How to plan for retirement for Canadians: A review of Four Steps to a Worry-Free Retirement course

At $499, the course does signify a significant funding, however the outlay may very well be thought-about a discount if it helps some DIY retirees escape the clutches of conflicting securities salespersons who truly do care extra about their very own retirement than that of their purchasers.

Think about among the spectacular testimonials. Lengthy-time shopper advocate and former Toronto Star private finance columnist Ellen Roseman requested Prevost “The place have you ever been all this time?! … Most of us want steering on taking cash out of our financial savings with out depleting our sources as soon as we depart work—and I think this interactive multimedia strategy to studying might be way more attention-grabbing and memorable than merely studying a e-book. Kyle has carried out his analysis and offers plain-spoken views about what’s good and what’s unhealthy within the course of of constructing our retirement revenue final so long as we do.”

Price-only monetary planner and financial columnist Jason Heath (of Goal Monetary Companions) says “Kyle’s course is a good useful resource for somebody getting ready for retirement or already retired … His background as a trainer positively comes throughout within the course. Too many monetary business individuals do a poor job of conveying monetary subjects in a means that is smart. The strategy of the course is supposed to show and empower, and it positively does simply that.”

My evaluate of Fear-Free Retirement

So, let’s take a more in-depth take a look at the course, which I dipped into in a number of weeks with a purpose to write this evaluate. It includes 16 models, every beginning with a brief audio-visual overview, adopted by extra in-depth backgrounders, movies and hyperlinks to different content material. I’d recommend specializing in a single unit per session, as there’s loads to digest. 

The primary unit takes you thru how a lot cash you’ll most likely must retire in Canada. Subsequent models are dedicated to the main authorities applications just like the Canada Pension Plan (CPP) and Old Age Security (OAS), and employer-sponsored pension plans, together with each defined benefit and outlined contribution plans. Later the course additionally tackles that perennial retirement chestnut, the 4% protected withdrawal rule (to which Prevost isn’t married however sees as a very good place to begin for guest-imating retirement revenue). 

I’m significantly keen on unit six, titled “Working for a Playtest,” as that time period was coined by Michael Drak and myself in our collectively authored 2014 e-book, Victory Lap Retirement. Models seven and eight go into some depth in investing: what to spend money on and purchase and promote securities. 

Models 9 and 10 go into depth on registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs), then handles the entire matter of decumulation and the essential transition (on the finish of the 12 months you flip 71) from RRSPs to RRIFs. Little question, I’ll personally revisit that module on the finish of subsequent 12 months! 

Unit 11 examines how one can create your personal pension via annuities. Models 12 and 13 take a look at mortgages: whether or not one ought to retire with one (spoiler: one shouldn’t) and deciding between downsizing and reverse mortgages or house fairness line of credit (HELOCs).