The speaker, Reese, is a financial planner who specializes in retirement plans. He shares his experiences with two clients: one who is retired but unsure about their finances, and another who is close to retirement and has a substantial amount of money.
Reese emphasizes the importance of planning for retirement safely. He discusses a client who had a large amount of money but was unsure about their retirement plan. Reese could not find a safe plan for them, and their only option was to continue working.
He also talks about another client who was close to retirement and had a substantial pension. Reese helped her find a safe retirement plan that allowed her to retire immediately, with an increased monthly income.
Reese then discusses a third client, Susie, who is intrigued by the idea of retiring early. Susie has a substantial amount of money in various accounts and wants to retire at 59. Reese and Susie discuss various scenarios, including the possibility of part-time work or semi-retirement, to ensure that Susie can retire comfortably.
Reese concludes by emphasizing the importance of understanding one's financial situation and the implications of decisions before making them, to make wise and informed decisions about retirement.
1. The speaker, Reese, is an independent financial planner who specializes in retirement plans .
2. Reese recently met with two clients, both of whom were in different financial situations .
3. The first client had a substantial amount of money but was retired already .
4. Reese could not guarantee that the first client would not run out of money, suggesting that the client should return to work .
5. The second client was pushing 65 and had a respectable income from her pension .
6. Reese found an optimal withdrawal strategy for the second client, allowing her to retire now and increase her early retirement spending by two grand a month .
7. Reese discussed the case of Susie Baduzzi, a client who was intrigued by the idea of retiring early .
8. Susie had a total of 771k in various investments and cash accounts .
9. Susie wanted to retire at 59, with a plan to live until she's 90 and spend five thousand dollars a month in today's dollars .
10. Susie's assets include 530k in her RRSP, 110k in her TFSA (maxed out), a non-registered account with 100K, and a bank account slush fund with 31k .
11. Susie's investments are in a balanced portfolio, and she owns a condo worth 500k with no debt .
12. Susie is tracking for 80 percent of the maximum Canada Pension Plan benefit and a hundred percent of old age security .
13. Susie also has a defined benefit pension plan from an old employer that will kick in at 65 at a thousand dollars a month .
14. Reese and Susie discussed various scenarios for Susie's retirement plan, including delaying her CPP and OAS benefits .
15. If Susie delays taking her CPP until age 70, she would receive an increased benefit for the rest of her life .
16. If Susie delays her CPP until age 70, she would increase her tracked percentage from 68 to 79 .
17. If Susie delays taking her CPP until age 70, she would spend more of her own resources earlier but would have less shortfall in her later years .
18. If Susie takes her CPP at age 60, she would hit a shortfall in 2042 and her shortfalls would be large going forward .
19. Reese suggested that Susie could consider semi-retirement or part-time work to supplement her income .
20. Reese emphasized the importance of understanding one's financial situation and the implications of decisions before making them .