7 Steps You Must Take Before Retirement

In this video, we'll go through a 7 step pre-retirement checklist that Fred Vetesse goes through in his book Retirement Income for Life.
➡️Retirement Income for Life: amzn.to/3TTfWoP
➡️Our financial masterclass: www.parallelwealth.com/master...
➡️Our financial planning services: www.parallelwealth.com/planning
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
Financial Resources I personally recommend:
➡️Retirement Income for Life: Getting More without Saving More (Second Edition): amzn.to/3tvIdVN
➡️Parallel Wealth Masterclass: www.parallelwealth.com/education
➡️Future Value Calculator: amzn.to/3EA6Qqv
➡️Neo Mastercard - no annual fee and average 5% back! - join.neo.cc/parallelwealth
➡️Free Credit Report with Borrowell: bit.ly/borrowellPWFG
➡️Maximize your Savings with EQ Bank - bit.ly/EQBankPWFG
The above affiliate links are provided for your convenience. If you click on a link and end up purchasing a product or service, this channel may receive compensation for the referral. We have personal vetted each product and service we provide links to.
OUTLINE
0:00 - Step One
0:43 - Step Two
1:02 - Step Three
1:45 - Step Four
2:32 - Step Five
4:10 - Step Six
4:57 - Step Seven
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.
-----------------------------------------
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.

[@raymondlangille2886]

Retired at 55. Yup all those were checked and still checked. #6 Is very important and has become my new job in retirement as well as keeping healthy.

[@DoneByD]

For #6 - make sure you provide a credit card this helps with developing a solid foundation... 🤑🤣

[@khensley7057]

Thank you for making the topic points quick and concise! So refreshing to watch. The other KZbin hosts go on and on sometimes 15-20 mins for every single point & by 8 mins i quit watching bc so boring. Appreciate how you don't go on and add unnecessary comments

[@richardsalsman1069]

Great tips Adam and great recommendation on a book I found it a good read.

[@pwong0227]

Awesome video and I read the book twice...I am glad all seven checked before I headed to retirement.

[@ronwiebe4816]

Good reminders and great list of 7 things to have ready. I would add a couple more but the biggest is know what you will do with your time. I have a 7 ready to go but need a better plan for my daily routine. I may even go back to work part time until I have a better plan for my time.

[@brianoliveira8323]

Great book. Make sure to pick up the newest edition, 3rd one adds some CPP info I believe.

[@davdride4850]

jealous of your relaxing in cancun lol i already read this book great book i advise anyone to read this great read

[@martinsmith7833]

Most of these are good practices but I will still keep my mortgage since I have a low interest rate and prefer keeping my money working for me in investments. Getting the two grown kids on solid financial footing and independent from my wife and I are something that’s still challenging.

[@user-yb5bg8im5g]

i have a low interest rate and 65 k left. HOWEVER, I AM IN COLO AND MY PROP TAX is nearly 4k. retiring out of this newly blue state to 2A TN. 100 acres and 419 a year. i can work with that. WNK widowed, no kids. cashed out of the the market. i do not have income streams; i have an income pond. sleep better and will not run out of money before i run out of time...

[@njlifeandhealth]

Would also recommend having your health insurance costs accounted for! Medicare or any other work insurance can cost more than people expect. Be sure to talk to it with your CFP.

[@michelhamel8898]

Excellent video

[@ParallelWealth]

Thank you very much!

[@alanj9978]

All checked. Except #6, possibly, not really in control of that. Now if I just had another million or so saved ...

[@dvdvno]

#4 real important; make sure they reserve a spot for you if #6 goes haywire.

[@alexanderalexander7404]

Adam this is a difficult video to concentrate on. I keep looking over your shoulder and envying you. How I do love the Caribbean. If you want to see a Maya city without the hundreds of tourists go to Ek Balam (north of Valladolid). I did manage to focus on what you are saying (smile). All seven boxes are checked for me. Enjoy you time in the south.

[@silviag1547]

Unfortunately not everyone can do that if you don’t have a choice 😢 my husband had no choice but to retire from the military. We are trying to pay off the mortgage before 65 but it might not happen.

[@dougdoty4718]

Thought I had done those Then 3rd year in retirement We bought a new to us house Just over 3 grand a month payment adds to..... And still not old enough to collect any government pension.

[@colingoldthorpe5918]

I told my kids after University they are done...After paying almost $150K in school and living fees they are not getting anymore. Sorry but they have to finally walk on their own instead of me busting my ass to hold them above water.....Kids nowadays will drain you dry if you let them. As parents they need to take on a little water now and again....

[@ddavidson5]

Taking on a little water is one thing but what if the ship is going down? It can be a tough call. I won't repeat it here but see my earlier comment regarding rule #4.

[@alanj9978]

@@ddavidson5 Failing in your 20s is character-building.

[@ddavidson5]

@@alanj9978 How about being almost 40 with a 2 year old child in tow? My youngest daughter turns 39 this year and it seems to me that's getting a bit late to "build character". For better or worse by that age I think you've built it. As I said in my reply above, see my earlier comment I posted to this video, it explains the situation better.

[@Smooshes786]

@@Redneckboy991does she have money? Maybe he’s hit it lucky in more than finding love!

[@Smooshes786]

@@Redneckboy991 you know this how?

[@garth217]

Retired at 54 with a DB Pension No mortgage for 9 years now. RRSPs and TFSA look ok I only use my credit cards for Amazon or on-line purchases and pay it off in advance of even getting the due date ( credit score of 843) Nothing on my PLC or HLOC. Taking CPP at 63 because of my drop off years. CPP is slightly more than my than the loss of my pension bridge. Slow burn of RRSP so i don't get into the next tax bracket . And ge.t significant OAS clawback.

[@DoneByD]

Sounds like you like where you are and that is good. I'll add a perspective, I see nothing wrong with using a credit card for monthly purchases, in fact when you are good with money management to me it makes more sense to use credit card for every day purchases which carry whatever awards systems are important to you so you get the awards without having to pay extra. IE still pay off credit card monthly - we've done that and have paid for flights to Florida, Hawaii, Mazatlan, & Vegas to a name a few with the rewards. Also if you don't use credit your score will decrease over time so still important to use credit on occasion. For instance if purchasing a new vehicle I will always do the analysis on taking the discounted loan rate, or allowance for cash sale versus leaving money in open or TFSA investments depending upon ROI. For years it has always made more sense to take the discounted loan rate and leave money invested (loan rate fixed 1.99% versus getting 6-8% ROI). If you ever have to you could withdraw the money to make the load payment or pay off the loan entirely by cashing in. But everyone really should do what they feel comfortable doing, since retirement financial planning is all about personal choices.

[@garth217]

@@DoneByD credit card is just not my thing. Many people use them for points. I just use them infrequently and to book travel

[@JO11190]

My guy is reading retirement stuff in freaking Cancun to stay on top of his game lol. You have more discipline than me!

[@MKF1205]

Not all debt is bad. We purchased our house with cash years ago, and we pay in full for all credit cards. However, we do have one debt that we are paying off DW’s phone on a 2 year plan. If you just buy the phone, it was about $1600. However,if you sign up for two year contract, it is about $1100, zero interest over 24 months. We need the phone and the plan anyway. So we will have debt.

[@Redneckboy991]

Unfortunately I'll be taking one of my kids into retirement with me. That's the price of waiting until you're older and financially stable before having kids.

[@Smooshes786]

I’ve found that as an older parent, our son is more educated on later life earlier than his cohorts. He knows the finances in our family are circular until one of us rolls on out.

[@Redneckboy991]

@@Smooshes786 I agree. My daughter seems to more mature and well rounded for her age.

[@1dilligaf]

My house will be paid off in December. I retire in a year and a half. My hopes are my grandson moves in with us and then when we pass, he just carries on with the house.

[@tivertontom]

counterpoint on the mortgage: 'good' vs BAD debt. ... it is a 'good debt' and if it is locked in at a very low rate (%) ... and you have other debts (vehicles and 'toys', helping kids, vacations etc) ... it is the cheapest loan, already 'guaranteed' with a bank) Might also help you from having to cash out investments at bad timing.

[@tivertontom]

ie. easiest to refinance a mortgage or real estate guaranteed LOC

[@ddavidson5]

What you say isn't wrong but I'd say in retirement there isn't really any 'good debt' -- it's more like bad debt versus less bad debt. Before retirement getting as debt free as you can, zero debt if possible, is still good advice.

[@tivertontom]

also ... a LOT of seniors finance vehicles at a higher interest payment and if they get through dealership (financing) pay more $$ for the vehicle this route

[@douggibson9084]

Great video. Did you have the opportunity to write off a portion of the trip cost because of do business? Thanks.

[@ParallelWealth]

Haven't run it by the accountant yet!

[@juliamartin3817]

Ok great timing 🤔 What would you focus on with your single income : a paid off mortgage or a solid TFSA as a lever account in retirement ? I can't make both happen and i'm leaning TFSA ...

[@ParallelWealth]

Would depend on your mortgage rate - but TFSA probably the better decision for entering retirement

[@DoneByD]

You can't make a plan by choosing between two items like you mentioned above. All the pieces have to fit together so no one could answer this question without having much more information. You should be talking with a financial advisor about how the two items above mesh into your overall retirement plan (cash flow needs, savings/pensions to meet cash flow needs, total ongoing expenses in retirement etc).

[@MsDoctrove]

Sorry what's the name of this book? It flashed by so quickly. Your videos are so informative...thank you. doing some early research. I'm 51 but never to early to start I say

[@sandysamith7218]

« retirement income for life »

[@triciamtl]

Frederick Vettesse

[@jksouthern]

If my mother sells the family cottage now, will she lose her entire O.A.S. due to clawbacks over the $110 grand income or whatever it is due to capital gains nightmare?

[@claudia-vp1kd]

What's the name of the hotel please 😊

[@ParallelWealth]

Grand fiesta americana coral beach

[@robertharley7670]

You know I've watched your channel for a few years now and I agree with a lot of what you have to say. I just retired at age 62. I still have a mortgage and I'm fine if I waited to pay off my mortgage before I retired. I'd be in my mid-70s..... So on your list I'm 6 for 7. I think the mortgage one is a little ridiculous taking into account that many people are divorced or other circumstances.

[@ParallelWealth]

Agreed, everyone's situation is different for various reasons. Not always possible to get them all by retirement.

[@laundrygoddess4]

Single for the rest of my life. So I've got all but number 4. I'm 50 so with any luck in 5 years the kids will be out or contributing in a positive way

[@camwitt1877]

I have a detailed retirement question. Is it better to ask here or send you a private email?

[@ParallelWealth]

Detailed or specific? [e-mail] is the best.

[@user-xu1pg6fq7m]

Don’t help kids after they are finished school. They are adults they can work their butts off just the same way we did sacrifice sacrifices sacrifice is what they need to learn.

[@DanSchnabel]

Mortgage? Nah, I want to retire before I am 78. Sounds like that won't be the book for me. Maybe you can do a video on what to do if these seven steps cannot be achieved?

[@DoneByD]

Book would still be a good read as lots of stuff in there to think about and suggestions re: around what the numbers are suggesting is better. If you are carrying a mortgage into retirement you just have to ensure you are adding in the cash flow needed to pay for it, also need higher savings going into retirement obviously to cover that cash flow need, and then lastly have some sort of insurance (or plan) in the event you die before the mortgage is paid off so you don't burden your survivor, if you have one. It's not the total end of the world however it does make your retirement income needs significantly higher and therefore your savings target considerably higher as well. Fred states the book is centered around "the idea that your main objectives are to maximize your retirement income and to ensure it lasts a lifetime." He goes on to say "This book is for people who are close to retirement, or who are already retired, and who are going to rely heavily on their own savings to meet their retirement income needs. It is assumed that your primary goal is to maximize your retirement income rather than maximizing the assets you leave behind if you die early."

[@dantheman6607]

78?? When did you buy your house ?? Paying off that mortgage is the number one key

[@DanSchnabel]

@@dantheman6607 - Thanks, but you know that is not particularly useful advice. Many of us have gotten to where we are by many perfectly legitimate paths. Some will be like me and would be better advised on how to deal with a mortgage in retirement than just being told "You did your life wrong."

[@DC-nj8kv]

Love the content but, vacations... you're doing it wrong 😊

[@ParallelWealth]

Haha, I know right!

[@charmcrypto824]

Solid advice on retirement prep! Avoiding those long-term commitments with investments and keeping the fam financially independent are clutch moves. Speaking of securing your future, ever thought about diversifying with crypto? My Digital Money makes it easy and tax-advantaged.