Individual with $100,000 + Small Pension: Retire in 15-Minutes

Start your retirement plan! Go to adviicelite.ca to learn more! --- In this video we're going to build a retirement plan in 15-minutes. We are looking at David. David is 62, a lifelong renter, and has $100,000 saved inside a TFSA. He also has a small $8,000-a-year Defined Benefit pension starting at age 63. His retirement plan looks okay, but even a small $3,000 per year spending increase causes his entire plan to collapse to a 0% success rate. Today, we are going to look at a counter-intuitive strategy to improve David’s plan. We’re going to be shifting money from his TFSA into an RRSP between ages 64 and 71, to decrease his taxable income, increase his GIS, and improve his plan to a 90%+ success rate, without changing anything about his other income, assets, or spending. Just by changing the drawdown strategy we can add almost $100,000 in value to this plan --- Disclaimer: This video is for educational purposes only and does not constitute investment advice or financial advice. All information provided is for illustrative purposes only and you should not rely on such information as the primary basis of your investment, financial, or tax planning decisions. Every effort has been made to ensure the accuracy of its contents. No representations, warranties or guarantees are made as to the accuracy of any estimates or calculations provided. Nothing in this material should be construed as investment or tax advice, or a solicitation or offer, or recommendation, to buy or sell any financial product or securities. Before making any financial decision, you should review your situation with a financial planner.