The right way to plan for retirement for Canadians: A evaluate of 4 Steps to a Fear-Free Retirement course

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At $499, the course does symbolize a significant funding, however the outlay may very well be thought of a cut price 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.

Take into account a number of the spectacular testimonials. Lengthy-time client 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 assets as soon as we go away work—and I think this interactive multimedia method to studying shall be way more fascinating and memorable than merely studying a e-book. Kyle has carried out his analysis and gives plain-spoken views about what’s good and what’s dangerous within the course of of creating our retirement earnings final so long as we do.”

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

My evaluate of Fear-Free Retirement

So, let’s take a better have a look at the course, which I dipped into in a number of weeks in an effort to write this evaluate. It contains 16 items, every beginning with a brief audio-visual overview, adopted by extra in-depth backgrounders, movies and hyperlinks to different content material. I’d counsel 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 in all probability have to retire in Canada. Subsequent items are dedicated to the most important authorities applications just like the Canada Pension Plan (CPP) and Previous Age Safety (OAS), and employer-sponsored pension plans, together with each outlined profit and outlined contribution plans. Later the course additionally tackles that perennial retirement chestnut, the 4% secure withdrawal rule (to which Prevost isn’t married however sees as a superb place to begin for guest-imating retirement earnings). 

I’m significantly keen on unit six, titled “Working for a Playverify,” 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 put money into and easy methods to purchase and promote securities. 

Models 9 and 10 go into depth on registered retirement financial savings plans (RRSPs) and tax-free financial savings accounts (TFSAs), then handles the entire subject 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 individual pension via annuities. Models 12 and 13 have 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 dwelling fairness line of credit (HELOCs). 

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