14 Smart Things To Do BEFORE You Retire

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.

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.

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

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.

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.

Very good list, thanks for posting this video

Excellent video! Thanks for the information.

Great information! Thank you.

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

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.

Excellent advice 👍

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

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.

Very good list👍🏼👍🏼

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.

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.

good starts for planning

Thanks Rhys!

Great video Rhys.

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