If You’re 50+ With Nothing Saved For Retirement, Watch This

If you're over 50 with nothing saved for retirement, it can be a pretty hopeless feeling. But, I want you to know that there is still hope! In this video I'll give you a step-by-step guide on how you can get your retirement savings back on track so that you can one day live an enjoyable retirement.


Financial Resources I personally recommend:

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0:00 - There's Still Hope!
0:50 - Step One
4:51 - Step Two
7:12 - Step Three
11:08 - Step Four
13:54 - Step Five
15:07 - Bonus

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.
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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.

[laundrygoddess]

Most people I know don't have any company match. It's much harder to get ahead without that gift.

[vm]

These days I would say a couple of the worst money wastes for people are restaurants ( over priced mediocre food) and streaming services. People could easily save about $200/ month by getting rid of those 2 things alone!

[FreemanJameZ]

Considering that I'm 41 and facing a job loss, I'm reviewing my financial plan. What investments should I make with $425, 000 saved for retirement, $10, 000 in an HSA, and a property that could generate me an extra $250, 000?

[chm]

I've been doing that for over 20 yrs, and I'm just starting to see some, some! light., easier said than done

[tvan]

Thanks so much for this! Again - knocking it outta the park. So many will be helped by this advice. Especially those that are in a low tax bracket and single(lots of us!). Every penny counts!

[ricke]

Consider retiring to a low-cost country such as Thailand, Mexico, or the Phillipines, for example. One could live off of CPP + OAS alone, as long as you would be getting near the maximum amounts.

[garth]

Adam. I think it is time that financial planning is taught in schools. Its a basic life skill. It doesn't need to be a full credit course in high school but it could be taught in a home Economics class or even as part of a math class.

Credit cards are too easy to obtain and many people "reward" themselves with them. Its too easy buy those new shoes, cell phone etc on Credit. I have only paid interest on my credit cards maybe 3 or 4 times in my life. I think differently..if i can't afford to pay the whole thing off when the statement comes in, i don't buy it in the first place.
The only real debit i had was a mortgage and i paid it off 5 years before retirement.
The i want is very from the i need.

[MillStream]

I’m 25 years into a public pension but I have little else saved. I have around 4 years leftover on my mortgage. I’m hoping to last another 5 years but I’m pretty fed up. I’ve just started madly investing in the stock market. I’m trying to be safe with it. I’ve chosen VOOV and a few blue chip stocks (TD, PEP, Rogers). Things that offer dividends. But I read this morning that stocks returned more so far this year than they have in a century! Now I’m worried if I’m a fool for investing at the height of all this. Thanks for the great content, it’s been helpful.

[AMG-BENZ-]

Great advice for those who are otherwise about to hit a wall.

[dwaynecostello]

many people end up working 5-10 different jobs in their lifetime, its important to make sure you have not forgotten that perhaps 20 years ago you paid into a matching RRSP scenario which is still sitting there waiting to be used efficiently

[Dom.Perignon]

been subscribed a long time, but just noticed you're at 120K... congrats Adam; I always can't wait for your monday/friday videos... cheers!

[AMG-BENZ-]

I shop annually for my insurance, cellular and internet costs. Never underestimate the low hanging fruit that can come from it.

[smalltownhomesteadAC]

I have an option to sell my property and buy in a different province for cash. I have a car loan and taxes that I owe(a lot). No other debt other than current mortgage. I’m just not sure if that is a better option. I wouldn’t know many people where I move. Thoughts?

[nickstark]

My mom is in a similar situation. Pretty much no savings, 60K in credit card debt, owes more on her mortgage today than the day she first got it 30 years ago. But she has a decent amount of equity in the property. Enough to pay off all her debts and buy a house in the city where we live in mortgage free. It will be tough, but with her work pension, she may be able to manage financially.

She has similar reservations about moving away from all her friends and support, but at least she'd be living closer to us and her two grandchildren. Never an easy decision to move away but it comes down to whether you think this will have a net positive or negative effect on your quality of life - socially, financially and emotionally.

[dangrather]

I racked up my credit card when I was 25. It was only $5000 dollars. I just couldn’t seem to pay it down. I got a lump sum of $7000 dollars and paid it off. Have never paid interest since except my house. Paid it off in 10 years by making big payments. I hate banks and I haven’t paid interest since.
Instead I make money off my money.
Will see how that goes with this crazy world.

[DL-blqp]

I'm going to watch this later, but here's my question: When you say that one of the regrets of retirees when they look back, is not spending more, what is their net worth, including pensions and what are they spending on average, monthly? I'm going over budget regularly in my first year and I'm not feeling bad about it because of your videos, and this week, I was like, "Wait now. Are these regretful people loaded?" I think that dollar value matters for watchers.

[dacianbonta]

it's next to impossible to have 0 saved, as we're all forced to fund OAS/CPP or SocSec

[psychette]

Was bankrupt and homeless in my mid 30's. I now own a home and have several hundred thousands saved with 10 years to 65. I never earned more than $50k adj for inflation.
Don't focus on the past, there is time if you have discipline. Start small and grow.

PRO TIP not mentioned it is often better to go bankrupt than to spend a decade in a consumer proposal or struggling to pay off your debt in full. The moment my 12 months were up, I got a credit card, a year after student loan followed by a car load four years latter and finally a mortgage by year 6. All along my credit rating was excellent. You won't do that with a consumer proposal. Sometimes ripping the band aid off is better than trying to pay off all your debt. And going bankrupt teaches (forces) you to live within your means.

[dereckhietkamp]

I have a question unrelated to this. I am still working, my wife is retired. Can we split my income?

[lauraw.]

Great video again Adam!
Recommend: To intensely tackle debt repayment, consider taking on side hustle, 2nd /.3rd job to increase repayment amount(s).