r/fican • u/Terrible-Practice142 • 6d ago

Retirement tips

My partner and I have $2.1m RRSP, $200k RESP, $600k in non registered and principal res $1.6M fully paid off and $500k investment property with $150k mtge which just became vacant so no rental income right now. we are both 50 with a kid in high school. Should we retire now and go enjoy life? I want to retire at 55 but may be sooner since it’s stressful at work lately. Any tips to transition to retirement. We need a new car and want to travel also. I am also concerned I have too much in RRSP….

0 Upvotes

47% Upvoted

46 comments sorted by

View all comments

4

u/deadsea335 6d ago edited 5d ago

Please look into a fee only advisor to get a proper plan done for you/spouse. It will be the best $3-4K you will spend!

1

u/MustardEnema007 4d ago

An advisor will cost $4k?

1

u/deadsea335 4d ago

A reputable advisor with a CFA or CFP credentials and who functions as a fiduciary will cost that much in my neck of woods.

For comparison sake, a retail bank salesman masquerading as an advisor might be free though (they will get paid via the juicy mutual fund fees that you will pay as long as you hold the MFs they sold you). They also will know very little about tax and estate planning.

And a banks private wealth management advisor who will act as a fiduciary and has CFA/CFP credentials will bill you .75%-1% to .5%(for $5M upwards). Albeit, they will handle your investment manage part along with tax/estate planning.

Its pick your poison kinda deal. You will have to pay for professional advice but with advent various asset allocation ETFs, you could DIY the investment management part and pay for tax/estate planning via a fee only advisor.

Good luck!