Weekend reading: Yes, you can retire with your millions | ET REALITY

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Weekend reading: Yes, you can retire with your millions

Hello!

Welcome to some new weekend reads… first, some recent posts and what people commented:

I updated this post and wonder if investors should still own bonds right now.

Reader:

“You’re welcome. Well done. I know I was active in the original post so I thought I’d come back, I’m on the path I planned and want to stay on for the foreseeable future. Variable path of stocks, GICs and cash equivalents, pensions. See you Now everything is fine.”

I also recently posted big gains from owning CNQ stock with oil and gas prices about to go much higher.

Then and now – Canadian Natural Resources (CNQ)

Weekend reading: Yes, you can retire with millions

Weekend reading: Yes, you can retire with your millions

Image source: Kamshotthat on Pexels.

Headlining some weekend reads, some articles suggestive to millennials and even older generations. It will take millions backing out.

BMO 1.7 million to retire

AND

Rajat 3-5 million to retire

AND

Suze Orman 5 million to retire

And from Suze:

“Things happen… If you have 20, 30, 50 or 100 million dollars, be like me, okay? If you have that kind of money and you want to retire, that’s fine.” – Suze Orman.

So you have this:

Weekend reading: Yes, you can retire with millions

Fountain:

I mean, in my opinion, these articles and headlines are getting bad and, in my opinion, worrying people unnecessarily.

via GIPHY

Marianna, from our Financial Post article, is concerned about “outliving her money,” even though she may spend a few hundred thousand a year, every year. She was looking for guidance on how to spend/withdraw/enjoy the following:

  • His RRSP, which is made up of dividend-paying Canadian stocks primarily in the banking and energy sectors, is now worth $1.5 million and generates annual dividends of nearly $79,000.
  • Marianna has an additional $2.5 million (including $113,000 in a tax-free savings account), also fully invested in the same dividend-paying Canadian stocks. His portfolio generates almost $155,000 each year, which he reinvests each year into his portfolio…

What do the experts say?

“What do you want to do with all this money? Your top three options are: spend more, donate to family or friends, or donate to charity,” he said. “He seems quite happy with his current lifestyle. You can afford to spend $400,000 a year before taxes, or about $270,000 a year after taxes. That’s more than $200,000 a year after taxes more than you spend.”

Indeed.

Read the article, stay for the comments on that…

Weekend reading: Yes, you can retire with millions

At the end of the day, you can retire with less than millions.

Sure, you need some money, I don’t deny that and I hope to continue saving and investing wisely as I get older. And I also believe in the path that Ideally, your portfolio should generate significant income that you can live off of. through dividends or self-made dividends. But the reality is that for many Canadians, boomers and some members of Generation X, even with higher inflation, they should get by with modest savings to retire at a traditional retirement age, assuming average CPP and OAS benefits also apply and They have no debt.

I’ve done the math many, many times and in many different ways to support DIY investors. Happy to do it! I love doing that: helping others…

You can discover what it takes to have under a million, over a million, and investment portfolios in between by reading more than a dozen free retirement case studies on this dedicated page.

Retirement

Moving on: good reminders here about some of the low-cost, high-value work I/we do at the aforementioned Cash flows and portfolios – helping to share reduction information, expense information and tax impact with all DIY investors.

Smart investors, asset accumulators, asset deaccumulators and more who read this site already know from that article that cashing out your RRSP/RRIF sooner rather than later is generally smart.

More clearly, I believe your RRSP and RRIF are a tax obligation. Something to consider.

I have a few thousand words on that topic below and I thank a trusted CFP for my research:

Be careful with RRSP and RRIF taxation

Unlike our friend Marianna, Dale Roberts suggests that waiting (when it comes to investing) is often the hardest part.

Incredible work on dad dividendgetting closer to Marianna month by month:

“My total August 2023 dividend is $2,947.75.”

These are the investment secrets of the rich thanks to HonestMath:

Investment Secrets of the Rich - HonestMath

Funny things. 🙂

Congratulations to Larry Bates. Well done and happy to support!

You can read my interview with Larry Bates here.

The weather is going to be great in Ottawa this weekend. I’ll be outside to enjoy it.

Save, Invest, Prosper!

As always, there are Offers available on that page: It’s always good to save, invest and earn more where you can, whether you’re frugal or not. 🙂

Do you need help with any retirement income reduction orders or retirement projections?

Contact me here anytime to learn about our low-cost, high-value solutions for any DIY inverter by DIY inverters.

Enjoy your weekend,

Brand

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