Business Inquiries: info@wellbuiltwealth.ca
Well Built Wealth:

Links:
– Planning software we use: Conquest
– Income Splitting Article:
– Spousal RRSPs:

——
Intro (0:00)
#1. More $ or Less Expenses (1:58)
#2 Pension dynamics (4:12)
#3 Debt is a party pooper (7:51)
#4 Semi-retirement is genius (8:58)
Income splitting (10:48)
——

DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional….(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

REVEALED: How To Invest During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Retiring early is a dream that many people have, but it takes careful planning and considerations to make it a reality. Here are four things you must know about retiring early:

1. Calculate your expenses: Before you can retire early, you need to have a clear understanding of your expenses. This includes everything from housing costs to food and healthcare. You’ll also need to factor in any unexpected expenses that may arise. By knowing your expenses, you can better determine how much you’ll need in retirement savings to maintain your desired lifestyle.

2. Start saving early: The key to retiring early is starting to save as soon as possible. The earlier you start saving, the more time your investments have to grow. Consider maxing out your retirement accounts, such as a 401(k) or IRA, and also look into other investment vehicles like a health savings account or a taxable brokerage account. By saving diligently and consistently, you’ll be better positioned to retire early.

3. Consider healthcare costs: One of the biggest expenses in retirement is healthcare. If you’re retiring early, you’ll need to have a plan for healthcare coverage until you’re eligible for Medicare at age 65. This may include purchasing private health insurance or utilizing a health savings account. It’s important to factor in healthcare costs when planning for early retirement to ensure you’re adequately covered.

4. Have a withdrawal strategy: When you retire early, you’ll need to have a plan for how you’ll withdraw money from your investments to cover your expenses. You’ll need to consider things like tax implications, withdrawal rates, and investment performance. It’s a good idea to work with a financial advisor to create a withdrawal strategy that aligns with your financial goals and ensures your money lasts throughout your retirement.

In conclusion, retiring early is a goal that is attainable with careful planning and consideration of your expenses, savings, healthcare costs, and withdrawal strategy. By taking these factors into account and starting to save early, you’ll be better positioned to retire early and enjoy a fulfilling retirement. Remember, it’s never too early to start planning for retirement, so start now and work towards your goal of retiring early.