Retirement Regrets: 5 Things Retirees Wish They Did Differently
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- Опубліковано 6 чер 2024
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In this video we'll go through the top 5 regrets from retirees that we've worked with over the years.
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track. You can learn more about our services at www.parallelwealth.com/planning
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0:00 - Intro
0:17 - Regret One
2:03 - Regret Two
3:13 - Regret Three
4:12 - Regret Four
5:18 - Regret Five
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.
I retired at 55. Don’t worry about the money because you’ll never have enough. Just go enjoy yourself and live healthy.
Wow probably the best advice ever. One of my worries is that if I retire early that I would give up future earnings potential and miss out... Like when is enough $$$ enough...
I want to retire at 55 but wife would be only 45.
You will have enough if you saved carefully. Don’t worry about the money is dangerous advice that could cause someone to be homeless.
@@chrisj6321retire. She can keep working. That's what I did.
Good smart man, enjoy!
And then you have a client who is 58 in great shape but with a 5 hour open heart surgery on the horizon...retire early people! Wish me luck 🙏.
Best of luck. Your family needs you.
Best of luck Johnny! Praying it goes well and a quick and full recovery.
Pray you have a smooth surgery and recovery process! All the best to you and family in 2024
Good luck John, keep us posted
I was 48 when I had heart surgery
Find hobbies that aren't expensive. Learn to be happy with simple things. Know the difference between needs versus wants.
Amén amigo! Another individual that understands life a bit more.
64 and still pumping iron, that's my hobby. I lift weights at home on my concrete patio in Central Florida year around as the sun comes up 5 days a week and then after that it doesn't matter if I do absolutely nothing the rest of the day. I got in more physical activity in then most Americans do. And I'm not into spending money on things that I don't need.
Yesssss so true
I retired 3 years ago when I turned 61, and my wife and I are loving it. Sold our small business and eliminated all the stress that goes along with it, and now I can work on my cars and road bike ride 3 days a week, lifting weights on the off days, and eat very healthy and never take seconds. It's been wonderful to lose 20 pounds and get down to the weight I was at 30, my cardio is excellent, and I feel better at 64 than I did in my 50's, and my doctor is really impressed with my physicals! If you have the assets, retire as early as you can.
So true. We have kayaks, bikes, craft machines for hobby items. All were purchased while working, have low maintenance costs and are free to use for years. Nothing better than paddling down a river.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
"NATALIE NOEL BURNS " maintains an online presence. Just make a simple search for her name online.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Best video to date. If you lose your health, you lose everything.
100% - and I hear the stories daily. Breaks my heart to be honest.
My father always said health is wealth
So true .
Retirement becomes truly fulfilling when you possess two essential elements: simple financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. My question now is how to get a good financial advisor that I can invest with and have good returns before retirement age.
People aren't worried about retiring with enough money to buy luxuries. They are worried about enough money to pay their property taxes, buy food and pay for medical expenses.
Yes! I was thinking I still have a mortgage and payments to cover. I don't foresee me ever retiring unfortunately.
yes..this vid is for the real successful...not for alot of people.
In the UK we don't have medical expenses. All medical treatment is free including major surgery or cancer, everything.
@@sallykennedy1543Last year we decided to downsize to sell our house and buy a condo because we realized we would never pay off the mortgage, So we put money down on a pre built condo we will be selling our house this summer and moving to the new condo. We should be mortgage free or very close to it. Another thing is we got way more frugal by looking at all your bills and figuring out how to cut back, Some examples are switching cellphone providers from Bell to Fido cutting that bill in half, Cutting down on home Internet speeds and TV, Switching grocery stores to No Frills and buying only sale items in brand name stores like Safeway/Sobeys. We have 2 vehicles but when I fully retire we will drop to just one.
Bingo! It's better to have too much money going into retirement than not enough.
I know an older couple in their 60s who retired 2 years ago, and the high cost of living has them contemplating whether or not to go back to work.
They are barely scraping by.
I worked till 68, way too long, I still have my health, but a lot of my buddies aren't around anymore, we should have been out enjoying nature and a layed back life years earlier.
As a soon to be retired, looking back, these are some of my recommendations to younger people (not in this order):
#1) Travel as much as you can when you’re young, when you’re older you get aches & pains & not able to go up hills, run, do as many activities.
#2) Live a frugal life. Do not spend your money on superficial things, instead, invest, save & take advantage of discounts or coupons.
#3) Make a list of things you would like to do when retired. All the hobbies or types of jobs you would love to do, get tennis/golf/swimming lessons, etc.
#4) Have a plan.
#5) Take care of your health since young.
#6) Prepare for unexpected trials (death of a loved one, change in plans, an illness) by trusting God. Always put God first in everything you do, make Him the center of your life and it doesn’t matter what happens, you will always have His peace & His joy.
Be blessed!🙏
I so agree
Thanks for reminding me
God is good
Excellent advice
You are so wise
As newlyweds, my husband and I traveled every summer, overseas and had year after year of traveling adventures, we were 24 and got a lot of flack for “ wasting our time and money” so we stopped telling people were traveling; we are now 65, and so glad we were able to see the world when we did, we are still working, have 4 adult kids who still need us, and not in a position to travel really. So first item should be look after your health, then travel. I work with people in health setting and whenever I see a 20+ year old I tell them “ you better be doing one of two things: travel with a significant other, and get more education and/or skill”…
Thanks for the great advice!
I wholeheartedly agree!
Perfect advice...love it 😊
I retired in 2021 at 44. Since then I've learned Spanish, acrylic painting & the harp. Now working on deploying an app.
Total dream! How did you do it?
@@TheAshdan81Lives in a van.
I retired at 50, I was lucky enough to have 32 years of service in my company which offered employees with 30 years a very lucrative buyout and plus they paid our health care until we hit 65. I took the money and ran ,since then we went on vacations we always wanted to take around the world, I started restoring 1960,s cars ,motorcycles and other things as a hobby, and just enjoyed no schedule, we were able to take family on vacations and enjoyed baseball games and other family events and watch our kids and grandkids kids grow up and have a lot of memories because of early retirement, Anyone who can retire early, I would go and don't look back .
Yeah Man. That's awesome. Similar ,went out with 32 at 57. Bought a Corvette. Almost 64 now and do not regret it.
At age 50 I switched to part time working from home 3 days a week. I am enjoying my four days off each week but wish that I could have more time off. I also take 8 weeks of vacation per year and have 10 holidays.
I couldn’t agree with you more , I retired at 50 same thing as you but I had ulterior motives. My mother was in ill health and it allowed me to spend a lot of time with her. It was one of the best decisions I ever made , I was able to share my Christian faith with her and we talked for hours. She had early dementia so some days it was unusual and other days she was completely herself. I had multiple people tell me to wait and make more money but I gained so much more than $$ . My mother passed away a few years later but she accepted Jesus Christ as her Lord and Savior . And I gained priceless memories of her…
@@bobdees6428I am in the same situation right now. I’m 51 and taking care of my 93 y/o mother. She had a cardiac arrest recently but with the grace of our Lord, she’s improving everyday. I might be forced to stop working soon and retire early. I have some money saved for retirement and hopefully it would be enough to live comfortably. Making the decision to go for it is the hardest.
Retired at 55 this past Sep. Mil vet with pension and VA disability. Plan to take SS at 62. Been traveling and spending time with elderly parents. I've always been a gym rat and eat well. I hope to be an example for people who think they must work until they die. Life is short, so enjoy it while you can.
Same, i only do part time jobs just for staying active and that aren’t too stressful.
I will be you in three years. Carry on🤙🏽
It's not about having enough money in retirement, but learning to live with the money you have.
I retired 4 months ago at 60.5 YO. Traveled to Asia for 3 weeks. Picked up 2 new hobbies. Exercising 6 times per week. I'm planning for another trip before the golf season starts. Did not miss going to work at all.
What are your new hobbies, and how did you pick them up so quickly? Did it have anything to do with your trip? It’s wonderful that you’re exercising every day. Some people I know who’ve retired needed some time to sleep a lot and rest. It seemed like they needed to decompress and recover.
@@genxx2724 The hobbies are not related to the trip. I started growing orchids a few months before I retired. I am keeping more plants and spending more time on it now. The second hobby is new. My career was in the software/data industry. The new hobby is building electronic circuits/projects, combined with programming. Starting from that, I am now also looking into home automation.
My exercise routines include pickleball once per week, yoga 2-3 times, elliptical & weight training 2-3 times. All activities are light/medium at my age to get some cardio workout, stretching, and body toning.
@@genxx2724 One hobby is building electronic circuits/projects with programming controls on Arduino platform. (I have a programming background from my career.) Starting from that, I am also looking into home automation. Second hobby is growing orchids. I kept a few orchids before retirement. I have more orchids and am spending more time on them now.
My exercises include pickleball, yoga, elliptical & weight training. Nothing is strenuous at my age. Just want to continue with cardio workout, stretching, and muscle toning.
We don’t miss work either!
One hobby is building electronic circuits/projects with programming controls on Arduino platform. (I have a programming background from my career.) Starting from that, I am also looking into home automation. Second hobby is growing orchids. I kept a few orchids before retirement. I have more orchids and am spending more time on them now.
My exercises include pickleball, yoga, elliptical & weight training. Nothing is strenuous at my age. Just want to continue with cardio workout, stretching, and muscle toning.
Well, I’m 71 and I feel sorry for people who think that they worked too long, because it probably means that they did not enjoy their work. On the other hand, I love what I do. The only regret that I have is that I did not navigate my life as a young man to earn more and save more at that time in my life. If I had done so, I could be more generous in my charitable giving. As for my health…at the end of the day, I take an aspirin for bodyaches to help me get to sleep because I have a rather rigorous job that requires the use of a 28 foot fiberglass ladder or an internal iron ladder. People ask me if I use a stairmaster when they see me wearing shorts, and they notice that my calf muscles look like I’m a soccer player. I say yes, my stairmaster is a real stair….connected together. It’s called a ladder. 😂 I intend to keep on doing this for another five years. My father passed at age 103, so I think I’m pretty much good to go…..taking no prescription medicines and having no high blood pressure. I also pray quite a bit, and I believe that I have been truly blessed.
I'm 71 and people are shocked I'm still working. If I wasn't working several family members would perish.
Thankyou for your imput.
I am almost 65 & hope to work till 70 & also prayer is very important in my life & it is my 42nd year of swimming training regularly & gym for 25 years & 31st year as motorbike postman.
I retired at 65 from an almost thirty year practice and moved to the southern coast of Maine from Houston. Two health crises precipitated my decision to retire at that age. After one and a half years of enjoying the Maine coast and adopting a second border collie (supposedly not a good idea at that age), I felt the need to have more purpose and meaning in my life. I saw an ad for house museum guides, leading tours of historic homes in the area. I immediately applied and was hired within the week. It was one of the best and most rewarding experiences of my life. Working with passionate, dedicated, intelligent and fun fellow guides reinvigorated me, keeping me learning. Meeting visitors from all over the country and foreign nations as well, gave me the chance to appreciate others interested in American history and culture, as well as those of people from other countries. I had never dreamed I could be so happy in retirement. This video is well worth paying attention to. I want to minimize my regrets as my life comes to an end.
Outstanding post,......and extremely thought provoking.
Gary, social interaction is probably the most overlooked component of longevity and satisfaction in retirement.
How's that cold water Atlantic Ocean seafood compared to the warm water Gulf seafood from the Lone Star State...
I have no bucket list , no real purpose. 70 diyer automotive. Guess I'm doomed
John Desmond Heppolette's approach is pivotal for achieving success in the realm of online commerce. His management group has showcased outstanding effectiveness, and I also value the content available on his UA-cam channel...
He is verified....
I retired at 44 to the disbelief of most the people I know. I could have kept working and made more money, but I'm a firm believer that time is way more valuable than money. I live in a tropical country now and have more time and energy to dedicate to the gym and other physical activities which should buy me even more time to enjoy my short time here on earth. So if you have the means/ability to do so, retire early (or strive to).
I just retired at 55 and luckily 2 of my hobbies are running and cycling, so hopefully I can keep fit, although you never know what’s around the corner…a family member just found they have lung cancer! Stay well.
From WHAT???
Steve, cycling is a great as you get plenty of sun, it keeps you fit and it's a great way to see the country and speak to like minded people. In a similar position and wish you all the best.
64 retired at 62 and I have been lifting weights for years . Staying physically active will help more than hurt you.
I mountain bike, go to the gym, play tennis and enjoy my home theater room. I am working three days a week and hope to continue this for another 6 years before I can retire.
I'm 49. Retirement is a long way off for me, but it's something that I spend a lot of time thinking about. I've done it hard financially for most of my life, but I'm now on track to pay off the mortgage in 4 years. I aim to be in a financial position where I can retire (if I want to) at age 65. I also prioritise my health, and exercise 4-5 times a week (hard). I will need to find other hobbies though.
And I'm conscious that I will need to smell the flowers between now and retirement, as I don't want to become so goal focused that I don't enjoy the little things along the way.
Health is the number one thing you can control that makes a positive difference in your life - don't be overweight/obese, don't be a coach potato, don't drop your stamina so a few floor of stairs will exhaust you - and stay flexible/movable. Its free, and everyone can do it unless they suffer a functional disability (and many can overcome that too)..
I have an autoimmune disease, so yeah… not easy to control.
Hey Adam. Yea....I'm not going to suffer with your #2 point. I could give two sh*t's if my company hasn't replaced me or anything like that. I would retire this very second if I could. Work sucks.
I hear you. Me too. Work sucks. The only way I could make work bearable was to take my silly little home hobby and turn it into a happy little side-hustle. Now I am selling at craft shows. Nothing big money, just rewarding for me personally. And it makes work bearable because most of the time at work I am thinking about and planning my next project.
Try it. Find what fills you with joy and then superimpose it over work.
@@scrappyquilter102 ~ good advice. Thank you..
Me either
What's stopping you from retiring?
I retired January 2023, at 62. For about the first 6 months it was a major adjustment, I kept thinking I got to work, I got to work, I got to work. But now I am "with the program", I'm loving it. I've learned to slow down and it's okay if I lay in bed and read for a couple hours. I still do like to get in some exercise and I eat healthy.
Diggin it in Texas.
Thanks for sharing, my biggest fear is how to slow down and not think I have to go to work
Im 85 and still working, nothing else to do. I ha e no hobbies, no wife, no girlfriend, no kids, no friends only my job
Volunteer, go to the senior center or church and meet some people!
I foresee myself being the same. One income. I won't be retiring early or maybe at all.
I'll be in that same boat.
Man makes plans and God smiles 😂 We are all on an unknown journey. If I go off family history, my grandfather on dads side died at 60 , my uncle 62 , my dad 63 ! I’m 48 , so on borrowed time! In reality most people’s best years are up to 70 . Live healthy, don’t fret on money but be prepared. 🇮🇪🇮🇪
I really don’t understand people who say “ I’m not ready to just sit around”. I always ask, don’t you have something you have wanted to do more of, and now you can? And yet many people seem to have no interests or hobbies.
Agree. It's weird. A lot of people become institutionalised by their employment. It is a safe and secure routine and they often have a bit of a delusional sense of how important they are as a corporate cog.
Yes, it's very strange.
I can think of numerous activities and pursuits that could easily fill the next 10 years of my life... and they'd all be far more fulfilling than my career (which admittedly has been both lucrative and somewhat enjoyable).
That's just off the top of my head. I could easily fill 3 lifetimes if I gave it some serious thought.
The idea that someone in their 60s could be delaying retirement out of loyalty to a job that has them still working into their 60s, blows my mind. I’m in my mid 40s and my wife and I will retire next year. I make 10x the median income and my job can kick rocks! They will manage without me. My main concern is boredom!
I have a defined pension plan and can retire with an unreduced pension at 63. So December 1st, done!! Hobbies? Oh YES! I look forward to finally having the time to do some furniture refinishing, using up my yarn stash, and gardening. Since I won't be working night shifts anymore I plan on signing up for exercise classes and some general interest courses too. I've done most of my travelling/bucket list trips already, I just have one left: Italy to see Pompeii (and maybe France one more time). As for health, well I'm currently undergoing a stack of medical tests to rule out something serious that could affect my future mobility. Thankfully no regrets. I am sooo looking forward to retirement ❤
Thank you for mentioning taking care of ourselves, our bodies - how much we move and what we put into our bodies will likely determine how well we do as we age.
You are so right! Thank you for this video. Greetings from Switzerland, Susanne
The American ideal of waiting until you "have enough to retire" is what keeps many people working until they are too old to enjoy retirement. RETIRE NOW. If you watch other youtube channels about retirement in Asia and other low cost countries, many are retiring with little to nearly no money in the bank, just a pension and or social security. YOU CAN RETIRE on less than a MILLION DOLLARS. Don't listen to these retirement and investment gurus, their advice is for you to work and let them handle your money. NO ONE on their death bed wishes they worked longer.
I've been saying this also! The new mantra here in the U.S. is you need $1M to retire! BS!! This is why people will keep working until they die! Sad.
What YT channel’s would you advise? a
Early episodes of old dog new tricks philippines
Less than a million? Most people don’t have $10 saved at age 55, especially if they put kids through college.
1- Spending more now. Just bought a ( used) sports car.
2- Retired at 54, worked part-time for 6 years. Done at 60..just not worth it. Everybody is replaceable.
3- Just back from Mexico, looking to book for April.
4- Chippendale isn't hiring 60 year olds. Can't retire to that after all.
5- working out every day ( see #4)
Wow this resembles my life's journey as well.
1. Started some RRIF money flowing this year 2024
2. exactly same scenario retired from FT job at 54 and 3 months later started PT, packed in the PT gig the month I turned 60.
3. Soon heading to Mexico for a couple weeks to enjoy some sunshine.
4. No comment
5. Have been working out since 6 months prior to FT retirement date, lost 60lbs, survived 2 cardiac arrest post FT Retirement date, continue walking 13km per day and have done so for 1,481 consecutive days.
6. Life is short and you never know when your number is called so enjoy things...
7. Even with #5 & #6 , I have looked at the numbers and will delay CPP and OAS till at least 65... It will be tough for me to go beyond this age however I was CPP at 60 guy, then went to CPP at 63 and now a few years later thinking 65 so you never know. Delaying to facilitate some RRSP meltdown years...
ENJOY LIFE PEOPLE.
Why not book a trip here...
@@96Duelfuel I have. Actually a road trip
@@96Duelfuel not beach weather here so Mexico it is for us...
Me too! Retired at 54. Moved to charity sector. Retired a second time at 60. Moved country. Bought 4 used cars of my dreams. (Low depreciation, high reliability). Working out every day.
Take care of yourself….because everybody else is taking care of “themselves”!!!!! So true it hurts! Invest in “you” in order to maintain your autonomy! That works for YOU! Great video again :-)
Take care of yourself because nobody cares about. Best advice I got training martial art. It applies to all aspect of life.
take up drag racing, it's guaranteed you won't retire with too much left in your account! I'll be 58 this year and was thinking I'll probably work until I'm 67 or even a little later but this is making me reconsider. Thanks!
This is awesome!! Just what I needed to hear!
I retired at age 64. Looking back, I wished I had gone out at 62. But we have bought a new trailer and use it a lot. We also travel to Europe. All great suggestions and we have followed them.
Very thought provoking.
ALL excellent advice!! Thank you!
You are so welcome!
Retired over a decade ago and don't miss a damn thing about 'work' at all. Thinking back, it was some of the total AH's that i had to deal with that the owners thought so much of that pushed me over the edge.
I'm always amazed at the people who say they would get bored in retirement or the ones who retire and go back to work. smh
My dad retired and didn’t need his blood pressure medicine anymore. The place was literally bad for his health
I hear you about the AH’s! I’ve been around them all my life. One goes away and is replaced by another
Great advice!
One thing that I've learned in my 70 years on this earth. People are their own worst enemies. Those that nurtured their mental and physical health, their finances, and relationships tend to have much better outcomes in their golden years. Conversely those that do the opposite tend to do poorly overall in life and even more so in their later years. Only you can be responsible for it. Those that don't take responsibility are the first to place blame on others for their poor life choices. It's really that simple...
I retired at 55. I'm now 58. My only regret is not having any regrets.
Congrats, can I ask about where and how much you pay for health insurance before Medicare kicked in? 61 here and have a good pension but health insurance is the only reason I’m still working.
@@diadora9292 I had accumulated a ton of sick time at my place of work which allowed me to buy health insurance through my employer which just got me to age 65. My wife is 10 months younger so we had to buy health insurance through our state and I think it cost about $425 a month.
@@diadora9292 I had a ton of sick time accumulated and with it I was able to buy health insurance through my employer up to age 65. My wife is 10 months younger so for that time we purchased insurance through our state and I believe it was about $425 a month for just her.
Here is the problem. Too many people don't prepare for retirement. First, have you saved over $100,000 or are you getting a good pension? Have you paid off your mortgage, credit cards, and car payment? Do you have good health insurance? Finally, get rid of expensive habits. All these things are important for a stable and happy retirement.
I wish that I had taken a government job when I was younger. Many people that I know retired at age 50. I am in the private sector and have a small pension. I will most likely end up working until age 60. I am already a multimillionaire but feel that I will require additional savings. I also want to pay off college for my kids so they can retire debt free.
@mocheen4837 What is wrong with you? Do you hear or see what you wrote? You said that you are a multimillionaire! I have backgrounds in many field, including economics. Why are you so messed up to have such fear of a lack of money? How much money is enough for anyone? You can't make a trust for those kids, for college, right now? I am so sorry for you. I have noticed those with money can be very messed up about it (my sister for one). Oh, do you have an extravagant life style? That may be the problem? Get back to me, I also have degrees in psychology and sociology.
@@johncipolletti5611 That is definitely a troll account
It Doesn't t take 100,000 to retire. I'm proof of that...
@markg-gn5ge I gave you alternatives so don't forget those. Can you say pension?
Traveling is stressful sometimes,from waiting from place to another-and you don’t eat well as at home plus costly,we are fortunately living in bc Victoria and it is so beautiful all year around so don’t need to travel away from home
I agree. Winter is pretty much over already and flowers are blooming in metro Vancouver, besides airfare to Asia has tripled!
Go and see/explore other parts of this beautiful world! There is so much to see and learn from other cultures.
I stumbled upon your UA-cam channel, and have done a deep dive into it! I love all the great information and tips you give! I have been working basically 1/2 time for the last 7 years, but am now seriously thinking of completely retiring and taking out a RRIF. Thanks for all the varied topics you cover . I think a lot of it is great advice for younger people too !
We have no regrets for retiring when we did. We want to enjoy life while we both have good health
Step out on faith and retire! Fear is prob the #1 thing that stops people from retiring early. Even people with millions are afraid to retire. Life is short so enjoy it while you can. Don't work till you die!
@@tonylevine2716 we couldn’t agree more! Feel the fear & doing it anyway is what we say! 👍
All good tips! I have a friend that just hit the slow go stage at 76 with a health issue.
I hear you. I hear you. BUT I'm still working because I still have a mortgage to pay off. That will happen soon. We have no desire to travel. The bucket list "spend" thing is home improvements. The hobby/ side hustle is already well underway. Nothing in the TFSA yet but I will re-cycle the RRSP into it starting soon. I don't see my way clear to retirement for another 3-4 years yet. Pre-paying income tax with monthly installments. Not loving the job but loving getting out of debt. Maybe solar panels and an electric car? or maybe just retirement when I get that far.
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Exactly what our financial planner teaches.
Well said, thanks.
We retired 5 years ago at 55 and 54 respectively. Now we travel in the USA all winter in our 5th wheel and in Canada in Summer. The crazy thing is we can’t work out how the hell we found time to work 50 to 60 hours a week.
And still get everything done at home too!
Great advice! Thank you.
You are so welcome!
Retire early, Adventure before Dementia
This stuff is brilliant! I’m doing most of this stuff, and work 3 days a week part time. Currently enjoying a 2 week Mediterranean cruise, currently 62
Your health by far is your greatest investment- not your RRSP.
I retired at 56 but don’t tell any cuz some are jelly and petty. I keep to myself, exercise, don’t drink, and I’m happy as hell!
Lots of great ideas on retirement , try to stay healthy and active I have 2 years before i can retire at 62 Thinking about this for a long time and it might be the worst decesion or best.
"My company has nobody to replace me so I feel bad about retiring early. Says nobody ever.
Cherry, I can relate but if that's the case someone above you isn't doing their job. I was in management positions and owned multiple companies for my entire career. One of the most important considerations is a "succession plan" for every single position. Probably more important in today's world then ever. You always have employees cross trained and able to step in short or long term to fill in or replace another employee. I applaud u for your concern but it's not your responsibility. Life's too short
@@JohnJohn-wr1jo just repeating what was said in the video. Did you not watch it?
my wife retired the moment I said "I do". she was 22 years old, 41 years later I'm still working.
Sorry bud. You made your bed though.
I also did not work outside the home but raised our kids, homeschooling t hem, did laundry cooking and cleaning, planned, packed and organized all vacations, planted two gardens, canned and froze food, and did the same above things with our lake cabin. My husband has now retired and cannot believe how much I did and how much money we saved. Not working outside the home does not mean not working.
Sounds like you did what a good wife and mother would do. Congrats.@@jenniminder1362
Very true. I have worked for 40 years. My wife made lunch and supper every day and raised the kids. I think she had a harder job than I did.
Health for sure is the biggest one. After retiring, I contracted scary, nasty sciatica. Joined a fitness studio following therapy, and remained doing restorative yoga/pilates/stretch classes. The best decision I made, and I'm in even better shape (and weight) now to enjoy retirement.
I retired in 2020. I was 66. I spent 46 years in the same business. No regrets whatsoever. Having loads of fun and see myself doing so for some time. 7 trips this year (most to WARM weather ). Fish in my boat and golf once a week. Still consult in my old business to for some "slush fund" money. Loved my business and enjoy the 2-3 days per month I still am involved.
If you don't have bills retire. If you do work. Pretty simple
I'm 47 and will be eligible to retire at 55. People, time is your most valuable asset in life. You can always make more money doing freelance, side jobs, or consulting if you need to. But you can never get the years back that you wasted staying too long on a job.
Now that's a word!!!! " You can never get back the years you spent working too long!!!! AMEN!!!!!!
Retired at 55 debt free. Music has always been my passion so it’s all I’ve been doing for 2 years. Hopefully I’ll jam in Austin with a friend of mine this summer. You’re absolutely right when you say “retire into something”. Most people go back to work because they’re bored and feel useless. Rock on 🎸
I'm 54 and right there with you. Making and recording music. Haven't played shows yet, but that will come soon enough. Lots of fun
I regret working at all
I guess 4 is the new 5 and then 5 again! 😂 great advice!
I'm from Scotland I worked for fifty years long hours low pay as a joiner on building sites retired now because I worked for so long I get less of a government pension than someone who couldn't be bothered to get off their arse and get a job they get the rest made up on benefits
Working forever is great when you can help out your family. Freedom 95!
I retired at age 55...22 years ago. No regrets here!
Retired into part-time a year ago, might do this new job for 1-4 yrs more then done. Anyone fortunate enough to have a db/bridge should jump ship to part time, the extra hours of "life" is a great feature. My regret is spending waay too many years living just a wee bit larger than income. So now, retired into debt. Not huge, but it's an albatross compared to what position I could have been in.
You could declare bankruptcy, start an “orderly payment of debt”, OR move to a foreign country.
your company WILL find someone to replace you.....we're all replaceable. Take care of your needs. ** Glad your video was in my suggestions...going to binge-watch your vids 😉😉
Wow,i retired at 65,after being a machine operator for 46 years. Here is my hobbies, metal detecting, e bike riding, scooter riding, fishing ect.Find something to do if your in good health. I have no regrets going out early.😁
65 is not early.
New subscriber.😊
Welcome!!
I'm not retiring yet, but I'll continue to write books ✍️ It's a passion that makes money 🧲💰💲
Don't put your life on hold until retirement as that may be too late for some, have 2-3 goals every year
Retiring at 65 makes no sense. I learned from oast generations mistakes. I decided to retire at 44 to south America from new York city with a 4000$ a month passive income and never been happier. Dating is normal again life in general as a human being is better here. Plus i feel like a millionaire for the first time in my life.
I work at home now, and I enjoy working 2 hours a day. but I do agree that I need to take care of my health, since I am 50
Not true with me but my father. But any situation like this can enable great inheritance possibilities with a family trust.
43, no house (and only 2 key bedroom pieces to put in one, 41k in retirement funds..... Not sure I'll be retiring.
This video seems really off to me - especially the bizarre statement about being in the sun as we age. As I grow older my biggest enemy is direct sunlight and I look forward to retiring north where I never have to endure weather above 55 degrees. I also want to work until I am 99.
More money left over when I pass, means more money for my son. Why would I want to blow it all. Saving for the future wasn't only my future but my family's future.
74, retired at 59. Spend the money. I eat healthy, workout, feel great. Enjoy your retirement. Travel
What are people doing for health insurance for themselves, their spouse, and their adolescent kids when they retire < 60 years old?
I was wondering if any of these people retiring at 50 have kids or elderly parents.
The problem with me is that I only have the bucket not the list, in this case what shall I do?
We pay $8,000 a month for memory care for my mom and it’s not the plushest, but is nice with good care and activities. No place I looked at asked about income as the prices were fixed. Only state run places for low or no income people would ask for income. Do your research early as the waiting lists are long and the range of facilities vary greatly.
Seriously. Long term care insurance is def something to look into as where I live in the city there are lots of homes. In 2023 I learned there are so many different levels of care also. One thing is when looking at homes for my mom I’d say it’s only single digit percentage that work with Medicaid when they run out of money and there’s no guarantee you’ll be approved for Medicaid after their lookback. Homes don’t want to work with Medicaid because they try to come into these homes and negotiate the price like it’s a used car lot. They’re running out of money
Crazy, sounds like you only dipped your little toe into the senior living choices. My parents spent several years researching this "rabbit hole" and visited at least a dozen communities after whittling that down from about 30 possibilities. I was semi involved in the process and every single one of those dozen required a financial/background check. All guaranteed life long services even if you exhausted your savings. They want to insure you don't run out early and have funds for the long haul.
Skee, were seeing some disturbing trends recently by long term care insurance providers. Huge increase in annual costs and even more disturbing huge cuts in services covered and in a few states insolvencies that are truly criminal in nature. Everyone is pointing to Covid as the cause but I'm seeing a lot of people dumping policies because they can no longer afford them or the benefits have dropped or both.
@@JohnJohn-wr1jothat doesn’t surprise me. Insurance is such a cut throat industry. All of these problems our seniors have and the senate is handing a bill to the house for another $95.3 billion foreign aid package. Our country feels like it’s sliding off of a cliff
My 92 year old mother is in memory care at $3750 per month and they’ll keep her there via Medicaid once she exhausts her resources.
If your career didn't get going til later in life, it can be hard to retire early or do anything but provide for basic needs in this economy.
What you mean by retirement? I do IT job and my job is remote, home based. I am working or retired?
My parents are 85 and have even more money and keep spending less?
Yes if you can afford to retire early with a plan to fill those days than go for it , i havtnt come across or heard of to many people on there death bed saying i wish i worked more..
I'll share another anecdote: My father died at age 65, one month after officially retiring.
Sorry to hear. And unfortunately a story I hear often.
So how much you need to retire around 50’??
I'm retired and wish i wasn't.
My last Jun was a school bus driver.
An almost stress free life.
Just wondering if your suggestion to spend more early on and less later on kind of conflicts with your advice about taking cpp late? Sure the math often works out that you get more money in the end if you live a long life, but by the time you reach that break even age you’re already into your slow go years where more money matters less. So wouldn’t it be better to take cpp early and enjoy it early, too?
Nope, compliments it really well. And builds in a more solid inflation protected income later in Life when income is less. Also takes stock markets out of the equation.
My wife and I turned 70 last year and deferred both our CPP & OAS so they are rolling in now. We retired 9 years ago and though we don't have any work pensions deferring gave us the confidence to spend our retirement savings secure in the knowledge that the guaranteed enhanced indexed CPP & OAS pensions would be enough to see us through no matter what. The enhanced CPP & OAS are for life, we will never "run out of money" should we happen to live a long time (I get 100% of the CPP max and my wife 80%). If we don't live a long time then at least we got to enjoy our money in retirement that we spent decades scrimping and saving FOR retirement.
As an aside I do know that it can be hard to spend your savings. I think that's why many people take their CPP before they probably should, you've worked so hard to build up your savings it hurts to suddenly then start spending them. But if you didn't save it so you could spend it then why did you save it? At least that's what I try and tell myself.
@@ParallelWealth ah ok, that makes sense thanks for clarifying!
A person can retire at 35 years of age. There’s no set age, just as long as you have the “money finances then” you can retire “anytime”, at “any age”.
I am 60 and not yet retired. I wish I had traveled in my 20's and 30's. But at that time I had no DESIRE to travel. NOW I want to travel, but feel like it's too expensive and exhausting.
I worked too long. Unfortunately for most people that isn't a choice, we simply don't have enough money to retire . And nobody told us 40 yrs ago it would be a very good idea to put more money into the company job pension scheme. And if possible see if you can change the investment in your pension to a better one if needed or actually available in those days. Plus where to invest your pension money for a good result, hopefully
I may be one of those people who die with too much money saved up. I’m in the go slower phase but I don’t enjoy spending money. It gives me no pleasure, plus I already have most of the material things id ever want. Retirement home living expenses do worry me should I ever get to that point. After saving all my life I just can’t spend
Go and do nice things for people. Pay for their shopping, buy a kid a nice toy. Charity
I have to agree with Terry. Do something for someone else. It pays the best return of all. Suggestion..if you go out for dinner and see a table of people having a good time, get tge staff to give you their bill as well. Pay both and say nothing as you leave. You know you did something good. That's all that matters
@@garth217 if people can afford to go out to dinner do they really need your help? I agree in principle but today food banks are craving for resources, and giving a monthly donation allows them to maximize the $$. Don’t forget it’s also a charitable donation. Win win!!
Like I told somebody else, then take up “RAISED garden beds”, vegetable gardening. Also build a vegetable growing “greenhouse” attached on the south-side of your house.
@@johnwillock6787 You do you.
Retired at 56, even if healthy you won't be the same at 66.
Some people don't want to travel. Some don't want to do pickleball.
You've missed the point. The point is find something you WANT to do.
Then take up “RAISED garden beds”, vegetable gardening.
I went overseas in the military. And lived up north and in Florida now for many years. I have absolutely no desire to travel.
Same here.
Same. I spent my whole life traveling. Now I want to work and live simply in one spot.
Forget living to 80-90 y/o. I intend to retire in 10 years @ 58 w/ 32 years of federal govt. OD by 69
I traveled and my wife early in our life.. travel was fun.. as we age travel is ALOT of WORK… we plan not to travel in retirement as much as our working years… so that is certainly not a regret of ours… we dont travel to relax on a beach.. not interested.. we traveled to explore cities and places.. thas what we like.. as we retire we will do more LOCAL travel in car trips… not big vacations thru airports etc...
I’m winding down my career currently in my late 50’s. Really grateful I can, but, still have young adult children not able to support themselves yet 🙄
So common. Freedom 55 - when your kids are 55!