In October of 2020 an employee came to me stating that they wanted to retire. "Can I work part-time for a while?" Sure I said. Then 2 weeks later they came back and said they worked with an accountant and would retire immediately. Over Thanksgiving this person attended a family get together and caught Covid-19. This person died during the first week of January 2021. This has never left me. I want OUT! High School was a joke and so is my career. Who am I anyway? What am I all about? Not much other than sitting in traffic, paying bills, worrying about presentations, reports, and stuff that adds no business value. I want to meet a horse and have a conversation. A REAL CONVERSATION!
@@harism2001 Well not 100% it’s been 3 years. I think the pandemic, the markets etc it’s been a lot. So far two things help me to keep positive : 1- great music with dance or movement of any kind & 2- gardening i forget everything & focus on only the task in front of me time stands still
If you love what you do, don't retire. If you did well at your job but have had enough of it, look at your numbers... remember your costs drop when you stop working... clothes, gas, parking, wear and tear on your car, lunches out, coffee, union dues, car insurance, lower tax rate... they all add up. Look at your take home vs disposable income... if you're lucky they will be close. Next comes spending... do the things you wanted to do. Life is a one time thing. You can't take it with you.
Wonder when William Shatner 'No Go' stage kicks in - God Bless him - wish that we can all live to be his age and be as healthy mentally & physically. We all(most) want to retire ASAP, but as you mention reality $ may not allow us to and some of us do not want to run the numbers for fear of facing reality and figure once I retire I'll make the number$ work.
I fall in reason 3. I have a defined pension, so after 36 years, I am good financially. COVID actually allowed me to stay longer. Now I just don't have any motivation to do anything. My husband and I sold our place in Toronto and moved further away. Got more space for less money. We are ready!!! I am now planning to retire April 2022at 59. There is still some planning to do, but I am done!
I’m 61 and retiring in 5 weeks. I’ve talked to many people who retired early and asked how it was going. Biggest regret seems to be not having done it just a little sooner. Good luck with yours.
How did it go? I understand the "I am done" thing. I am 58 and feel that working life is a lot like high school used to be; don't speak up too much, do enough to get by, fake liking things like processes that don't work, etc. I have had 8 days off this holiday month and today I did NOTHING! That is what scares me a bit. But I think that once I truly am DONE with having a job my mind will come around to playing more guitar, getting to know the local bird species (love birds), etc. I have read advice to take the first two weeks of retirement and do nothing at all. Rest, decompress, let that blood pressure come down, and relax. Then start doing things you have thought about but never did. My metal detector just needs new batteries.
@@randymillhouse791 I finally retired December 1, 2022. I did exactly what was recommended to you. I've just been resting and decompressing. Come this month, i will regroup and see if there is anything I want to do with my time. Good luck with your retirement.
Like some of the other comments, #3 was my reason for retiring in June of this year at 59. Yay! I began to hate my job and life is too short. I’ve been running the numbers for years and been saving knowing i wanted to retire a little early. Thanks for all this amazing advice. I just found your channel and am catching up on videos. BTW, i’ve never been so busy in my entire life post retirement. Loving it!
I am at the number 3 stage..done mentally to the point where I hate Sunday nights..as Sunday nights is when I start thinking about all I have to do and get done next week at work.
That's a terrible feeling...pick a favorite show or take out or something down that line and tee it up every Sunday night - something to look forward to then?!
I’m in the exact same situation after 43 years of full time working. I believe a longer vacation could be a solution to chance our prospective. Take care and be well.
After 30 years being a dentist, I'm firmly in reason 3. I had to get out, and I don't miss it one bit. I'm kind of floating now as I don't have alot to do. Working part time is not an option, no major hobby and have not yet volunteered. I'm trying to keep active physically and we are going to start to travelling soon. I don't know if I'll ever get to that " I'm so busy I don't know how I had time to work" stage. Maybe after a year or two my mind will be open to reactivating my license and getting back to part time practice. But right now after being out only five months, no chance.
Harvey, you might discover you have other talents than dentistry which will take you on an amazing path and new adventure! As a dentist you might have cross over skills that could be applicable to a hobby....like wood working?? Wood working brings out ones creativity...you got this Harvey! Or get into carpentry to renovate parts of your home....it is amazing what is still left to do and tucked away for you to discover! Hiking, biking, swimming, golf....etc.....have fun..you deserve it! 💯👍🇨🇦
Sir, you will find many things to do in the future. Right now with Covid, travel maybe an issue. I'm sure you will enjoy your retirement. I retired at the age of 60 and am happy that I did.
I love this channel. 54yo nurse here. I have an art side hustle and the opportunity to return to work casual. I recently decided to take my commuted value (best option for me). Those numbers add up WAY more than the DB lifetime numbers. So excited to move on with my life. I am a "big change" type person so it feeds my soul. 😂🙌 Thanks for the great information
No. 3 - I've got a year left mentally. Certain things I want to get done and accomplish... after that its Bon Voyage! Besides retiring during Covid doesn't leave a person with much to look forward to.
Like so many others that have commented I’m firmly in the #3 camp and about to call it quits. Life is too short to keep doing this. It’s actually reassuring to know there are so many others that feel the same. Great series of videos 👍🏼
I'm a retired nurse at 60. So freekin tired of the politics.. my greatest fear, is/was, what I called "jumping off a cliff".. meaning that I have worked my whole life... how can I just STOP!!?? Well, it's been a almost a year since I retired.. guess what?? It's FREEKIN AWESOME!!! 😁
Excellent advice! The #3 really hits me. I am 54 working as a designer for a game company. The company offers great pay, benefits, and flexible working hours but I just feel so drain-out every morning when I log in to my laptop at home. I told my wife about my plan on retiring next year when I turn 55. Our house was paid off. The kid's education fund was settled. We also managed to put together an income portfolio that is projected to bring us $8,000 per month in passive income. I think we are kind of there but are still concerned about uncertainties.
Very,very well explained !!! You are soooo right when you say we are fearful retiring more money the first 2-3 years !!! Totally difficult to reverse the habit of 40 years of hard working and saving ! Not easy to change this !!!
One of the most eye-opening VDOs I have watched. Thank you for all the issues you have discussed and provoked the thoughts. Truly appreciate your work.
Great summary and I really liked your take on planning your retirement spending. More early for the go-go years and less later for the slow-go and no-go years. Most retirement financial plans I've seen assume a flat inflation adjusted amount to some advanced age when that's not really how it goes.
Thank you for your videos. They are very informative. I would like to caution though that in the last phase of retirement you could require care in a nursing home that will cost $7,000 or more per month. We just went through this with my mother and had no idea how expensive this care would be.
I retired 1 month ago at age 65 but only discovered your channel and this video today. Great information and advise!!! Only wish I knew all of this a year ago. Now I'm a new subscriber😀
Thank you. This was very helpful, especially #3. That is exactly how I feel and have said this a few times over the past 6 months. A little earlier than expected but I have been saving all my life and with my pension I’ll be fine. It’s scary but exciting.
After much thought and planning I did it and my last day is Jan 14! I’m so done and the stress was the biggest factor. I will probably work a part time job to supplement my travels after a much needed rest. (And Covid slows down}. I don’t have to. It’s almost like graduating from high school. The possibilities are endless. Freedom 53!! Woo-hoo!!
I quit at 60 and a half, and after a year or two I was wishing I'd bailed earlier. I don't think you need to be totally debt free to bail. If your retirement cash flow can carry some residual debt, like 40 grand still owing on a mortgage with a 160 a month payment, without any major pain, just carry on making the payments and live life. There is no reason to keep working a few more years just to pay it down to zero.
The problem and blessing of owning a house since 1982 is that there is 900 k to one million or more in equity after paying off my HELOC. The downside is there is 610.00 a month in interest payment and another 250.00 per month interest on a separate loan portion of that debt. Iam 65 next year and have a home employment as a sole proprietor working with plastics. It is really part time mostly and I have been working this way since 1990. I have options and will not throw the towel in quite yet . I might transition to something else from home where I don't fill orders with deadlines. I will make it first , then sell it as long as I wish to.
Thank you for all the info. As you suggested, would you please make a video on medical/dental coverage during retirement after 65 by government and private. How does it work as well as deductions you can use towards your income tax return? Thank you.
Pure gold.. I need to bank that ;-) Feeling a bit transparent at the moment. Reason 1,2 &3 are all factors. Great video, I've subscribed and will be reaching out.
Great video Adam, I really appreciate your insight for I have learned so much from you. My wife works in long term care and they do a heck of a job!!. Cheers.
Definitely Reason #3. I'm actually retiring at the end of November and happy to be doing that. We are going to sell our house and downsize to something smaller. Can't wait!!! Thanks for the video!!
thanks...this video and others have validated so much for me. I am DIY right now and this has been a great check for me on a number of fronts. I have been self planning what you describe on #3 - I will call it semi-retirement. Physically fit so some of my "part time work" may actually be very different than sitting at a desk job.
I retired at the beginning of the pandemic. I'd love to "go go" but that isn't possible yet. I did buy a new vehicle with cash though so I guess I'm still spending my money.
I retired just before the pandemic about a year... but thanks to the pandemic I can't go go either... so I went back to work... I'm taking that extra money now and adding it to my TFSA. When we can GO GO again I'm upscale my plan
My wife has a DB pension and she is set on retiring when she reaches the date when an unreduced pension kicks in (85 factor.) This is great for us because I've been ready to retire for years but without this "deadline", my wife would probably keep working!
Great videos and so informative Adam. Been in Canada for only 4 years now and heading back to UK to retire in 18-24 months. Only wish you had an office over there to help with retirement, tax, health and estate planning.
Oh I don't blame you. What a grind. Hang in there and know you and all your coworkers are so greatly appreciated. My wife is a RN and know the grind of that job pre covid...can only imagine now. THANK YOU for all you do.
I turn 65 this year and what scares me most about retirement is a friend of mine retired 20 years ago at 65 thinking he was set. This year at 85 years his cash ran out and had to go back to work.
He had 20 years to work on the numbers without a full-time job getting in the way. I plan to keep earning after retiring, at least part-time so the social security benefit tax doesn't bite me.
Lol thanks! Far too kind. I'm actually surprised how limited competition there is out here on YT in our space. Lots of investing channels, but no pure financial planning. Maybe one day I'll have support!
Are you planning to do a video on the gogo phase for someone retiring in 2022, or 2023, where losses from 2022 will crystalze if you go with bigger withdrawals in the first years?
Every pension has a formula (age plus years of service). This is typically anywhere from 80 or more. If you don't hit the formula within your pensions it would be reduced. Some are also reduced based on age alone.
It does matter about your age when you retire your health should be number one what’s the point of working yourself to a heart attack or stroke , what’s the point of having enough money and a early death or being paralyzed where that extra money does it really make up for these options and not enjoying your retirement years !
@@ParallelWealth True, but if you use My Service Canada to look at what your CPP is currently sitting at there are certain assumptions that you’ll continue to work. If you retire earlier than their calculations predict you might end up with a lower number then what they display. Adam will correct me if I’m wrong :)
You have to consider things like prescriptions, eyewear, chiropractic/physio/massage (if you do those things). Also some plans have dental- they’re more pricey of course. Those are the main reasons to consider a benefits plan imho.
Hearing aids are very expensive and easy to lose! Implants, dentures $$$, drugs. You may not need insurance plan if you have the cash. These plans build in lots of profit (I was told 30%) for the carrier.
After 37 years, I…AM…DONE. Employers have exploited the financial melt-down of 2008 by stagnating employee compensation and, now that the job markets have opened up of late, have added insult to injury by throwing $$$ at incoming unproven “talent” at the expense of ignoring the talent that has been keeping them “in the game” all this time. Life is simply too short to continue enduring this kind of treatment; time to move on to the next chapter of life!
So if you need less money as you age that could act as a form of inflation protection. I.e. if you have enough money at retirement the purchasing power loss may be to some extent anyway offset by lower spending as you age.
Where I work we call it the magic number. Our magic number where I work is 90. Age + The number of years of employment. For example: You start employment at 30 years old and now your 60. 60 + 30 = 90 You can now take an unreduced pension at 60 years old. Some firms have a magic number set at 85, wish mine was as I would be eligible now for an unreduced pension.
In October of 2020 an employee came to me stating that they wanted to retire. "Can I work part-time for a while?" Sure I said. Then 2 weeks later they came back and said they worked with an accountant and would retire immediately. Over Thanksgiving this person attended a family get together and caught Covid-19. This person died during the first week of January 2021. This has never left me. I want OUT! High School was a joke and so is my career. Who am I anyway? What am I all about? Not much other than sitting in traffic, paying bills, worrying about presentations, reports, and stuff that adds no business value. I want to meet a horse and have a conversation. A REAL CONVERSATION!
I’m mentally done at 48 😁. I don’t wanna work. I don’t wanna do anything. Only chill 😁
Yup. Me too. Quit work at 43 when Covid hit decided to figure it out & retire lol 😂
@@catherinedesilets8960 Nice. Found a solution?
@@harism2001
Well not 100% it’s been 3 years. I think the pandemic, the markets etc it’s been a lot. So far two things help me to keep positive : 1- great music with dance or movement of any kind & 2- gardening i forget everything & focus on only the task in front of me time stands still
That's sad to hear
Me too! 😊
If you love what you do, don't retire. If you did well at your job but have had enough of it, look at your numbers... remember your costs drop when you stop working... clothes, gas, parking, wear and tear on your car, lunches out, coffee, union dues, car insurance, lower tax rate... they all add up. Look at your take home vs disposable income... if you're lucky they will be close. Next comes spending... do the things you wanted to do. Life is a one time thing. You can't take it with you.
Wonder when William Shatner 'No Go' stage kicks in - God Bless him - wish that we can all live to be his age and be as healthy mentally & physically. We all(most) want to retire ASAP, but as you mention reality $ may not allow us to and some of us do not want to run the numbers for fear of facing reality and figure once I retire I'll make the number$ work.
I fall in reason 3. I have a defined pension, so after 36 years, I am good financially. COVID actually allowed me to stay longer. Now I just don't have any motivation to do anything. My husband and I sold our place in Toronto and moved further away. Got more space for less money. We are ready!!! I am now planning to retire April 2022at 59. There is still some planning to do, but I am done!
I'm 43 and looking at 60 for a real number. Congrats
I’m 61 and retiring in 5 weeks. I’ve talked to many people who retired early and asked how it was going. Biggest regret seems to be not having done it just a little sooner. Good luck with yours.
that is a smart move. the defined pension is also a god sent!
How did it go? I understand the "I am done" thing. I am 58 and feel that working life is a lot like high school used to be; don't speak up too much, do enough to get by, fake liking things like processes that don't work, etc. I have had 8 days off this holiday month and today I did NOTHING! That is what scares me a bit. But I think that once I truly am DONE with having a job my mind will come around to playing more guitar, getting to know the local bird species (love birds), etc. I have read advice to take the first two weeks of retirement and do nothing at all. Rest, decompress, let that blood pressure come down, and relax. Then start doing things you have thought about but never did. My metal detector just needs new batteries.
@@randymillhouse791 I finally retired December 1, 2022. I did exactly what was recommended to you. I've just been resting and decompressing. Come this month, i will regroup and see if there is anything I want to do with my time. Good luck with your retirement.
Like some of the other comments, #3 was my reason for retiring in June of this year at 59. Yay! I began to hate my job and life is too short. I’ve been running the numbers for years and been saving knowing i wanted to retire a little early. Thanks for all this amazing advice. I just found your channel and am catching up on videos. BTW, i’ve never been so busy in my entire life post retirement. Loving it!
I am at the number 3 stage..done mentally to the point where I hate Sunday nights..as Sunday nights is when I start thinking about all I have to do and get done next week at work.
That's a terrible feeling...pick a favorite show or take out or something down that line and tee it up every Sunday night - something to look forward to then?!
I’m in the exact same situation after 43 years of full time working. I believe a longer vacation could be a solution to chance our prospective. Take care and be well.
After 30 years being a dentist, I'm firmly in reason 3. I had to get out, and I don't miss it one bit. I'm kind of floating now as I don't have alot to do. Working part time is not an option, no major hobby and have not yet volunteered. I'm trying to keep active physically and we are going to start to travelling soon. I don't know if I'll ever get to that " I'm so busy I don't know how I had time to work" stage. Maybe after a year or two my mind will be open to reactivating my license and getting back to part time practice. But right now after being out only five months, no chance.
Happy retirement Harvey!
Harvey, you might discover you have other talents than dentistry which will take you on an amazing path and new adventure! As a dentist you might have cross over skills that could be applicable to a hobby....like wood working?? Wood working brings out ones creativity...you got this Harvey! Or get into carpentry to renovate parts of your home....it is amazing what is still left to do and tucked away for you to discover! Hiking, biking, swimming, golf....etc.....have fun..you deserve it! 💯👍🇨🇦
Sir, you will find many things to do in the future. Right now with Covid, travel maybe an issue. I'm sure you will enjoy your retirement. I retired at the age of 60 and am happy that I did.
I love this channel. 54yo nurse here. I have an art side hustle and the opportunity to return to work casual. I recently decided to take my commuted value (best option for me). Those numbers add up WAY more than the DB lifetime numbers. So excited to move on with my life. I am a "big change" type person so it feeds my soul. 😂🙌 Thanks for the great information
No. 3 - I've got a year left mentally. Certain things I want to get done and accomplish... after that its Bon Voyage! Besides retiring during Covid doesn't leave a person with much to look forward to.
Like so many others that have commented I’m firmly in the #3 camp and about to call it quits. Life is too short to keep doing this. It’s actually reassuring to know there are so many others that feel the same. Great series of videos 👍🏼
You broke this down so well… exactly it’s about leaving the chaos behind. Health is far more important than the money…
I'm a retired nurse at 60. So freekin tired of the politics.. my greatest fear, is/was, what I called "jumping off a cliff".. meaning that I have worked my whole life... how can I just STOP!!?? Well, it's been a almost a year since I retired.. guess what?? It's FREEKIN AWESOME!!! 😁
I am in the industry - I have to say I love your videos!!!!!
Excellent advice! The #3 really hits me. I am 54 working as a designer for a game company. The company offers great pay, benefits, and flexible working hours but I just feel so drain-out every morning when I log in to my laptop at home. I told my wife about my plan on retiring next year when I turn 55. Our house was paid off. The kid's education fund was settled. We also managed to put together an income portfolio that is projected to bring us $8,000 per month in passive income. I think we are kind of there but are still concerned about uncertainties.
Work part time or as a consultant.You're only 54 years old. Part time work keeps your foot in the door of your industry. Transition slowly.
Very,very well explained !!! You are soooo right when you say we are fearful retiring more money the first 2-3 years !!! Totally difficult to reverse the habit of 40 years of hard working and saving ! Not easy to change this !!!
One of the most eye-opening VDOs I have watched. Thank you for all the issues you have discussed and provoked the thoughts. Truly appreciate your work.
Thanks Syed
Great summary and I really liked your take on planning your retirement spending. More early for the go-go years and less later for the slow-go and no-go years. Most retirement financial plans I've seen assume a flat inflation adjusted amount to some advanced age when that's not really how it goes.
Thank you for your videos. They are very informative. I would like to caution though that in the last phase of retirement you could require care in a nursing home that will cost $7,000 or more per month. We just went through this with my mother and had no idea how expensive this care would be.
I retired 1 month ago at age 65 but only discovered your channel and this video today. Great information and advise!!! Only wish I knew all of this a year ago. Now I'm a new subscriber😀
Thanks scooter. Welcome to the channel
Thank you. This was very helpful, especially #3. That is exactly how I feel and have said this a few times over the past 6 months. A little earlier than expected but I have been saving all my life and with my pension I’ll be fine. It’s scary but exciting.
Lĺ
After much thought and planning I did it and my last day is Jan 14! I’m so done and the stress was the biggest factor. I will probably work a part time job to supplement my travels after a much needed rest. (And Covid slows down}. I don’t have to. It’s almost like graduating from high school. The possibilities are endless. Freedom 53!! Woo-hoo!!
I quit at 60 and a half, and after a year or two I was wishing I'd bailed earlier. I don't think you need to be totally debt free to bail. If your retirement cash flow can carry some residual debt, like 40 grand still owing on a mortgage with a 160 a month payment, without any major pain, just carry on making the payments and live life. There is no reason to keep working a few more years just to pay it down to zero.
Agree, debt in retirement is ok as long as cashflow supports it.
The problem and blessing of owning a house since 1982 is that there is 900 k to one million or more in equity after paying off my HELOC. The downside is there is 610.00 a month in interest payment and another 250.00 per month interest on a separate loan portion of that debt. Iam 65 next year and have a home employment as a sole proprietor working with plastics. It is really part time mostly and I have been working this way since 1990. I have options and will not throw the towel in quite yet . I might transition to something else from home where I don't fill orders with deadlines. I will make it first , then sell it as long as I wish to.
Thank you for all the info. As you suggested, would you please make a video on medical/dental coverage during retirement after 65 by government and private. How does it work as well as deductions you can use towards your income tax return? Thank you.
I am interested in that as well
Pure gold.. I need to bank that ;-) Feeling a bit transparent at the moment. Reason 1,2 &3 are all factors. Great video, I've subscribed and will be reaching out.
Thanks Paul! Looking forward to chatting more.
Good points Adam, Thanks for the video!
Great video Adam, I really appreciate your insight for I have learned so much from you. My wife works in long term care and they do a heck of a job!!.
Cheers.
That's an understatement!!
I’m in the US and I have to Google OAS & CPP.
Ah… you must be Canadian
Why is it called a 401k there?
@@huejanus5505 Because IRS.
Definitely Reason #3. I'm actually retiring at the end of November and happy to be doing that. We are going to sell our house and downsize to something smaller. Can't wait!!! Thanks for the video!!
How did it go?
thanks...this video and others have validated so much for me. I am DIY right now and this has been a great check for me on a number of fronts. I have been self planning what you describe on #3 - I will call it semi-retirement. Physically fit so some of my "part time work" may actually be very different than sitting at a desk job.
These are great videos. I'm looking forward to your video on Health Insurance post retirement.
Me too Adam!
I appreciate your channel Adam, thanks very much for all your advice and effort.
Great video! I'm looking at doing an early "semi retirement" in a couple of years to do something completely different from my current career.
I retired at the beginning of the pandemic. I'd love to "go go" but that isn't possible yet. I did buy a new vehicle with cash though so I guess I'm still spending my money.
Fingers crossed you'll get your chance to "go go" soon. Cheers!
I retired just before the pandemic about a year... but thanks to the pandemic I can't go go either... so I went back to work... I'm taking that extra money now and adding it to my TFSA. When we can GO GO again I'm upscale my plan
Bumped into your channel, and 2x a few of your videos. Great info .. Sub!! Ty
Thanks Julio!
Thanks Adam. Bang on for number 3. Nice to know I'm not the only one. Ready for a change.
HEALTH, yours!
My wife has a DB pension and she is set on retiring when she reaches the date when an unreduced pension kicks in (85 factor.) This is great for us because I've been ready to retire for years but without this "deadline", my wife would probably keep working!
Great videos and so informative Adam. Been in Canada for only 4 years now and heading back to UK to retire in 18-24 months. Only wish you had an office over there to help with retirement, tax, health and estate planning.
Great video Adam. Excellent information. I'm following along with your wisdom.
I'm at reason three and plan to retire soon. I'm a 35 year old nurse.
Oh I don't blame you. What a grind. Hang in there and know you and all your coworkers are so greatly appreciated. My wife is a RN and know the grind of that job pre covid...can only imagine now. THANK YOU for all you do.
Your videos are so helpful.
Thanks Henry
I turn 65 this year and what scares me most about retirement is a friend of mine retired 20 years ago at 65 thinking he was set. This year at 85 years his cash ran out and had to go back to work.
He had 20 years to work on the numbers without a full-time job getting in the way. I plan to keep earning after retiring, at least part-time so the social security benefit tax doesn't bite me.
Thank you for the video
I just retired last month… thankfully I got some benefits from my employer.
I so love your videos.. They are so informative... Thank you!!! I wish I could have you as my financial advisor!!
Still taking new clients!
Hello Adam, don't even think about retiring...who is going to make these great videos if you retire? Ok. you can retire after I do, it will be soon!
Lol thanks! Far too kind. I'm actually surprised how limited competition there is out here on YT in our space. Lots of investing channels, but no pure financial planning. Maybe one day I'll have support!
Are you planning to do a video on the gogo phase for someone retiring in 2022, or 2023, where losses from 2022 will crystalze if you go with bigger withdrawals in the first years?
I just got laid off 3 months before 62. I’m done, looking for employment. I’m going to collect EI and retire.
I don't understand no go phase. Don't you need more at the end for the high cost of assisted living homes?
A small percentage of people need it. But most also have a house to fall back on too. We r going to have more videos around this very soon.
Really enjoy watching your video. I wonder how I can contact you for a possible plan. How do you charge for a basic planning?
Michael, All of of our videos have a link in the description to our financial planning options.
Great wisdom. I really appreciate your attitude and way of thinking about life. Cheers!
My pleasure!
Thanks for the info, it helps a lot when I think of retiring early. Do you have system or spreadsheet to run the number? Thanks
Yes we use a comprehensive software to create plans for clients.
What do you mean by “ unreduced pension” .
Every pension has a formula (age plus years of service). This is typically anywhere from 80 or more. If you don't hit the formula within your pensions it would be reduced. Some are also reduced based on age alone.
Earliest unreduced pension- could you kindly clarify this term ? Thanks for the great info
It will be stated on your defined benefit pension statement. It's the earliest age (date) that you are not heavily penalized to start your pension.
@@ParallelWealth thanks- what about the defined contribution pension plan ?
guess im in good standing because none of this information is new to me...86 months to go
It does matter about your age when you retire your health should be number one what’s the point of working yourself to a heart attack or stroke , what’s the point of having enough money and a early death or being paralyzed where that extra money does it really make up for these options and not enjoying your retirement years !
If you retire early and take a part time job does that reduced income have an effect on your CPP when you do start to take it later?
It might. Will depend how many years you have paid full into it. Will either bump CPP or will have no affect.
@@ParallelWealth True, but if you use My Service Canada to look at what your CPP is currently sitting at there are certain assumptions that you’ll continue to work. If you retire earlier than their calculations predict you might end up with a lower number then what they display. Adam will correct me if I’m wrong :)
With Ohip coverage in Ontario do you still need health insurance?
You have to consider things like prescriptions, eyewear, chiropractic/physio/massage (if you do those things). Also some plans have dental- they’re more pricey of course. Those are the main reasons to consider a benefits plan imho.
Hearing aids are very expensive and easy to lose! Implants, dentures $$$, drugs. You may not need insurance plan if you have the cash. These plans build in lots of profit (I was told 30%) for the carrier.
After 37 years, I…AM…DONE. Employers have exploited the financial melt-down of 2008 by stagnating employee compensation and, now that the job markets have opened up of late, have added insult to injury by throwing $$$ at incoming unproven “talent” at the expense of ignoring the talent that has been keeping them “in the game” all this time. Life is simply too short to continue enduring this kind of treatment; time to move on to the next chapter of life!
Great video, Adam!
Glad you enjoyed it
Reason # three
So if you need less money as you age that could act as a form of inflation protection. I.e. if you have enough money at retirement the purchasing power loss may be to some extent anyway offset by lower spending as you age.
In theory you could look at nominal dollars and plan that way.
Nice vid - could u pls advise what is earliest unreduced pension?
Every pension will be different, but it's the date where you are no longer penalized for retiring early and taking your defined benefit plan.
@@ParallelWealth prob different rules for DC pension plan right ? May b helpful if there's a video re difference between both dc and dB- thank u
Where I work we call it the magic number.
Our magic number where I work is 90.
Age + The number of years of employment.
For example:
You start employment at 30 years old and now your 60.
60 + 30 = 90
You can now take an unreduced pension at 60 years old.
Some firms have a magic number set at 85, wish mine was as I would be eligible now for an unreduced pension.
@@agully2550 thanks- good to know
i dont know if this is in your area of expertise........but i would like know more about REITS, ETFS. SPLIT SHARE ETFS covered call ETFS
Sorry, not my expertise.
I want to retire asap at age 48.
I dont like age 65 !!!! Forget that
Does 80 sound better?
Ha ha ha. It’s never 9-5 for a teacher! 😂 Or for a teacher trainer!
True. And that applies to pretty much everyone in a professional career these days. 9-5 is from another era!
How many of your clients, especially those that retire before 65, come out of retirement? What are the reasons you hear for this?
Bored, keep mind going and have 'extra money' for above and beyond expenditures.