Retirement: I'm 60 Years Old with $800K in Savings. Can I Retire Now?

It's a big number and yet a valid question. You would think the obvious answer is, of course you can retire. $800,000 is a lot of money.

The key to answering this question is, how much money will you spend each year? In this video the example is $70K annually. It's clear with a $70K withdrawal rate, $800K will be consumed in just 12 years. But there are options!

You could reduce your spending to $50K per year which will get you to age 85 and still remain living in your home. Delaying #CPP until age 70 will extend your retirement savings another two years to age 87.

One of the obvious decisions is selling your home at a some point, say age 72. This will provide adequate capital to allow $70K throughout retirement and eliminate leaving behind #RRIF cash for CRA to tax your estate.

If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to schedule your confidential meeting with me.  You can schedule your meeting here: https://calendly.com/aaronwealthmanag...

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