7 Steps You Must Take Before You Retire

In this video we'll go through the 7 steps you need to take before you retire.


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.

OUTLINE
0:00 - Intro
0:27 - Step One
2:08 - Step Two
3:08 - Step Three
4:14 - Step Four
5:13 - Step Five
6:43 - Step Six
8:39 - 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.

[rickgray]

We retired also at 56. Best decision ever. Loved my job but loved living life to its fullest. Plus I was burning out for sure. We have a modest income; my spouse did not have a work place pension but we are frugal and always have been. We have a small 14 year old compact car; have a large organic veggie garden; six fruit trees; no TV; no cell phone; no dishwasher or microwave; no clothes dryer etc. We are Luddites for sure. Exercise daily. Travel. Eat healthy etc. Reside in an affordable two bedroom home (mortgage free for 20 years) and still manage well when all the kids and grandkids arrive in the summer. Great fun to squeeze in even with ONE bathroom. Less is more as the cliche goes. And many thanks Adam for your perpetual, fabulous advice.

[TheWealthyBarber]

Hey Adam, it's Dave Chilton, The Wealthy Barber. I enjoy your videos. You're well-informed and very genuine. It's clear you really want to help people. Well done!

[vm]

Retirement will be a cinch for me. My identity has never been with my job - I learned a long time ago that the employer (and co-workers) replace and forget you in 5 minutes, so don't give them too much of your "life". They owe you a pay check on the work you have done. That's it. It's business. If you haven't developed a life outside your job, that's your mistake. You need to be able to walk out their door and never look back.

[sharky]

#1 Plan
#2 Goals
#3 Educate
#4 Expences
#5 Tax plan
#6 Mentally prepare
#7 Retire TO something not FROM something
#8 Enjoy life and always GIVE THANKS !!!

GREAT JOB ADAM !!! 👏👍🎉

[dwaynejohnson]

Hi Adam, I was happy you mentioned the mental concerns but none of your points are what I had in mind. For a lot of people, we've had 60 years of save, invest, grow, grow, grow. Its been our whole life, but upon retirement, its now depletion time. That seems like the biggest mental hurdle for me - switching from accumulation mode to depletion mode. How depressing and unsatisfying... lol

[carriedestler]

I've been retired a few years now and my husband will be retiring in 3 years. One thing we're doing while he's still working is purchasing any large items that will be paid off before he retires. For example, we need new windows in the bedroom and kitchen, we need a new freezer, etc. Large things that would cost a hefty amount that would need to be taken out of retirement savings. I also plan to do a very large Costco shopping and will be doing lots of canning from our garden. We are always thinking about the future and what we can do now to keep retirement costs down.

[kuyag]

Thanks Adam. I'm 56 and met with my financial planner and got the green light to retire end of this year if I want. Just need to figure out steps 3, 6, and 7 before I do. Also need to use up my health benefits before I retire since my employer does not provide post retirement benefits.

[daviddean]

I’ve said it before, but I’m gonna say it again you are wonderful Adam and thank you for taking the time to educate me!

[nplskoot]

Grateful always for the tips and reminders 😊

[dennyd]

A year before I retired, I started working with a psychologist in prep-therapy. We unhooked all those pieces of identity that were tied to work-life, and built a new definition of who I was going to be. That was the best investment I ever made! 👍 It wasn’t easy at the start of therapy, but by the time I retired, it was a breeze!

[DoneByD]

I couldn't agree more with all seven of these steps but the two which really resonated with me are assessing current spend, & educating yourself on retirement. It is critical to know current spend as this gives you a great upper limit goal post and knowing your current spend will be critical to informing what your retirement might look like.

If you can continue with the same level of pre-retirement working gross income in retirement, expenses will be easily met as a number of pre-retirement expenses go away after retiring. Put another way if you are able to maintain the same level of pre-retirement working gross in retirement you'll have considerable more net disposable income.

I believe educating your self is another very important step. Starting retirement is one of the biggest decisions you'll make in your lifetime so going into that blind is definitely not the thing to do.

These two items are very important, as both are started well in advance (pre-retirement), and will prepare you for your retirement day. While educating yourself on retirement you'll end up looking at other critical areas to think about (at least 5 are mentioned in this video). Foundational knowledge is key and important for proper planning and readiness. Don't skip these two critical pre-retirement steps as all information and knowledge gained will be crucial for a happy and successful retirement.

[timika]

It would be nice if you could do a detailed video on that "big checklist" for a complete financial plan. I think you've already did, but a refresher wouldn't hurt. And/or provide an actual checklist on your website.

[alfrancis]

If all goes as planned, I’ll be retiring in 3 years. I’ll be 56 and looking forward to enjoying life in a different way. I’ve enjoyed a great successful business career and love what I do, but looking forward to travelling more and focusing on hobbies even more.

[pwong]

I love this video even though I am retired for last three years and travelling five trips a year with Gate1travel. Living my life to the fullest. I only live once.

[finnajane]

Home with the spouse and cat sounds like a plan 😸

[DonYang]

I dont miss working, I surely dont miss the people either....haha. Retired at 50...

[scribbler]

Hi Adam. We really appreciate your channel and look forward to your videos.

Just a quick note about the 7 things to consider before retiring: IMHO, don't let the lack of decision about, say, "what to do after retirement" stop you *from* retiring.

One doesn't necessarily need to have their ducks perfectly aligned before pulling the retirement trigger. Many of these can sorted out after the retirement party.

Spoken as one who retired mid-50s (not quite 10 years ago) and has not regretted one second of it.

[OptimisticHominid]

We’re hoping that on April 8th we’ll have checked off a total solar eclipse from our bucket list. The hotel is booked and all the camera gear is good to go.

[garth]

This is what makes this financial channel very different from all others. adam wants us to be successful, not just from a dollar and cents perspective but from a life perspective. Others like to " sell" you either on their views or an actual financial product. I actually spoke with my financial advisor this morning and I discussed that I was considering changing my RRSPs into a RIF now at 60 because I wanted to start a slow burn of my investments. I thought that my 3.xx% ( increasing) RIF withdrawals would make sense as I don't really need the money right now, but that RIF withdrawal would constitute my TFSA yearly maximum contribution for the next 5 years. He told me not to convert my RRSPs to a RIF until 71 as I would be forced to take a certain amount each year..that was kind of the idea...a known amount each year. I don't know why, but I'm starting to think that the FEE schedule is better for him and the company in an RRSP than a RIF.

[vinceferraccioli]

I won't miss all the ass holes at the Gm auto plant😅