for it's helping people whether you're a raw beginner whether you have more experience just fine-tuning your portfolios or starting from scratch if if that's the situation you're in and whatever guidance we can help in that regard just check it out uh below i'm going to wrap up this probably rather long video and thank you so much if you've stuck around till the end here uh you know thanks a lot i really appreciate that if you did find the video valuable maybe just take a moment give it a thumbs up drop a comment uh and that will help spread the word and maybe there's other people who are in circumstances similar to yourself who would benefit from watching the video thanks very much for watching and i look forward to seeing you in the next video

Channel: Beavis Wealth

Views: 185,409

Keywords: canada pension plan, old age security, financial planning, retirement planning, retirement income, pension plan, how much do i need to retire, income in retirement, old age security canada, old age security in canada, retirement in canada, calculate retirement income, enough to retire?

Id: Kpg0WdFNmDc

Length: 34min 34sec (2074 seconds)

Published: Thu Jun 17 2021