6 Surprising Lessons On Retirement From My 90 Year Old Clients

In this video we'll go through 6 things my clients who are later in retirement are often surprised to learn.


Financial Resources I personally recommend:

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.

0:00 - Intro
0:24 - One
1:51 - Two
2:53 - Three
4:08 - Four
5:39 - Five
7:59 - Six

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.

[Maritime]

My grandfather told me a long time ago, "There are too retirements in life...the first is when you retire from work...the second is when you're too old to do the things you enjoy doing...make the time between the two as long as you possibly can."

[markust]

Singles ! Adam! Single!!, different ball game. it annoys me sometimes that we are like the elephant in the room. This doesn't necessarily apply to a one income and only earner.

[austinbar]

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

[FionaMacDonald]

Agree with all those points 👍 Glad I retired early, but still getting used to spending more after a lifetime of saving! Oh and learning all about taxes 😜

[wrongwayconway]

We visited a family friend in his mid 90s who was in hospital. He said: "I made a lot of money, once even had over a million but what good is that? I can't do anything with it now" He's a man who traveled, owned properties and had more than enough for him and his wife to live in an excellent retirement home...but he had A LOT of money left at the end of his life. I can't imagine the death taxes etc when the time comes.

[marysinclair]

I'm 61yr and semi-retired working part-time now. We have zero debt. My health is the MOST important issue for me. I feel good I exercise and walk daily. I have an expensive passion (horses) I only have one now that I'm boarding out for the first time in over 10 years. Riding is my passion and I want to enjoy it for as long as I can, having said that it is tough to spend the money. We are both BIG savers. What do I do sit around? Riding my horse has motivated me to stay in shape.

[ddavidson]

I've been retired for 9+ years (in my early 70s now) and I think learning to spend after decades of "saving for the future" is possibly the hardest transition to make in retirement. You think it will be easy to spend when the time comes but it's not, the habits of a lifetime are hard to break. I suppose the way to look at is when you are retired that future you were saving for has arrived and now is the time spend your retirement savings enjoying your actual retirement. Otherwise, why did you save it?
One thing is for sure: If you die with a ton of money in the bank you are still dead.

[avidtraveller]

So many people don't have a pension. How about you create a series of videos focusing on the average working person?

[Redneckboy]

My dad is 84 and his bank account is always growing. He's always asking to take us for dinner.

[netgenrb]

Hi Adam,
I wish I'd met you 12 years ago, before I took a "bridge" pension and then replaced that bridge with CPP @ 60! I'm 72 now, I started workig full time @ 17and, after many jobs retired @ earliest possible 55 to qualify for "full" if slihgtly reduced pension.
If I had to comment on my "plan", I got a good head start by stating @ 17 and opening an RRSP @ 22. Where I let myself down was concentraiting too much on the front end and not
on the plan for what to do on day one of retirement. I was still in the midst of half a dozen personal projects I needed to complete & dispose of before I (we) could begin the go-go years. I definitely should have put a greater priority on those 10 years earlier...
Love your advice here. I messed up mine a bit, but we're still in time to get my wife's side correct. Thanks for being here! - rick bradner

[miked]

I just announced my retirement this week. I had been talking about it for some, but my co-workers, didn't think I was serious. I have given my employer 8 months notice as there is about 4 months of training before the replacement can take over. I am looking forward to retirement and we have plans of heading out sailing, sking and cycling. I'll be turning 60 in December and hoping to have fun in my early stage of retirement. My financial planner said I should have retired 2 years ago. Reason for holding back is that other key people were retiring and would have left the company in a real bind.

[killersparklesj]

Retired at 60 but could have done it earlier with my situation. Know that it is normal to wonder if it is enough.

[edprior]

My parents couldn't spend all their money before they died. I always thought that it was because they had an excellent indexed government employee pension with extended health coverage, and that I would not be so blessed. I'm finding that even I with no pension and fairly high health care costs have more money than I'll ever spend. I wish I'd believed my financial planner earlier, but the old "what if" got in my way.

[vm]

People panic about possible long term care costs (understandable) - the truth is if you end up needing long term care, the average time is 18 months..not YEARS (depending on what source you read), and only about 5-10% of people over 65 will ever need long term care (also depending on the source you read). Insurance companies want you to panic so you will spend about $75000-$100, 000 on premiums for 20 yrs - be locked into all sorts of loopholes with their policies, and then still be stuck in an underfunded, understaffed, crappy care home, of which your policy will not cover what you end up needing. Also, most of us will be lucky to make it to 80. I personally have zero interest in living to 90 (or older) if I have a low quality of life and am suffering. If you are able, instead of insurance premiums, fund a GIC or TFSA from age 50-70ish so you can easily draw on that if you need to for long term care - with no loopholes or rigid policies the insurance companies scare you into buying. So sick of this scare-mongering nonsense. Do your own research (look at non-biased sources), be honest about your chances/lifestyle/health and definitely look into the province you will be retiring in - they are all different with regards to quality of care, number of homes and any government subsidies.

[aleem]

Great Video.
Both my wife and I have saved too much for our retirement.
I was always told by my parents…” If you don’t plan, then plan to fail”.
My biggest issue is getting my wife to spend more money now and going forward.

I retired at age 45, here I am at age 55, and our investments just keep growing.
My wife will retire in 2038, with a wonderful pension and more savings with a work place RRSP plan.


We just downsized, both of our kids are enrolled full time in university.
The sale of our principal residence left us with a windfall of $150, 000.
With these funds, I opened two accounts for our kids and used the proceeds to invest in the first time home buying account.
This way, it will give them a chance at affordability issues.

[rongrant]

Taking CPP at 70 would mean working until 70 for me, and I'm not interested. Waiting until 70 works great if you already have a lot of investments and don't need the money to retire at 65, or have a company pension plan. There are a lot of assumptions with waiting until 70.

[jmacallar]

I’m thinking about taking CPP at 70. I plan to work part time until then. Great video….thanks

[AB-jktw]

Great advice - as a 70 year old I fully support your points.

[colinmagee]

Good video idea Adam. It's good to see the feedback on results of a plan. One topic of feedback that would have been great to include is an older client who's spouse has already passed and how they are doing with potential CPP loss, guaranteed OAS loss etc and how they adjusted/compensated. Cheers

[TonyaPenelope]

I would love to see a video arguing that the Canadian government is on track financially to ensure that the CPP and OAS will remain adequately funded for the next 40 years. I'm 51 and plan to retire at 53. I would only take my CPP and OAS as early as possible because I'm still determining if the money will be there later.