Can You Retire On $250,000?

Are you able to retire on $250,000 in Canada? In this video we'll go through how a single person as well as a couple can retire on just $250,000 in Canada.

Financial Resources I personally recommend:

OUTLINE
0:00 - Intro
0:57 - Case Facts
1:45 - Single Person Retiring
7:13 - Couple Retiring
9:50 - The Answer

This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.

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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

[ColdRunnerGWN]

I just came across this video, and at first I was a bit hesitant to watch it, but I'm glad I did. Two things stand out, the first is that it's a Canadian perspective, which isn't common. The second is that after seeing literally hundreds of these videos, this is the first one where I saw someone actually do real financial scenarios rather than just repeat the same bunch of worn out rules of thumb such as the 4% rule.

I'm also really happy to see a spreadsheet that takes so many factors into account such as actual life expectancy, changes of spending, CPP and OAS. Again, most 'gurus' you see on YouTube do nothing more than repeat the same old worn rules of thumb, so this is refreshing.

[grantboucher]

I live in my van and travel to warm climes and my retirement is great!

[mkyhou]

If you own your home it’s easy. Too many people save too much for retirement, you can’t take it with you - If you live a simple life and your housing is covered you don’t really need much.

[MegsCarpentry-lovedogs]

OMG! ADAM! ⁉I am so Relieved you did this topic! I made a long comment to Tina and Norm mentioning your channel and pointing out that in my comment that there were ALOT of moving parts and what you plan to spend in retirement. I was uncomfortable listening to them and not seeing any numbers being crunched. AMEN Adam! Love the analytical number crunching for peace of mind. It is so critical to not mislead people on what they can retire on. Thanks so much for you time on this Adam!⭐ Awesome!💯👍

[rickarchibald]

Wife and I are going to give it a try. Managing your cost is very important. Zero debt, no mortgage and low property taxes is what we set up for ourselves.

[lw]

Thank you for showing a single persons perspective. This is a very good video, thank you.

[almad]

One thing many people are failing to take into account is the value of their home, which can always be sold to cover expenses when the time comes to move to an assisted living facility or nursing home. Most people can count with at least $500k in the value of their home, which is usually outside whatever RRSP or TFSA funds they may have.

[freedom]

Zero debt is important. No mtg., no car payments, no visa balances.

[ThisIsOurRetirement]

Thanks for the shout out Adam have a wonderful weekend Cheers Norm and Tina 🌺

[jennmm]

This. This video helped me a lot. I am thankful to see the numbers, to see a realistic timeline, where the numbers come from, and how it's spent. You have made a couple of videos that spoke directly to me (even if you didn't know it) and I really appreciate these realistic/my scenerio videos. Thank you Adam!

[robthewaywardwoodworker]

My step-daughter just graduated from uni, in financial management, and is starting into the personal wealth management stream in the NW USA. I sent her this as I think this is real world thinking that can apply to so many people. Thanks for the run down. Also, gives me hope of retirement! LOL

[sjbutler]

Yes I love Tina and Norm! Yes you can, being single,
Owning your home free and clear, having a work pension plus oas and cpp taken at 61 yoa. Its doable!

[jovicrazed]

This was helpful, thanks. I think this is likely useful to more of your potential audience members than scenarios where savings are in the 7 figures and the people have 35+ years in a DB pension plans.

[gerardacronin]

I love the analysis. In the scenarios discussed, inflation and returns are steady, debt is paid off, and there is a moderate income which should cover basic living expenses so long as the clients don’t live too long. However, if sequence of returns is unfavourable in the early years of retirement, the plan might fail. These people need contingency plans. That might include selling their home, reverse mortgage, moving in with family, starting a YouTube channel, working at Walmart, or living in a van down by the river.

[alexanderalexander]

Adam, it was nice to see you take a retirement income that is more realistic for far more Canadians. Most of the time these analysis are done for people with 2.5 million dollars in accounts and two huge defined pension plans, which may be lovely for these clients, but makes the rest of us feel as if we are doomed to starve to death in our dotage.

[dianebueckert]

Thanks so much for sharing this especially with some lower numbers! Awesome video. Great information!! 💕

[gersonberthault]

Wow thanks. This is the best video. I was very discouraged 😞 with my retirement years because I was unable to save or have an equity close to a million dollars.

[paulabeattie]

I love Tina and Norm, they have been really helpful for me.

[kimh]

My two favourite Youtube retirement channels have found each other! Tina and Norm are fabulous and very encouraging, like your channel. One strong point of disagreement would be that they encourage taking CPP early, largely because they believe governments worldwide are cutting losses by denying pensions to seniors until age 67, 68 and one better grab it soon as they can. I like your number analyses that say we should do the opposite. However, what they said in their last video, and you in this one regarding retiring on 250K or 300K, very much mirror my retirement plans. As I said to both you and them: I was long afraid I would end up bedsore-ridden in a cockroach infested common ward since I couldn't save a million dollars like the doom and gloomers say. My other guru, Fred Vetesse, correctly says most retired people can live comfortably on 45%-55% of their primary working years income. One (or two) CAN retire on 250K. I have been retired for eight months, and I can attest it is true.

[dandanhesourman]

Adam, love the channel. Thank you for all the work behind the scenes...the efforts we don't see. Awesome!