If I Wanted To Retire In 2025, I’d Do This

[@wrongwayconway]

While I was working I chipped away at my travel bucket list using my paid vacation time and working overtime (occasionally) to pay for my dream adventures. I retired last month and used my remaining vacation days to go on a Mediterranean cruise (Pompeii & Florence ❤ were on my bucket list). The only travel I'm looking forward to in retirement is booking "Last minute" bargains because I'll no longer have to work around coworkers' vacation plans.😂

[@deborahtowsley852]

Yes. I also have this fear. Assisted living is expensive, but I do have a house that I would sell and this would finance this stage if my life.

[@smokey8400]

More great information into the retirement phase. Unfortunately this is complex so you need the road map. Thanks for the incite into retirement planning.

[@wrongwayconway]

Every year when my pension statement would arrive in the mail I immediately would run the numbers: "can I retire?" Well the last statement arrived and ...YES! So I retired November 30th at 63. According to my math my DB pension & CPP will allow me to live within my means, I am a frugal gal, so waiting until I can collect OAS at 65 is my plan. However, if these next 2 years are manageable without taking OAS, I'm going to delay it. That being said my family tends to make it to 77yrs 😮 so I'll be definitely go go going in the "go go" phase.

[@antonioferrer5882]

Great video!

[@vm6824]

Great video! I plan on leaving my job within the next 2 yrs. I have done so much research and planning on my own (Google and Excel is all a person needs), that I know I have a solid plan and am not stressed out. My financial planner is there to assist and help solidify my plan. After all, only YOU know what you want your plan to look like - so make it happen!

[@mahrog69]

My house lives on a budget for years now. I did not super charge my investing and living within my means till I used a budget. it gets reviewed and adjusted every Jan 1. to be successful you must involve any one under the budget.

[@miked1102]

I am now 17 weeks away from retirement. The past year has been a year of doing budgets on spreadsheets, consolidating accounts and researching health insurance as I will not be getting benefits once retired. The movement of funds gets quite complicated at times as I have a vast amount of accounts, work pensions, Company shares and more. My plan is to have my finances taken care of by a trusted planner as I have spent a lifetime managing a large portion of my portfolio. The reason for a planner is that I will not be looking at markets daily/hourly as I will be busy traveling and playing. My fun time years are here. I still plan to manage 20% of my portfolio just to keep my interest up.

[@Wtfizdat]

Love to hear what you've found about health insurance. My research has shown they are all scams and I'm better off setting money aside for health care costs.

[@vm6824]

@@Wtfizdat Absolutely 100% correct! They take your premiums, invest them, get all the interest and fight tooth and nail about having to settle a claim. Premiums go up every year but benefits don't. Invest the premiums in your own fund! Take what you need when you need it.

[@ralphpetry1745]

@@Wtfizdat This is the conclusion I came to as well for health insurance. The only advantage I could come up with is that is smooths out the cash flow but at a typically much higher cost overall. I will stick with being "self insured".

[@mahrog69]

I have been doing the Health care research, I have found the same that self insurance will be the best way forward. I am also 14 weeks from pulling the plug.

[@miked1102]

@@Wtfizdat my situation is that I am continuing with the Sunlife health plan through work as my wife has just beat cancer so no other plan will touch her.

[@kmilton1593]

Good advice for medium & high income people. I am nearing 78 yrs old, and have been very low income, still working full time. Have never done a budget, cash flow projection, or made a retirement plan. I use a pencil & eraser and do double entry book-keeping on a blue-line 747 accounting journal. I closed my 12,000 RIFF because I needed the money. Will work until death. No holidays.

[@RealtyRayTalks-j3k]

Good for you these guys charge you for ruining life with worry. The 2 column scribbler is the rightr way to go. Cheers

[@Wtfizdat]

Consolidating accounts also makes it easier to manage your investment diversification / sector allocation.

[@letinese]

What if you have a rental property as income as well? Appreciate your input

[@joebobby905]

Thank you Adam , great video everyone about to retire show watch this video I wish I could give the video I thousand likes so much free very important information .

[@ParallelWealth]

Thanks so much. There should be a super like button!

[@teenidol18]

When do I take CPP? Before or after OAS? Please cover this!!

[@m30163]

In this generation what is money . 2dollars a month i have left over . Maybe in 150 years i can retire

[@DaveG-rs3xp]

It is puzzling to me why retirement income in Canada is so complex - the typical retiree, as you point out, has maybe 6 or more retirement income streams. This is just crazy.

[@mahrog69]

I am so excited to manage the way I get my Income, I counted and between my wife and I we will have 12 Income streams, They will all be turned on and off at different times of our retirement.

[@jean-sergebousquet5127]

What is the brand of your watch ?

[@ParallelWealth]

Tudor

[@davecarpenter4917]

I enjoy the confidence that a db/indexed pension, and soon CPP/OAS will bring. However, it precludes doing the Go-Go/Slow-Go/No-Go thing. I suppose borrowing against the house could free up money to Go-Go ?

[@garth217]

Why?..

[@GT-tm1ft]

That’s what other savings and investments are for, generally speaking. The equity in your house is the last thing you should dip into imho.

[@davecarpenter4917]

@@garth217 Yolo ? Oh I know, going into debt isnt a good idea.. especially if you try to nurse it along from say 65 to 85. Interest rates could jump and throw the plan into disarray. I probably wont do it (much) but I was just pointing out the 'problem' with the shortcoming of the often coveted db plan

[@modelrailroader5619]

And then there’s the whole retirement/nursing home cost, if you end up there during your “no go” phase, That will chew up a lot of money if you’re there for any length of time.

[@vm6824]

Yes, but understand once you hit a nursing home you aren't there for years on end (generally). Most people in long term care are only there for

[@plarlee1]

@@vm6824 usually a person is not living a long time in long term care but then I had my dad that lived almost 12 yrs in one. Fortunately, his monthly cost for his care was based on his income assessment.

[@miked1102]

Second Comment. Bucket list. Our plans were to be traveling south on our sailboat to the Bahamas and Caribean. That means traveling through the USA and I am refusing to go to the USA with Trump in power. Plans have changed to go to Portugal for the next 4 years as my wife is from the Algarve in Portugal. Guess the USA loses out on my planned $40,000/yr travel plans.

[@milenkoatkinson4163]

Who cares about your political views! Maybe adding some depth to the comments might help others rather than flashing your political stance!

[@miked1102]

@milenkoatkinson4163 point taken from a proud Canadian.

[@GT-tm1ft]

That Trump has been elected doesn’t change who the people are. They still run small businesses and are generally really good folks. I wonder how many Americans don’t come here because of Trudeau?

[@divetank]

you can fly Toronto to Nassau - no need to stop in US. Also you can get good connections through Mexico City. This is what I do to avoid Trump land.

[@OptimisticHominid]

Seems a reasonable plan under the circumstances.

[@maxpayne7419]

Consolidation of accounts makes sense. However I don’t agree that having all investments with one institution is wise. If something goes wrong with that one institution- you are hooped. For example, a cybersecurity issue, or system access issue. So I recommend splitting between 2 institutions- especially for high net worth individuals. Also, be careful to understand and stay within CDIC and CIPF limits.

[@allana5001]

HR is never on your side.

[@ParallelWealth]

Most are good with the pension help

[@sean367]

I got a call from HR at 5 o'clock on a Friday telling me I was laid-off after 37yrs. We didn't have the pension talk.

[@Level70-x4d]

Spreading your accounts to ensure you don’t lose any money if there is a bank or credit union failure is not reducing risk? Your investments are only covered up to 1 million.

[@PatrickRiendeau-m3v]

The government will bail you at a cost: conversion of all your financial assets to cbdc (aka digital shackles).

[@mahrog69]

check out the coverage, i would say you are covered for 100K per account

[@patcusack6252]

I don’t see anyone talking about taking CPP into account. I know I’ll retire in May after bonus is paid out. Maximize that years CPP contribution before I retire. For a lot of people who probably watch this an extra 4 - 6 months probably comes close to meeting the annual CPP contribution limit Retire for the nice weather late spring and max out CPP

[@davecarpenter4917]

Depending on the individual's contribution history. they may not be able to increase the CPP. 18-65 is 47 years. Once you hit 39 years of "M" the CPP at 65 isnt going to get any larger. Similarly at 60.. 18-60 is 42 years but you only need 35 "M" contribution years to get the most CPP available at 60. Also - I waited (dec31) to get the bonus but didnt count on getting a ding from the pension plan (retired Jan1) and missed out on 1/12 of the pension CPI adjustment. Lost about $400 on that decision.

[@patcusack6252]

@ of course it is the 39 years of highest contributions. If you didn’t hit the max early in your career then it makes a difference

[@WealthyChronicle]

Wait, so retiring at the end of the year could be a tax disaster?! Why don’t more people talk about this? 🤯

[@ParallelWealth]

Potentially a very costly mistake

[@seolfor4797]

I’m retiring next year at 63 but I’m super concerned that my no go years will be spent in a high cost assisted living centre - what happens when my money runs out …

[@vm6824]

Research homes in your province. Most have caps on what they can charge based on your net income. If you are able to fund a small TFSA (with the premiums you would have paid to a long term care insurer, for example), you would be amazed what you could have in 20-30 yrs - to pay for those care costs without the conditions and b*llshit of an insurance company.

[@garth217]

I've been retired since 54. Fear is the greatest obstacle of a great retirement

[@moncusseydupoulet4755]

retire in 2025 = win the lottery. Thanks for coming to my TED talk 😂

[@allana5001]

Make sure you have a trip to Israel on your bucket list. Just make sure there's no war going on.