14 Smart Things To Do BEFORE You Retire

[@ClemonSteve]

I wish they taught investing at school level. There is so much advantage to doing this! My biggest regret is that I started so late.

[@RonnieWine]

My concern is whether I can continue to sustain my standard of living with $550k and avoid outliving my savings. Every withdrawal makes me a bit unsettled

[@ClemonSteve]

@@RonnieWine I'm approaching retirement and having a financial advisor has been helpful. I started investing later than most, so relying on compound interest from Etf's or bonds alone wasn’t enough for me. Despite that, I’ve managed to do well and am on track to retire with around $2 million

[@RonnieWine]

@@ClemonSteve I'm currently evaluating my portfolio and could use some guidance. How can I get in touch with your advisor?

[@ClemonSteve]

@@RonnieWine I usually avoid making specific recommendations because everyone's situation is unique. However, my experience with Julie Ann Lerch has been quite positive. You might find it worthwhile to see if her approach fits your needs

[@RonnieWine]

@@ClemonSteve I looked for the name online and found her page.I will get in touch with her,Thanks for the help I emailed and made inquiries. Thanks for the help

[@DrivingPhilippines]

tldr - Save as much money as possible before retiring through intentional saving and minimizing taxes. - Eliminate all debt, including mortgage debt, before retiring if possible. - Build a solid cash reserve or "war chest" that is accessible for unexpected expenses. - Pay for any major upcoming expenses like home repairs before retiring. - Plan meaningful activities and ways to stay engaged during retirement to avoid boredom or isolation. - Carefully create a budget and living expenses estimate for retirement. - Test the budget before retiring to ensure it is realistic. - Understand any pension, retirement savings, and government benefit options. - Stress test the retirement plan for challenges like market downturns or higher costs. - Consolidate retirement accounts and plans for simpler management over many years.

[@wellbuiltwealth]

Yup. Pretty much sums it up.

[@sallyprzybil2404]

If you can’t pay off your mortgage then consider recasting it. It will leave your interest amount the same, but it will lower your monthly payments, if you’re going to have a tight budget in retirement these lowered payments will put less strain on your budget. Also the lowered monthly payment may allow you to put extra toward the principal monthly. Organize and look through all your past financial papers, you never know what you’ll find. I found an old account that had about $4,000 and another that had $10,000. I cashed out both and put them in my investments in Index funds. I would suggest having more than one budget possibilities. Design a “regular budget” and a “bare bones” budget. If something happens, market drops, other financial change, or inflation goes crazy, then you can switch to your ‘bare bones’ budget.

[@dallasjohnson4378]

Your channel is the absolute best in this genre (Canadian financial)...super clear explanations, logical and evidence-based guidance...somebody should be giving you a book deal/your own t.v. show.

[@wellbuiltwealth]

Wow, thank you!

[@natureboy1313]

Here are a few things we did: Home has been paid for for many years already. So we decided to tackle some of these big ticket items. We installed a new roof a couple of years ago. We installed a new heating/a/c unit during the pandemic. Got a great deal during the shutdown. A/C heating units can cost $$$$ to install nowadays. Installed a new water heater. Installed new sets of tires on our vehicles.

[@nata3467]

Great job especially if you were staying in the house to think ahead I'm downsizing to a much smaller place but I do need to do a small she shed to help with livability and like you I'll have that all paid for a while I'm still making my highest salaries

[@natureboy1313]

@@nata3467 Dude, think about the big ticket items and conquer them shortly before you retire. The EPA is forcing new refrigerants on the trade. Gonna drive up the cost even more here soon.

[@creativitybycarilyn6634]

Great advice!! I also purchased items for my hobbies in advance, so I wouldn't get hit with that expense during retirement. I purchased sewing and embroidery machines. knew I wouldn't want to spend that money on SS income and then have a less enjoyable retirement. I think you need to make sure if you have rental income, that you can get by if the tenant doesn't pay their rent long term. During COVID the U.S. government blocked landlords from evicting people who don't pay...a disaster for someone on fixed income.

[@RonaldWarren-ro7xi]

Hello, how are you doing? You looking good, where are you from?

[@janpierzchala2004]

I saved a lot instead of spending in advance, you must have difficulty saving if you need to buy items before retirement

[@larryherbert252]

I also paid for hobbies before l retired, ie my guitar, I budget each month, things are broken down ie emergency fund, tithing, l also have a fund set aside for new tires when time comes for that, I’m not into anything fancy ie clothes, l don’t go out at night, l enjoy being at home for entertainment, listening to music, financially I’m fine, l have all my needs meet, food, water, shelter, I’ve learned the hard way all this materialistic stuff can get you in trouble, so l live a very simple life, less is MORE

[@oliviaacosta6239]

Thank you. I’m 56 and plan to retire at 60

[@freetofly7017]

Thanks for a thoughtful list of action plans. I just retired and gone through the experience of most of these on the list. All sound advice. And your follow up links are appreciated.

[@whistlerbrad]

Very good list, thanks for posting this video

[@FIRED13]

We don't need fancy software... We have very accurate records of expenses. We use this and apply a very conservative investment return of 4.5%, a SWR of 1.5% max, and retirement of 50 years. Since that says we won't run out of our invested money (which EXCLUDES SS & pensions), we are good. See. No fancy software needed. That said, we will try a paid software service, say like New Retirement, and see what optimizations we can maybe consider.

[@corinnelangevin1717]

Would love to see a video about taking out the lump sum of your employment pension vs waiting until you get guaranteed payments.

[@terryevp4084]

Another top notch video. Many Thanks. Have a great weekend..!!!

[@wellbuiltwealth]

Thanks, you too!

[@JDRichard]

Great video and thanks for all of the options as I am two months from retiring

[@williammiller442]

Excellent video! Thanks for the information.

[@gigitoronto29]

My father in law retired at 75. Now he’s 80 and went back to work twice a week. He’s a Dermatologist and he said that he got depressed after retiring.

[@hansanaik3835]

I have a lot of respect for your father-in-law. I am still in my 50s but I dread retiring. Hopefully, I will be able to work part-time too. I am not a doctor but I plan to get some new professional designations and work as a consultant.

[@sunnyd4734]

He's got some skin in his job. 😅

[@OptimisticHominid]

There's lots of great info in this video. Although we're now drawing from our pensions, I still like to see if we've done all the right things - it seems so! On the merging of RRSPs, we didn't do that, so now we have five active RRIFs and LIFs, but as I'm currently still good managing these, I use them to hold off on CRA taking too much money too soon. I withdraw from our plans three times a year: Withdrawal 1) All the no tax withheld cash, 2) 10% tax withheld, and finally 3) 20% tax withheld. In addition to the 0% portion, we get $25K at 10%, and $50K at 20%. For sure, in the following year we owe a little to CRA. It's probably not worth all the hassle, but for now, I'll keep on doing it this way.

[@AnnaOllsson]

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

[@HildaBennet]

Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.

[@FinnBraylon]

I wholeheartedly concur. At 62 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.

[@bartlyAD]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@FinnBraylon]

Sonya Lee Mitchell is the licensed advisor I use. Just search the name. You’ll find necessary details to work with to set up an appointment.

[@bartlyAD]

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

[@Knitterly]

You mentioned health insurance. Could you do a video on private health insurance post-retirement? My workplace plan stayed with me until age 65. Then I signed up with a plan within the timeframe that would allow me in without a medical exam. But everything I read said the premiums aren’t worth what you get in return. (I ended up not taking the dental plan because I have really good teeth etc and this saved me $72/months.) I also wanted to hop on board with the medical insurance because it allowed me to add on lifetime guaranteed travel health insurance. Thanks

[@jovicrazed]

Great information! Thank you.

[@liverpool3469]

Hey Rhys! What do think about the size of "war chest"? What should be the cash amount: 5%, 10%, 20%, ... of the portfolio? Or maybe it is going to be 1 year of expenses, 2 years, 3 years, 5 years, ...? How would you suggest to start building it? I am almost done with my mortgage and planning the next step. Thank you. From Edmonton, AB.

[@wellbuiltwealth]

Great question! Totally depends on a few factors through. Highly recommend you check out my “war chest” video: kzbin.info/www/bejne/gH_ZqpatjKyId7csi=fZt-odt7BBNieaN6

[@maxpayne7419]

Excellent advice 👍

[@ParallelWealth]

Great video Rhys.

[@wellbuiltwealth]

Thanks Adam :)

[@njlifeandhealth]

As far as health insurance options go, Medicare can be much more cost-effective in many cases! You will most likely have to wait until you are 65, but in many states, Medicare + a Medicare Supplement is affordable and consistent cost-wise. Definitely worth a thorough comparison.

[@jo-annmacneill6454]

I was 56 when I got my mortgage and I’m single so I have to try to pay that mortgage even when I retire unless I meet somebody which it’s very hard to do

[@RonaldWarren-ro7xi]

Hello, how are you doing? You look cool, where are you from?

[@LauraT-j3v]

If you purchased a house, I suggest you rent out the extra rooms.

[@charleshughes2487]

Pay up front for needed big expenses *( new roof );

[@tonysositesm-x5636]

good starts for planning

[@nickjaques760]

This is so good. Thank you for the breakdown

[@maheshkasbekar27]

Well crafted To Do List.. Thanks a lot...

[@James_48]

Smash debt - Yes…..but me might not quash the HELOC we have used solely for investing. The interest is 100% deductible. We will do our best to reduce it but not at the price of shrinking down our retirement home.

[@wellbuiltwealth]

Sounds like it might be one of those “exceptions to rule” much like a solidly cash flowed rental property.

[@mhaladawy]

Very good list👍🏼👍🏼

[@Str8Bidness]

Here in the states, don't forget to save up enough money to pay the taxes on a direct 1, 2, or 3 year rollover, of your 401k, into a Roth. that's an absolute no brainer.

[@mvj1960]

I have a small pension which would pay me $613 per month but I'm thinking of taking the cash option. I could put the money in SPYI and get more income and then have the money to leave my children. I do have an option of 15 year guaranteed income plus life but no cost of living increase so I think taking the cash (80K) is the better option.

[@aurielsmith8753]

My husband would like to play music when he retires ...so we are selling stuff we don't need alongwith with his old equipment ....he buys equipment from Kijiji and getting ready for retirement 😊

[@sallyprzybil2404]

Design your investments so you have a chosen amount that you won’t let your accounts go below, think of this as similar to the principal of your house and use the interest generated by this amount as your supplement to your fixed income. For example, let’s say you’ve chosen your “principal” investment amount to be $300,000. Then money the account generates over that is money you can use ( if you want) to supplement fixed income. In years when the market is doing better you can take a little more (stick some in cash reserve as a buffer) and in years where the market is not doing so goo then take out less and switch closer to your ‘bare bones’ budget that year. I would also suggest doing your withdrawal from your investments only once a year or twice a year and put that in a high yield savings account for use the coming up year.

[@paulayoung2387]

Can you adjust withdrawal as desired for year to year? (For both. Lif / RIF)

[@wellbuiltwealth]

Yes. Within the min/max limits as applicable.

[@edwincheung72]

Thanks Rhys!

[@linabanfield8658]

what is wrong with the GRRSP?

[@wellbuiltwealth]

Nothing. They’re great.

[@Pkeats817]

My husband and I accumulated $74,000.00 (before interest) of student loan debt in our late 20s. We managed to pay that off by rolling in into our mortgage twice. We have finished paying off the big debt items. We own our home (but it is in desperate need of renovation). Hoping to get the floors, kitchen, and bathroom done this year. We own a wilderness cottage (nearly burned down last wildfire season and unable to get insurance for it). We own our 5 year old Ford F250. We have a few other minor assets. I have a pension and RRSP. Our net worth is around a million, but what we don’t have is cash!! My husband doesn’t want to sell and live somewhere cheaper yet, but I hope the equity will still be there when we need to move. Now, that the debt is basically gone, I’m hoping to save now! That’s my last stage of planning for retirement. I’m hoping to retire in 3-5 years. I don’t have any guarantee it will work. I will just have to cross my fingers for what is out of my control.

[@hexxlaxx2992]

You need to find a way to have liquid assets and it takes time tho.

[@saskysilverman1459]

Love The Video I Plan On Retiring At 64 I Will Have A Small Mortgage, But All The Other Debts As Gone. So My CPP Pays For Most Of My Mortgage So I Am Good Thanks Again For The Tips

[@wilma6235]

Do you have any ideas on defined contribution plans when they say they cannot find your records? I have all my tax returns.

[@scottH18370]

I wish someone would do one of these retiring plans that include military disability possibilities

[@manjitdhillon4368]

OAS and CCP is 1200-1300 a month can pay electric and gas bill. What a out the rent and other bills???

[@alanj9978]

Savings. Lots and lots of savings.

[@kimberlywiezcorek6313]

Yes save until it hurts.

[@antonioalmaguer9342]

Thanks are you also a financial advisor?

[@wellbuiltwealth]

You betcha :)

[@antonioalmaguer9342]

My 401K at work does not match well if it matches it’s probably not a lot should I put my 401k savings somewhere else

[@wellbuiltwealth]

Sorry, I can’t advise as I’m in Canada :)

[@HaticeValerie]

@@antonioalmaguer9342 reach out to Elizabeth Colleen Nurre for USA financial advice

[@AndrewRod-c5v]

Put yiur money in the s and p 500 and wirllthdraw 4 % only eah year and your living sweet for ever !

[@harleylinke]

dont 4get hipwaiters and fishing rod and licence

[@robertwalters5654]

Why is it always in dollar not pounds £

[@wellbuiltwealth]

We’re crazy like that.

[@yuw777]

Cause internet started in America as a Military project and the dollar is global currency.

[@GT-tm1ft]

Maybe because it’s a Canadian channel? Us colonials have a bit of an independent streak.

[@scotbarlow213]

Once retired, what is the most effective way to "gift" money to kids before you die? (Assuming your money is mostly registered )

[@wellbuiltwealth]

Tough to speak to your situation without knowing all the details, but giving is no problem. Getting the money out of the registered plans is the problem. All withdrawals are taxable as income. So the more you withdraw the more it could push you into higher tax brackets causing you to lose more of it to tax.

[@scotbarlow213]

@@wellbuiltwealth thanks. So ideally pull from TFSA account first and if you dip into RRSP, pull some out on Dec 31 and some out on Jan 1 ????

[@wellbuiltwealth]

@@scotbarlow213 Sorry, I can't say for sure because I don't know the whole situation. But spreading RRSP redemptions across multiple years is definitely a smart way to keep your tax hit lower.

[@scotbarlow213]

@@wellbuiltwealth thanks. I should clarify withdrawing from a RRIF and not RRSP but to your point, spread out as much as possible

[@hopstiguy]

Thanks for the content, much appreciated. Could a line of credit be used as a war chest?

[@wellbuiltwealth]

It could, but definitely not ideal. It could just lead debt which, in turn, could lead to trouble…

[@Bobbygma]

A quick question. I turned 60 earlier this year. I have started contributing to CPP 2.0 so roughly $4050 being paid in this year combined. If I start to collect CPP at 65 how does 5 years of paying into CPP and CPP 2.0 affect me? Or is CPP 2.0 just to help the younger folks?

[@alanj9978]

It's hard enough to figure out what base CPP will pay, never mind the 2 new levels. It should slightly increase your payment, though, I think.

[@peterdinglasan2158]

Omg to many to remember and to do I’ll work forever instead to avoid all of these

[@Kenjito7821]

How to hire you

[@meg88262]

good video

[@gordonpi8674]

Also, fix your teeth while working, if you live in North America.

[@butchpam]

Excellent. Liked and subscribed too fellow vloggers too. I will be sharing my own checklist soon.

[@Grâce-n1d4x]

NO you can’t carry Debt into retirement, Do NOT kid yourself or you will be in a lot of pain!

[@stephfoxwell4620]

Smartest thing I did before retirement was to work gor 34 years in the Civil Service with 24 of them on a non contributory pension.

[@MichaelOConnor-f9j]

I agree

[@rnarzu]

I really can not stand when people. Use acronyms and abbreviations to sound smarter and/ or to make sure you do not understand e strand.

[@cchow5048]

My biggest fear is that I will have too much time on my hands. Need to develop some hobbies other than the gym!

[@DiK-t3h]

Hello. I was listening with interest until you said that you have never budgeted. Not sure you can appreciate the stresses of being financially fragile unless you have experienced it yourself and have had the need to budget in your own life. Just my thoughts

[@wellbuiltwealth]

Oh, I wouldn’t say we’ve never had the need. We lived on dirt in the early years of my career. We just learned to be careful with our money all the time. But since my income was up and down and we never knew what it would be, a budget was entirely useless in our case.

[@manjitdhillon4368]

There is nothing without money. One have to keep working until they die. OAS/ CCP or RRSP not enough to live. Monthly expenses are higher than these benefits. So people just do not think about retirement unless you have health problems and unable to work. This shows you have to live day by day.

[@ianmontoya6869]

Not trying to be negative bro, but you just said that you’ve never lived on a budget, but you’re giving financial advice? To me that sounds pretty counterproductive, but I guess maybe everybody’s different

[@wellbuiltwealth]

Correct. Never. Budgets are brilliant for fixed incomes. I’ve never had that. So we’ve learned to live within our means on a variable income. Zero budget.

[@kcirdorb9591]

15. Win the lottery and don't worry about things.

[@wellbuiltwealth]

Yeah. Sorry. Forgot that one.

[@OptimisticHominid]

Yep, travel to numerous 7-11s and gas stations to buy your tickets, that way you're diversifying your investment, right!

[@wellbuiltwealth]

Oh, that’s good!

[@Devilcity6275]

Keep on dreaming.❤

[@TishMclain]

It's a sin to gamble!

[@Retiredtraveler1961]

You left one of the most important things off this list…........ Cancel your Amazon Account 😂😂😂

[@wellbuiltwealth]

🤣

[@rickallen9099]

lol if you're starting a business in retirement, you're not really retired, bro.

[@wellbuiltwealth]

Actually, that’s the retirement I dream of!!

[@kenp4464]

Retirement is whatever someone wants it to be. Maybe someone always wanted to teach pottery, or photograph birds. Who's to say they couldn't start a business and still call it Retirement, if that's there dream?

[@rickallen9099]

it's not retirement, though. @@wellbuiltwealth

[@rickallen9099]

no, it isn't. Retirement involves not working for money anymore. Period. Photographing birds is a hobby, not a business. @@kenp4464

[@runninghart]

That’s an outdated idea of “retirement”. Today retiring just means working (or not) on your own terms.

[@pickles9440]

Work has serious consequences on my mental health.

[@ASofterSide]

Welp, I wanted to buy a house but I’m 54 so… guess that’s out. I’ll reserve a box in LA in skidrow.

[@yuw777]

Tiny house or house in small town. Many small older houses for under 90,000 in rural areas.

[@jluis333]

9 out of 10 things have to do with money. but it will not buy you time or health. bummer

[@BeigeBrownClip-jd2pv]

One scam can wipe out all your plans. Invest in scam knowledge.

[@michelebonnett4806]

Ditto on fixing your teeth! I'm remineralizing my teeth with a new toothpaste - act as your own dentist. You can do it, trust me the dentists are all scamming everyone thinking you need em.

[@seansmith6779]

I have plenty of money for retirement so long as I die tomorrow 😀

[@wellbuiltwealth]

Glass half full! :)

[@JaniceHylton]

I keep looking at your lips to see if they are moving because your voice sounds like AI. lol😂 Nevertheless, thank you for info.

[@wellbuiltwealth]

Well, I haven’t heard that before. But hey, sometimes my intelligence feels artificial so you may be onto something 🤣

[@barraabus]

If you never went to work, you would never have to retire.😁😁

[@mymusicalsons]

Wasn't impressed by the fact that you've never lived by a budget. Budgeting BEFORE you retire is essential so you are used to it when you retire.

[@wellbuiltwealth]

Yes, well, I’m actually unimpressive on a number of fronts.

[@GT-tm1ft]

😂

[@mikepeterson443]

You forgot #15) Kick your adult kids out of the house.

[@wellbuiltwealth]

😂

[@lc1668]

If I have $7500 a month why would I have to listen to your advice

[@tonyfung6358]

How to pay less tax

[@thepmanvan111]

You forgot buy bitcoin to offset inflation.

[@OptimisticHominid]

...potentially offsetting your entire retirement, forever!

[@Jeffwolfenson]

Number one. Don't listen to KZbin adds like this.

[@wellbuiltwealth]

Oops. Yes. I forgot that one. Sorry about that.

[@youarehere1251]

"Business" is just a name for tax write off. 🤔

[@agnieszkaradlinski1140]

Some emigrants never worked and got retired

[@GT-tm1ft]

Since they’re emigrants, what does it matter? They chose to leave.

[@rm57t06]

My g-go I rather. Go-go to work and make more money now. I am happy with my budget 😅😅😅😅😅😅