Five Money Mistakes YOU MUST Avoid In Retirement

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Once you hit retirement, you're no longer going to have that consistent pay cheque that you were used to during your professional career. Therefore, any money mistake that you make is going to be magnified, so it's extremely important to stay diligent even when you're off enjoying your retirement.
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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.
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3 июл 2024

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Комментарии : 187

@eyesuckle 2 года назад

"Make sure you don't die with millions in the bank." Not to brag or anything, but I believe I've made a pretty good head start on avoiding that particular calamity.

@ParallelWealth 2 года назад

🤣🤣

@rickhalas 2 года назад

LOL

@thisotherguy99 2 года назад

hilarious !

@darkhorsewebdesign Год назад

🤣

@Moluccan56 Год назад

😂. Me, too.

@Cherylsgirls 3 года назад

It’s so nice to have found a Canadian financial advisor channel. I’m getting close to 60 so retirement plans are a big focus. I really appreciate all of your valuable retirement videos!

@ParallelWealth 3 года назад

Thanks for subscribing!

@Tensquaremetreworkshop 3 года назад

You have left it rather late!

@Cherylsgirls 3 года назад

@@Tensquaremetreworkshop thanks for bringing that to my attention! I had no idea. lol. That just MIGHT be what keeps me up at night! I can only do what I can do now moving forward. I've had to accept that realization and focus on the future, not the past.

@Tensquaremetreworkshop 3 года назад

@@Cherylsgirls Yep. Although past data (Bank statements, etc) can be a help in creating a spreadsheet that both gives current costs, and predicts future costs (in particular your personal inflation figure).Such a financial spreadsheet (I call mine 'Life') is the most important thing you can do right now. You will never regret it. Planning future income is pointless unless you know how much you need. And no-one else can tell you.

@xbman1 3 года назад

@Cheryl Bergman. If you have RRSP. I would strongly suggest to look into RRSP meltdown strategy asap. Each year delay on that strategy mean you will loose more money back to the government at age 71. When force to transfer from RRSP to RIF.

@fredtaylor5268 2 года назад

Hi Adam. I just wanted to compliment you on your presentations. You come across as very sincere, knowledgeable and interesting to listen to without being overwhelming. I will continue to watch your videos as I approach the ripe old age of retirement. Thanks for sharing this wealth of information. Cheers from Ontario.

@ParallelWealth 2 года назад

Thanks Fred, appreciate the kind words.

@Tensquaremetreworkshop Год назад

Yes, impressive- appearing sincere is one of the hardest acts to perform...

@jhors7777 3 года назад

Thank you for posting this helpful video.

@paul-johncharron7748 3 года назад

THANKS FOR SHARING. GOOD STUFF......LIVE LIFE BY THE CALENDAR NOT THE CLOCK

@molloarden8938 3 года назад

great advice, you hit the top 5 indeed!

@rezapourfarahani5061 2 года назад

excellent recommendations. Thank you Adam.

@sharonbuffett 2 года назад

So happy I found your channel - very helpful information

@oldsesalt8496 3 года назад

If you use retail therapy to boost your spirits (as I do) do it only at thrift stores.

@ZulfiqarAli-rf6fp 3 года назад

U are smart person and thanks for adding positive knowledge to Canadian community

@ParallelWealth 3 года назад

My pleasure

@camellabuddo9496 2 года назад

Thank you . Very informative.

@martinb896 3 года назад

Your videos are great. Thanks for Sharing.

@ParallelWealth 3 года назад

Thanks for the kind words Martin.

@chrismulhern82 3 года назад

1). You tend to spend more earlier and less retire 2). Have a plan 3). Stay busy & active 4). Taxes 5). Healthcare expenses

@JudiintheKitchen 3 года назад

Thank you! All the gobbeldegook is annoying

@colinhughes916 3 года назад

Best to have more coming in then going out !

@colinbarrett3016 3 года назад

Love your videos 👏

@ParallelWealth 3 года назад

Thanks Colin.

@edkrstic6423 2 года назад

I’m newly retired at 57 .I wasn’t expecting it but health issues changed things. I am watching your videos. I already understood a lot but I am grateful for your advice and have learned so much from you. Thank you

@ParallelWealth 2 года назад

Thanks Ed. Welcome to retirement!

@tonyclemens4213 3 года назад

I find that the lack of tax planning is getting more common with young people that often have multiple part-time jobs and gig employment.

@jimregan2006 3 года назад

We are 80...terrific point # 1!!!!

@nadavijayabalan6445 3 года назад

If you are single ,no children and have a house, use the equity in that house. You need not leave that to your estate

@christopherbarker976 3 года назад

Very good video Thanks. Christopher Barker

@ParallelWealth 3 года назад

Glad you enjoyed it

@lovinggoldens4183 3 года назад

Just subscribe. Going toward 60. Great information

@beccagurney7820 6 месяцев назад

Love your videos…very informative. World you be able to do a genaral video about an RDSP and how that works with drawing down and reducing taxes during retirement?

@CaptApril123 3 года назад

I'm not into 'financial advisers' but these are all very good points.

@xbman1 2 года назад

That would be the reason why you will retire poor, or may not able to retire and work well beyond retirement age and not by choice.

@busgirl2591 3 года назад

I now work part-time/casual, so I'm no longer eligible for company benefits. I pay out-of-pocket for an individual medical insurance plan. It's expensive, but I feel it's very important, as I rush head-long towards my 70s. But here's something I learned and is worth noting... these monthly premium amounts can be used as Medical expenses on an income tax return. Which helps reduce the overall taxes due at year end. Every little bit helps.

@ParallelWealth 3 года назад

Great point Terry. Thanks for tuning in and leaving a helpful comment for others.

@JaniceRafael 3 года назад

Terry, also travel insurance can be put on medical expenses on your income tax return too.

@audiotech6513 Год назад

Adam excellent info…..I must use your services

@ParallelWealth Год назад

Here to when whenever you need it. www.parallelwealth.com/planning

@hump1953 2 года назад

#1 is great recommendation…I’m single, never married, no kids…retired 5 years ago, fast forward at almost 69 years old have not touched my retirement savings…have a nice nest considering what the market has done…need to spend more…

@jennifercrosland9352 2 года назад

Quick Suggestion I use, I use Turbo Tax every year, and I use the previous year (2020 at the moment) to project my income taxes from multiple streams for following years.

@emilyyu9408 3 года назад

Would you please make an video to cover more detail about to transfer RRSP to RRIF? I want to learn more about the senecio of when is the best time to move money from RRSP to RRIF.

@enduser2347 3 года назад

Excellent points. Key issue is to find a financial adviser who has a good knowledge and you can trust.

@Pitcairn747 2 года назад

And is 100% objective.

@cathybarker7125 3 года назад

Canadian great finally good info.

@ParallelWealth 3 года назад

Thanks Cathy!

@jezanne 3 года назад

Love #1. Saw many people made that mistake. As a early semi-retired of 50 yo, one of the main issue is the psychology of retirement. You spent years of careful planning and accumulating wealth. Then you have to use it. I continue to work as a consultant for the social part and change in the routine, but part of it is that I don’t have to retrieve any money.

@Tensquaremetreworkshop 3 года назад

Me too. Continued one day a week after retiring at 52. Problem is I am now way over-funded, so my kids will get to squander it...

@Tensquaremetreworkshop 2 года назад

@@freedomlife3623 This can be a complex calculation- and you cannot predict the tax regime when you finally draw. One of the reasons that I saved mainly outside the retirement system. In the UK, the system changed so that retirement funds are no longer growing tax free- dividends are now taxed within the system. From a tax POV it is usually better to 'retire' early, but continue (very) part-time. Work in a lower tax band for longer = less tax. In the UK, social taxes (NI) is not paid when you reach retirement age, saving ~11% of your earnings. I worked around one day per week (not a fixed day, and at home) for the last 25 years. Enjoy it, does not interfere with my life, and my 'savings' continue to increase. Retirement gives you more time. If you get a tradesman in to do a job, he gets roughly half of what you are paying him. The rest is tax and other costs. And you are paying him with money you have paid tax on. It you do the task yourself, you end up 'paying' less than a third of the cost. Unless you can earn more than three times the tradesman's rate, it will be cheaper. And it will not be moving you toward a higher tax band.

@Tensquaremetreworkshop 2 года назад

And you will find yourself over-funded. Fine if you want your kids to squander it ;-} I continued into my 70s- because I enjoy it (like a paid hobby). But it is very true that most do not spend enough in retirement. The time is the main benefit of being retired, but spending some of that cash can enhance it! I have a spending plan, but have never managed to meet it.

@Moluccan56 Год назад

So grateful to have found you. I’ve postponed retirement because of fear of not having enough $$$. I gross just under $1,400.00 CPP, + full OAS supplemented with 3d per week employment (one foot out the door after 41 years at the same place) I’ll have to rely on my defined contribution pension and later, my RRSP. Combined, those hover around $400,000.00 depending on the markets. My CPP is that amount because I didn’t draw it until after I turned 66. I envision having to curtail certain ‘wants’ once I completely retire. The psychological aspect is present as well.

@eyesontheprize6637 3 года назад

I like the turbotax calculator but it doesn't take into account the basic personal exemption which will reduce your taxes, if not result in a refund. None of the free tax calculators do. It's like they want you to calculate on your own, get worried that you might owe so much tax and hire them to go deeper for you. We have our own guy but I like to try this out to get an idea of how much tax I should pay for the year.

@my1thousand 3 года назад

Good points. I'll be retiring early (52) in a month and the first point is a good kick to get out and enjoy (I'd be worrying constantly of having enough for 30 years form now), and the Manulife bit is certainly worth looking into. A very timely video for me. :-)

@ParallelWealth 3 года назад

Thanks for watching and glad it helped.

@deckmonkey1459 3 года назад

Don't worry too much. In 30 years you probably won't be doing much and you will get the same care in a public long term care home if you pay for it or not if you end up there. If you have money the government will take some or most of it to cover your costs as long as you are in there. A lot of people don't make it long after retiring either, so why keep sacrificing?

@ginocolello4241 3 года назад

@@deckmonkey1459 hopefully he will receive a better care!

@brendalister7560 3 года назад

These all apply to us Americans too. Ty

@ParallelWealth 3 года назад

Great to hear!

@glynevans2446 3 года назад

Are you going to do a series on business owner's best transition strategy to retirement?

@ParallelWealth 3 года назад

I will add it to the list! Although a series like that could be 100 videos! My goal is to create a course eventually around this topic - more to come.

@ehab2601 2 года назад

Good video as usual, however I have two points in this video, 1) introduction is 2 minutes I found it long 2) part of the financial advice wasn't financial (example, the advice to keep busy). That's a friendly comments. But the video is a high quality and good information

@kwaichangcaine8234 3 года назад

I'm listening from Chicago, but hoping your advice applies here .

@ParallelWealth 3 года назад

Welcome! Much of what we talk about will apply. When it comes to Canadian Government Benefits...well likely not!

@stevo728822 3 года назад

The most important thing is to ensure your assets generate an income.

@Tensquaremetreworkshop 3 года назад

Good luck with that. Returns have been heading South for decades, with no sign of a reversal.

@teresa4565 3 года назад

Nice to have a Canadian youtube channel for finances.... love the videos. I've always been incredibly conservative with my investing and I'm a little sorry about that now. I'm 60 years old, retired, and I plan to take oas at 65 and cpp at 70. Using rsp's until that time. Is it too late in life for me to invest a little riskier as future, rsps's / gic's come due?

@ParallelWealth 3 года назад

If you can afford and stomach the risk...but do you need to take more risk at this point?!

@jwallace9984 2 года назад

I am holding off on taking OAS until 70 (I am 66). It is my way of dealing with the inflation I see coming our way. I don’t need it now, so why should I collect it when I will have a nice, indexed inflation cushion ahead? I expect to live well into my 90s, and see this as a conservative money managing strategy.

@janetrowe6911 3 года назад

Best advise i got for early retirement was Not to take the bridging benefit from my employers pension plan which paid more before age 65 and reduced at age 65. I took a life pension when I retired and I used my RRSP money to bridge myself to the government benefits at age 65 that way I never worry about out living my money. All the my income is now paid for life. It’s like transferring a fixed amount of money to a life annuity with the cost of an annuity.

@janetrowe6911 2 года назад

Without the cost of an annuity.

@soldersucker1 3 года назад

info starts at 2:00

@isresendes 3 года назад

Think could use your help

@ParallelWealth 3 года назад

www.parallelwealth.com/planning to learn more about our services

@themoodyteam 3 года назад

Re point 5. I live in the U.K. and retired relatively young with a decent occupational pension. I’ve kept myself busy with a number of jobs. Took me a while to realise that I didn’t need to work full time. Presently work 2 days a week, plus some casual work. However, HMRC (the Taxman) has a habit of putting me on emergency tax codes. Always gets sorted out, but can be quite disruptive to planning for a regular income

@meibing4912 3 года назад

Sounds legit and sensible.

@georgeemil3618 3 года назад

I have health insurance coverage from my former employer. But get this, coverage for retirees are worse than employees. Ironic, that you get reduced coverage when you're going to need more of it.

@ParallelWealth 3 года назад

And be very careful of lifetime maximums. If it's an old work plan, the amount you used it prior to retirement will have eaten into your lifetime max.

@CaptApril123 3 года назад

I think what you're discovering there is that insurance isn't a charity, it's a money making business.

@georgeemil3618 3 года назад

@@CaptApril123 Yeah, old people are such a burden to society. Who needs them?

@lindadupuis1531 Год назад

I wish I had deferred taking my CPP!

@eyesontheprize6637 3 года назад

Manulife in their Follow Me Plan has 4 levels. You do not get dental until you get to the 3rd level, which costs a fortune per month. In my view totally not worth it if you have been looking after your teeth well all your life. Massages aren't as necessary when you're older as you are likely not under the same stress as when you were working. So for my husband and I it may not be worth the several hundred per month cost. Ridiculous pricing, really. I think it's one big racket.

@ParallelWealth 3 года назад

Agree. We rarely find these plans to provide value. But once in awhile they do and everyone needs to do their due diligence and not assume. Glad to hear you ran the numbers for yourself

@ParallelWealth 2 года назад

@@freedomlife3623 they will cover more - just have to run the cost to the benefit and see if it's worth it.

@denbro1770 2 года назад

Don't have a party when you first retire, be smart and plan long term.

@terrywix6844 3 года назад

Avoid buying a Corvette...

@xbman1 3 года назад

Could you do a video on RRSP meltdown strategy to avoid RIF at age 71. Along with define contribution and define benefit. Thanks in advance. I subscribed .

@ParallelWealth 3 года назад

I'll have a RRSP meltdown video coming in a few weeks, but no DC or DB. Give me the scenario and I'll run a video on it

@xbman1 2 года назад

@@ParallelWealth Excellent! Looking forward for it. Re: RRSP meltdown strategy. The money question are: Why not just have the money in RRSP and transfer it into RIF when at 71? How would this RRSP meltdown strategy benefit people? At what age should a person start the RRSP meltdown strategy?

@anishnaabehistorypodcast7215 3 года назад

I've dug myself into a very deep hole. I'm using your advice to build a better future! Miigwetch!

@emandem3088 3 года назад

You sound like you have learned an important lesson. And you are young enough it seems, to build a future. Me and my spouse didn’t learn until we were forced to after a car accident removed my ability to work. In our fifties 🤔 After seeing a financial specialist (not just the bank teller) we were able plan for retirement and quickly realized we can afford to do stuff, we can afford to have choices and learned what choices were best for us. Like renting. A lot of people say you have to own a house. But for us that was not going to work. So we rent, our utilities are included in our rent which for us makes better financial sense, we don’t have to pay a huge house tax bill, we don’t have out-of-the -blue house repairs like a new roof which our landlord is putting on this month or expensive plumbing repairs etc. That gives us money to buy some toys that makes retirement way more fun. But without our investment guy showing us the way and investing our money for slow but regular, low risk investments, we r golden. So I’d say go talk to a few different reputable financial advisors and find one that treats every client like a million dollar client. We did and will be forever grateful. But we had to find one that talked to us in a way we would understand. He drew charts as he spoke, wrote out our expected income from pensions, generated detailed lists about the government money we potentially would get. We didn’t have much money but have a stable financial portfolio now.

@lesliesagara8739 3 года назад

One of the biggest unanswerable questions is how long am I going to live? This number determines a lot of financial choices. My dilemma at this time is whether to tap into a limited amount of investment money vs claiming CPP. Do you have an opinion on GESARA,/medbeds/crypto vs gold?

@Tensquaremetreworkshop 2 года назад

The 'how long' question does have an answer. Calculate how much you need to live. When what you have left equals the (falling) cost of an annuity that pays that amount, buy it. You have converted capital into income, guaranteed to last as long as you do. Yes, the returns are lower- but you have bought certainty at the latest possible point.

@JBT-up6ug Год назад

Hi Adam, do I really need to be worried about not having income and spending plans for my retirement if my main source of income will be my CPP and OAS? (I'm 60) Unfortunately my DCPPs are very limited and I don't think I can't afford a financial planner right now. Thank you for the great information you provide in every video. The Best!

@josephjuno9555 2 месяца назад

I live in USA, I have them withhold 20% Fed 4.25% Michigan taxes from my Pension and any IRA Withdrawal so I end up with a Refund not a bill when I file taxes

@peterbiagi703 Год назад

Bad experience with Manulife 'Follow Me'. After retirement they do not cover any prescription drugs.

@beautyofthailand7393 2 года назад

When I first visited Thailand, the number one comment I heard from the retired guys was “Why didn’t I do this 20 years ago” Don’t wait until you have billions before you retire and like this video says - enjoy life now

@edkolly7147 10 месяцев назад

How about telling how much it cost for a financial planner like you , my hobby is telling me how to live in poverty until I can move to a foreign country because it to expensive to retire in Canada !

@johnnyachillesjelinek6765 2 года назад

Iam on Odsp and Cpp I am 64 this year .When is better go on old age security , what I am eligible or what I need to do. What will be my responsibility to do and what I can applying for. Or what I need to do , if I Wana moved in Europ.I olso worked years and I am eligible get income from my previous country. It is possible collected ally pension lampsam. Thank you for your help .I am on disability with severe damages.

@chandshaikh8849 2 года назад

Not only money mistake,also health mistake.

@joannebarker1582 2 года назад

Great video! I cannot find the income tax calculator in the comments…can you please reshare it?

@ParallelWealth 2 года назад

turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp

@allanjobson7259 3 года назад

Can you put say 5 stocks you buy in your tfsa and then you sell what happens

@mvnorsel6354 2 года назад

Dont visit Thailand would be a good rule?

@Tensquaremetreworkshop 3 года назад

Great insight that one should spend more in early retirement. Question is - how? I tried, I really tried. Hard to break the habits of a lifetime. 2 - DO have a plan. DO NOT use a professional. If they are any good, they will have already retired. Suspect anyone who wants to deal with other people's money. No-one cares as much about your money as you do. It is not hard. You have the time. DIY. Canadian? Move to somewhere warmer that has free health care.

@ParallelWealth 3 года назад

Mike, hiring a professional will reap great rewards. Obviously do your homework on who you hire. What did you do for a living? Were you a professional? Did people hire you? Would you hire yourself? Was there value? I get that there are bad advisors, but don't paint everyone with the same brush. I know many advisors, including our office, that provide tremendous value within a financial plan.

@Tensquaremetreworkshop 3 года назад

@@ParallelWealth Define 'tremendous value' and how it is measured... I have spoken to many 'financial advisors' over the years; I have a standard set of questions to test them- it rarely requires more than five to find them out of their depth. I learnt years ago that only you can establish a plan, because only you know your priorities and how/when they change. Most guided investment is doomed to mediocrity if not failure- after all, it has to follow convention. Step one is usually to measure 'risk profile' which is meaningless- it cannot be sensibly measured, as Taleb points out. From there it gets worse. The most important thing anyone can do financially is to understand what it costs them to live. Crucial, especially for retirement (and planning it). Yet the vast majority do not know. A true financial advisor (FA) would refuse to advise until this had been done. It is a key figure that prevents any course of action until known. Another issue is price inflation- FAs act, and advise, as if it was a real figure. Anyone tracking their own inflation soon finds out that it is nonsense. Examine how it is calculated and you see why. It may be fine as a macro-economic measure, but it is useless to an individual. I could go on. Yes, for much of my life I was a 'consultant', paid for my time to design products. I never touted for business, or attempted to 'win' customers. Word of mouth is sufficient.

@Tensquaremetreworkshop 2 года назад

@@freedomlife3623 Their software is for a different purpose- to help them (not you). Special software is not needed- any spreadsheet will do. I download my bank statement and credit card statement once a month. That alone helps you know what it costs to live. I divide my spending into 'must' (bills like food and energy that you cannot dodge) and 'optional' (one off costs like a holiday or shiny tech). This allows you to see your base cost, how much you need to live in the style you have adopted. The ONE fact that is not pushed hard enough- It is easier to control your spending than your earning. Most financial advice is concentrated on getting more income (investments, employment, tax arrangements etc) not on spending wisely and with focus. No money in selling that idea.

@almad4355 Год назад

@@Tensquaremetreworkshop Lucky for you

@Tensquaremetreworkshop Год назад

@@almad4355 What was? A golfer made a spectacular shot, and an observer said 'that was lucky'. The golfer said 'you know what? The more I practice, the luckier I get'.

@normjones6916 3 года назад

Be looking to get oas and cpp taxed at source for sure

@DonYang73 3 года назад

100% common sense. Eg. Your car isnt gonna run if theres no gas or batteries. 😂🤣

@carmen1283 3 года назад

I am a Canadian citizen, my wife is an American, we have lived in Canada for the last 20 years. We both receive U.S. Social Security from our time working in the U.S.. When filing U.S. Income Tax we only report our Social Security, not any of our Canadian income so we never pay any U.S. income tax. So far, no blowback from the IRS but are we likely to hear from them in the future ? We report our Social Security income on our Canadian tax as foreign income.

@rayhill8283 3 года назад

I'm sitting on cash that isn't at this time making interest. I'm thinking of dividend investing. Worried about tax and inflation factors. What's your opinion?

@ParallelWealth 3 года назад

For long term I like a dividend strategy. If you money is for shorter term look at EQ Bank or similar.

@michellemcgrath9833 2 года назад

What are you views on renting versus owning a home in retirement?

@ParallelWealth 2 года назад

If you can afford to own I prefer that. More cost certainty and we have seen renters get kicked out in their 70s and 80s and have to find new accommodations- less than ideal

@xbman1 3 года назад

I could be wrong. Common mistakes most people make with their money are: *Ignorant to the fundamental Canadian tax laws. It’s not that complicated. Just have your accountant to take care of the details. *To have H&R Block to do their income tax. 99.99% you will not be audited. The tax department know you’re over paying tax. *Doesn’t know how the rule of 72 can be apply to money growth and debt management.

@janeto100 2 года назад

How do I apply for my pension as I live in canada but worked in usa x 6 yrs

@abbraxus8734 3 года назад

I have heard there is a difference between a financial adviser and a financial advisor? One has a fiduciary responsibility and one has none. Can you help to explain this for me?

@ParallelWealth 3 года назад

Ask what their credentials are, experience and if they have a fiduciary to their client. It's one of the first question you should ask a potential advisor. Don't get caught on advisor vs. Adviser. If anything find a CFP - Certified Financial Planner. They have education, experience and have a code of ethics to follow.

@RobertStevensService 3 года назад

Code of ethics like a realtor, we know how reliable that is. Learn how to manage your own money. Its not brain surgery

@juliabishop1968 2 года назад

I don't know about Canada but in the UK you would be foolish to spend your money in the early part of retirement unless you are a millionaire. It costs over a thousand pounds per week minimum for the cheapest care home if you need help, and that comes at the later years of your life, not straight after retirement. I would make sure to have the price of a funeral and hold on to your money where the government will take your savings and your home if you own one to pay for your care until all your money runs out. I expect they would take even any savings put aside for your funeral too. Sad cruel system. They even monitor if you give more than two hundred and fifty pounds a year to your children, and call that avoiding inheritance tax. It is like losing your civil liberties as far as I can see. Sigh.

@629990 2 года назад

Can you ask to have more withheld from the various income based on total income from your retirement streams so you wont owe any tax at year end?

@ParallelWealth 2 года назад

Yes

@seaalien 3 года назад

I started collecting my CPP last year at age 60 and it was combined with my Survivor pension. I also have been collecting a work company pension since age 55. I am still working and asked my employer to deduct an extra $150 tax from each pay because I always end up owing at tax time.

@ParallelWealth 3 года назад

Corinne, good plan. Makes tax time more affordable!

@hanskutube 2 года назад

The SKI method …. Spend Kids Inheritance

@NisarAhmad-jr6ol 3 года назад

Good advice to spend more in early retirement.

@xbman1 2 года назад

Re: “Good advice to spend more in early retirement. That is the worst advise can give to anyone. Better advice is to learn the concept of pension. Then design your own personal pension plan for your retirement. That way you never run out of the money need until death Btw. You must factor in inflation and taxes for retirement. Otherwise you could be in for a bad surprise.

@NisarAhmad-jr6ol 2 года назад

@@xbman1 True. What I meant by good advice that if you have saved enough for retirement in your savings account besides your pension (defined benefit for life) then you must use it earlier on to enjoy it. Health is a big factor in my opinion in later years into retirement. Yo7 may not be able to travel around due to health issues. So enjoy while you can. Coffin has no pockets.

@xbman1 2 года назад

@@NisarAhmad-jr6ol Agree, enjoy while you can and health is #1. Btw, you mention saving account. That is one of worse account to users for Canadians to used to build retirement funds. Taxman get money from you every year. In case you may or may not know this. TFSA is not a saving account that was designed to hold cash. It’s actually designed as an investment accounts .

@leslieraymond8458 2 года назад

Can I withdraw from RRSP and put in TFSA acct before retirement to avoid OAS clawback?

@ParallelWealth 2 года назад

Absolutely and is a great strategy.

@josephjuno9555 2 месяца назад

I am single, no children, i had Financial Advisors make plans that will have me have over $1,000,000 when I'm 90? I said Why wud I want to do That? Live poor and Die Rich? It's my money? I want it now! I want to enjoy my Retirement while I still can?

@wmoy8507 3 года назад

I do not agree with his comment that you will spend more money near term than later in life. Later in life you will have more medical issue and possibly assisted living or nursing home. That will be a big expense for years.

@ParallelWealth 3 года назад

It's the fear of most and reality of few. This based on our experience and stats.

@ginocolello4241 3 года назад

When is the rigth time to consult a financial advisor? Will you recomend a fee only financial adv?

@ParallelWealth 3 года назад

An advisor that has a fee only offering is a great place to start. Feel free to contact us to find out more about our fee only options to see if it's a good fit for you. And it's never too early to start working with a Financial Planner. People that start in their 20's that work with a planner reap great rewards, but definitely as you get closer to retirement (within 10-15 years) you should have a financial planner helping you out.

@huejanus5505 3 года назад

The company i work for, gives it’s over 50 employees a 3 day long retirement course. It really opens your eyes. I sat there thinking, I wish I had taken this course at 25 or 30 years of age. I think the earlier you start planning, the better.

@e-spy 3 года назад

@@ParallelWealth I hired one at the end of 2007. I said no banks, no credit cards, no real estate. Handed over my life savings (substantial). She presented me a plan that I looked over carefully, I was happy. Then the crash happened, but I knew I was okay because I expected it. I didn't want to freak myself out, so I didn't look. Toward the tail end of the disaster, I took a peek. She had put my money in 100% REITS!!!! it was now down to next to nothing. I didn't know I could sue (I had the proof), and of course, she had moved on...presumably to go and destroy someone else's retirement. I had to start over, so my retirement isn't going to be anywhere near as nice as it would have been (I would be retired now if only). So I manage my own money, which is hopefully a good idea. I have been making gains from 20-45% yearly. Now I wonder...how to protect it this time? Where we are doesn't seem remotely sustainable...

@soadabajobir2583 3 года назад

i am not work

@medgolly7342 Год назад

However the government of Canada only rewards its seniors over 75 where the majority die before 75 including Men how clever while high tax levels keep the elderly especially if they don’t move the RRSP at the right time otherwise the Canadian government will penalize pensioners if pulling to much at one time puts them into a higher income tax bracket and a wind fall to revenue Canada !

@suecox2308 3 года назад

What is meant by a retirement "plan?" I'm not clear on the kinds of things that need to be included in that plan. Are you talking about a budget for anticipated bills and expenses, or something else?

@Tensquaremetreworkshop 3 года назад

Absolute step one- understand what it costs you to live. Use a spreadsheet. Separate essentials (food, utilities, etc) from luxuries. Calculate how much of this is work related (clothing, commuting, etc) that you will not have in retirement. Until you know that, any other planning is useless. If you have the records, go back in time to get as long a measurement as possible. This will allow you to calculate your personal inflation figure (it will NOT be the same as the government numbers!)

@suecox2308 3 года назад

@@Tensquaremetreworkshop I understand. Once I have that figure, is the retirement plan as simple as deciding to live within one's means?

@Tensquaremetreworkshop 3 года назад

@@suecox2308 I can only give you my personal approach. (I cannot advise- by law.) I kept a spreadsheet, that tracked my costs in three types- - reoccurring normal expenditure (food, utilities, insurance etc) - costs that would not continue into retirement (commuting, mortgage, etc) - one-off 'luxuries', that were a discretionary spend. Once set up, this only took ~10mins per month. Download bank statement and credit card statement, and allocate each item. Easy. Over a few years, your personal inflation for the first type becomes apparent (expect it to be lower than the government figure! In my case much lower...) Forecast forward these numbers, multiplying each year by your inflation. Replace forecast with actual as they come in. Knowing your costs (both minimum, and that with luxuries) means you know what your retirement income needs to be. The detail of that depends on where you live. Attempting to plan without this crucial data is impossible- at sea without a compass. FAs know this, but do not pursue it, because people do not like to do it- 'too hard'. Any FA that claims to be able to help you plan retirement without this data is a charlatan (IMHO). So, it is not 'living within your means' as such- it is understanding what living costs, and ensuring the means match it. Of course, it you have an extravagant lifestyle, the means may not be achievable; it is a balance between how long you want to work versus how much stuff you want. Remember- time is the one thing you cannot buy.

@suecox2308 3 года назад

@@Tensquaremetreworkshop This is very helpful--I've never considered that inflation of expenses over time would need to fit into any ideas of how much money I would need in retirement. It probably sounds so basic to you, but it hadn't occurred to me. Thanks for the road map (not advice!)

@Tensquaremetreworkshop 3 года назад

@@suecox2308 You are very welcome. Best part of such a plan/tracking system is the confidence it gives you. Many sources of retirement income (pensions) are index linked to some inflation figure, or is a fixed increase. As my inflation is way lower than the one that applies to mine, I have more to spend each year.

@ciaradonnelly4627 2 года назад

Dying a rich man, God that sucks!

@malcolmnicholls2893 3 года назад

If you don't spend money on the fancy **** you used to want you can have a good time.

@babuthevar3921 3 года назад

Thanks for the videos, could you explain about Cryptocurrency. How it works

@ParallelWealth 3 года назад

Babu, I would search on YT - lots of channels covering this. Not our expertise!

@russellmania9157 2 года назад

I retired in 2013 at 55yrs old and was debt free with a pension and investment property. I bought a turn key foreclosure in 2012 for 85k with 15yr mortgage. I owe $11,000 and want to pay it off either the end of this year or the beginning of 2022. What do you suggest?

@gosiagorecka3454 2 года назад

I like your haircut

@zarinapardhan1909 3 года назад

We’re is your office. Address please

@ParallelWealth 3 года назад

We r in the Vancouver area.

@alancane1482 3 года назад

"Anybody who dies with more than $10K in the bank is a loser."---Errol Flynn

@ParallelWealth 3 года назад

And he died with a net worth of over $10 million in today's dollars 🤦‍♂️🤦‍♂️

@alancane1482 3 года назад

@@TT-fq7pl Or maybe he gave his money away

@alancane1482 3 года назад

@@TT-fq7pl True and who knew if he had any kids legitimate or otherwise?

@louisw4390 2 года назад

"Make sure you don't die with millions in the bank." What??? Dude!!! Have you ever heard of generational wealth?? That is a very irresponsible comment. Something more appropriate would be to insure that you estate is put to good use but just buying a new sports car every year for the sole purpose of zeroing out you balance sheet is infantile.

@ParallelWealth 2 года назад

Yes, we have lots of videos on estate planning - again, dying with a bunch in your bank is not a plan - it's the default. Much more tax efficient ways to pass to future generations. But I think we are on the same page here.

@ParallelWealth 2 года назад

ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-3tsVKWJgwHI.html

@louisw4390 2 года назад

@@ParallelWealth Thank you very much.

@louisw4390 2 года назад

@@ParallelWealth Thank you very much.