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Financial Myths That Will Ruin Your Retirement Dreams
Introduction
Introduction
Preview
The Five Main Myths
Preview
Learning Outcomes
Preview
The Spreadsheets (free)
Personal finances: Why do people simply believe what they are told?
Myth 1. If I had $1,000,000 I Could Retire
The 70% rule
Debunking the 70% Rule
Meet the Harts
Hart family expenses: now and in retirement
From myth to reality: other income sources
Canada Pension Plan
Old Age Security
Social Security
Status of the Harts
You don't need to maintain the fund at $1.4 million until the day you die
Social Security Normal Retirement Age
Myth 2. RRSPs, IRAs and 401(k)s are the Holy Grail of Retirement
What's really important: retirement savings or net worth
Demo of net worth calculator
RRSP basics
401(k) basics
IRA basics
410(k) or IRA?
Retirement savings vs paying down debt
Demo of retirement savings vs pay down debt calculator
Advantages of paying off debt vs retirement savings
The scale of life - savers vs spenders
Net Worth Calculator Spreadsheet
Retirement Savings vs Pay Down Debt Calculator
Myth 3. Don't worry about your investments; you'll be fine in the long run
The stock market (Canada)
The stock market (U.S.)
Your personal rate of return (PRR)
Required investment disclosure (Canada)
Required investment disclosure (U.S.)
Demo of personal rate of return calculator
You try the PRR calculator
DOL 401(k) disclosure info model chart
PRR Calculator Spreadsheet
PRR Calculator You Try Results
Myth 4. Income taxes are the enemy
Taxes (yuck!)
Myth 5. Buy Permanent Life Insurance to Secure Your Financial Future
Life insurance basics
Life insurance types
Chart of term life vs universal life
Disadvantages of universal and whole life
Term Life CPA Select IP annual rates
Critical illness insurance
Long-term care insurance
The Retirement Optimizer
The Retirement Optimizer
Lower-income Canada example introduction
Demo of Retirement Optimizer Canada - lower income
Lower-income Canada example results
Higher Income Canada example introduction
Demo of Retirement Optimizer Canada - higher income
Higher income Canada example results
US example introduction
Demo of Retirement Optimizer US
U.S. example results
Now it's your turn
Retirement Optimizer Canada Spreadsheet
Retirement Optimizer US Spreadsheet
Behavioral economics
The basics
The details and how to use them to your advantage
Conclusion
You're done!
Myth 3. Don't worry about your investments; you'll be fine in the long run
Financial Myths That Will Ruin Your Retirement Dreams
By:
David
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How the U.S. and Canadian stock markets have done since the crash of 2008/09 and how to calculate your personal rate of return on investments.
We'll cover the following topics in this section:
The stock market (Canada)
The stock market (U.S.)
Your personal rate of return (PRR)
Required investment disclosure (Canada)
Required investment disclosure (U.S.)
Demo of personal rate of return calculator
You try the PRR calculator
DOL 401(k) disclosure info model chart
PRR Calculator Spreadsheet
PRR Calculator You Try Results
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