You Should Spend More Early In Retirement | The 3 Stages Of Retirement

Planning is the key. Live, don't just exist

I would like to see a video on retiring outside of Canada as a non-resident (in a tax treaty country). Such subjects as withholding taxes, departure taxes, etc

An important topic Adam, so many retirees underspend in their early and most healthy retirement years. I can also say from experience that after a lifetime of "saving for the future" it is REALLY hard to then become a spender once that future actually arrives. You'd think spending the money you saved for retirement in retirement would be easy but it isn't, it requires a BIG mindset change. Edited to add: It occurs to me that perhaps this is why some people start their CPP early. While it might have been wiser to wait to collect CPP and they could live off their retirement savings BUT they don't want to spend what they've worked so hard to save. Taking their CPP early means that they can spend less of their hard earned savings early on even though, long term, deferring CPP might be the better choice. Just a thought.

Good topic. As an early retiree (52) I am one of those who doesn’t want to run out of money. This video and others espouse spending early and having fun. I find the difficult part is that after saving for 30 years, I need to get out of that mindset to freely spend. I look forward to the future breakdown videos on these phases.

In my plan gogo is until 75, slow go is until 80 and no go is rest of my life. I use my husbands age since he is older.

This is such a great channel. Well done!

Adam, I never thought about the stages....having "retired" from the high school teaching profession at 45yrs of age and now being 61....I "accidentally" fell into your GoGo phase and maintain it now.....well, if honest, before pre pandemic 😉. AS with the other comments below, we wait until covid 19 is under better control so we can continue our GoGo phase. In the meantime.....we save our nickels and dimes so when it is a "GO" we will be very prepared and maybe even make it a "GoGoGoGo" phase. 😀LOL. The silver lining in covid can be found in each individuals circumstance..💯..yes, there is sadness in the mix as well. Stay safe, mask up please, 😷 get vaccinated..💉..3 times if we have too.....find new hobbies and work on mental and physical fitness...and yes....I get it....there is a lot of suffering about to manage as well. You Got This💪 🇨🇦. Heck! One silver lining is having the time to have come across Adams videos! ⭐️Awesome!💯

Thanks Adam. This is a great approach. I need to “run the numbers” to optimize my various sources of income since I have RRSPs, SRRSPs, Defined Benefit plans, and my home. I assume that there is an optimal strategy on which asset class to spend in each of the 3 stages you mention in this video. I would appreciate a future video on merging these various considerations. Cheers!

With covid it has been a no go for a couple of years now. Hopefully, this changes soon.

Nice vid and clearly explained. Can you pls break down the difference between estate / retirement / tax planner - not sure which one to engage when ur planning retirement in 5-6 yrs ? And are u referring 70k as a total for an individual or a couple ?

COVID COVID COVID please keep it in mind when you make these videos. It blew my 30th anniversary to pei and many other plans so it sucks big time. As a retired paramedic, I get the different phases of life, having seen the unexpected deaths as well as the expected. I have taken my commuted value of my pension at 54 years of age but am faced with many different decisions early on into this damned pandemic. Please input the pandemic into the go-go phase because it matters more than you may give it credence for.

Let's see a video on debt repayment strategies.....for efficient and fast debt repayment.

It’s really hard not to worry about running out of money in old age. So don’t spend now just in case.

How does financial planner work with investment planner and client to be a team of support. How does it typically start, how does process work, are there touch point meetings? Just unsure how it all works together to help manage our planning and finances in retirement

I loved this video. It seems the retirement amount wasn't for a single person but a couple. Am I wrong or right? Mine will be 60k as a single male.

I own 16 paid for rentals and 23 yrs at my w2 with pension. ? Could I still collect my sister at 62?

So then what happens if you plan on not needing an expensive care home in no-go but then it turns out you do need one? I get not wanting money to sit idle or go to the government when you die but aren’t you taking a risk in assuming something you can’t predict? Isn’t the point of saving for retirement to ensure you have money for when you are no longer in a position to generate income should a certain need arise?

How realistic is reaching past 80?