4 Ways To Increase Your Retirement Income (by $1,000+ per month)

In this video we'll go through 4 strategies that can raise your retirement income well over $500 per month.


Financial Resources I personally recommend:

The above affiliate links are provided for your convenience. If you click on a link and end up purchasing a product or service, this channel may receive compensation for the referral. We have personal vetted each product and service we provide links to.

OUTLINE
0:00 - Intro
0:21 - Strategy One
3:46 - Strategy Two
6:40 - Strategy Three
8:20 - Strategy Four

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.
-----------------------------------------
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.

[AMG-BENZ-]

You’re the best for youtube financial advice here in Canada. Thanks for being here 👍🏻

[iczemi]

I retired at 62. In order to be able to do that, me and wife downsized big time. We have zero debt. Live frugal within our means. We scrapped the "go-go", we are doing "very slow go" from the start. Very strict bugets, and trying to stay in low tax brackets.

[sailinglatis]

I’d love a video discussion on downsizing and owning vs renting and determining cash flow from say 65 to 90. Thanks

[JOJO]

Retired at 55. 61 now. DB pension. Always lived within our means which has never stopped us from enjoying life. Sat with FA to plan tax planning going forward. Started drawing down on RRSP at 60 (move $ to TFSA & remainder into Open & keep if needed). Delaying CPP to 70 & possibly OAS as well.
My husband retired last year at 62 but continues to work PT by choice because he loves what he does and can't sit still for long. He's looking to further reduce hours at 65.
Writing this as my husband and I enjoy the Caribbean sun while also planning an Alaskan cruise.

[pamelafrancis]

Thanks for remembering singles Adam. So many of these kinds of videos only speak to couples.

[DrivingPhilippines]

Get your money as soon as possible, adjust your lifestyle appropriately (downsize, move to lower cost country, etc), and enjoy your life with travel, exploring, cruising. We never know when we go.

[roberttaylor]

Finally got my my service account set up so I can see my CCP. Can see the years fritted away when young! lol! Good to see the estimated ccp in different scenarios. Makes it clear to wait until 65, but not necessary to go to 70.

[tundrusphoto]

First, you don't know how long you will live. If you are certain that you'll live long enough to make advantage of the increased CPP, then a delay based on your other financial considerations, may be worth the wait. However, the second problem is that the "house always wins". In short, CPP is set up to make sure it never runs out of money. To do this the bean counters have figured out how much money you'll get by waiting, but know that a certain percentage of the population won't be collecting that money for very long. In short, you're closer to death at 70 with an average lifespan of 82/83 than you are at say, 62 with the same lifespan. Third, if don't need the money now and can afford to wait, you may just be putting yourself into a higher tax bracket later when you have to draw down your other savings. This may or may not be your case, but don't think that a blanket rule of "want to 65 or longer" doesn't have other effects.

[ronwiebe]

Very clear sound advise - another great reason for delaying CPP is that if you ever do decide to go back to work, you cant reverse your decision and the tax implications could be very expensive; the CPP payments will be taxed at your top marginal rate (that how you should think about it anyhow). - Thanks for your great videos

[Moluccan]

I do not regret taking my CPP the month after I turned 66. My annual increases are larger than if I had taken it early. It would not have been smart to take it 5 years earlier while still working as I would have found something to spend it on.

[blaineturner]

My concern is depleting our various savings to take cpp at 70, then I die, and all my wife has is her cpp and oas- basically poverty level.

[liverpool]

This is a great video. I want to watch it again!

[ddavidson]

With regard to deferring CPP I saw an interesting article in the February 14th 2024 Globe & Mail by actuary Frederick Vettese. The upshot is that men have slightly more than an 80% chance they will receive more money from CPP by taking it at 70 rather than at 60. I suspect that for women the case for deferring CPP is even better but that information will be in an upcoming Frederick Vettese article.

[rudihofer]

Just turned 76, left canada because i couldnt survive ! paid off 73, 000 dept, 42000 is enough now! Sale of house, investments and my truck!

[seanh]

sure you can get more by deferring your CPP but the other factor that typically gets ignored is that you may get more joy out of less money now (e.g. because you are still healthy enough to travel, etc).

[dougtratch]

Love this episode. Thanks Adam. I’ll certainly be asking my planner these questions. Cheers Doug

[paulhunter]

TFSA accounts and income splitting are great strategies. Why delay CPP and OAS unless you are already wealthy? Finanicial planners don’t have crystal. balls on your life expectancy. Take the money!

[mr.canada]

Many planners also say take your CPP as soon as possible, its your money, if you die the reduction is significant (if married, ) why not factor the money you receive from CPP and potential return if invested into a TFSA or another investment vehicle, or just spend it ...

[garmin]

Totally disagree with delaying CPP, the break even point is 14yrs, if you start at 60, at age 74 you will have collected the same amount as someone who started at 65. It's only after 74 do you see a benefit . better off to take the money when you can know one knows how long you will live.

[davewave]

Great information Adam, could you do a video for retiring to another country for better cost of living? Those of us fortunate enough to own a home and have a pension & savings could sell everything, buy a million dollars worth of GIC's and get (currently) 5.5% annually, or 55k to live on risk free + CPP and or OAS if 65. Would love a strategy video dealing with these types of scenarios. Thanks.