Retirement isn't an age, it's an amount of money - but how much money? We think this is so important to know (and especially when you still have time to do something about it). If you agree, go give this video a like up above and tell us your thoughts in the comments!
@FinancialFreedomLifestyle
Жыл бұрын
Retirement Isn't An Age, It's A Number! That's brilliant and 100% a fact. My wife and I were able to "retire" at the age of 28.
@stephandden
Жыл бұрын
That's awesome, congrats! 👏🏿👏🏻
@TheFirstRealChewy
Жыл бұрын
What were your finances looking like at the time?
@FinancialFreedomLifestyle
Жыл бұрын
@@TheFirstRealChewy My wife an I never made over $110,000 combined. We invested in rental properties and the stocks that paid dividends.
@FIRE_DrNinjaTurtle
Жыл бұрын
Steph is speaking slower. I can see that your channel is improving. I love watching the growth.
@stephandden
Жыл бұрын
I (Steph) at glad to hear that! I’m always trying to slow it down, ha. Thank you! 😊
@ryanchinh
Жыл бұрын
I am 35 years old now I achieve my fire movement 2 years ago at the age of 33 years old. I bought new home build 2 months before I retired. 😊
@CanadianFinanceSimplified
Жыл бұрын
The editing on this is killer!
@stephandden
Жыл бұрын
🙏🏿🙏🏻 thanks for watching!
@cyclingonplants7444
Жыл бұрын
Great video! I was a late starter and really didn't start saving because I wasn't in the position to until 10 years ago I needed to free myself of debt first. That being said I've been able to save about 70% of my income in those last 10 years and this makes a huge difference to my retirement savings pool. I just want folks out there thinking they missed the boat to know that it's not too late. Meet yourself where you are and do what you can to beef up those savings.
@TheFirstRealChewy
Жыл бұрын
70% a year or 70% of what you make today? If it's 70% a year then that is extraordinary.
@cyclingonplants7444
Жыл бұрын
@@TheFirstRealChewy yes - 70% of my net pay for all those years. I do have a unique situation which is not possible for most people. I have very low expenses(live in a paid for house) which I split with my husband and we only have one older vehicle(11 y/o) and no dependants.
@RockyMountainGardener
Жыл бұрын
Great video! Love how you tied in self empowerment of educating yourself of how retirement really works and discussed that many people don’t have the means even to save.
@stephandden
Жыл бұрын
Thank you! 🙏🏿🙏🏻
@aidaretta
Жыл бұрын
Love all your videos, they are such a great resource. Would love to see one about how you two share/split your finances, if there isn't one already!
@yogibear2k220
Жыл бұрын
I am 53 and never owned a house in my life. I have never seen the point if filling up all that space with junk. So, my 12ft by 12ft does me great for now. I retired at 47.
@stonecoldhitman7662
Жыл бұрын
Another quality video! Great explanation!
@stephandden
Жыл бұрын
Thanks so much! 😊
@Genzmillenial
Жыл бұрын
A lot of people hope their kids will pay for them in their retirement
@stephandden
Жыл бұрын
That’s probably true! I was reading about the ‘Sandwich Generation’ recently (people who have parents that are retirement age and young kids at the same time), and many of them are in a posting where they have to support both sides at once.
@anggiiieeeeful
Жыл бұрын
Great video!
@stephandden
Жыл бұрын
Thank you! 😊
@momohcalvin988
Жыл бұрын
Thanks 😊 guys this refreshing to watch. Please can you do a video on how a Canadian can set up an ETF account such as the S&P 500? If you have video on this already kindly reference it….. thanks 🙏🏾 again for the content much appreciated
@stephandden
Жыл бұрын
Yes, definitely! We actually did a video titled ‘The One Fund I’m Investing In’ not too long ago where I (Den) go through my portfolio. Although it’s not an S&P 500 ETF, the same principles apply - just swap the funds. Hopefully that helps 😊
@Odelayderado
Жыл бұрын
You used to go to my primary school and I used to have the biggest crush on you maybe you’ll remember me and it will give me away but maybe not i didn’t go to high school with yoh any who just wanted to say your looking great and your videos are neat happy to get to see you again in one way or another all the best :) if you know you know shhhh 🤫😉
@CJ-fh5xq
Жыл бұрын
My parents are "retiring" next year. My dad is about to turn 50 and mom is 46. They ran the family restaurant since their mid twenties and invested their money in real estate and stocks.
@stephandden
Жыл бұрын
That’s great! Happy to hear that they stuck to a plan and it’s working out for them 😊
@emmaninakarina
Жыл бұрын
So well done S & D!
@stephandden
Жыл бұрын
Thanks so much! 🙌🏿🙌🏻
@blooms1543
Жыл бұрын
What in the world just found your channel and it is so so soo good. Wow so helpful!
@stephandden
Жыл бұрын
We're so glad you're here! 😊
@TheFirstRealChewy
Жыл бұрын
You need to save and invest as much money as you need. You can always save and invest as much money as you want. When you are young you can invest less and see it grow over time. The downside is that you are likely earning less, and also haven't figured out your monthly expenses in retirement (likely to increase). However, if you can make $5K/mo. after taxes in retirement you'll be fine. That is assuming you don't live in a high cost of living location and your house is paid off. Want a more lavish lifestyle? Aim for higher. Don't forget to account for taxes and inflation. Not accounting for either can derail a seemingly good plan. I'm conservative when it comes to anticipated returns on our investment. The best case scenario is for things to go much better than planned, hence putting us in a position to retire early. Whether we retire or not will be another decision.
@laurawillcocks1382
Жыл бұрын
Can you also talk about saving for retirement, while also contributing to a company pension? Wondering how that would affect how much you are putting into an RRSP monthly?
@stephandden
Жыл бұрын
Good q! We can include that in a future video 😊
@jogginboy1
Жыл бұрын
I posted a comment a few days ago and it was taken down. Nothing objectionable, just a suggestion of someone else suggesting a FIRE approach to investing that I follow. Hmmm. 🧐
@CanadianDividendInvesting
Жыл бұрын
Great plan!
@stephandden
Жыл бұрын
Thanks for watching! 😊
@vxx171
Жыл бұрын
Quality👌
@stephandden
Жыл бұрын
🙌🏿🙌🏻 thank you!
@jamesu571
Жыл бұрын
*NOTE* in 2023, $3mil is the new $1 mil, $7mil is the new retirement goal minimum, think of inflation/compound interest (for/against you), when you're 65 (2055y for me) $1mil will be nothing. Stop telling people the 4% rule and $1mil retirement (it's dead, you need to be doing more). Everyone reading this remember most of these ytubers talk in today's amount for tomorrows goals. Just food for thought. Do your own research and own assessments there is enough free information you don't have to buy a single course / book out there to gain knowledge.
@TheFirstRealChewy
Жыл бұрын
Depends on how much you plan to spend. I'd say $2 million is a good number these days. 25 years from now it will be $4 million.
@jamesu571
Жыл бұрын
@@TheFirstRealChewy just curious on the mathematical aspect of your response, is it logical or just random numbers you've thrown into the air?
@stephandden758
Жыл бұрын
✍✍✍✍✍🗼🗼🗼🗼📩
@jeffmurray3685
Жыл бұрын
How about an XEQT update video?
@stephandden758
Жыл бұрын
Feedback appreciated Chat up Let's talk
@karenorgan6203
Жыл бұрын
4:15 Canada is opening up MAiD to more things, I think that is our plan, I think mental health and economic situation has gotten people signed off on dying … like anyone age 55+, can they be hired? So there’s a bunch of people entering retirement age, can any of them get a job? Can they work a job? I don’t know, I’m 48, some bouncer tapped danced on my back in ‘97, I won $21k and paid out $11k in lawyer fees, but now I can’t stand for 8 hours … I suspect we’ll simply have more euthanasia … Will it be $0.50 like in futurama? Not sure, I’m presuming medicare will pay for it and we’ll get like a 90 day turn around. ASD diagnosis though was a 2 year wait list
@karenorgan6203
Жыл бұрын
7:15 I’m on disability so I might get some after 65, but work loss payments will bounce because my insurance company decides that I wouldn’t be working and so I’m not losing a wage, so they don’t have to pay, but this 65 age was when you were supposed to die … anyway so hard, I can’t earn more money (they take away whatever I earn, but because Disabled can’t really earn, or at least not regularly), like how do I convince the insurance company that retirement age is rising? I have a lil investments, but man they are getting slaughtered now that IS government isn’t propping up wallstreet
@isthismylife6497
Жыл бұрын
How much do I need to have to retire at 50 year old in Canada in 2050 ❓
@leahmary1
Жыл бұрын
It depends how much you will need to withdraw each year for your desired outcome!
@TheFirstRealChewy
Жыл бұрын
It's based on tour expense. If you just want to survive, then your expenses can be very low.
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