Then the grandkids will possibly get two inheritances, one from grandparents and one from their parents My kids get my estate, if there's anything left when I pass!
@ie6370
3 жыл бұрын
More great advice, every video I learn somehing. You are doing a great service to Canadians with these videos
@grayandgray
Жыл бұрын
One might think well established kids can also process the needs of the grandkids more prudently/effectively than a hand from the grave on a particular day. I'm leaving it to my kids to figure out over their years (and I'm talking to them about it all when I'm alive!). If you have plenty for everyone, no worries though. (e.g. No charities for me... )
@edhcb9359
2 жыл бұрын
I told my wife I’m getting life insurance equal to 10x my income plus our debt plus $150k per kid. She’s suddenly interested in firearms.
@ParallelWealth
2 жыл бұрын
We should all be worth more dead than alive! Lol
@vaskenderboghossian8061
3 жыл бұрын
now I’m really depressed ..
@sheilaarp6453
2 жыл бұрын
Nope my kids come first to help them with retirement. My grandkids have to figure it out like we did
@Helen-sp6bf
2 жыл бұрын
I agree!
@dmdeleau
2 жыл бұрын
I agree 100%. When you say your kids don't need it and leave it to grandkids, you are basically saying "I don't trust my own kids to look after my grandkids ". Most people who say the grandkids need the money, had no problem receiving money when their parents passed away.
@John-nx9hx
5 ай бұрын
Fully agree!
@jacobrocks7
Жыл бұрын
I don’t agree with you re passing most funds to grandkids vs kids…my view is kids should get the majority while grandkids get a share…
@ParallelWealth
Жыл бұрын
The point is by the time you pass away your kids are in their 60s or 70s ans should be financially set. Where grandkids are in 30-40s with mortgage, kids etc. Why pass money to someone that doesn't need it? If a kid does, then of course help them out.
@misspethamhouse9072
3 жыл бұрын
Thanks, another insightful video. I plan to work through those questions since I want to retire in the next couple of years. I think I have most covered but need confirmation…
@rickjunior6478
2 жыл бұрын
I’m deaf, this one is not CC, most your videos are. Thanks for the ones that are. Quitting the video early. 😕
@ParallelWealth
2 жыл бұрын
Rick, thanks for the heads up here. I will make sure to tell Stephan to ensure future videos are.
@tomatoseed1443
2 жыл бұрын
I was afraid to view this video b/c I retired a year ago, and I'm not sure if I covered all of these. I do have a part-time retirement job but I don't really like it.
@danzammit9443
3 жыл бұрын
Very good advice.
@troyrussell9713
3 жыл бұрын
Hi Adam Great KZitem channel. I keep reading similar advice for insurance coverage amount. But how much insurance would you recommend if a couple has no children and your spouse is a professional who not only makes more money but plans to keep working should you pass away? The only debt we have is a mortgage. Thanks
@ParallelWealth
3 жыл бұрын
Cover the mortgage and whatever you plan to contribute to retirement saving. Insurance is relatively cheap, so adding another 100k or 200k won't be a whole lot. Better to leave her in a good financial spot for a few bucks - and vice versa.
@grantboucher2696
3 жыл бұрын
i got a mortgage and a tenant which covers that cost almost should increase my mortgage to max out the missus tfsa. im thinking mortgage cost low interest tfsa tax free dividends will i be ahead
@ParallelWealth
3 жыл бұрын
Taking on risk, but can be a good strategy if you have time on your side
@CastingOff
2 жыл бұрын
Really enjoying the videos. Very informative and useful.
@ParallelWealth
2 жыл бұрын
Glad you like them!
@NipItInTheBud100
2 жыл бұрын
How can anyone know how long their money will last since future costs will always be an unknown variable we can’t predict!
@ParallelWealth
2 жыл бұрын
Continue to make adjustments and create the base long term plan on conservative numbers. It works very well - we speak from experience.
@NipItInTheBud100
2 жыл бұрын
@@ParallelWealth well, its easy to adjust once your in the situation but if you are in the planning stage its hard to know how long your money will last since nobody knows what their expenses will be 20 or 30 yrs from now
@philjans1
4 ай бұрын
Your kids should ALWAYS pass first. Never pass to your grandkids. Your kids will decide what to do with the money they receive from you. I would NEVER forgive my parents if they did that to me! And there’s fiscal penalties when passing money farther from the strait family lines.
@John-nx9hx
5 ай бұрын
Mostly good advice, but I certainly don't agree with leaving an estate to ''the grand kids'' and skipping over a generation. I worked hard my entire life with/for my parents helping them amass their estate, looking after them in their elder years and never living more then fifteen minutes away from them so I could always be available if they needed me.
@ParallelWealth
5 ай бұрын
Our point that if done right and your parents live to 85-90, there shouldn't be a financial need for you to inherit a sum in your 60's. Where your kids (if applicable) would likely benefit and start to create generational wealth.
@John-nx9hx
5 ай бұрын
@@ParallelWealth Yeah, I watched the question six again and I still disagree, inheritance should be passed on to your children not grandchildren, most working class people 50's 60's [especially those that raised a family] very much do need that inheritance to be able to retire. I work in a factory with 700 people, I see it on a daily basis, people now working to 70 plus years old because they can't afford to retire. Sad but true. They paid to raise their children, give them an education and didn't have enough left over for them selves and retirement. I think the grandchildren [now educated] can wait 40 or so working years to be given an inheritance, as their parents have done. Personally I count myself as very fortunate, today I gave the company my notice of retirement. I will be 59 soon, own my home, and have reached my retirement goal, 15% of which came from inheritance due to my parents passing 4 years ago at age 87. I was the executor of the modest estate [though out the covid epidemic] which was divided equally among myself and 3 other siblings, the grandchildren were each given a $2000 gift to remember their grand parents by, which I feel was generous enough. As i said in the original comment " I worked hard my entire life with/for my parents helping them amass their estate, looking after them in their elder years and never living more then fifteen minutes away from them so I could always be available if they needed me''. I will stand by my original opinion, todays grandchildren can wait and get their inheritance when their parents pass on [not when their grandparents do]. I can not imagine anything more insulting/hurtful after my life time of helping my parents amass their estate then being cut out of any inheritance so they can give it to the grand kids.
@joseelevesque5083
2 жыл бұрын
What can you do, or how can you avoid negative investisment outcomes? In other words, if i expect 4% of growth in my account while I am cashing out yearly, but finally getting less than 4% or even getting negative investment? What can I do?
@johnnyboyvan
3 жыл бұрын
If you think life insurance will pay that all out, you are a FOOL. They will never pay it in totality. Get real!!
@ParallelWealth
3 жыл бұрын
Johnny, what are you talking about?! Of course they will. We have had 5 clients pass and all have received 100% of insurance proceeds paid to beneficiaries within 30 days. If you think life insurance doesn't pay you have been fed some bad info. We see the benefits first hand.
@spark2019
3 жыл бұрын
You might be thinking about mortgage life insurance which they do not confirm you qualify or are eligible until you die. They call it post claim. They come up with anything not to pay out the insurance. Watch the Marketplace show about it.
@ParallelWealth
3 жыл бұрын
Good point. Always buy insurance that is underwritten up front, not at claim.
@garth217
2 жыл бұрын
Having a bridge benefit in my pension has made the decision for me when to take CPP.. 65. The bridge drops off so CPP and OAS will replace it. I have / had a 10 year window before that occurs. I'm funding my Go Go years 60-70 with RRSP withdrawals before I have to convert to a RIF. My TFSA will then be drawn on or used for unexpected expenses. Right now my part time job is going directly into my TFSA soon to be maxed out. Being semi retired is a good position.
@rps1689
2 жыл бұрын
Very good planing. I semi retired in my 40s and retired in my fifties with a bridge benefit that drops about in half, but CPP and OAS will make up the difference and a little more.
@gyoung4597
2 жыл бұрын
Great advice about leaving the inheritance to the grandkids! You're right - the children should already be in their 50's and well established!
@Sarah_C68
2 жыл бұрын
Im not sure its good advice ....... what if my grandparents didnt leave anything to me and my siblings because they didnt have the money but my parents do ?
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