Adjusting To Retirement: 5 Changes You'll Experience
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- Опубліковано 6 чер 2024
- In this video we go through 5 life changes that nearly every retiree will go through in the first few years of retirement.
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OUTLINE
0:00 - Intro
0:20 - Change 1
1:22 - Change 2
2:49 - Change 3
3:40 - Change 4
4:49 - Change 5
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
When my mother retired, she avoided using a vehicle and walked everywhere as much as possible - weather permitting. She also bought a stationary bike to use while watching t.v., and kept junk food out of the house. By the end of her first year of retirement, she volunteered 3 days per week, and looked after her grandchildren until she passed away.
I retired a couple of years ago. The hardest thing for me is learning how to spend money. The money that we saved. I did not realize that this would become an issue. Old habits die hard.
I retired three years ago at 56 (during lockdowns). From personal experience, number 1 is the most challenging. My finances were of little concern. I found that finding a new routine took longer than 6 to 12 months. Unless you have a reason to get up in the morning…other than simply getting up, you are doomed. It is so easy to fritter away the day. Yes, every once in awhile just doing nothing is OK and should be guilt free. But 30 years of that would be deadly. I find if I don’t get up and ‘do’ something each day I get lost, lack motivation and get depressed. The simplest thing like getting dressed and putting yourself together should not be underestimated. Fortunately I went to the gym regularly while working so that has carried through and helped enormously. My 15+ hours Monday to Friday at the gym has essentially become my new work week. Nonetheless, the adjustment has been huge, and to this day I don’t always get it right and occasionally fall into old habits. I joke to friends that retirement can often be like university life if you are not careful.
I've been running 5 miles a day and doing 3,000 pushups and 3,000 sit-ups since I was a teenager everyday. I can do 29 one-handed pushups right handed and 23 one-handed pushups left handed. I can still bench press 625 pounds.
Haha. Yeah, ok. @@nickyfurlano8531
I am on day one of my retirement. I have a lot of hobbies I never had the time to get to. And thankfully my finances are in good shape. Speaking of shape I now need to work on mine!! Thanks for the reminders...
Yes, it took me 6-12....seconds to get used to retirement ;) GREAT video !! ALL of this is 100% true.
Can you do a video on single gals and what they should have in Canadian funds at a certain age. I think I'm good but would like to compare with the average statistic.
Retirement isn’t as easy as first thought when I was in my 30’s and couldn’t wait for it. Your talk resonates with me. I’m retired now and five months later I’m volunteering and keeping busy with an at home business. I can regulate my time around these so have the best of both worlds!
Volunteering can be more fulfilling than hobbies. The need for qualified people is never ending and Volunteering provides an opportunity to continue to use the valuable skills and knowledge acquired over a lifetime of paid employment.
I retired 5yrs ago ( 56yrs)but had a part time job lined up.( 16hrs a week) just enough to keep busy and have time for golf. Has worked out great .
Thank you for this timely presentation. My last day is April 3 2024, after 42 years. You covered all of my concerns. I’ll miss my work family.
I remember back in 2019 unexpectedly being forced into retirement. Yeah it's a shock but with the right mindset you'll adapt and get used to the freedom if you're prepared. It's a process like anything else.
I finished working 5 years ago but I didn't "retire", i restructured! And I started restructuring (financially and socially )approximately 1 year before I finished working. I feel like it went, and is still going very well. Restructure not retire!
Cool 😎
It will take me 6-12 hours to adjust to a new routine...I already have my plans lined up...can't wait!
So very well said! I find it very difficult to switch from saver to spender. 3/4 of my life as been a routine of saving and investing, I still find myself growing income almost instinctively. Otherwise I’m having a very happy retirement.
Grats on 100k subs!!!!!
Thank you for this Adam
Great video. I retired last year at 56. Thankfully I was retiring TO something and my routine is going nicely. I can relax when I want to, and have plenty to do when I don't. I have more of a social life now than when I was working which helps a lot. Thanks for such great advice.
Eye Opener! Thanks!
Excellent!
I am 77 years old l retired at 65, l have no problem ,I concentrate in my eating habits,cook at home exercise go for a walk read the newspaper work around my house I just love it I can’t believe 12 years has gone by. I didn’t feel it until I saw my face on a mirror and I say wow amazing how the time just flew, but I feel good. I cannot regret not doing anything not taking a second job l am financial secure I got no mortgage I live in a beautiful apartment condominium and life is good ,l don’t let time scared me , l live frugal and l know my money will outlived me but that’s ok , l don’t travel anymore like l used too because at my age l can’t stand crowds airports
and bad food, my weight is 170 pounds 6’ F tall , I stay away for junk food the same for liquor and cigarette, the only thing l do is smoke mariguana and l been doing it for over 50 years so there you go life is not the same for everybody
You are correct. I woke up at 5:15 every morning for 34 years. It took me at least a year to go to sleep later and wake up later. Saving was the other issue. I still like to save some of monthly income. I call it my “pen” money. But now that stash is quite large. I don’t want to leave anyone anything like you said except my life partner.
Wish I could get my self-employed workaholic hubby to listen to this video and then prepare for retirement.
So common. I'll keep encouraging him through videos!
Excellent points! We’re three years from retirement and seems that we have all of your points prepared. We both have so many hobbies, we can barely fit work in. Won’t be an issue filling our days. We’re spending a very large chuck of our money right away, building our dream waterfront home, rather than travelling as we initially thought was our priority. After much much thought, and travel, we realize we’re really home bodies but boating, fishing, gardening, golfing, woodworking, birding, and grandkids are what feeds our souls. And, we’ve already planned what to do with our nest egg once we’re “in the sunset years”. These videos are soooo helpful !!
Oh, and…..we plan to volunteer visit hospitals with our certified beautiful therapy dog.
Great advice
I retired this December - both a planned and an emergency retirement! I had planned to retire this year - and then this fall was surprised by open heart surgery. So…I retired a few months earlier than planned into a healing plan….exercise, diet, rest, post-op healing….and as I heal, the other things will come.
I was very well prepared, worked with a counsellor for a few years before
- I was still very much surprised by the turn of events! Be ready to be surprised and to flex when you must!
FANTASTIC video
Thank you very much!
I’m gonna be earning more money in retirement than I ever did while working. Worrying about spending is not gonna be an issue.
Great info thanks
You bet
This is fantastic advice Adam! Thank you. I want to add that I always enjoy your videos very very much!
I appreciate that!
The best video I have seen on retirement!! Thank you!
Wow, thank you!
For me, a retirement routine was definitely important, but so is the ability to say that I want to do something else today instead. I really like that flexibility. I only make commitments when I want to make them now and have no qualms about changing my mind (as long as I don't inconvenience anyone else). And as far as spending, I have friends and family who are reluctant to spend because they want to leave a financial legacy for their kids. I find that puzzling personally. Absolutely want to help the kids and grandbabies in the family, but not at the cost of denying myself an experience. They will get what is left when I leave.
I am always impressed with your well rounded and multifaceted advise. love that you don’t just focus on financial ( although that is excellent as well)
I appreciate that!
Important point to make here: don't let the lack of a concrete plan keep you from retiring. Yes, it takes some adjustment, but very, very few spend the rest of their days watching daytime TV.
I was extremely fortunate to retire mid-50s (64 now). And I've never been busier. It's just that now my "busy-ness" is at my own discretion, on my timeline, and with nobody (except the SO) to answer to.
Since retirement:
Travelled extensively
Tried (alas, somewhat unsuccessfully) at learning a new language. Still working on it.
Volunteer with a local public health unit.
Continuous learning, in everything fro quantum physics to jazz drumming.
There's plenty more. So even if you haven’t solidified a plan for what to do on retirement day +1, you can rest assured, your days will be full.
Great video and advice! I retired almost three years ago. A year out I started to think about what I wanted to do with all my free time. I knew that I would invest more time in hobbies that I’ve enjoyed for decades. But I also wanted to explore new interests. And I have! By doing so, I’ve made many new friends.
Great to hear! It’s often said it’s harder to make friends as we get older. Any tips?
@@Marie-up7fb I tend to listen a lot more than I talk, not be judgmental and initiate a lot of the get togethers. Hope this helps.
To exercise our spending muscle, we fund a cash envelope with like $300 every month but still fail . Takes practice like 'going crazy' with $20 in the dollar store.
Having a financial plan will make the transition from saving to spending easier. Otherwise you’ll have no idea if your savings and spending is sustainable.
I retired and ended up with rum gut. I had to catch up with all my drinking when I retired. I was too busy when I was working.
an old retiree we talked to and said don't just sit around. Four of the five guys he retired with in his early 50s died within two years because they just sat around and did nothing he and was active all the time. Regarding estate planning, dont have the term divide equally because your heirs will fight over a pair of earrings to the pillows on the couch if you do a lawyer told us.
What?
Easy now , two bags of groceries is $175 . I’m doomed
Hi. Just heard about the cra's new bare trust filing . I, like many, have joint accounts and investments with my elderly mom. Everything is totally hers until she passes. Now I will have to file T3 and T15. Called " Bare trusts are subject to new trust reporting rules for tax years ending after December 30, 2023. "Do you think you will be able to do a video on this in time for filing tax returns this year
Already did a video. Search the channel
I just retired in January and just bought a new graphics card. If you know, you know ;)
Can't wait to retire to a smaller town, get away from crowds of humans, live cheaper and have more peace and quiet. That's where all the health and wellness will come to the fore.
Yes don't want to spend much because if you live till 90 might go broke and how much will the market crash when china invades Taiwan😮
On point number 2... Do you know how hard I worked to save all that money and now you want me to just spend it??!!
Isn't that just what it feels like? "Save for the future" has been pounded into us by parents and, dare I say it, financial advisers like Adam but I think we all have to realize that when you are retired that future you were saving for has arrived. That said, it is still very difficult to break the habits of a lifetime and the "save for the future" mindset.
Point number 2 was one of the hard ones for me for sure... In fact we are 5 years into retirement before we officially decided to start some flow of cash from savings by converting an RRSP to a RRIF late last year. Did this after watching many video's on delaying CPP and then doing my own calculations. We decided there are enough savings for our lifetime and more than likely a significant amount for kids inheritance so why not be money smart and delay CPP for a bit anyway (I haven't committed to anything beyond 65 at this point but I was a take a 60 guy right up until I turned 60). It was hard to give the okay to our advisor but now we have received 2 payments it's kind of liberating as the decision has been made and it has reduced some stress planning how to cover those annual bills that come up (vehicle plates, house insurance, package policies, house taxes, winter holiday, and season tickets to local junior hockey club etc).
We have also embraced the health/wellness point #4. For the past 5 years we have been exercising more, change our diets to eat more healthy, all in an effort to take off a few pounds and it has now become the new normal. We both lost weight and are feeling better and more energetic because of it. One of the things I have to do on a daily basis now (since this ties in so well with point #1 ) is walk about 12km/day. Rain, sun, blizzard whatever it is part of the routine and takes about 2 hours per day as well. Also really enjoy walking now and find I'm planning around this new (not so new anymore) routine so other things don't conflict with walking routine as much as possible.
@@DoneByD I am 9 years retired but we delayed both CPP & OAS to 70, started last year. That was always my plan ever since I started to read Frederick Vettese's books a few years before we retired. Actually I was reading an article in the Globe & Mail recently and the advice there was to delay your CPP one year at a time. Each year, until age 70, see how you feel and if feel you'll be okay then delay one more year and see how it goes. He said it's hard for people to imagine delaying five years or more but one year they can visualize. Sounds like good advice to me.
Although we when we retired we started our RIFFs right away it was still hard to be comfortable spending what we had saved, being careful. still looking for bargains, booking economy fares etc. but I have loosened up a bit lately. As my financial adviser said to me "You never have to fly basic economy again if you don't want to" and on the last couple of trips I haven't but it's still difficult clicking on the higher fare when I book. Old habits die hard but what I try and tell myself is "If I didn't save it so I could spend it, then why did I save it?" Sometimes that works.
I think the vast majority of Canadians aren't savers at all. The only wealth a lot have is the lottery win of Canada's overpriced housing these days.
The people who actually are savers and follow the financial planners UA-cam channels are in the minority.
@@debbielockhart7762 I think many more people are doing the right thing for their retirement than you might suspect (though not as many follow financial planners with UA-cam channels). If you read Frederick Vettese's article of April 27, 2023 you will will see the analysis he has done that show the right amount of Canadians are in fact saving as they should. You see lots of articles saying people THINK they haven't saved enough, and almost all financial advisor types will tell you people need to save more (which is good advice and also good for the advisor's bottom line), but in reality seniors are the demographic with the least amount of poverty. More is always better of course but that's a good statistic.
I believe that those who can retire that won’t will miss being petty and a pain in the 🍑…. please believe, your co workers want you to retire asap!