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In this video we’ll go through 3 retirement mistakes that I am seeing a lot of people make over the past 2 years. Whether it’s jumping into RV living with no experience, downsizing to a place with little accessibility to support, or retiring abroad with no plan, there’s a good chance that you could fit into one of these categories. If this is you, make sure you do your due diligence and make sure you are prepared as you enter retirement.
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0:00 – Retirement Mistakes ’22
0:24 – 1. Full-Time RV Living
1:58 – 2. Downsizing With No Plan
5:04 – 3. Moving Abroad With No Plan
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.
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We have come down with a criteria list, hospital/emergency room, international Airport, striking distance to USA border along with other more minor considerations.
Very good point. My in-laws used to live 10 min. away. Through downsizing, they moved to hours away. Now in their no-go years and needing more help, but it is difficult to do.
Hi Adam If you’re already taking CPP can you stop it and put it on hold and then start taking it again? I’m 67, took at 66…so stop till 71 and drop down RRSP?
Anyone seen full hook up RV fees these days.
We've owned 3 trailers over 23 years. We started off with a 19' with our last trailer being 33'. Don't want to sound pessimistic, but it's a lot of work. There's always something to tinker with. We had a fridge die on us at a campground. It cost $1700 to replace. Issues with the slideouts. Issues with toilet paper caught in the black water holding tanks and on and on. I'm all trailered out. Our plan for retirement is to fly everywhere. 😄
I've been planning and slowly getting rid of possessions over the last 2 years in preparation of #3. However it's one step at a time and I'm planning to leave my financial assets and will pay tax in Canada for the foreseeable future, thus becoming a non resident for the time being.
As a Canadian living in the UK looking forward to the retirement abroad video. Keep up the great content
My wife and I have contemplated an RV trip across the continent in our first year of retirement after selling our home and awaiting the construction of our new home. We have a trusted family member who can oversee the build. Even if we lose out on the value of the RV we think it’s the kind of adventure that will make it worth it. Of course, lots of pre planning to be done to validate our vision of what it would be like before making such a big commitment.
Here's a topic suggestion for you – what about Canadian citizens returning to Canada to retire? That's my situation currently. My husband and I (I'm Canadian and he has dual citizenship) are trying to plan for a return within the next few years and hoping to move to B.C. I'm 63 and he will be 65 in a few days. All of our assets and investments are in the U.K. I intend to contact your offices for a chat as we have many financial issues and concerns. I've been watching all your videos and am learning lots but have not yet seen our circumstances addressed?
RV lifestyle is awesome only if you’re still healthy. They are a money pit and will require constant maintenance. If you travel a lot fuel cost will be expensive. Comfort, convenient, and security are factors to consider. Eventually some kind of emergency will arise that will force you to give up such lifestyle. Research and long term planning is essential in order to have a successful and fantastic experience.
Great video!
You know when I say things like this to people they tell me I'm negative and I should just live in today and not care or worry about tommorow. Lol
Good advice. So much to other to consider than just money.
With regards to healthcare, living in a major city with plenty of healthcare is no garantee of proper treatment. A recent incident comes to mind in a major city where the person waited more than 7 hours for an ambulance and died.
Great content! My wife and I purchased a 23' trailer this spring for trying it out – our plan is to spend one year touring North America when we are both retired in 2024; so far we are enjoying it, but if in the near future we don't end up liking it, we can always sell it without having sold our home beforehand…
My husband and I have been dreaming of the RV snowbird life in retirement. Few years ago we rented a few times to make sure it was for us and loved it. Two years ago we realized that a small RV was in our financial reach and we could start
Travelling more now. We bought a truck and travel trailer. Great decision.
When we retire, I think we should keep our current set up for our initial big trips to make sure it still works for us. Then maybe upgrade to a 5th wheel. Small steps.
Yup! It always helps out Adam. Thanks. I will forward your presentation to a couple in Utah in their 50's. One is retired as of one year today and the husband is waiting for financial reasons and he still loves his job as well.
Another mistake I see retirees making is downsizing to a townhouse with multiple flights of stairs. And then they are surprised when mobility problems require them to move again.
Speaking of downsizing, and with a number of cities in Canada updating zoning by-laws to permit secondary suites, how do you feel about building a secondary suite in my backyard, then giving my home to my child, and renting the secondary suite back from my child?
I'm really looking forward to your Moving Abroad video!
Leaving Canada will be interesting.
Very wise advice. I’m retired and I’m happy with my situation. Thank you!
Full time RVing…no thanks. A 25-30 ft stationary trailer on Lake Huron is my plan. I’ll probably spend 75% of my time there in retirement from spring to fall. There’s a big difference between the two. Sleeping in a Canadian Tire parking lot doesn’t appeal to me but many do it full time tho!
As ab RVer and trying the full time in the RV ( COVID fowled our plans)
The thing that I think is most important!
" Is have an exit plan. "
Most RV people I talked to were hooped, no money to get back into the housing market. Didn't think about how much the RV lost in value. Or were to park when to old for this life style.