You save, invest… and then the pivotal question arises: what’s next? In this episode, Vero invites Mark Young, an early retiree and the mind behind the Retirement Loop Projection Tool, to discuss what truly is required to retire with assurance.
From setting your objectives to making informed withdrawal choices, minimizing taxes, and managing unpredictability, Mark outlines the crucial steps for a strategically planned retirement. Throughout, he recounts how his personal experiences motivated him to aid others in achieving clarity and reassurance during retirement.
Ready to Prepare for Retirement?
Retirement Loop is a collective of more than 500 Canadians approaching or in retirement. We have crafted tools, such as the RL Projections Tool, to assist them in navigating the transition and maintaining confidence upon arrival. There’s immense value in a community of numerous individuals collaborating with the same resources to support one another. You can finally interact with fellow retirees facing similar hurdles.
Canadians who relish their retirement:
- Are aware of which account to withdraw from initially.
- Develop a comprehensive financial strategy encompassing various scenarios.
- Implement a dynamic budget throughout the go-go, slow-go, and no-go phases.
- Establish multiple income sources, such as CPP, OAS, investment returns, and more.
Download the 20 Income-Focused Products Review for free and get on the waitlist to be informed when we reopen the doors to Retirement Loop.
What You’ll Discover
From Software to Spreadsheets
After retiring at age 50, Mark leveraged his technology experience to tackle a significant issue: devising a dependable and adaptable retirement plan without depending on expensive advisors or outdated presumptions.
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He developed the Retirement Loop Projection Tool to simulate CPP/OAS timing, withdrawals, and cash flow scenarios.
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The tool originated as a personal spreadsheet and grew into a beloved resource within Retirement Loop.
Why Retirement Projections Are Important
Mark emphasizes that retirement is not a set-it-and-forget-it plan—it’s a dynamic process that changes.
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Utilizing a spreadsheet grants retirees complete control and confidentiality over their data (compared to online tools).
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The tool reveals cash flow, tax consequences, and estate projections based on your inputs, updating in real time.
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It assists in pinpointing risks—such as significant RRSP balances that might lead to tax obligations later in life.
It’s More Than Just Numbers
Before engaging with any tools, Mark advises:
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Begin tracking your expenses 1–2 years prior to retirement.
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Articulate your goals clearly—travel, family assistance, downsizing, charitable contributions.
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Be aware of your income sources: CPP, OAS, pensions, and investment accounts.
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Acknowledge the uncertainty: the longer your timeline, the more nebulous the specifics.
However, early planning fosters flexibility—not inflexibility.
“The projection represents our most informed estimate today. And we will have an updated estimate a year from now.”
Retire Every Year
Mark’s philosophy is straightforward: don’t merely retire once. Review your plan annually and modify your direction as necessary.
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Life, markets, and expenses will evolve—so must your approach.
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The spreadsheet’s optimizer aids in modeling tax-efficient strategies across RRSPs, TFSAs, CPP, and OAS.
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