I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Kathie Daisy Bosco who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Agree. I'm 56, there's NO ONE I know(friends, family, co-workers) that plans on working to age 65, one exception my BIL that who's self-employed and has been working 3 days/week for last +5years.
To me this just shows how much a mortgage really costs you. Just add a little extra to each months payment and the benefits are humongous! Ohhhh and start as soon as you can.
Had a friend who just retired with a small mortgage. He was a small business manager with one of the big 5 banks. I was mortgage free for 5 years before retirement.
Another excellent video - kind of surprised by the results of some of the options (red) but love seeing "the normal go to options" are not necessarily the right thing for every plan.
@@ChadWiebeK4 From my perspective biases are fine and normal over time. We all develop them in our lives for sure. What is more important is acknowledging those biases exist and disclosing them, as you always do. Then, after crunching the numbers, listen to the story they tell, accept what they are saying after some scrutiny, learning from the experience and moving forward with more knowledge than before. Exceptional thorough work in my opinion.
BAZINGA!!!!!! This is the exact summary I've been looking for. Clear, concise and factual. It also shows that CPP at 70 doesn't always carry the day. The numbers used in RRSP/ TFSA are much closer to what Stats Canada says the average Canadian has. The only thing I would like to know about this current scenario is their current lifestyle spending. From what is presented, it appears that the household income must be close to $250,000. ?? Are they living the retirement lifestyle while working? That's a very good household income.
Almost Perfect!! You nailed this one!! 🏆 Better to use more single examples. (65% of your channel viewers). Best to take CPP and OAS at 70 unless you’re unhealthy or need the money. $250k income, $300k savings and a mortgage for a professional couple at that old age indicates very poor savers and big spenders. They should have a minimum of $2 million saved easily creating a huge retirement stream in their older age eliminating all financial stress. 😮
@@garth217 I'm afraid it's the other way around friend. I agree with Billy, this couple should have $2M or more in net worth at this stage in their lives. They are way below where they should or could be. It will be a game of difficult chess to have the type of retirement lifestyles they might want. Debating about CPP or OAS for these people is silly. Such considerations should have been trivial for them. CPP and OAS should be icing on their cake; money to give away to family or charity, or whatever. They should have been "rich" (by Canadian standards anyway), but in this example, they are not, so it's going to be a much more difficult slog. Lesson to you kids out there: save and invest early and in the largest quanta you can, while achieving the most satisfying "rich life" experience you can too. At these income levels, this hypothetical couple should be in much better shape, especially in a market like Manitoba where homes are relatively cheap so increased excess savings could go directly in investments that build wealth.
@@garth217 Garth, all we are suggesting to you is life expectancy, investment risk tolerance and how badly you need the cash flow are important considerations. Again, in the vast majority of cases it makes more sense defer to age 70 given the breakeven is about 81.5 years. You said you’re healthy and fit. If that’s actually true you should live well into 80’s creating a much larger nest egg for your loved ones. There are other factors to consider, such as your cash-flow needs, whether you have debt, your tax situation and estate considerations. Some people want to start their CPP as early as possible because they think waiting always makes you worse off. That is simply not the case. There are instances such as in your case where deferring can be highly beneficial and allow you to spend more and leave a larger estate. To put it into clear words you might be able to understand, you’ll leave MORE MONEY for your KIDS. Calling people old man juvenile names from the 80’s because you’ve made mistakes in your retirement strategy only makes you look like an uneducated tween seeking attention. We get it, you’re defensive understanding you’ve made a mistake. Everyone does. We are all here to help you. Be better.
Thanks for the presentation, but who can live off $70K/y as a couple, specially if you live in big cities? Why retire if you can’t have great traveling?
I have found that spending is wildly personal, for many that I've met $70k is lots. But I agree, for those that want to travel, I'd wait the extra year or 2 to make it worth while!
If you plan to retire at 60 you really admitting that you didn't really enjoy your job for the last 30-40 years. I am 65 and I have no intention to retire because what would I do wait around to die? I am not working because I need the money I am working because I enjoy what I am doing.
I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Kathie Daisy Bosco who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Early Retirement scenarios are my favourite.
Thanks for the video, Chad!
Agree. I'm 56, there's NO ONE I know(friends, family, co-workers) that plans on working to age 65, one exception my BIL that who's self-employed and has been working 3 days/week for last +5years.
me too, more to come!
@johnnyv5995 Interesting! thank you for sharing, I'll have some more early retire cases coming soon
To me this just shows how much a mortgage really costs you. Just add a little extra to each months payment and the benefits are humongous! Ohhhh and start as soon as you can.
Had a friend who just retired with a small mortgage. He was a small business manager with one of the big 5 banks. I was mortgage free for 5 years before retirement.
I would tend to agree. I would personally consider it ideal to retire no mortgage, but sometimes it's just not possible
Another excellent video - kind of surprised by the results of some of the options (red) but love seeing "the normal go to options" are not necessarily the right thing for every plan.
me too :) I can't help but develop biases the more I do this, but if they're proven wrong I can't dig in
@@ChadWiebeK4 From my perspective biases are fine and normal over time. We all develop them in our lives for sure. What is more important is acknowledging those biases exist and disclosing them, as you always do. Then, after crunching the numbers, listen to the story they tell, accept what they are saying after some scrutiny, learning from the experience and moving forward with more knowledge than before. Exceptional thorough work in my opinion.
Great info. The production on your video is fantastic.
Thank you very much! I've been working hard on that :)
BAZINGA!!!!!!
This is the exact summary I've been looking for. Clear, concise and factual. It also shows that CPP at 70 doesn't always carry the day. The numbers used in RRSP/ TFSA are much closer to what Stats Canada says the average Canadian has.
The only thing I would like to know about this current scenario is their current lifestyle spending. From what is presented, it appears that the household income must be close to $250,000. ?? Are they living the retirement lifestyle while working? That's a very good household income.
@@garth217 🤪
@@billyrock8305 off your medication? 😂
Great point, I'll remember that for the next one :)
Only $300K in RRSP / TFSA and retire at 60 with $72K after tax? WOW - that must be some pension from the U of Manitoba!!
haha
72K annual just for day-to-day spending? Holy leak in the hull of the boat Batman!
haha
Almost Perfect!! You nailed this one!! 🏆
Better to use more single examples. (65% of your channel viewers).
Best to take CPP and OAS at 70 unless you’re unhealthy or need the money.
$250k income, $300k savings and a mortgage for a professional couple at that old age indicates very poor savers and big spenders. They should have a minimum of $2 million saved easily creating a huge retirement stream in their older age eliminating all financial stress. 😮
He just proved that delay of CPP until 70 is not always the best decision.. I guess you missed that SIGNIFICANT POINT
@@garth217
Far more than you’ll ever know.
Hire a CFP.
@@garth217 I'm afraid it's the other way around friend. I agree with Billy, this couple should have $2M or more in net worth at this stage in their lives. They are way below where they should or could be. It will be a game of difficult chess to have the type of retirement lifestyles they might want.
Debating about CPP or OAS for these people is silly. Such considerations should have been trivial for them. CPP and OAS should be icing on their cake; money to give away to family or charity, or whatever. They should have been "rich" (by Canadian standards anyway), but in this example, they are not, so it's going to be a much more difficult slog.
Lesson to you kids out there: save and invest early and in the largest quanta you can, while achieving the most satisfying "rich life" experience you can too. At these income levels, this hypothetical couple should be in much better shape, especially in a market like Manitoba where homes are relatively cheap so increased excess savings could go directly in investments that build wealth.
@@garth217
Garth, all we are suggesting to you is life expectancy, investment risk tolerance and how badly you need the cash flow are important considerations. Again, in the vast majority of cases it makes more sense defer to age 70 given the breakeven is about 81.5 years. You said you’re healthy and fit. If that’s actually true you should live well into 80’s creating a much larger nest egg for your loved ones.
There are other factors to consider, such as your cash-flow needs, whether you have debt, your tax situation and estate considerations.
Some people want to start their CPP as early as possible because they think waiting always makes you worse off. That is simply not the case. There are instances such as in your case where deferring can be highly beneficial and allow you to spend more and leave a larger estate. To put it into clear words you might be able to understand, you’ll leave MORE MONEY for your KIDS.
Calling people old man juvenile names from the 80’s because you’ve made mistakes in your retirement strategy only makes you look like an uneducated tween seeking attention. We get it, you’re defensive understanding you’ve made a mistake. Everyone does. We are all here to help you.
Be better.
@@feldhdleh
Exactly. 💯. Very well framed and stated.
Hopefully and collectively we can all help Garth and get him back on the proper path.
Thanks for the presentation, but who can live off $70K/y as a couple, specially if you live in big cities? Why retire if you can’t have great traveling?
I have found that spending is wildly personal, for many that I've met $70k is lots. But I agree, for those that want to travel, I'd wait the extra year or 2 to make it worth while!
If you plan to retire at 60 you really admitting that you didn't really enjoy your job for the last 30-40 years. I am 65 and I have no intention to retire because what would I do wait around to die? I am not working because I need the money I am working because I enjoy what I am doing.
That sounds awesome! Unfortunately not common
I wonder if Chad would consider a segment called Fun with Finances ? It may be hard to find a co host by the name of Sheldon or Amy however.
haha Fun with Finances - I'm open to all ideas, what do you see this looking like? Can't be as much fun as fun with flags