There is a “Retirement Rule” that your portfolio can typically offer an issue rate of 4.1% over the decades. That said, a $ 1 million portfolio could yield $ 41,000 pre-tax annual income and survive as long as you do. A Canadian would most likely have CPP (Canada Pension Plan) and retirement benefits in the mix as well. That could add $ 12,000 to $ 15,000 or more to your annual retirement income.
Recently we looked at MoneySense’s Purpose pension fund for longevity, which is said to provide 6.15% annual income. Probably the best use would be to use the fund on a portion of the retirement plan, say in the 30-40% range. I will be posting a post on this strategy on my website within the next week or two.
There’s more than one way to shed the retirement cat, and Larry Bates offers ideas for that so that your retirement provision goes even further.
Net building the million dollar portfolio could be easier than you think. Hell, it could cost you as much as $ 2,000,000.
From there, make sure you do the research to understand how to make that money on a permanent basis. You might consider reaching out to a consultant only planner to help put together the most efficient retirement funding plan.
Jeff Bezos is “retiring” from Amazon
Bezos, the founder and CEO of Amazon, recently announced his resignation. Bezos doesn’t have to worry about retiring with a million. Bezos is of course one of the richest people in the world.
This Business Insider review notes that Bezos Retired with net worth of $ 197 billion-739,489 times the average American. Looks like he’s fine. Here is another incredible wealth that came from this post:
“He is more than twice as rich as the entire British monarchy, which is estimated to be worth $ 88 billion in 2017, and his wealth exceeds the GDP of some nations – although the comparison between production and value is not accurate. Bezos makes more money every second than the average US worker does in a week. “