$1M at 60: How Much Can We Spend?

Start your retirement plan! https://adviice.ca/?utm_source=youtube&utm_medium=video&utm_campaign=1m-60-spend-retirement Don't have a detailed retirement plan yet? Build your retirement plan using our AI Strategies for just $9/month. This includes a comprehensive 30-day email/video course with detailed instructions. --- A million dollars isn’t what it used to be, but is it still more than enough to retire? It’s been 25 years since the Barenaked Ladies wrote their song “If I Had $1,000,000”. Indexed to inflation that would be $2,050,785.97”. But that doesn’t quite have the same ring to it. So the question we want to answer in this video is… if I had $1,000,000 can I retire at age 60? To help answer that question we’re going to be building a $1 million dollar retirement plan in the next 15-minutes and we’re going to see how much they can spend. Using the 4% rule your assumption would be about $40,000 per year. But I’m going to show you how it can be much higher than that when we factor in all the other aspects of the plan. We’re going to be building scenarios with “safe” and “max” retirement spending guardrails. We’re going to be working with Tracy and Steve, they’re currently 58 and will be retiring in two years at age 60. They have about $900,000 at the moment but expect that will cross $1,000,000 by the time they hit 60. They want to check if that’s true and see if they can spend more in retirement. Maximize Guaranteed Income Supplement (GIS) with the "8-Year GIS Strategy"... https://www.youtube.com/watch?v=p49v-IHQHRE --- Disclaimer: This video is for educational purposes only and does not constitute investment advice or financial advice. All information provided is for illustrative purposes only and you should not rely on such information as the primary basis of your investment, financial, or tax planning decisions. Every effort has been made to ensure the accuracy of its contents. No representations, warranties or guarantees are made as to the accuracy of any estimates or calculations provided. Nothing in this material should be construed as investment or tax advice, or a solicitation or offer, or recommendation, to buy or sell any financial product or securities. Before making any financial decision, you should review your situation with a financial planner.