I'm priviledged enough to have a trusted traveler card in my wallet and fly only in business class, so those two benefits certainly disolve most of that fear.
I retired at 57 and took a part time job dog walking. I load up the car with pups and we go on trails all over; it’s great fun!! It keeps me fit as well. No more gym membership needed.
I'm enjoying the retire into part time thing also. Keeps you moving on those work days, but also allows even more days off. Allowing the CPP to grow a bit by waiting helps too !
I did something similar but even earlier (51)! So glad I did 😊. Kept me in great shape and I could travel or live in beautiful places I never would have seen. Now at 65 I am extremely grateful I didn't wait 👍
My husband and I are selling our house and moving to a new build bungalow in cottage country. We are so excited. We never travelled, never did much outside the home and worked all our lives. We feel like this is going to be a vacation lifestyle that we never had before. We plan on doing day trips and working on our garden together. This may seem boring to some but we feel younger and are excited about this phase in our life.
I’m only 60 and probably can’t retire, so I bought a small bungalow with yard in small town but close to nature and amenities. And I can walk to work. This is my compromise to make it happen. I don’t mind the working part, though I’d rather be cooking!
Being retired for a few years now, I’ve never met any retired person who said oh I wish I’d worked longer. As well I golf with a lot of people in there late 70s and 80s all active and looking healthy. Keep moving and enjoy your life.
This is great overall advice. I have found that retirement has allowed me to focus much more on my health. I spend 2+ hours on fitness most days. And I absolutely love it. I even started lifting 3 days per week. I didn’t have time to do this when I was working. I did some workouts over the years- but not consistently due to time constraints and work commitments and travel. Retirement gives you time freedom- and that’s the best part.
I took two years off at age 40…told my wife we have the money, the health, and the time now. So we did four international trips…not super fancy but enjoyable. Her health has deteriorated a lot. I do not regret our decision to spend mid career. Now 68 me and 71 her.
Wow. This was perhaps the best financial planning video I have seen. I am a former Canadian living in in the US and every thing said here is applicable on both sides of the border. I am 69, going on 70 and every piece of advice he has given is SPOT on
I’m 72 and work 20 hours a week as a cashier at a big box store. With the discounts and pay I make over $20 an hour. It’s a way for me to be active and stay ahead of inflation.
I retired at 57, mostly because my husband was 10 yrs older than me. We wanted to spend more time doing things together before he was unable to. We had 7 years - the best of our entire 41 yrs together - before he died in a MVA. So, I still have my health, and I’m not in financial distress - but (and you’ve talked about this) it costs more to live as a single person and I’ve lost a portion of his CPP. I recently had this conversation with my financial advisor, and 2 years after my husband’s death, I’ve upped my monthly draw-down for exactly the reasons you are talking about: how do I want to spend the next 10 years of my life. We make our plans, but we also have to be willing to reevaluate our circumstances to optimize the options.
I wish they talked more about the survivor benefit and how it is affected when you decide to take your CPP. Why did yours get reduced? I am a widow too. 59 years old. My husband passed in 2018 at 52 years old.
@aquamarine0303 it wasn't reduced - I worded it wrong. I referred to the clause that the survivor receives the deceased's CPP, but only at 66% and only to the survivor's maximum benefits. My utilities and monthly expenses didn't really change, but the amount available to pay them decreased significantly.
I retired at 66 five years ago and moved onto my sailboat. I’m now cruising around the Caribbean, fit as the proverbial fiddle and enjoying the hell out of my life. Everything you say is true. Use it or lose it.
Some people work longer because they like their work. My father retired at 80, fell into a depression and then went back to work on a reduced schedule to 85.
He might not have developed any hobbies or activities outside of work. There’s a whole world out there to discover. But everyone can decide for themselves
Basically true and he didn't like golf, talking about his children, school days or investments which he said dominated the conversation of his contemporaries.
@@ericj6043Some people get “trapped” into their occupation and have no hobbies / interests outside work. Often it is too late to just pick up a hobby. I worked for a guy years ago who was worth multi millions, he told me his financial guy said he needed to figure out what to do when he retired. Money was no object obviously, but he told him he’d “use up” the travel and golf destinations quicker than one thinks: so then what. That has stuck with me all these years.
It’s not surprising that people fear running out of money. Financial planners have drummed into people that if they don’t start investing in their 20s then it’s “too late”. Well, many of us didn’t have the resources to even start saving until our 40s or 50s. When finance experts tell people they won’t have enough for retirement then naturally they will fear running out.
Key thing is to pay off your mortgage, we didn't have money till we paid off our mortgage. We paid it off in 14yrs at age 42, at that point we started saving. The thing is when you reach retirement years you're at your max earning potential and its hard to stop saving and start drawing it down.
@@garmin1488I completely agree with this sentiment. I evolved to believe that minimizing fixed expenses is the foundation for financial independence. I was roughly 35 when we got ourselves debt free we did take on a couple of smaller mortgages over the years as we upgraded our home but typically paid them off in a few years. Our savings rate exploded once we got debt free.
EXACTLY. The idea that it's "too late" is nonsense. Even if you start saving at age 50, if you work til 70 that's 20 years of compounding interest. Will you have millions of dollars? No, but you'll have enough to make a huge difference in lifestyle.
I didn’t start saving for retirement till I was in my 30’s. The company I worked for only had a 401K for management. So the first 14 years there was nothing. Once I started I had to play catch-up. But I’m retired now and doing fine.
Retired in April 2023..wow, absolutely LOVE this video!! subscribed!!!. Cancer struck my mom the month I retired, then this year, mine returned and two of my brothers also diagnosed. I just finished treatment...gonna travel definitely next year once treatment recuperation is done. I'm American (so no idea what CPP is but sounds like social security) but your advice is still quite relevant.
My wife and I are well traveled and at 55 retired.We have a 14 year old daughter who is a star and it's great to be there every day when she comes home from school. We down sized,cashed up and now enjoy projects together and each morning after my daughter leaves for school I start the day with a 90 minute bike ride on ZWIFT. After that nothing's a problem. Life is awesome,long may it last.
4:30. The top engineer in our department got paid 18 months wages to retire two years early. Corporate targets set in a different country etc. I'm continuing to work while waiting for another deal like that to come along.
Spend while your still active because if you have to go to assisted living or nursing home they get your most of your money Die broke and your ahead Give planed inheritance away while your alive to see their enjoyment help them out it’s tuff for todays younger kids You might need a attorney to get through the loopholes My parents lost it all in nursing care
Thanks for the video, Adam. I’ve come to learn this to spend money when you can, and you’re able to . I retired in 2013 , and just being scared to spend from my portfolio and my investments. Looking at 2024, my investments have done very well. Started taking steps to make an effort to spend money now while I’m able to and healthy. Learned a valuable lesson for my dad, died at age 90, and he just saved all his money, no vacations or anything involved with spending money. Come to see his portfolio, Large, but what good is it now? It’s very hard to make that switch in your mind to go from saver to spender.
I just signed up! Looking forward to the Will update 👍🏼 My regret that i took CPP at 65 but hadnt watched these videos. But I'm sure going forward having signed up, Adam will guide on the path forward to still minimize taxes, estate planning etc. Excited!
As my father used to say, what's the next big occasion after retirement? So why be in a rush to do it. I am lucky enough to be able to work remotely. So I plan to work and travel at the same time. Until I can't.
According to my retirement plan, I should be starting my QPP at 67 (presently 64). I initially thought that it would be at 70 but tax optimization proved otherwise. If you haven't already done so, get a plan people! Many surprises await so don't let your emotions guide you in such a critical strategic move.
I’m 66 and retired two years ago. My plans are on the back burner for the time being. Taking care of an aged parent is a full time job and does not allow me the luxury of even a 24 hour vacation. I wager I die very soon.
Yeah, I wound up in the same boat. I'm 70 now and still caregiving my 99 year old mom. I wanted to travel, etc., but haven't even been able to take an overnighter. For reasons I won't get into, respite is not an option. So much for retirement.
If you can find someone to take care of parents for a day, weekend, even an afternoon. Do it. Everyone needs alone time. To go for a walk. See a movie If you can hire a caregiver for a couple hours. Take care of yourself.
All of my friends moved away from this city. The one I had left doesn't want to hear about my family issues. I don't know what to do with myself when I retire. I thought I'd have a spouse and friends to do things with, but I don't see that happening anymore.
You may need to decide to change your own life. Think about what you enjoy doing. Find a group to join or make one yourself. You'd be so surprised how many people are in the same boat in the friend situation. Making friends as an adult is hard! Your friend that doesn't want to hear about your family issues either isn't a great friend or you talk too much about the family issues, but don't take advice or try to put a plan in place to make it better, which may mean cutting them out. Think about that before getting offended that I wrote it. I have friends that do the same thing. I told one that I don't mind her talking about her issues but I do mind that she complains but takes no action.
@@garth2172024 is an exceptional year with indices earning in the low to mid 20 percent range. Expect much lower long term returns. Above all do not panic sell at lows.
I may be standing alone but you will be happy to know that I am delaying my CPP - lol! Thanks for all the great information to think about as my retirement approaches.
Yes, these are smaller amounts, simple basics; it should not be taxed. USA has larger Social security amounts , ( particularly taking into account exchange rate) and they are not taxed , to my knowledge.
If you’re living on OAS and CPP here in Ontario it’s not taxed at all. Personal exemption and age deduction take care of it. Worth noting, CPP contributions are tax deductible during your working life. Therefore it’s taxable.
@johnpye8216 so what you are saying is that high income earners should get a tax deduction equal to the amount of OAS they would have received? I would agree with that!!
CPP & OAS all depend on the individuals, health, family longevity, financial needs, still working ect. I plan to draw down my RRSP first and then take CPP & OAS later. I also found that even though Im taking an income from my RRIF the total amount is not going down much ( which is a good thing ). I might have to take out more and just put it in my TFSA investment (not just a savings account). All thanks to Adam !!!!❤❤❤❤
One thing to consider about not taking CPP/OAS, if you die due to a sudden illness your children get no ongoing payments from CPP/OAS (assuming your spouse predeceased you). However, they do get your retirement savings (although taxed if registered). That is why I chose to take my CPP at 65 even though I could delay it so I could live off that more and keep more of my own saved money in my portfolio.(which I will take into income as appropriate to spread out the tax impact)
My dad couldn't wait to retire. He planned to live 20 years and die broke. It's now 29 years later and he's realized that had he just worked 2 more years he would still have lots of money in the account. The moral is you will probably live longer than you think and can work longer than you think.
A friend of mine had a $2 million portfolio with a lot passive income. She was healthy, in great shape, and has a 91 year old father and an 88 year old mother. When the doctors diagnosed her cancer the prognosis was no hope. Died at 62. You never know. She split her money among her family.
@@kurtdanielson993 That's really sad. You never know, but I would argue your friend was a wise woman, just unlucky. My father had a great job but wasn't about to work a second longer than he had to. I am trying to keep him and my mother (she's 88) afloat because they never bothered to consider what might happen if he outlived his prediction. He spent those two years on the golf course, traveling and just lying around spending a crapton of money on useless toys and junk. Not sure how much it would have affected his lifestyle to work a couple of extra years but it might have helped his kids a lot. But it runs in the family, I guess. I come from a long line of people who whooped it up while they were alive and died more or less penniless. My parents will end up the same way.
@@rufusmcgee4383 thanks for sharing. All that nasty inflation probably didn't help. I hope his health is okay. Two more years could make a lot of difference. I visited my financial guy because my coworker announced he was going to retire. It seems I can't at 59.5, can at 62, and might, depending on my motivation, at 70. But who knows if I can keep up with the fast pace of my work as I approach those years. Thanks for your comments. I wonder, because of your dad's experience, are you financially planning for your retirement?
1. i wish i spent more in retirement. get financial planning guy 2. i wish i took care of my health 3. i wish i retired earlier - get financial planning guy 4. i wished i traveled more when i was able to. create travel bucket list. 5. i wish i created a social network. 6. i wish i did not ignore financial planning 7. i wish i pursued my passions- create a passion bucket list. 8. i wish i did not delay my estate planning. will, power of attorney => tax planning. 9. i wish i didn't avoid tough conversations 10. i wish i didn;t start CPP early.
Travel 🧳 when you can! My parents wanted to travel a lot in retirement. But, my mother became ill at 72 and died at 74. They never got to travel. My Dad just didn’t want to travel without my mother.
I don’t know anyone with a pension, they have maybe a house, but a new roof, kids in school etc, all drain the resources. Cost of living also sideswiped everyone. Banks gave me 5percent on rrsp, then take 2 points leaving just 3 percent to cover cost of living, inflation, which it doesn’t. How about the 30-40 percent of families that are looking at destitution. You are talking a dream world here for most of us
Retired at age 62. with zero debt. We have no need to spend more during our go-go years because we live in Montana and our passions are relatively inexpensive: backpacking, cross-country skiing, canoeing, gardening, retrievers, etc. We are spending on Roth Conversions to minimize our tax liability and huge RMDs starting at age 73.
I can see why people fear running out of money. Most of us don't have 25x our annual earnings saved. We only get one shot at retirement - not a thousand Monte Carlo simulations. We can't predict future stock market returns. But we can still get a part time job or start a side hustle if it looks like more funds are needed.
The greatest gift in retirement is good health. having a financial plan comes second. I’ve been retired 8 years with a great pension and my knees are giving out.😏
I'm 68 and still working full time. In fact up to recently I was also working a second job off and on for a few years. Because I have done a lot of contract work and have been put back on the street several times, my 401K has suffered and I am still working on building that up instead of spending it. I am also waiting to take Social Security till I am 70. Inflation happens.
yes, times have changed and I would say if you are still ok with working, keep doing it because once you quit or get let go at that age, it will be hard to find as good a paying job if any job. I am trying not to take my ss until 70 too because of inflation and taxes and Medicare, etc. By the time they take everything out of your ss check, it gets reduced quite a bit so if I don't need it, I would rather wait. I am nervous about any changes in ss though but I still don't want to panic and take it like so many people I know.
I took my CPP at 60 and I have no regrets. I once had a neighbour who dropped dead in his house, on the very day he was to have received his first cheque from CPP. He was full of life with no pre-existing conditions. He waited! Living past your 60s, 70s and beyond are bonus days. Life is more unpredictable when you’re living your twilight years.
well thats the hard part - finding an unbiased planner. Where i live it seems like they're all aligned to certain institutions and companies which influences their advice from what I've heard from friends.
Even with great financial planning, one may need a ton of money late in life. My Mom at 90 needed 24 hours a day care, and had to spend $150k a year. So one never knows if one needs a ton of money late in lif
Delaying CPP and even OAS to 70 is my longevity insurance and greatly alleviates worry about running out of money if I live past 90, as my benefits will be enough to sustain me.I can spend more now in early retirement while I still can enjoy it, and not feel like I have to hold onto my savings “just in case”.
@@garth217 for sure - and I know you recognize the value in that. I don't have that luxury (my wife does, but I do not) so I have to build my part of the plan with a view to minimizing risk, especially in consideration of inflation. Maximizing the amount of CPP, and maybe also OAS that I will receive, is a guaranteed approach to me transferring more risk to our social pension programs. For clarity, I think individuals, and especially couples, who made career choices (or were fortunate enough) to benefit from fully indexed defined benefit pension plans have a much simpler and easier path to navigate when it comes time to making decisions about CPP and OAS timing. When the vast majority of retirement income is going to be indexed (DB, CPP, OAS) there are far fewer factors for consideration. On a personal note, I know many with DB pensions who have saved little to nothing in their TFSAs and even less in their RRSPs. This also serves to minimize the decision making process when they have to plan their income strategies. I often have to remind them of the removal of their bridge benefit when they turn 65, but other than that they don't have a lot of planning needs.
One regret wish I'd taken more risks with my money when I was working, instead of a low risk ,low return,high charges with profits pension scheme with the prudential.
I hope I'm one of those people that get to 90 and say "I wish I had spent more money earlier" for several reasons. First, it means I lived to 90. Second, while getting to 90 I had more than enough money. Third, the fear of unexpected, unpredictable expenses did not come true. My peace of mind getting to 90 was much higher because there were significant reserves to handle the unknown if needed. Finally, my kids will be happy I didn't spend it.
I like the way you think! I think the same way. Better to have more than enough money than not enough. Enjoying life does not require spending a boatload of money on travel and play toys!
Another great video, Adam. Very good advice indeed. However, we are caught between a rock and a hard place a bit where my wife is disabeled and has a hard time moving, let alone going places. Like you mentioned, now we have the money and we can't use it to it's full advantage. However, a real truth though to is; If you don't do it before retiring, like traveling for instance, you won't do it after retirement.
Hated paying taxes so bought my first RRSP when i was in highschool. Traveled some while in university. Read THE WEALTHY BARBER when it first came out soon after i started corporate work. Quit the corporate job with company car when I was 41 because i now had a baby with another one planned. Spent most of the kids vacations traveling with them, doing odd jobs when they were in school. Lived frugally all my life but have no regrets and always bought the toys (mostly used) like motorcycles, sports car, motorhomes, cell phones in the 80s etc but usually with cash. Now over 75, comfortable, still healthy, not much left in the bucket list. If you can live frugally and know what makes you happy JUST DO IT.
I plan on going well past 90, I started getting a financial education in my early 50s. I invest in stocks, options, etc. There is no way I could have a comfortable life depending on cpp and old age pensions. From what I see, there will be many baby boomers living off the government sponsored nursing homes for the fact that many people live paycheck to paycheck. With no real significant savings. Of there is a major market correction like many are predicting, that pension experiment they started in the 80s could drop 80%. Most people are not aware of these senerios. The statistics show that if a couple gets to 65 healthy, the odds are that they surpass 90 are pretty high. That is plenty of growth while in retirement.
Of course older retirees in their 80's wish they'd waited, but of you could ask those that died in their 70's they'd all say "So glad I took that CCP early!"
u want more money in the go go phase of retirement - in general take CPP / QPP no later than 65. People in their late 70s , or 80s spend much less and travel less - seen this with my now deceased uncles & aunts
I want more money in my go-go phase, so I'll take oas and cpp at 70. 40% more cpp/oas lets me spend more money earlier with less worries about outliving it.
@@garth217 You are right, that's all you need to do. From 65 if you are reasonably healthy making it to age 70 is a pretty good bet but if you don't live past 70 then whether or not you got CPP or OAS isn't really going to matter to you, you'll be dead (which is probably a bigger problem than missing out on CPP & OAS). And at least you got to enjoy the money you spent decades saving instead of just letting it sit in the bank until you die. (And then some relative that inherited blows it all.) That's my perspective anyway but I know you look at it differently. My wife and I deferred our CPP & OAS, we are now 71, and we didn't come close to burning through all of our investments. So far it's working out.
@@marionsutcliffe1119 If you are anything like me you'll find that by age 70 your account balances will be about the same as at the beginning. My wife and I retired at 61 and we both deferred CPP & OAS to 70. We travelled, wintered down south, and 10 years later we have most of what we started with. I am finding this is not an uncommon scenario among retirees.
If you have federal pension the amount you are eligible to receive from CPP will be deducted at age 65, so can’t delay past that date. If you work elsewhere you will still need to pay CPP and after say 10years you may get 45-50 more a month. My experience
If I sit for a couple of hours I get up like I’m 90yrs old. I exercise daily, walk my dogs every day and most of all enjoy riding my horse. I’m 62yrs old and work part time by choice. I can’t wait to retire 100% and ride more. Moving is crucial I must move daily. Working part time I’m not able to travel as much, but we will in another year or two. I find it difficult to make friends at my age. Especially friends that are health conscious.
@@marysinclair1214That’s great! Working out is good for the body and mind. You may find friends your age at the gym who are health focused, either on your own or a group class.
Thanks for the video. I’ve got annuities that will start paying out which we can comfortable live on until the day we both die. My wife just retired as a professor at a university this week and I am retiring from being a business owner the end of this year. We bought an Airstream two years ago and have spent 90 days in it and traveled over 17,000 miles thus far and plan to do a lot more over the next 10 years. Hope it all works out as planned. Time will tell.
Absolutely agree about waiting to take CPP. Worked until 67.5, would have been taxed on it. Took it at 66 and I love getting close to $1,500.00 monthly CPP.
I'm sorry to hear about your wife. I retired 5 years ago and this I was diagnosed with multiple myeloma. I am in maintenance treatment and enjoying life is high on my priority list.
Excellent video---to the point, and critical points to consider, as one who has battled almost all of them in my first 6 months of retirement. Thank you.
What I like to do is check out the towns that surround where you live amazing how much we do not know about the towns we live around take a walk around the town stop in for lunch I have found the best food is in small towns, they have the time to talk to you, so far I have seen every town now on to the the towns that border my state. You get your excerizie meet people and you end up sleeping in your own bed depending on the weather I do this twice a week.
Shouldda waited to take CPP? You probably don't hear that from those who died earlier than expected, rather, just those who survived longer than they expected.
I see at least two stages in retirement: 1) Travel & enjoy, 2) Hunker down. From 65 to 75, while you can still enjoy food and travel, go have fun. Between 75 to 80, it's time to settle down. Of course, it's not mutually exclusive.
More importantly do fun things, they don't have to cost a lot of money. I do not want more stuff to manage. I don't take trips what require a lot of organization or stressful travel.
@@Omeomy Wife hates it, I love it. Son hates it, his gf loves it. As long as one is doing it, the scope of fun experiences can be larger and more tailored. But also, travel agents exist to do this. Im just not a fan of putting my doings into someone else's hands if I can help it.
The reason you’ve heard of people regretting taking their CPP early is because they are still alive. I wonder about all those folks who died before taking it. I wonder what their voice would say.
An alternative strategy is draw down tfsa first. Take 2000 each from RIF. This can potentially increase government benefits for a few years. Convert the bulk of rrsp as late as possible. It is rare and few will do this, but we do and it is working great. Retired cfp
There is always the 1%! We have run this many times for clients and it's never worked out. But that's why it's important to plan, as everyone's situation is different.
According to a younger colleague who retired "It is essential to spend all your pension before you get dementia". We wondered if he was giving himself a head start when we realised that working one extra month would have given him a 6% uplift in his pension for life.
We don’t know how long we will live Don’t leave living until retirement We have always been active and travelled and invested in education for ourselves and our kids Our kids got debt- free educations - don’t care if we leave them anything else Never cared about jewelry, huge house and showy stuff We love our little community living in the mountains Our plan is to stay here and pay for help as we need it and to keep traveling as long as possible and to keep a canine companion and keep walking
Your first point and last point seem contradictory. My pension plan has a bridge that ends when I turned 65, which means my income has decreased. I did figure a way to still get by and delay my CPP till 70, but I am needing to take my OAS now, just to keep a similar level of income. And I’m travelling and spending even more than I planned on.
A lot of people, including my wife, seem to think retirement needs to involve a lot of travel. I find travel to be uncomfortable, inconvenient, exhausting, and mostly disappointing. It's just like being at work, except that I'm paying for it instead of drawing a paycheck. Even if it were free (which it is not) and safe (very much a coin toss), it would still be overrated. If I spent 4-5 months a year on the road, I would consider my retirement to be wasted.
I have enough, but I am working at about 15% of my time, volunteer on boards, etc 25%, but the commitments have to be able to be done remotely. My consulting has to allow occasional remote meetings or I don’t take the job. Still get my travel, outings with wife and friends and fishing in. I work so I can help the kids. One lost job, I covered her mortgage for 6 months until she had a job.
I retired 2 years early. Done a little traveling, took some dhort term work, learned to play a musical instrument never ending, ride a mt bike riding trails, ride a motorcycle dodging speed csmeras and the law, walk up to 10km most days, took up target shooting again. Had a heart attack, open heart surgery, eye cataract done and living the life.😂 true. surgery
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I took ten years out of my working life and traveled for ten years. Now that I am 95, the thought of lining up at the airport fills me with horror.
Yes, airports today are a complete nightmare.
I'm priviledged enough to have a trusted traveler card in my wallet and fly only in business class, so those two benefits certainly disolve most of that fear.
Airports have become managed zoos of people
Thats awesome!
I retired at 57 and took a part time job dog walking. I load up the car with pups and we go on trails all over; it’s great fun!! It keeps me fit as well. No more gym membership needed.
Love !
I'm enjoying the retire into part time thing also. Keeps you moving on those work days, but also allows even more days off. Allowing the CPP to grow a bit by waiting helps too !
I did something similar but even earlier (51)! So glad I did 😊. Kept me in great shape and I could travel or live in beautiful places I never would have seen. Now at 65 I am extremely grateful I didn't wait 👍
😂 Me also … it’s the best!
My husband and I are selling our house and moving to a new build bungalow in cottage country. We are so excited. We never travelled, never did much outside the home and worked all our lives. We feel like this is going to be a vacation lifestyle that we never had before. We plan on doing day trips and working on our garden together. This may seem boring to some but we feel younger and are excited about this phase in our life.
I’m only 60 and probably can’t retire, so I bought a small bungalow with yard in small town but close to nature and amenities. And I can walk to work. This is my compromise to make it happen. I don’t mind the working part, though I’d rather be cooking!
Sounds wonderful 👍
@@Omeomy That sounds perfect!
@@Omeomyunfortunately in north Idaho where I live is even a “small bungalow “ is 500.00 I’m happy you could do that it seems nice!
@@Omeomymaybe when you retire you can do some cooking for extra money as it sounds like something you love to do!
He's especially right about the travel. Traveling in your 50's & 60's is completely different from traveling in your 70's & 80's.
Being retired for a few years now, I’ve never met any retired person who said oh I wish I’d worked longer. As well I golf with a lot of people in there late 70s and 80s all active and looking healthy. Keep moving and enjoy your life.
Statistics say that about 1/3rd said they retired too early. I'm semi-retired and I will soon find out.
IMO: A purpose driven life and preparation for eternity is more important than a few years of retirement fun
I’ve also met a lot of early retirees bored out of their minds
@@hertzair1186 people who had no interests outside of their job.
@@Rita-ic9tv😂
This is great overall advice. I have found that retirement has allowed me to focus much more on my health. I spend 2+ hours on fitness most days. And I absolutely love it. I even started lifting 3 days per week. I didn’t have time to do this when I was working. I did some workouts over the years- but not consistently due to time constraints and work commitments and travel. Retirement gives you time freedom- and that’s the best part.
I took two years off at age 40…told my wife we have the money, the health, and the time now. So we did four international trips…not super fancy but enjoyable. Her health has deteriorated a lot. I do not regret our decision to spend mid career. Now 68 me and 71 her.
We started in our late 50s early 60s taking trips. Now she can hardly walk. Glad we did it when we did. Wish we could still be doing it.
Wow. This was perhaps the best financial planning video I have seen. I am a former Canadian living in in the US and every thing said here is applicable on both sides of the border. I am 69, going on 70 and every piece of advice he has given is SPOT on
Thanks, appreciate that. Thanks for watching.
I’m 72 and work 20 hours a week as a cashier at a big box store. With the discounts and pay I make over $20 an hour. It’s a way for me to be active and stay ahead of inflation.
Whatsapp State?
Great!
@@lolal2502 California
I retired at 57, mostly because my husband was 10 yrs older than me. We wanted to spend more time doing things together before he was unable to. We had 7 years - the best of our entire 41 yrs together - before he died in a MVA. So, I still have my health, and I’m not in financial distress - but (and you’ve talked about this) it costs more to live as a single person and I’ve lost a portion of his CPP. I recently had this conversation with my financial advisor, and 2 years after my husband’s death, I’ve upped my monthly draw-down for exactly the reasons you are talking about: how do I want to spend the next 10 years of my life. We make our plans, but we also have to be willing to reevaluate our circumstances to optimize the options.
I wish they talked more about the survivor benefit and how it is affected when you decide to take your CPP.
Why did yours get reduced? I am a widow too. 59 years old. My husband passed in 2018 at 52 years old.
@aquamarine0303 it wasn't reduced - I worded it wrong. I referred to the clause that the survivor receives the deceased's CPP, but only at 66% and only to the survivor's maximum benefits. My utilities and monthly expenses didn't really change, but the amount available to pay them decreased significantly.
In an MVA?
I retired at 66 five years ago and moved onto my sailboat. I’m now cruising around the Caribbean, fit as the proverbial fiddle and enjoying the hell out of my life. Everything you say is true. Use it or lose it.
Some people work longer because they like their work. My father retired at 80, fell into a depression and then went back to work on a reduced schedule to 85.
He might not have developed any hobbies or activities outside of work. There’s a whole world out there to discover. But everyone can decide for themselves
Basically true and he didn't like golf, talking about his children, school days or investments which he said dominated the conversation of his contemporaries.
@@ericj6043Some people get “trapped” into their occupation and have no hobbies / interests outside work. Often it is too late to just pick up a hobby. I worked for a guy years ago who was worth multi millions, he told me his financial guy said he needed to figure out what to do when he retired. Money was no object obviously, but he told him he’d “use up” the travel and golf destinations quicker than one thinks: so then what. That has stuck with me all these years.
Yep amazing people work all their lives at careers they hate just waiting to retire. Why not do something you love no matter what your age?
@@notanomad9320 Well, he did like his work -- that's why he returned to it.
It’s not surprising that people fear running out of money. Financial planners have drummed into people that if they don’t start investing in their 20s then it’s “too late”.
Well, many of us didn’t have the resources to even start saving until our 40s or 50s. When finance experts tell people they won’t have enough for retirement then naturally they will fear running out.
It’s the math of saving early versus later. Most don’t like starting to save early because it’s hard, but it’s also very smart.
Key thing is to pay off your mortgage, we didn't have money till we paid off our mortgage. We paid it off in 14yrs at age 42, at that point we started saving. The thing is when you reach retirement years you're at your max earning potential and its hard to stop saving and start drawing it down.
@@garmin1488I completely agree with this sentiment. I evolved to believe that minimizing fixed expenses is the foundation for financial independence. I was roughly 35 when we got ourselves debt free we did take on a couple of smaller mortgages over the years as we upgraded our home but typically paid them off in a few years. Our savings rate exploded once we got debt free.
EXACTLY. The idea that it's "too late" is nonsense. Even if you start saving at age 50, if you work til 70 that's 20 years of compounding interest.
Will you have millions of dollars? No, but you'll have enough to make a huge difference in lifestyle.
I didn’t start saving for retirement till I was in my 30’s. The company I worked for only had a 401K for management. So the first 14 years there was nothing. Once I started I had to play catch-up. But I’m retired now and doing fine.
Retired in April 2023..wow, absolutely LOVE this video!! subscribed!!!. Cancer struck my mom the month I retired, then this year, mine returned and two of my brothers also diagnosed. I just finished treatment...gonna travel definitely next year once treatment recuperation is done. I'm American (so no idea what CPP is but sounds like social security) but your advice is still quite relevant.
Is travel medical insurance difficult to get ?
Thanks and all the best there.
Check out FORKS OVER KNIVES as well as WHAT THE HEALTH Good luck!
My wife and I are well traveled and at 55 retired.We have a 14 year old daughter who is a star and it's great to be there every day when she comes home from school. We down sized,cashed up and now enjoy projects together and each morning after my daughter leaves for school I start the day with a 90 minute bike ride on ZWIFT. After that nothing's a problem. Life is awesome,long may it last.
4:30. The top engineer in our department got paid 18 months wages to retire two years early. Corporate targets set in a different country etc. I'm continuing to work while waiting for another deal like that to come along.
Spend while your still active because if you have to go to assisted living or nursing home they get your most of your money
Die broke and your ahead
Give planed inheritance away while your alive to see their enjoyment help them out it’s tuff for todays younger kids
You might need a attorney to get through the loopholes
My parents lost it all in nursing care
Thanks for the video, Adam.
I’ve come to learn this to spend money when you can, and you’re able to .
I retired in 2013 , and just being scared to spend from my portfolio and my investments.
Looking at 2024, my investments have done very well.
Started taking steps to make an effort to spend money now while I’m able to and healthy.
Learned a valuable lesson for my dad, died at age 90, and he just saved all his money, no vacations or anything involved with spending money.
Come to see his portfolio, Large, but what good is it now?
It’s very hard to make that switch in your mind to go from saver to spender.
I enjoyed this. Everything resonated and as far as I am concerned ( early retiree , age 66 now, retired 9 years ago) it is spot on , sound advice.
Thanks for sharing!
Sorry to hear about your wife, hope she’s doing ok. Thanks for the good video
Much appreciated
Great summary of things to watch for!
Adam, I am so sorry to hear about your wife! Asking God to send his loving healing light to her and family ❤
I just signed up! Looking forward to the Will update 👍🏼
My regret that i took CPP at 65 but hadnt watched these videos. But I'm sure going forward having signed up, Adam will guide on the path forward to still minimize taxes, estate planning etc. Excited!
Thanks for sharing all the valuable information! I clicked into your video within 15 secs of your upload.😅
Awesome! Thank you!
I'm a 65 year old rancher, I plan to work until the day after my funeral.
It's the best lifestyle anyway. I'm on a farm and struggle to make a change to any type of crowded environment. Problem is being single.
I'll continue working right after my soul separates from my body :-)
As my father used to say, what's the next big occasion after retirement? So why be in a rush to do it. I am lucky enough to be able to work remotely. So I plan to work and travel at the same time. Until I can't.
And this is what I call good planning :))
According to my retirement plan, I should be starting my QPP at 67 (presently 64). I initially thought that it would be at 70 but tax optimization proved otherwise. If you haven't already done so, get a plan people! Many surprises await so don't let your emotions guide you in such a critical strategic move.
I am in my fifties, that's exactly what I am thinking now. This is the time to spend reasonably well and focus on health!
Yep. And don't underestimate how much you can still save. If you work into your 70's, that's 15-20 yrs of compound interest.
I’m 66 and retired two years ago. My plans are on the back burner for the time being. Taking care of an aged parent is a full time job and does not allow me the luxury of even a 24 hour vacation. I wager I die very soon.
God bless you for caring for others
Can you get respite help?? Best wishes
Yeah, I wound up in the same boat. I'm 70 now and still caregiving my 99 year old mom. I wanted to travel, etc., but haven't even been able to take an overnighter. For reasons I won't get into, respite is not an option. So much for retirement.
@@Hazboy-ri2qb God bless you. 🙏
If you can find someone to take care of parents for a day, weekend, even an afternoon. Do it. Everyone needs alone time. To go for a walk. See a movie
If you can hire a caregiver for a couple hours. Take care of yourself.
Very good advice about being layed off
All of my friends moved away from this city. The one I had left doesn't want to hear about my family issues. I don't know what to do with myself when I retire. I thought I'd have a spouse and friends to do things with, but I don't see that happening anymore.
No hobbies? Golf, walking, senior fitness classes, cycling.
You may need to decide to change your own life. Think about what you enjoy doing. Find a group to join or make one yourself. You'd be so surprised how many people are in the same boat in the friend situation. Making friends as an adult is hard! Your friend that doesn't want to hear about your family issues either isn't a great friend or you talk too much about the family issues, but don't take advice or try to put a plan in place to make it better, which may mean cutting them out. Think about that before getting offended that I wrote it. I have friends that do the same thing. I told one that I don't mind her talking about her issues but I do mind that she complains but takes no action.
Serve at your church.
You can always stay put and keep working. Nothing wrong with that. Best wishes and may you find inner peace.
Join Clubs activities you enjoy
It’s okay to take CCP if you use it for investment earn as much or even more the amount you get when delaying
I encourage you to watch this video we did a few months ago ruclips.net/video/PQVvWDOXKKo/видео.html
Absolutely. Right now my RRSPs are earning 25% ..yes 25 and my TFSA is 13%.
@@garth2172024 is an exceptional year with indices earning in the low to mid 20 percent range. Expect much lower long term returns. Above all do not panic sell at lows.
For those who get Internet service outside of Canada, CPP = Canadas Pension Plan. 🙂
Thank you! Like Social Security here in the US.
Thank you!
I may be standing alone but you will be happy to know that I am delaying my CPP - lol! Thanks for all the great information to think about as my retirement approaches.
CPP and OAS should not be taxable.
So the retired person who has a $300000 annual income should pay no tax on CPP pension and OAS welfare?
Yes, these are smaller amounts, simple basics; it should not be taxed. USA has larger Social security amounts , ( particularly taking into account exchange rate) and they are not taxed , to my knowledge.
If you’re living on OAS and CPP here in Ontario it’s not taxed at all. Personal exemption and age deduction take care of it. Worth noting, CPP contributions are tax deductible during your working life. Therefore it’s taxable.
@@RussellPosteOver 140k their oas would be 100 % clawed back anyways, so why not at least tax free OAS for those that need it.
@johnpye8216 so what you are saying is that high income earners should get a tax deduction equal to the amount of OAS they would have received? I would agree with that!!
CPP & OAS all depend on the individuals, health, family longevity, financial needs, still working ect. I plan to draw down my RRSP first and then take CPP & OAS later.
I also found that even though Im taking an income from my RRIF the total amount is not going down much ( which is a good thing ). I might have to take out more and just put it in my TFSA investment (not just a savings account).
All thanks to Adam !!!!❤❤❤❤
One thing to consider about not taking CPP/OAS, if you die due to a sudden illness your children get no ongoing payments from CPP/OAS (assuming your spouse predeceased you). However, they do get your retirement savings (although taxed if registered). That is why I chose to take my CPP at 65 even though I could delay it so I could live off that more and keep more of my own saved money in my portfolio.(which I will take into income as appropriate to spread out the tax impact)
I'll be reaching out soon for a financial plan. I personally find these videos very helpful and insightful
Look forward to helping you, and glad the videos are helping
Very good video. Totally agree with everything mentioned.
Much appreciated!
My dad couldn't wait to retire. He planned to live 20 years and die broke. It's now 29 years later and he's realized that had he just worked 2 more years he would still have lots of money in the account. The moral is you will probably live longer than you think and can work longer than you think.
A friend of mine had a $2 million portfolio with a lot passive income. She was healthy, in great shape, and has a 91 year old father and an 88 year old mother. When the doctors diagnosed her cancer the prognosis was no hope. Died at 62. You never know. She split her money among her family.
@@kurtdanielson993 That's really sad. You never know, but I would argue your friend was a wise woman, just unlucky. My father had a great job but wasn't about to work a second longer than he had to. I am trying to keep him and my mother (she's 88) afloat because they never bothered to consider what might happen if he outlived his prediction. He spent those two years on the golf course, traveling and just lying around spending a crapton of money on useless toys and junk. Not sure how much it would have affected his lifestyle to work a couple of extra years but it might have helped his kids a lot. But it runs in the family, I guess. I come from a long line of people who whooped it up while they were alive and died more or less penniless. My parents will end up the same way.
How old was your dad when he retired?
@@microdesigns2000 He retired on his 65th birthday.
@@rufusmcgee4383 thanks for sharing. All that nasty inflation probably didn't help. I hope his health is okay. Two more years could make a lot of difference. I visited my financial guy because my coworker announced he was going to retire. It seems I can't at 59.5, can at 62, and might, depending on my motivation, at 70. But who knows if I can keep up with the fast pace of my work as I approach those years. Thanks for your comments.
I wonder, because of your dad's experience, are you financially planning for your retirement?
1. i wish i spent more in retirement. get financial planning guy 2. i wish i took care of my health 3. i wish i retired earlier - get financial planning guy 4. i wished i traveled more when i was able to. create travel bucket list. 5. i wish i created a social network. 6. i wish i did not ignore financial planning 7. i wish i pursued my passions- create a passion bucket list. 8. i wish i did not delay my estate planning. will, power of attorney => tax planning. 9. i wish i didn't avoid tough conversations 10. i wish i didn;t start CPP early.
Thanks! Saved me time!
Thank you!
Travel 🧳 when you can! My parents wanted to travel a lot in retirement. But, my mother became ill at 72 and died at 74. They never got to travel. My Dad just didn’t want to travel without my mother.
I don’t know anyone with a pension, they have maybe a house, but a new roof, kids in school etc, all drain the resources. Cost of living also sideswiped everyone. Banks gave me 5percent on rrsp, then take 2 points leaving just 3 percent to cover cost of living, inflation, which it doesn’t. How about the 30-40 percent of families that are looking at destitution.
You are talking a dream world here for most of us
Retired at age 62. with zero debt. We have no need to spend more during our go-go years because we live in Montana and our passions are relatively inexpensive: backpacking, cross-country skiing, canoeing, gardening, retrievers, etc. We are spending on Roth Conversions to minimize our tax liability and huge RMDs starting at age 73.
This is for people that have been able to save and save and invest this isn't for your normal everyday person who's struggling in this economy
I can see why people fear running out of money. Most of us don't have 25x our annual earnings saved. We only get one shot at retirement - not a thousand Monte Carlo simulations. We can't predict future stock market returns. But we can still get a part time job or start a side hustle if it looks like more funds are needed.
The greatest gift in retirement is good health. having a financial plan comes second. I’ve been retired 8 years with a great pension and my knees are giving out.😏
I'm retiring (earlier than planned) next month for the very same reason (knee pain). 😢
Imagine your knees giving out and having no pension like the rest of society.
It's the other way around in many cases - financials before all else.
Knee replacement is awesome
Where I go dancing two ladies who have had their knees replaced. Until they need it it probably isn't high on peoples list of priorities.
I'm 68 and still working full time. In fact up to recently I was also working a second job off and on for a few years. Because I have done a lot of contract work and have been put back on the street several times, my 401K has suffered and I am still working on building that up instead of spending it. I am also waiting to take Social Security till I am 70. Inflation happens.
yes, times have changed and I would say if you are still ok with working, keep doing it because once you quit or get let go at that age, it will be hard to find as good a paying job if any job. I am trying not to take my ss until 70 too because of inflation and taxes and Medicare, etc. By the time they take everything out of your ss check, it gets reduced quite a bit so if I don't need it, I would rather wait. I am nervous about any changes in ss though but I still don't want to panic and take it like so many people I know.
I took my CPP at 60 and I have no regrets.
I once had a neighbour who dropped dead in his house, on the very day he was to have received his first cheque from CPP. He was full of life with no pre-existing conditions. He waited!
Living past your 60s, 70s and beyond are bonus days. Life is more unpredictable when you’re living your twilight years.
Sorry to hear for your wife, take care and thank you for the good video
Much appreciated
well thats the hard part - finding an unbiased planner. Where i live it seems like they're all aligned to certain institutions and companies which influences their advice from what I've heard from friends.
Benefit of technology, allows you to find the best advisor, not just the local advisor
Thanks for all the great advice, praying for your wife that God will take care of her 🙏🌟
Thanks so much
I'll take CPP early when I still have the health to use the money
No regrets taking CPP at 60. I’m now 65 and collecting OAS max and GIS max which is tax free.
Even with great financial planning, one may need a ton of money late in life. My Mom at 90 needed 24 hours a day care, and had to spend $150k a year. So one never knows if one needs a ton of money late in lif
Leave your house as a fall back. That's one way to approach it - if you own of course!
Delaying CPP and even OAS to 70 is my longevity insurance and greatly alleviates worry about running out of money if I live past 90, as my benefits will be enough to sustain me.I can spend more now in early retirement while I still can enjoy it, and not feel like I have to hold onto my savings “just in case”.
And be dependent on government benefits and leave no estate
I completely agree with delaying, spending my money and relying on guaranteed, indexed CPP and OAS!
@@doconawalk9367 my view exactly
@James_48 my pension does that 😊
@@garth217 for sure - and I know you recognize the value in that. I don't have that luxury (my wife does, but I do not) so I have to build my part of the plan with a view to minimizing risk, especially in consideration of inflation. Maximizing the amount of CPP, and maybe also OAS that I will receive, is a guaranteed approach to me transferring more risk to our social pension programs.
For clarity, I think individuals, and especially couples, who made career choices (or were fortunate enough) to benefit from fully indexed defined benefit pension plans have a much simpler and easier path to navigate when it comes time to making decisions about CPP and OAS timing. When the vast majority of retirement income is going to be indexed (DB, CPP, OAS) there are far fewer factors for consideration. On a personal note, I know many with DB pensions who have saved little to nothing in their TFSAs and even less in their RRSPs. This also serves to minimize the decision making process when they have to plan their income strategies. I often have to remind them of the removal of their bridge benefit when they turn 65, but other than that they don't have a lot of planning needs.
One regret wish I'd taken more risks with my money when I was working, instead of a low risk ,low return,high charges with profits pension scheme with the prudential.
I hope I'm one of those people that get to 90 and say "I wish I had spent more money earlier" for several reasons. First, it means I lived to 90. Second, while getting to 90 I had more than enough money. Third, the fear of unexpected, unpredictable expenses did not come true. My peace of mind getting to 90 was much higher because there were significant reserves to handle the unknown if needed. Finally, my kids will be happy I didn't spend it.
I like the way you think! I think the same way. Better to have more than enough money than not enough. Enjoying life does not require spending a boatload of money on travel and play toys!
Regret from wishing you should have spent more is better than regret from not having enough money.
Sorry to hear that your wife had a life changing diagnosis. May it progress very slowly. Thanks for your video. Great info, again!
Thank you
I’m in year 2 of early retirement. I’m not having any trouble spending money. The secret is having a very solid plan, using AI planning software.
You’re terrific. Do you handle financial planning for Americans as well? Thank you.
If you are retiring to Canada we can. If you plan to retire South, you are better finding a US based advisor.
That’s the thing some people life working until 89 in early ages I never think about it either I like doin my job
Another great video, Adam. Very good advice indeed. However, we are caught between a rock and a hard place a bit where my wife is disabeled and has a hard time moving, let alone going places. Like you mentioned, now we have the money and we can't use it to it's full advantage. However, a real truth though to is; If you don't do it before retiring, like traveling for instance, you won't do it after retirement.
Sorry to hear that John. And you are correct in that even though challenging now, the longer you wait the less likely it happens.
Hated paying taxes so bought my first RRSP when i was in highschool.
Traveled some while in university.
Read THE WEALTHY BARBER when it first came out soon after i started corporate work.
Quit the corporate job with company car when I was 41 because i now had a baby with another one planned.
Spent most of the kids vacations traveling with them, doing odd jobs when they were in school.
Lived frugally all my life but have no regrets and always bought the toys (mostly used) like motorcycles, sports car, motorhomes, cell phones in the 80s etc but usually with cash.
Now over 75, comfortable, still healthy, not much left in the bucket list.
If you can live frugally and know what makes you happy JUST DO IT.
I plan on going well past 90, I started getting a financial education in my early 50s. I invest in stocks, options, etc. There is no way I could have a comfortable life depending on cpp and old age pensions. From what I see, there will be many baby boomers living off the government sponsored nursing homes for the fact that many people live paycheck to paycheck. With no real significant savings. Of there is a major market correction like many are predicting, that pension experiment they started in the 80s could drop 80%. Most people are not aware of these senerios. The statistics show that if a couple gets to 65 healthy, the odds are that they surpass 90 are pretty high. That is plenty of growth while in retirement.
This was timely and good, thank you.
Health issues can pop up. By 70 excersize and eating real fresh food is important. Less food few days a week will keep the body healthy.
When people are young they will comprise their health to make lots of money, when older they'll spend that money to get their health back...
Of course older retirees in their 80's wish they'd waited, but of you could ask those that died in their 70's they'd all say "So glad I took that CCP early!"
Excellent information, thankyou
Glad it was helpful!
u want more money in the go go phase of retirement - in general take CPP / QPP no later than 65. People in their late 70s , or 80s spend much less and travel less - seen this with my now deceased uncles & aunts
I want more money in my go-go phase, so I'll take oas and cpp at 70. 40% more cpp/oas lets me spend more money earlier with less worries about outliving it.
@@marionsutcliffe1119 yes you just have to burn through all of your investments first and live past 70
@@garth217 You are right, that's all you need to do. From 65 if you are reasonably healthy making it to age 70 is a pretty good bet but if you don't live past 70 then whether or not you got CPP or OAS isn't really going to matter to you, you'll be dead (which is probably a bigger problem than missing out on CPP & OAS). And at least you got to enjoy the money you spent decades saving instead of just letting it sit in the bank until you die. (And then some relative that inherited blows it all.) That's my perspective anyway but I know you look at it differently. My wife and I deferred our CPP & OAS, we are now 71, and we didn't come close to burning through all of our investments. So far it's working out.
@@garth217 How decadent would that be! No, I'll hold at least half back for after 70.
@@marionsutcliffe1119 If you are anything like me you'll find that by age 70 your account balances will be about the same as at the beginning. My wife and I retired at 61 and we both deferred CPP & OAS to 70. We travelled, wintered down south, and 10 years later we have most of what we started with. I am finding this is not an uncommon scenario among retirees.
Doesn’t matter when I take CPP. My pension gets reduced by whatever the CPP payment is. Sucks.
Are they both taxed the same?
@ I would imagine so.
If you have federal pension the amount you are eligible to receive from CPP will be deducted at age 65, so can’t delay past that date. If you work elsewhere you will still need to pay CPP and after say 10years you may get 45-50 more a month. My experience
MAID is my retirement plan if I run out of money too early and/or get super sick.
If I sit for a couple of hours I get up like I’m 90yrs old. I exercise daily, walk my dogs every day and most of all enjoy riding my horse. I’m 62yrs old and work part time by choice. I can’t wait to retire 100% and ride more. Moving is crucial I must move daily. Working part time I’m not able to travel as much, but we will in another year or two. I find it difficult to make friends at my age. Especially friends that are health conscious.
Have you joined a walking group or gym?
@ I work out with RUclips videos. Fabulous 50 video. I started in my late fifties love her workouts.
@@marysinclair1214That’s great! Working out is good for the body and mind. You may find friends your age at the gym who are health focused, either on your own or a group class.
Thanks for the video. I’ve got annuities that will start paying out which we can comfortable live on until the day we both die. My wife just retired as a professor at a university this week and I am retiring from being a business owner the end of this year. We bought an Airstream two years ago and have spent 90 days in it and traveled over 17,000 miles thus far and plan to do a lot more over the next 10 years. Hope it all works out as planned. Time will tell.
A friend of mine retired at 50. He died of cancer at 68. He enjoyed almost 20 years of retirement.
What a fool. He could have saved up 18 more years of money.
Youre kidding, right?@roadrunner9622
Thank you for the will offer .. 🌹
Absolutely agree about waiting to take CPP. Worked until 67.5, would have been taxed on it. Took it at 66 and I love getting close to $1,500.00 monthly CPP.
I'm sorry to hear about your wife. I retired 5 years ago and this I was diagnosed with multiple myeloma. I am in maintenance treatment and enjoying life is high on my priority list.
Excellent video---to the point, and critical points to consider, as one who has battled almost all of them in my first 6 months of retirement. Thank you.
Retirement: stage one GO GO, Stage two GO SLOW, Stage three NO GO!!!!! We all go through this. GO!!!!!!!
What I like to do is check out the towns that surround where you live amazing how much we do not know about the towns we live around take a walk around the town stop in for lunch I have found the best food is in small towns, they have the time to talk to you, so far I have seen every town now on to the the towns that border my state. You get your excerizie meet people and you end up sleeping in your own bed depending on the weather I do this twice a week.
Shouldda waited to take CPP?
You probably don't hear that from those who died earlier than expected, rather, just those who survived longer than they expected.
Do u do advising for USA citizens?
If you plan to retire to Canada we can.
I had a financial planner who I realised was leading me into the investments that earned him the most.
I see at least two stages in retirement: 1) Travel & enjoy, 2) Hunker down. From 65 to 75, while you can still enjoy food and travel, go have fun. Between 75 to 80, it's time to settle down. Of course, it's not mutually exclusive.
More importantly do fun things, they don't have to cost a lot of money. I do not want more stuff to manage. I don't take trips what require a lot of organization or stressful travel.
I have a friend who loves to do the stressful travel organization hoo ha. So perfect as I greatly dislike arranging travel.
@@Omeomy Wife hates it, I love it. Son hates it, his gf loves it. As long as one is doing it, the scope of fun experiences can be larger and more tailored. But also, travel agents exist to do this. Im just not a fan of putting my doings into someone else's hands if I can help it.
Sorry. Am here on Europe. What does CPP mean?
Canada pension plan
It would have been helpful if you had defined the various abbreviations you threw out.
These tips are for Canadian retirement so we understand.
Another good video.
Glad you enjoyed it
Some say take CPP at 60 and invest it all. How does that balance out?
The reason you’ve heard of people regretting taking their CPP early is because they are still alive. I wonder about all those folks who died before taking it. I wonder what their voice would say.
Hard to get their input...
An alternative strategy is draw down tfsa first. Take 2000 each from RIF. This can potentially increase government benefits for a few years. Convert the bulk of rrsp as late as possible. It is rare and few will do this, but we do and it is working great. Retired cfp
There is always the 1%! We have run this many times for clients and it's never worked out. But that's why it's important to plan, as everyone's situation is different.
According to a younger colleague who retired "It is essential to spend all your pension before you get dementia". We wondered if he was giving himself a head start when we realised that working one extra month would have given him a 6% uplift in his pension for life.
We don’t know how long we will live
Don’t leave living until retirement
We have always been active and travelled and invested in education for ourselves and our kids
Our kids got debt- free educations - don’t care if we leave them anything else
Never cared about jewelry, huge house and showy stuff
We love our little community living in the mountains
Our plan is to stay here and pay for help as we need it and to keep traveling as long as possible and to keep a canine companion and keep walking
Your first point and last point seem contradictory. My pension plan has a bridge that ends when I turned 65, which means my income has decreased. I did figure a way to still get by and delay my CPP till 70, but I am needing to take my OAS now, just to keep a similar level of income. And I’m travelling and spending even more than I planned on.
A lot of people, including my wife, seem to think retirement needs to involve a lot of travel. I find travel to be uncomfortable, inconvenient, exhausting, and mostly disappointing. It's just like being at work, except that I'm paying for it instead of drawing a paycheck.
Even if it were free (which it is not) and safe (very much a coin toss), it would still be overrated. If I spent 4-5 months a year on the road, I would consider my retirement to be wasted.
I have enough, but I am working at about 15% of my time, volunteer on boards, etc 25%, but the commitments have to be able to be done remotely. My consulting has to allow occasional remote meetings or I don’t take the job. Still get my travel, outings with wife and friends and fishing in. I work so I can help the kids. One lost job, I covered her mortgage for 6 months until she had a job.
I retired 2 years early. Done a little traveling, took some dhort term work, learned to play a musical instrument never ending, ride a mt bike riding trails, ride a motorcycle dodging speed csmeras and the law, walk up to 10km most days, took up target shooting again. Had a heart attack, open heart surgery, eye cataract done and living the life.😂 true. surgery
My only regret is my good behavior.
Budget. Like everything else. Travel is a priority when you can actually walk around and drive at night.
Great video thank you for your time.
My pleasure!