You Need To Start Your Retirement Plan NOW

Close your eyes and picture being retired - What are you doing? How do you feel? I feel like there’s two options - either you’re relaxing, travelling, doing your favourite hobby and feeling peaceful and amazing, orrrrr you have no clue what to picture at all, because just hearing the word ‘retirement’ makes you feel a little sick to your stomach.

If you’re on the second side of things, you’re not alone. There was a survey done recently by CPP Investments and Innovative Research group that showed that most people don’t know how much money they need to retire, they don’t have a financial plan for retirement, and some people don’t even know if they’ll ever be in a position to plan for it.

In this video, we'll break down why you need a retirement plan, how to create one, and how the Canada Pension Plan and CPP Investments are a part of your plan already.

0:00 Why do you need a retirement plan?
1:18 How much money can you expect to spend in retirement?
2:09 When should you retire?
2:35 How much money do you need to save for retirement?
3:59 How do you save enough money to retire?
4:25 Canada Pension Plan + CPP Investments

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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

[LiamRichie]

I’m 30 and have more than 1x my salary saved. Something I’m very proud of and worked hard to accomplish. My 33 year old friend told me “You’re the only person I know who’s saving for retirement” and it just made me so sad.

[jadezore]

hey guys, i really love your videos, especially as a Canadian. i'm in my mid 20s and your videos are my go-to especially since my parent is usually in control of my financials. been looking into ETFs/indexes as my parent puts my TFSA into Mutuals for that past 5 years. now looking into opening a FHSA as well. i'm hoping maybe you guys could do a video with how to break free from under your parents wing or something like that. cheers!

[cocoa_cake]

love how informative but easily digestible your videos are!

[jennaphillips]

This was super helpful (as usual)! I'm a good saver but always felt intimated by retirement saving, especially when figuring out how much I may need and should save for. I'll take this info to start planning for retirement asap :)

[MFTW]

I saw you guys at the Toronto Christmas Market! Didn't want to bother you two, but thanks for all that you do!

[Linda.Rose]

This was great! Are you also able to share plans, accounts and how to do so outside of Canada? It’s so tricky due to the options and planning. I reside in FL and this would be awesome!

[rosed]

Hi Steph&Den, what camera / gimbal do you use for your travel B-Roll? It’s so smooth and stabilized! Thanks :)

[autobotdiva]

ive learned by having a 22 yea old with adhd to not say call it a PROSPERITY PLAN. Curbed impulse spending and set up auto investing with vanguard because manually isnt working

[HouseOfBurgz]

First! Also are you planning on joining the Blossom App?

[liverpool]

Lets say I saved $1000, and then I used $100 from my investment ($1000). If $1000 invested for 10%, than what I have is 1000 x10% = 1100 -100 (I used) = $1000. And so on. Why do you need $1 million I don't understand? Lets say you have $420000 invested. Money grows 10%, then you have 10% withdrawal. It is still $420000. Not a $1 million.

[nitinpuri]

Great topic! But key thing i found missing was the inflation. The rate of return on investment should be > inflation to help bridge that $1 million target.

[CrankingAllDay]

If alberta pull out of CPP, the rest of canda is screwed.

[michaelssali]

I'm not worried about retirement. I live for the day. I am a very philosophical person. I think I would rather invest in a business now, that way when I'm older it will pay for my retirement. I guess CPP is like Social Security and I pay into it, but I don't depend on it now.

I'm glad you guys got sponsored by the government. Congratulations 🎊

[Jibril_Abdulkadir]

Great video 💯🩵 I would say to anyone start right away when you get your first full time job that’s what I did

[Linda.Rose]

This was great! Are you also able to share plans, accounts and how to do so outside of Canada? It’s so tricky due to the options and planning. I reside in FL and this would be awesome!