This video is so true.
Stop saving money, and enjoy it while you can. It's all a balance.
Stop saving money, and enjoy it while you can. It's all a balance.
A video on money and saving everyone should watch
- Thread starter stinkynuts
- Start date
The guy who wrote the book has a net worth of $500MM.
This is a good video. However, I don't agree with a lot of it. Basically you're playing "actuarial bingo." If you live to 95, you win the bingo game, because your high net worth gives you financial security. You can go into the most expensive retirement homes etc However if you die at 65, then you lose the bingo game. I find behavioral finance a fascinating subject.
I have to look into the ins and outs of annuities. The bank offered me one but without knowing the full consequences it seems to be that you hand over your accumulated fortune to have a remittance eked out to you on a minimal basis which you could probably eke out to yourself without having them administer it to you. Once you agree to it, the money is gone. I don't know if you can will a continuance of the payments to a relative. I need to research more, I guess.
I would never buy annuities, but that's just my personal opinion. Main reason, the interest rates on annuities are very low, and annuities are very tax inefficient, especially in a non-registered account. Then you have to pay the insurance agent a very large commission, to set up the annuity for you. Also, as you said, annuities have a total lack of liquidity.
Annuities in Canada: Are They Worth It for Your Retirement Plan?
Exactly my suspicion. Dont have kids or anybody to leave it to. Have to figure on a way to take it with me!
When people started not having children and couldn't afford them. We have become more individualistic and focus on furthering our own lives
Interesting concept for sure and it forces one to evaluate and consider their approach to money/wealth. It has a certain appeal but not for everyone.
As cliche and simplistic as it sounds, for most folks, we have to find a balance between spending on things we enjoy while we are healthy and active and saving for a comfortable retirement and providing an inheritance (if we choose to do so).
Regarding annuity, personally not a proponent for the reasons that have been mentioned, but if you are going that route, would recommend to only place a portion of retirement nest egg and still maintain RRSPs/RIFs, TFSAs and/or non-reg savings for flexibility.
As cliche and simplistic as it sounds, for most folks, we have to find a balance between spending on things we enjoy while we are healthy and active and saving for a comfortable retirement and providing an inheritance (if we choose to do so).
Regarding annuity, personally not a proponent for the reasons that have been mentioned, but if you are going that route, would recommend to only place a portion of retirement nest egg and still maintain RRSPs/RIFs, TFSAs and/or non-reg savings for flexibility.
