10 Things You Must Do In The 10 Years Before Retirement

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  • เผยแพร่เมื่อ 10 พ.ย. 2024

ความคิดเห็น • 29

  • @AMG-BENZ-1
    @AMG-BENZ-1 2 หลายเดือนก่อน +16

    It doesn't get any better than this folks. Solid recommendations from a channel and organization that I greatly respect.

    • @ParallelWealth
      @ParallelWealth  2 หลายเดือนก่อน

      Thanks, very kind to say.

    • @garth217
      @garth217 2 หลายเดือนก่อน +1

      @AMG-BENZ-1 it's not just a retirement plan, it's a life plan. I never lived on credit, paid extra when I could on my mortgage and now mortgage free for 9 years. I just hope I live long enough to enjoy retirement. I've got the money I need. The only problem is my wife isn't retiring for 10 more years.

  • @vm6824
    @vm6824 2 หลายเดือนก่อน +4

    Adam is right...budgets aren't fun but better to go through it now and be realistic rather than be unpleasantly surprised in retirement. No one wants to retire and worry about money. And big lesson here? Get rid of debt! I haven't had debt for about 5 yrs now - (not one freaking cent!) and the feeling of freedom I have can't be understated! I really appreciated the reminder about digital assets. A good idea is to get a "Just in Case" binder which will include all the info you need people to access in the event of your death. You can make one yourself or order them from Amazon etc...as well they are available to fill out and keep online.

  • @neolithic3
    @neolithic3 2 หลายเดือนก่อน +25

    Hi Adam, I have a video suggestion for you (and it's something I am very curious about): I know that dividends and capital gains are taxed differently than income or interest, but I wonder if you could go over some examples of different scenarios. Like for example, if a person had mainly RRSP income, or if someone had majority of their money in a non-registered account (maybe due to an inheritance) and smaller RRSP/TFSA. Also maybe you could show how someone making $100k from a job would be taxed compared to someone who is retired and has an annual income of $100k via a mixture of capital gains, dividends, interest. How much less would the retiree pay in taxes versus the working person.

    • @Hyperpandas
      @Hyperpandas 15 วันที่ผ่านมา +1

      Easy. (1) Money coming out of an RRSP is taxed the same as income from a job, no matter how you invest. Therefore, (2) whatever grows best and is more in line with your risk profile and objectives should guide your RRSP investments, not tax considerations. (3) Employment, RRSP/RRIF, and non-Canadian dividend income have the worst tax treatment, then Canadian dividends, then capital gains coming out best. Therefore, (4) from a tax perspective (only) capital gains in a non-registered account is only beaten by your TFSA.

  • @ginocolello4241
    @ginocolello4241 2 หลายเดือนก่อน +3

    This is awesome. Very clear and concise. Thank you Adam!!

  • @georgetteturner3803
    @georgetteturner3803 2 หลายเดือนก่อน +1

    Great video, Adam. Don't forget, a few things about private health insurance. Many of the insurance companies do not cover you for medications that you are already taking, so it may not be worth it. You have to disclose all of your previous health issues and family related illnesses. Also, depending on the province you live in, each one may have a senior drug plan that kicks in at 65. This can really help, and it may be enough to subsidize your medications without taking out a really expensive private insurance policy. Every situation is different, just make sure you read the fine print. If someone in your family works in the health care field, ask their advice. It may be better than asking a person that is trying to sell you something you don't need. Cheers !

  • @FoyLo
    @FoyLo 2 หลายเดือนก่อน +7

    Great summary Adam! Thanks for the excellent advice. I had forgotten about the digital assets part... 😮

    • @ParallelWealth
      @ParallelWealth  2 หลายเดือนก่อน

      Glad it was helpful!

  • @paulb9156
    @paulb9156 หลายเดือนก่อน

    I’m 53 and been ready to retire for some time now ! But am still working on building my retirement funds (I think I’m in a good position) and have two teenagers and a mortgage. Gotta pay the bills. Hoping I can retire in 10 yrs. I’m soaking up as much information as possible and this channel is really helpful. I’m probably going to sit with a planner in the next 6 months or so.

  • @manuelgonzales2570
    @manuelgonzales2570 หลายเดือนก่อน

    Excellent video. Thank you!

  • @backcountryFLcyclist
    @backcountryFLcyclist 2 หลายเดือนก่อน +2

    My Dad passed away years ago and his facebook page lives on.

  • @marymungai4429
    @marymungai4429 2 หลายเดือนก่อน

    Thanks Adam for the advice

  • @lw1405
    @lw1405 2 หลายเดือนก่อน

    One thing to add about the digital assets- make sure to include details regarding your cell phone password in case of MFA requirements to get into investment accounts online. And update your lists when you update your passwords!

  • @lorrainegadoury9807
    @lorrainegadoury9807 2 หลายเดือนก่อน +6

    Do you have videos for single women for retirement.

    • @ParallelWealth
      @ParallelWealth  2 หลายเดือนก่อน +4

      We have lots of videos for singles. Probably 25+ on our channel and many more to come

  • @garth217
    @garth217 2 หลายเดือนก่อน +2

    Good video, unfortunately it's 6 years after my first time retiring... now that I'm into my 3rd and final retirement it's still relevant. 54 was too young to stop working..so I went back off and on. One benefit of it was not beholden to a Boss. I told one that I didn't need to work and I certainly didn't need to work for an imbecile. Freedom of retirement..one benefit Adam didn't mention.

  • @marceliam5275
    @marceliam5275 2 หลายเดือนก่อน +1

    How does Canadian citizen file tax abroad to live with Cad benefits Cpp and OAS anywhere outside if canada?

    • @Hyperpandas
      @Hyperpandas 15 วันที่ผ่านมา +1

      Pretty sure you have to maintain residency to collect OAS, but you don't for CPP. Anyway, check in with Service Canada.

  • @Fehr270
    @Fehr270 2 หลายเดือนก่อน

    I suppose you won’t really notice those post death birthday wishes. Might be more important if you have kids and you want them to have access to your photos.

  • @HigginsLawLLCWinterHaven
    @HigginsLawLLCWinterHaven 2 หลายเดือนก่อน +1

    tsfa? define terms you use

    • @sholbech22
      @sholbech22 2 หลายเดือนก่อน +1

      Tax Free Saving Account is a type of saving account, very similar to the USA (United States of America) Roth IRA (Individual Retirement Account)

  • @gordonpi8674
    @gordonpi8674 2 หลายเดือนก่อน +2

    Financial planners are too expensive.

    • @ParallelWealth
      @ParallelWealth  2 หลายเดือนก่อน +6

      Based on doing this for 20 years and seeing how tens of thousands plan for retirement income, I would say NOT having a financial planner is too expensive.

    • @gordonpi8674
      @gordonpi8674 2 หลายเดือนก่อน

      @@ParallelWealth do you have a discount for single persons with not too complicated financial situation?

    • @ParallelWealth
      @ParallelWealth  2 หลายเดือนก่อน

      @gordonpi8674 single plan is discounted by $500

    • @gordonpi8674
      @gordonpi8674 2 หลายเดือนก่อน

      @@ParallelWealth so, it’s 3000$?

    • @HigginsLawLLCWinterHaven
      @HigginsLawLLCWinterHaven 2 หลายเดือนก่อน

      what do you charge for one time fiduciary financial advice?