The Truth About How Much Money You Need To Retire

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Title	:	The Truth About How Much Money You Need To Retire
Lasting	:	9.06
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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 : thud NAT

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

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 : John Nash

Can you please share the link for the calculator you showed in the video ?
Comment from : Kamal Bhardwaj

Retirement is a hoax for them to fool all into being a slave working for their so-called financial market Work, play and live to the last breath folks wherever you choose to be Be free!
Comment from : Dave

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

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 : Bev Blair

I will almost double my income at retirement next year! How? Easy I learned to live with less and had a great life on an average of 15 k a year! I am not going to 'retire' doing nothing under the sun and will live where it's affordable At the present time I pay 550$ a month for a 2 bdrm place, heat, electricity, high speed internet included in the Eastern Township of Québec That allows me to work less than 15 hours a week 10 years ago I lived in Vancouver's Kitsilano for 400$ a month sharing a coop apt with excellent roomates I worked two jobs part time at walking distance Here I live next to farmland and walk or bike to my job 1 kim away In the 80s I lived in the West End of Vancouver for 250$ a month all included, the beach around the corner and walk to my job in Stanley Park I could go on and on I am far from having made 17 M $ in my lifetime! It's all in the mind(set)I learned to retire when I was 19 My life has been rich in conviviality and culture
Comment from : Marc Bédard Pelchat (Baydahr Pelshaw)

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 : Alan J

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 : Robert Falconer

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 : Joelzinho

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 : John Cipolletti

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

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 : Troy Boyd

How much you need if homeless ?
Comment from : Winter Rider

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

This hippie breaks it down! Man!
Comment from : Daniel Startek

At retirement one has paid off the mortgage so how does one spend $85K? I live just fine on my CPP/OAS in Toronto with a few dollars from my RIF for travel and other indulgences each year Don’t think I could spend $85K until I moved into a home where it costs $6-7K a month for lodging/food And in my planning it will be my condo sale proceeds that will cover that expense for my final 10 years or so
Comment from : David Balcon

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 : Ryan Menezes

$89k won't even get you a new pickup truck
Comment from : TLR- NUT

Great video thank you
Comment from : Franck Neigel

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 : Al Electric

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 : Blue 04 MX 5

Being able to retire comfortably is not just how much money do you need br brIt is realiant on several factors br brWhat retirement incomes do you have br br1 Pensions br2 RRSPs br3 Savings br4 Investments br brNext br br1 How Much Debt will you have when you retire, this includes mortgages and Loans br2 How Much do you spend to maintain your lifestyle Do you have a extravigant Lifestyle or a Frugal one br brI was able to retire at age 55 after 38 years in the Canadian Military and I can without a doubt, tell you that my pension IS NOT 17 Million dollars br brI retired Debt Free and even though I now have a Small Mortgage it is not a burden br brFinancial retirement is not how much you make, it is how much you spend
Comment from : Lawrence Tierney

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 : Chris Fehr

How much do you need to retire ? ,,, the never ending advice, the never ending opinions This figure ( $ 17 million ) is nothing short of utter rubbish, where the hell is the average Canadian going to come up with that figure upon retiring ? Allow me to present our own situation, what's most important to my wife and I is to ensure that when one of us passes that the survivor is financially securebrWe have assets of approx $ 500k I'm 76, my wife 71, we have no debts ( other than a small mortgage on our condo ) My wife would choose to enter a independent living facility, the facility in mind is beautiful and has nothing but five star reviews A one bedroom suite meals and housekeeping included costs $ 268000 per month My wife's income includes a monthly annuity payment, her OAS her CPP and her entitlement of a portion of my CPP Her total income would be $ 486200 per month she would have $ 216200 left after fixed costs brbrOf primary importance in your senior years is to make sure you both have wills in effect Subsequently with only having $ 500k at retirement and not the " magical " 17 million in my humble opinion life can be most comfortable indeed
Comment from : munnjean

A couple of years before retirement my Wife was very concerned about having enough to do so and was considering having to work part-time to make ends meet We consulted a professional financial planner to have a look at our financial situation and we discovered that we were in a very good position to retire without supplemental income and would likely be good for the rest of our lives with proper management Everyone should get professional help with these things unless they’re well trained themselves
Comment from : Robert Pearson

When my Mom passed away at age 96 she was still in her own home and required no financial assistance from anyone My Dad had retired at 56 on far less as an equivalent to today than 17 million They spent years living comfortably, eating and living well and taking numerous cruises and vacations For the last 10-15 years of her life she required far less money than previously because her ways of spending it diminished considerably When she passed her estate was more valuable than ever, having grown consistently through good management People need to get professional advice about their specific financial situations rather than relying on media articles
Comment from : Robert Pearson

Will both retire at 55 Estimate about $6MM with DB pensions at retirement We plan to travel extensively and live abroad parts of the year, health/emergency evac coverage is not cheap I'd rather have more and donate it to charity, than not have enough
Comment from : Porsche GTS

I don’t think the article said you need 17 bar to retire It says people THINK they need 17 bar to retire! Big difference
Comment from : Russell

During hyper inflation 100 Oz of Gold might be enough
Comment from : Rusty Smith

You seem to be omitting long term care costs at end of life This can hit over 100K each annually for a nice private place What do you recommend here?
Comment from : billmcc64

Canadians absolutely don't need 17mil to retire They can retire for way less, in another country where life is cheaper
Comment from : Jupiter Eye

Remember, it was a survey of 'what people said that they wanted not needed and the conservatives took it and ran with a false narrative
Comment from : roof pizza

I’d rather be poor and be able to live a life than work myself to death until 65 just to drop dead with money in the bank… it’s all bullshit!
Comment from : dantonliam

4 of $17M is $68K a year; that sounds about right if you plan on living 30-40 years in retirement $17M might actually be light if you live in Toronto or Vancity
Comment from : RazoRock

One thing I’m seeing in the tech industry is a lot of older employees that just refuse to retire even though they have enough saved and are already collecting CPP I have no idea why These people are over 70 and still working a stressful job I’m sure that’s not good for your health Personally I would love to retire as early as possible but that is very difficult Years ago there was a study by Boeing that discovered that people live much longer if they retire at 55 rather than 65 It’s 10 years less stress on your life so it makes perfect sense I feel like many people are lowering their life expectancy by needlessly working way too long
Comment from : PacoGrande76

How much you need depends on your expenses And your private pension plan is it indexed to inflation?
Comment from : Carlos Oruna

Inflation is not at 6 percent Interest rates went up over 20 in the last year, and food, even with manipulation, was up over 10 Canada is in the same predicament as Russia was in the late 80s Our population has aged out and we are in economic collapse The collapse will accelerate as we progress into the decade By 2030 retirement will be something for the wealthy Don't plan to retire, plan how you will live as you age and your capacity to earn income declines Plan how you can work until you die Oh, and I hope you were good to your kids, because you will need their help in your old age Otherwise, the government has a plan It's called MAID!
Comment from : L Antonio Chevalier

I think 3 million is a better number
Comment from : Danny Brooks

nice video what software is this?
Comment from : Papacookie80

Haha I'm top 10-15 income earner and my take home income is 75k annual supporting a family essentiallybrbrRidiculous expectations
Comment from : Trudeau da fraud

Hi AdamQuestionwhy are the taxes so low?I see they are between 9-11 but I believe they would be at least 12 in Ontarioalso does CRA move these tax brackets up by the same inflation as the CPP payments?otherwise you can quickly get into the 22 tax bracket by the 4th yearthanks for all your valuable advice Adam!
Comment from : Tracy Lawther

Guess I'm on the streets this September If you see me on your travels please toss me a toonie
Comment from : F&T Kinsella

What is the software you are using? Cheers
Comment from : MrJekkoh

If you believe 17 million is off by a lot, do you believe the other stat in the article? Is it possible the inflation factor was set too high in the equation?
Comment from : Jay Hayton

Hmm If you plan to stay in a nice old age home when you get older, wouldn't you plan to spend more money at the end of life not less?
Comment from : The Mighty Decibel - Heavy Metal

This is people who still don't recognise the extent of their sense of entitlement I live very well on less than $25,000 a year Nice apartment, nice little Honda FIT, eat healthily, take 1 trip a year Still able to put aside a couple hundred a year I'm 75, meds-free, and live a life of gratitude
Comment from : Elizabeth K

Great Video as usual How would your hours factor into this calculation, if its value was $800K today and you move into a retirement home at 80 years old And assuming you have the 17M that is the topic of this discussion Do you account for liquidating your home to pay for the retirement lodging? On a coffee break:)
Comment from : JD Richard

The rich and the poor are taken care of It's the middle class that drop in their standard of living
Comment from : Charles Pratt

Chances are that 95 years is not going to be long enough In the next 20 to 30 years a lot more people will live to 100 and probably beyond Plans will have to be made accordingly
Comment from : Marc Boutin

Canadian media just wants us afraid and beaten down The motivation for this story… keep Canadians working forever to pay down the massive liberal spending deficit
Comment from : BackgroundNoize

I don’t see how you income tax is so low, unless it doesn’t include prov tax
Comment from : Crewcop

This number was what do they expect not what they need Good to clear the fear factor
Comment from : Hogtown Biker

My sister has blown through more than 17 million dollars in a year on dresses and shoes alone She just keep on buying them and storing them and never wearing any of them except the first time she tries them on When she runs out of storage space she just throws some of them in the garbage and keeps in buying more
Comment from : Nicky Furlano

Does the 17 include the asset of your home or just plain savings?
Comment from : Barb Wachholz

When i saw $17 MbrI said F**K !, I'll work till im 100 🤣 brGood thing thats not the case
Comment from : Peter Ros

Thanks for sharing awesome tips!, i'm financially free and currently growing a solid retirement plan it takes determination and consistency to learn new things Also, is important to get a mentor/coach to guide to assist you in your financial planning it's great to start young too
Comment from : Ali Aslan

What about if you have pensions
Comment from : Wendy Castagna

Hi Adambrone thing that wasn't clear for me in the report: Was the $17M for an individual or a couple?
Comment from : James Hanscomb

Is that net worth or savings independent of home value?
Comment from : Melissa B

Love this content Would love for you to do some videos on early retirement Ie, FIRE brbrA lot of the numbers you use are for 60,65 yo folks Would be great to see what retiring at 45 or 50 is like Thanks!
Comment from : Robin Watson

That just shows you the level of financial ignorance amongst the general population
Comment from : Mr WHY

It wouldn't hurt
Comment from : Robocop

17million divided by 25 years is $68,000/year That's what I see brI think that is probably what most people will need, especially if you still have a mortgage payment Where does the 68k come from? Cpp and oas might get you 1500-2000/ month So a couple may get 48k per year from the government of your luckybrThe question is where does the other 20k per year come from?brIf you had saved 500k in rrsp That should cover the differencebrBut that is still a massive number that I would say most don't have
Comment from : Andrew Milner

We don't usually discuss base costs I'm not saying $17M is the right figure for everyone, what I am asking is does $90K provide an income to meet your expenses and goals? Does drawing $65K in real dollars meet the needs of an 86 year old aging in place or needing a retirement facility in the geography you live within? At the risk of being besieged by the masses, $17M doesn't look like a crazy figure (based on where I livein Ontario)
Comment from : C Alpine

I recently retired in Europe For the last 2 years, I've been travelling to Canada and bringing back thousands of Euros in my pocket Is there an episode that explains how to get the best exchange rates into my European bank account?
Comment from : Austin Orphan

Excellent video as always Adam 🙏
Comment from : Ash Robinson

Bear in mind this is the result of a survey A survey representing Canadians who in large part live beyond their means and are extrapolating their profligate lifestyles into their retirement years with no expectation of cutting back on expenses
Comment from : Harvey Thompson

Live off the dividends TSX listed ZWU, FTNPRA, DFNPRA for low risk income
Comment from : Adrian Visentin

People retiring early might also have mortgages going Maybe that’s why they think they need so much more money to retire And todays mortgages are so high
Comment from : Aman Bhimani

Thanks for using Ontario as the sample!!!!
Comment from : Mohamad Elsohemy

I think the secret sauce is to have $10 more per month than you need in perpetuity Pensions, dividends, business income, rental income, side hustle Don't need any particular large chunk of cash just income forever
Comment from : Chris McInnis

You need way more, than 17 Sorry to ruin your day people I am speaking from experience If you want to have some fun If you want to spend winters in warm places If you want good personal care when you get disabled one way or another (yes you will), you need way more No disrespect to Adam It just about what you want, when you retirebrIf your expectation is small shared basement room, and oat meal every day, yes , you don't need much If you want to golf in Florida during winter months, you need a bit more
Comment from : Robert K

I think the lesson to take from the BMO survey is that every company that publicizes something may have a vested interest In the BMO example, it is clearly in the financial services interest to have people save and invest more than needed to generate more fee revenue for them brKudos to Parallel Wealth for presenting this information and presenting an alternate, facts-based viewpoint
Comment from : Ed Prior

Adam your videos are interesting but I almost always find that they reflect the reality of the upper middle class to the wealthy My reality and those of my co-workers, friends and family are middle class at best so it is very hard for us to relate to the numbers that you use We would love it if you gave an example of people having RRSP savings under $500,000 with TFSA under maximum contribution and a house value of + - $350,000 that is not always paid off Of course we all live in cheaper rural areas outside the large expensive citiesbrHelp me see what our reality will look like in retirement
Comment from : The Driver

Bad planning you don't take money our of TFSA You take first from RRSP Leave TFSA last
Comment from : Eduard Petreanu

Good, realistic presentation All these doom and gloom articles seem to come out during RRSP season and are authored by some financial institution lol
Comment from : R Jackson

Everyone talks about how much they need for retirement !!! Is wrong ? The problem is Justin inflation and the crazy amount of taxes! Taxes are beyond what is except able In Nova Scotia the provincial taxes have not changed since 2000 which is called Bracket creep 23 year of no change is not acceptable Draconians tax rules
Comment from : Matthew Porter

Oh god is it 27million?
Comment from : Jake Richards

Great video, very informative brbrThe calculator you used is excellent, is this software program available for purchase for home use?
Comment from : D B

You do if Trudeau stays in power
Comment from : Marilyn Paisley

Do this: Open an account with a discount broker Start with a TFSA account and high yield dividend income ETFS (HYLD, DFN, HMAX, etc) For every $1000 of etfs you will earn easily $8 to $11 dollars per month Now that the TFSA contibution limit is $88,0000 that means you can earn $700 and up tax per month tax free! It is a simple example but effective The same goes for the RRSP account or just a regular cash account at a brokerage
Comment from : U I

I saw the same BMO article and thought it was kinda ridiculous My wife and I have lived by the motto of “Do the best you can” in regards to saving and investing Buy used cars, enjoy dinner at home with exceptions and pay yourself first In 5 yrs when I retire I’ll be getting a financial plan and will adjust my lifestyle up/down based on what Adam recommends! Have a plan and understand retirement is cheaper than raising a family… it’s not really difficult!
Comment from : R C

I’m actually still a bit confused Are you saying a married couple needs around $750k+$100k or are you saying as a married couple each of you needs $750k+$100k?br(Approx)
Comment from : AceVenturaXii

Which begs the question what's the motivation for BMO making outrageous claims like this?
Comment from : andybwilly

I'd love to have a million dollars but I don't and I'm doing fine My mortgage and car are paid off and I live a modest life style Old age and Canada pension help a lot
Comment from : Doug

Great video!
Comment from : James Steele

The average cananadian income is a little over 61k, and they're probably just struggling to survive There isn't any chance that most Canadians could earn enough to properly prepare for retirement brI bet if you did a pole, asking about retirement savings, many would't even have 20k
Comment from : Peter Tyrrell

If they are right that means that the Majority of Canadians that retire will starve to death Total bunk
Comment from : RelaxGood