14 Smart Things To Do BEFORE You Retire

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Business Inquiries: info@wellbuiltwealth.ca
Well Built Wealth: www.wellbuiltwealth.ca/
Links:
- Planning software we use: Conquest www.conquestplanning.com/en-c...
- Cash Reserves/War Chest Vid: • Retirement War Chest |...
- CPP & OAS Deepdive Vid: • KEY Details About Cana...
- How Much Do You Need to Retire Vid: • 3 Easy Ways to Know Ho...
- Budget planner: itools-ioutils.fcac-acfc.gc.c...
- Harvard Study: www.cnbc.com/2023/03/10/85-ye...
- Service Canada: www.canada.ca/en/employment-s...
- Unlocking LIRAs: retirehappy.ca/unlocking-pens...
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Intro (0:00)
1. Save hard (0:14)
2. Smash debt (0:42)
3. Build a war chest (1:41)
4. Cover expenses upfront (2:25)
5. Plan out your time (3:20)
6. Nail down the budget (4:10)
7. Test your budget (5:33)
8. Think through pensions & GRSPs (6:07)
9. Know your public pension plans (8:41)
10. Figure out how much money you'll need (9:38)
11. Build a tax strategy (10:46)
12. Stress-test your plan (11:57)
13. Consolidate RRSPs (13:43)
14. Know your health insurance options (14:42)
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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.

Опубликовано:

7 июн 2024

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Комментарии : 131

@natureboy1313 18 дней назад

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.

@DrivingPhilippines 3 месяца назад

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 3 месяца назад

Yup. Pretty much sums it up.

@sallyprzybil2404 11 дней назад

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.

@gigitoronto29 5 дней назад

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.

@freetofly7017 3 месяца назад

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 3 месяца назад

Very good list, thanks for posting this video

@williammiller442 3 месяца назад

Excellent video! Thanks for the information.

@terryevp4084 3 месяца назад

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

@wellbuiltwealth 3 месяца назад

Thanks, you too!

@jovicrazed 3 месяца назад

Great information! Thank you.

@dallasjohnson4378 2 месяца назад

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 2 месяца назад

Wow, thank you!

@maxpayne7419 3 месяца назад

Excellent advice 👍

@ParallelWealth 3 месяца назад

Great video Rhys.

@wellbuiltwealth 3 месяца назад

Thanks Adam :)

@mhaladawy 3 месяца назад

Very good list👍🏼👍🏼

@JDRichard 2 месяца назад

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

@tonysositesm-x5636 13 дней назад

good starts for planning

@creativitybycarilyn6634 3 месяца назад

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 2 месяца назад

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

@oliviaacosta6239 3 месяца назад

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

@OptimisticHominid 3 месяца назад

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.

@corinnelangevin1717 2 месяца назад

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

@Pkeats817 12 дней назад

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 11 дней назад

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

@Kaila999 3 месяца назад

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

@meg88262 3 месяца назад

good video

@hopstiguy 3 месяца назад

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

@wellbuiltwealth 3 месяца назад

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

@Str8Bidness 3 месяца назад

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.

@FIRED13 3 месяца назад

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.

@njlifeandhealth 28 дней назад

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.

@liverpool3469 3 месяца назад

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 3 месяца назад

Great question! Totally depends on a few factors through. Highly recommend you check out my “war chest” video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-JNvycwWGUAU.htmlsi=fZt-odt7BBNieaN6

@user-kg4dg6nl1p 3 месяца назад

I agree

@charleshughes2487 Месяц назад

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

@sallyprzybil2404 11 дней назад

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.

@peterdinglasan2158 3 месяца назад

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

@James_48 3 месяца назад

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 3 месяца назад

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

@manjitdhillon4368 3 месяца назад

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.

@jo-annmacneill6454 3 месяца назад

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 2 месяца назад

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

@user-ux4cm4jm5v Месяц назад

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

@linabanfield8658 3 месяца назад

what is wrong with the GRRSP?

@wellbuiltwealth 3 месяца назад

Nothing. They’re great.

@manjitdhillon4368 3 месяца назад

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

@alanj9978 Месяц назад

Savings. Lots and lots of savings.

@user-ky9sr4bm1f 2 месяца назад

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

@antonioalmaguer9342 3 месяца назад

Thanks are you also a financial advisor?

@wellbuiltwealth 3 месяца назад

You betcha :)

@antonioalmaguer9342 3 месяца назад

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 3 месяца назад

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

@ASofterSide 3 месяца назад

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.

@stephfoxwell4620 Месяц назад

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.

@Bobbygma 3 месяца назад

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 Месяц назад

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.

@rnarzu 3 месяца назад

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.

@robertwalters5654 2 месяца назад

Why is it always in dollar not pounds £

@wellbuiltwealth 2 месяца назад

We’re crazy like that.

@scotbarlow213 3 месяца назад

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

@wellbuiltwealth 3 месяца назад

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 3 месяца назад

@@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 3 месяца назад

@@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 3 месяца назад

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

@JaniceHylton 3 месяца назад

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 3 месяца назад

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

@BeigeBrownClip-jd2pv 25 дней назад

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

@smw.6711 3 месяца назад

Retirement is for the rich and public sector workers. I will work till I die thanks to the current government, they blew up my retirement plan these past few years.

@TishMclain 3 месяца назад

Amen too bad we ain't rich!

@divertiti 3 месяца назад

How did the government blow up your retirement plan? Have some personal accountability, just say you planned poorly.

@ianmontoya6869 3 месяца назад

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 3 месяца назад

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.

@gordonpi8674 3 месяца назад

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

@kcirdorb9591 3 месяца назад

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

@wellbuiltwealth 3 месяца назад

Yeah. Sorry. Forgot that one.

@OptimisticHominid 3 месяца назад

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

@wellbuiltwealth 3 месяца назад

Oh, that’s good!

@Devilcity6275 3 месяца назад

Keep on dreaming.❤

@TishMclain 3 месяца назад

It's a sin to gamble!

@rickallen9099 3 месяца назад

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

@wellbuiltwealth 3 месяца назад

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

@kenp4464 3 месяца назад

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 3 месяца назад

it's not retirement, though. @@wellbuiltwealth

@rickallen9099 3 месяца назад

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