Early Retirement What have I learned ?
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- čas přidán 24. 07. 2024
- 4 years after early retirement and what have we learned ?
NOTE: We are not professional advisors, we are just sharing our opinions from what we have experienced over the past 4 years since we retired early
Chapters
00:00 - Early Retirement What have I learned ?
00:46 - our path to early retirement
02:11 - Canada Pension Plan, CPP
04:56 - When to retire
06:29 - Debt frree
07:07 - Be on the same page
08:00 - Hope BC
08:43 - What to do in early retirement
09:43 - lessons learned about work
10:37 - How we decided to retire early
SHHH Moto Travels - Season 7
Snowbirds ? - travelling in retirement...this series we travel looking for places where we can snowbird in the future
Retirement travelers
Our CZcams channel and the videos created for this channel is for entertainment purposes and the opinions given are those based from research articles readily available through public access.
This channel is my new hobby in retirement.....come travel with us !!
#retireearly #earlyretirement #cpp
I left my corporate job in 2012 at age 52. Sold everything to get out of debt, travel the world and start my own business in 2020 at age 60. Fast forward 4 years, the business is thriving and I’m taking it international! Now I earn a steady monthly income from Social Security, a small pension and my growing business which is great because I never saved or invested for retirement.
Wow !!
Thanks for sharing ! So glad everything worked out for you. It’s amazing what can happen when you open a door and follow wherever that path takes you.
Congrats
We wish you all the best and continued success going forward.
Thanks for watching and thank you for sharing your story !!!
Cheers
Yes, another video on how you are doing this off savings.
Thanks for the feedback. We started working on that video this weekend. Hope to have it out in a week or so.
Thanks for watching and taking the time to comment.
Cheers
Thanks for sharing your experience and wisdom. There’s a whole whack of us boomers trying to navigate these very questions 😮
One of my favorite parts of retirement too, Craig.... Riding whenever I want. 🤗💜
Interesting about your CPP pension...top secret info I guess, lol. 😅 You'll adapt! I'm planning on taking my SS at age 62... My friend, Wayne, the "bean counter" helped me figure out the best time for me to take that. We worked hard to pay off our mortgage before retirement. Glad you and Lucinda have been able to travel to so many places and that you're on the same page. Hope! Wonderful coffee shop there!
Thank you for sharing! Life is short and to me, time is more important than money...
So true !!! 🙏
Great video and I love the scenery. All of this really resonates with me as I'm retiring end of this month at age 63. Glad to say I've got most of these tips fairly well in hand. You make an excellent point about CPP sliding back a bit due to not working from 63.5 - 65 (for me). I'll definitely be keeping an eye on that as I hadn't planned to draw it until after I turn 65 at least.
Thanks for your comment !!!
CPP might not slide too much for you in your timeline, but for us from 53-59 i noticed a big difference in our forecast letter we got a couple months back.
We wish you all the best on your retirement journey!!
Enjoy.
Great tips Craig. I retired a little early, at my choosing, along with careful financial retirement planning. You hit the nail on the head with shooting for being DEBT FREE !!! That is the best advice for everyone when planning retirement. Having something to do is also very important, as you pointed out. And yep, that "future" social pension estimate (CPP in Canada, and Social Security in the U.S.) is not valid if you retire early and stop contributing, very glad to hear you talk about that, it's something that early retirees really need to understand. Again, good stuff, Craig !!! 😁👍👍
Thanks so much for your feedback Wayne !!!
Hope your retirement is all what you want it to be !!!
Hey Craig, I remember meeting yo at the beginning of your retirement journey. I can't believe all the adventures you and Lucinda have been on. Budgeting is the key as you have pointed out. I've been retired now for 5 years and have been busy ever since. Congrats to date and here's wishing you a happy and healthy retirement in the years to come, cheers my friend.
Thanks Dave !!
We’ve been following your travels lately and it’s bringing back some great memories!!
Hope we can get together once again in the near future.
Cheers
Good stuff raw dawg. I’m just finding your channel for the first time. I really like the ride & chat. 👍🇺🇸
Hey ! Thanks for tuning in !
Ridin and travelin, a couple of things we love to do in retirement !!!
Thanks for leaving the comment
Have a great week !
Cheers
Great words of wisdom. Fuel for thought.
Thanks !!!
Not sure if it’s words of wisdom or lessons from the “school of hard knocks”
I’m still taking classes at that school !! LOL.
Thanks for leaving the comment !!!
Cheers
Great to see more of your videos! Yes I want to know how you did it off of saving! Plus can you do more video about different places you visited? Your history tours encourage me to check out the places you visited. Keep up the great work!
Thanks for the feedback !
Others said to us many times we should have started a YT channel earlier as we traveled quite a bit before we started all this.
Cheers !
I enjoyed this. It gave me something to think about.
Thanks for watching! And for leaving the comment.
Cheers
Thanks for the info.
I’d like to be able retire early so I appreciate the video.
Cheers!
Thanks for the feedback !!!
Cheers bud !
Retirement planning can be quite overwhelming, especially when it comes to choosing the right investment options.
Absolutely. With so many choices like banks, bonds, and IRAs, it's hard to know which ones will provide the best returns.
And let's not forget the ever-changing market conditions and economic uncertainties. It's enough to make anyone nervous about their retirement savings.
That's where a knowledgeable financial advisor like Desiree Ruth Hoffman can make a big difference. She can help navigate the complexities of retirement planning and recommend tailored strategies based on individual goals and risk tolerance.
100 % agree !! It took us years to research and find out what works best for us.
Out next video we touch on that topic of how we are doing this and be able to travel the world at the same time.
Thanks for watching and for your comment !
and tax planning for those investments also !!
Thanks Craig. You know, I wondered how you guys did it early and now I know. I am about 14 months away from earlyish retirement and your tips will help me out.
We have not looked back since we made the choice !!! Just lovin it.
Thanks for the comment !!
Cheers
Great video! Yes I would love to see a video on how you make it work financially.
Thanks for the feedback.
We are working on putting that together right now.
Thanks for watching
Cheers
Thank you for sharing your perspective. My early retirement plan is to continue working, but I have stopped saving and am spending that money on travel. Scotland last year, Colorado & BC this year, Mongolia next year, and Ushuaia Argentina soon after that. When I retire, I will live off my savings deferring CPP, and OAS to age 70 and with a small pension that will make up 100% of base living expenses. Then the race is on to optimize my travel ability with the remaining savings. --- Always have a plan. When things stop going to plan then it is an adventure. ---
Thanks for sharing in your comment here !
There are so many different plans for retirement !!! They are all good … bottom line is enjoy life to the fullest
Cheers !!!
Great tips Graig. I had a great job so I retired tired late .
Thanks for the comment. You are a very fortunate person, I wish I could say the same thing about my old job.
Cheers !
Some great tips Craig 😎👍 Hope you are both well
Everything is great, Thanks for asking.
Hope summer was great for you down in Tassie, I guess it’s autumn there now
Cheers
@@SHHHMotoTravels great news!
We are in winter now frosts most mornings and snow on the mountains
🥶
Watched this from Australia, totally related to what what was said, I've subbed for now, loved my time in Canada, should've stayed, I was 25, now 61, lost my permit.
Thanks for watching !!!
We loved Australia, spent 4 months there in 2023. Loved the red center.
Our son was in Australia for 3 years but he just lost his work permit, working holiday visa. He just got back here in May.
Thanks again for watching !!!
Cheers Mate
I'm Rich...and she's Kake LOL. Hey Craig, we both retired early too, and never looked back. We don't use the four-letter "W" word anymore. I can't imagine waiting until age 65-70.
Nice video with great info.
I remember that about you both, early retirement and on the road enjoying every mile of life !!
Yup… work is a four letter word !! LOL.
Thanks that was very informative especially what you mentioned about the government adjusting the anticipated CPP amount to reflect an earlier retirement than 60. They don't miss a beat do they... 😂
Ya. That was an assumption of mine and it really surprised me when I looked at our statement a few years later. Uggg
Like anything, it’s all in the fine print.
Going through CRA and Service Canada literature, it goes around and around till you get dizzy !!!
All good, just gotta move to Plan G now. LOL.
Thanks for watching and for leaving your comment !!!
Cheers
I took off work 3 months thinking I could live off my savings until retirement, but I went stir crazy and had to go back. I like what I do, but it's mentally and physically exhausting. I have to figure out what to do with my time.. And since I have not done that yet, I am going to keep working for now.
Thanks for your comment !! I think that’s awesome that you found what works for you !! You’re right, you just can’t go for a coffee every day and that’s it ….
I think few people can actually say they love their work, you are one of the fortunate ones !!!
Thanks for watching and thanks for spending the time to leave a comment.
Cheers
Ideally if you can defer your CPP until 70 is even better as the premium increases exponentially after 65. (I have some good references if you need it)
I just worry that the drop per year is more than what the increase will be !!!
Early Retirement... yeah, that's what I want. I already have enough hobbies to keep me busy - it's just making sure I can afford to keep doing them! :D
That’s the balancing act !!!
@@SHHHMotoTravels Well, it sure is! My current retirement plan: keep my wife from divorcing me long enough to collect HER retirement :D
I had a lot of hobbies too, but you just can't do hobbies 40 hours a week for years. Basically, we need a job we love, then the problem does not exist.
@@jamesdavis727 Good point.
@@jamesdavis727 - good point ! Volunteering is a good option for that also.
It was starting to sound bad......and then you got to Hope!
There is Hope ! and it was pointing to me !!! LOL
Age 56, and early retirement with my wife and I savings. No help from parents or anyone else. Live under our means, buy used cars, and saved as much as we could during our 30s. Everyday is Saturday!
That sounds similar to our story !!!
We decided to start working on our next video to show how we did it, and make it work to this day… without being rich or help from others.
Thanks for watching and taking the time to comment
Cheers
@@SHHHMotoTravels Our parents were actually negatives to our finances. LOL. We took college classes whenever possible and worked our a$$es off to put a little money away. No boats, jet skis, or RVs. We still had fun but did it on bikes, walks, and car travel. Looking forward to hear your experience.
@@Rottingboards LOL. I remember hot riding the ol Mustang bikes and taking the banana seats off and using 10-speed seats. That’s how we grew up until I could buy my first motorcycle !!! LOL.
Thanks for bringing back an ol memory for me !!
Doug Runchey can help you with the CPP exact calculations. He's the expert. Not expensive either. I think he charges about $100 or so.
Thanks very much for the contact !!
Much appreciated… !
Also … Thanks for watching and we really appreciate your comments !!!
Have a great week.
Cheers
CZcams can be a full time job for sure! 😁🤪
I am a truck driver in the USA. I plan on retiring at 65. That is 4.5 years away. I plan on paying off most of my debt. I hope to travel when I retire. My wife is planning on retiring a year after me. We hope to travel together then. I hope to take a 1 month long road trip on my Heritage. I hope to head out and choose day by day where to go. I do have some money in a couple IRA accounts. I am putting a little each week in one of the accounts.
Thanks for sharing !!!
Sounds like a great plan.
We did a 10 month road trip in the US back when we first started this journey and made it to 27 states. Same as what you said, we left with no plan and went day by day.
We wish all the best for your retirement journey !!!
Safe travels !
Cheers
I live in the US and was born in 1957 which means my full Social Security benefits kicked in at 66 years 6 months back in February. I am still working and not sure when I will retire yet, but based on my calculations for every month I continue to work past my retirement age it is an extra $17. I know it isn't much extra but after 4 months (Feb-June) it is now $68 extra.
Canada had a similar set up. The longer one waits the more per month you can get. Like you said, it much more but better than a kick in the pants.
I’d love to be retired, but not from all work, only the stuff that I don’t want to do.
That’s what retirement is all about , time to work for yourself at things that make you happy !
Cheers my friend. !
Make a plan, work the plan and it will happen when it’s the right time !
@@SHHHMotoTravels Plans are happening. Big change coming. Announcement video soon.
😎👍👍
Like a wiseman friend once said …. Work is a four letter word 😂
🤪
For CPP They subtract 8 lowest productive years from the 44 working years and then average the contributions out. So if you retire early you may want to take cpp early especially if you have had other non working years or low income years. Or your average will go down.
Thanks for the clarification on that point !!! Searching CRA and service canada can be quite confusing. All I know is I have seen our statement forecasts going down.
Thanks for watching and thanks so much for you comment !!
Hi Craig,
We are trying to figure out how old you guys are?
My wife and I are both 62
So you said 7 years ago you came down a medical condition and for the past four years you been living off your retirement funds, but next year you will be able to get your Canada pension.
So your either 59 or 64 now?
Your math is good !!! 59 right now and trying to access if CPP would be best at 60 or not.
I know it goes up 7.2% per year after the rate at 60 but if it keeps going down like over the past 4 years is it worth it to wait !!??
It surprised me how the forecast went down between 55 and 59.
Thanks for watching… and for leaving the comment !!
Cheers
If you sold your home, then are you renting, or living out of a RV? Can you say where you are living and if reasonable rent is available? Thanks
Hello
We realized after the fact that we didn’t talk about that detail.
Video comes out today about what we do about where we live now and travel the world for half the year.
Thanks for watching and for leaving the question here !!!
Have a great week.
Hell Craig there is a different side of apples and oranges #1 from the states at 68 1/2 age social security full benefits then teamsters pension that age 69full benefits worked two more years still good health took the pension and social security as I'm working and put it in the bank now I'm getting as much as I was when I was working 😂🤔👌p.s. True story 50.5 years teamter and 42.5 years same job .Love it 😂
Wow ! That’s awesome !!! Sounds like it’s all working out great for you !!
Love to hear that.
Cheers !!!
I'm glad you started your YT channel. If you didn't, we would have never gotten to meet you.
Don't get me started on how the US handles retirement. 👎
You are so right !!!
I have met some of the best people on the YT journey !!!
Ooops ! Sorry to hit a sore spot there. LOL.
Cheers Bud
Oh.. forgot to add.. noticed you didn't go Beyond Hope!!!
Haha. That’s right !!!
Hope is still pointing at me !!!
Sounds like Canada has been taking notes from the U.S government. 😃👍
Hahaha. Canada is just the little brother.
Cheers !
I'm told a lot of Americans don't have a Pension or much in the way of savings and have to rely on social security, is that true and if so why?
Very good question in your comment.
In my opinion, unfortunately a lot of people who work service industry type jobs the employers don’t offer pension plans, add to that a very high cost of living so many people live check to check.
We were on a very similar path until our mid 30’s and we had to make a conscious change, when I started to worry about retirement.
Thanks for watching and for your comment.
@@SHHHMotoTravels Is it check to check or are Americans paying for those luxury items considered necessities later on in life?
@@peteturner8493 - hmmm Good point !
And/ Or, another train of thought……Could it be the educational system that does not educate people about how/ why to budget, how to live within their means, how to save or invest for their future, how to tax plan … etc.
Pensions are becoming rarer in the Us, companies mostly use 401K plans. If people don't have any savings it's their own fault. Although in fairness inflation here has skyrocketed over the last 4 years and people have a hard time saving to pay for simple necessities.
Not true, your spouse will be entitled to the survivor pension even if you died well before collecting.
I would check Service Canada to make sure. On their webpage it clearly states “ If you die before starting CPP retirement pension (section title)
If you’re under 70 and you die before applying for your CPP retirement pension, it can’t be paid to anyone else. If you’re over 70 your estate can submit an application no later than one year after your death. Your estate will receive up to 11 months of retirement pension. Your family may also qualify for other CPP benefits “ (that would be the death benefit.a one time payment for family)
@@SHHHMotoTravels The spouse still gets it (but my understanding is it is based on what they would have received if they took it at 65. Same thing if they took it early, the survivor pension is based on if they took it at 65 I believe). You might find it interesting to have a chat to Doug Runchey (he used to work for Service Canada in this department, but for the past several years has been helping people to navigate the confusing waters of CPP). I haven't spoken to him, but have watched a few other CZcams channels that have had him on and it is always really interesting and helpful. He can also really drill down the calculation for you if you want to know your own personalized entitlements.
@@debbielockhart7762 - Thanks !!! (So confusing the way the online sites are)
@@SHHHMotoTravels I think the government makes this (and most other things) baffling on purpose. Even most of their staff don't understand things and can give out faulty information. Yikes!