Retirement Lies They Tell YOU | What You Need To Know
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- เผยแพร่เมื่อ 17 ก.ย. 2024
- One Million, Two Million, How much do YOU need to retire. We talk about our eight years of retirement and give you specific dollar figures from our retirement. Retirement Lies They Tell YOU, What You Need To Know. We talk about the retirement spending lies retirees believe.
Do you need passive income in retirement? Retirement Budgeting: Ensuring Financial Freedom by careful planning, using money wisely, to make your money last in retirement.
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True info here. Work out your budget, cut your expenses, retire as soon as you can. I loved my job, but I realized I could never get back time. Life is short.
Thanks for sharing! 🌺🙂
Exactly - you can’t buy more time so use your money to retire early 👍
"you can always make more money, can't make more time..."
You CAN "make" a little more time for yourself IF you commit to getting into better shape. For example, my mother in law doesn't have good genes at all, small frame, osteoporosis, but she's adamant about eating well, exercise, and getting enough sleep, and she's probably gained 7-10 years of life, and nearly all of it at as good a health level as possible, which enabled her to travel plenty. Take your physical, mental, and emotional health seriously, and it will buy you not only more time, but a better quality of life too.
@@dstevens518Yes good for her! Lifestyle is such a big influence on how well you might live as you ‘mature’ 💪
I love your style of presenting. Switching from each other and not speaking too fast or too slow. Also not 'yelling' at us like other presenters do. Just perfect! Well done.
Thanks so much Trish 😊
They’re Canadian, very gentile people, always a great experience traveling there
They always do well
Hi Tina, Are you in your apartment? What a great view! Thanks to you both for your channel. ❤️🤠🇨🇱. Btw, You could come visit Texas one month in the winter. Our state is BIG. 😁
I agreed, people love to say “1 million is not enough to retire” so you can keep working forever and never live a free life. I’m retiring the moment I have 800K, I will figure life out because I rather severely cut expenses verses being stuck in a soul sucking job
This is exactly what I did! Downsized into a cheap apartment, cut my budget way back, and work a couple of days a week in a lovely little gift store where I meet the most interesting people! I walk, go to the park, go to the library, food prep, and employ other strategies to stay within budget. I’m getting by with my part-time work and a little bit of savings. No regrets!!
It depends on what part of the country you live. Northeast is very expensive and moving out of this area is not realistic because our children and future grand kids will be here the NY/ NJ area.
I retired on less than 1/2 of that and have zero debt load and enjoying travelling and enjoying our retirement. Don’t buy into the need for mega bucks before you retire. If you live frugally now, you will not spend more in your retirement. Trust me!
Sounds like a great plan , the one thing you can’t buy or get back is Time , if you do a budget you might be able to retire on less 🌺🙂
I agree. I retired at 62, have been to Europe five times, and don’t feel any desire to go again. It’s nice but been there done that. Now we’ll focus on USA and Canadian travel. For us that’s cheaper and less physically taxing. I love your channel.
Thank you so much, we too wish to travel more in Canada and the U.S.
3 Stages: Go-go, slow-go, and no-go. Thus, make the most of your early stage. Do not be afraid to spend.
8 years ago, I joined the local Aquatic center with a Gym and made a habit of doing regular Cardio, lifting weights, and taking a swim a few days a week. I found myself enjoying that 6 days a week, lost some weight, and no doubt have plenty of muscle mass now at almost 72. For me, nothing is a better stress reducer than a good workout!
That is awesome! thanks for sharing Nelson have a great weekend Cheers 🍻🙂
Yes!!! Ditto. Except the swimming part.
Retirement is an absolute joy - and it's a surprise how little money it actually costs! Love your channel xx
Thank you we love being retired too ❤️🙂
Hi Tina and Norm 🤗I'm 60 and I'm officially retired as of Tuesday September 10th! WooHoo! I was going to work a couple more years but I crunched my numbers and it makes sense to do it now. I'm so excited to be the master of my own time 🥰 Your videos certainly helped me think about how much money I really needed for my everyday expenses. Of course my financial advisor wanted me to work a few more years so I could keep making him money!LOL but ultimately it's my decision.
Wonderful! Congratulations 🥳 on your retirement and your decision to do it early at 60 , we were 58 and 60 when we moved away to retire in Southern Ontario and haven’t looked back 🍻🙂👏
Retired at 60 after thinking about do we have enough for 5 years. Could have retired 5 years earlier!
Isn’t that the truth 🤔
My husband says that your retirement is working your job and creating wealth. We traveled a lot when we were younger and did not care to travel now. I feel he should work as long as he wants to keep his mind sharp. Everyone does something different.😊
Love the open-mindedness of your reply, couldn't agree more. I no longer think of retirement as no longer working, but rather no longer NEEDING to work. What you do in "retirement" is up to you.
@@dstevens518 brilliant conclusion : " I no longer think of retirement as no longer working, but rather no longer NEEDING to work. What you do in "retirement" is up to you.". Thanks..
I find many people retire and miss working for many reasons, then will either work a better job with more freedoms or part time work. I currently rent the basement of my home as Airbnb suite half of the year, not in winters but our entire home is huge 5 bedrooms. I play with the thought of traveling in the winter months and trying to rent the entire house while being gone, the home is not fully paid off but the mortgage is around $1300 per year so very manageable.
That’s where I’m at. I’m 65 and enjoy my work. As long as I stay relevant in my profession, I’ll continue to work. My thoughts now are to retire at 70.
Totally agree. the media have put s fear in everyone that you need millions to retire. As I have said before now we have a two slice toaster instead of a 4 slice one. Your needs are less. There's a difference between wanting and needing and you realize that more when you retire.
Totally agree and half the media is financial services saying you need to buy their products to save those millions 😂😂🍻🙂
Have you heard anymore regarding the new visa for Europe. We have booked Portugal this coming winter but not sure when exactly the visa is required for EU countries.
We think it’s been delayed to 2025 not sure when exactly 🙂
Mazda is the best care EVER. I have been driving my Miata for 24 years and nothing has ever gone wrong.
Sounds great, the Miata has it’s heritage from the Lotus Elan.
My 2004 Volvo is still going strong. I have had a few major repairs, but I hope to drive it another 20 years!
@@ThisIsOurRetirementthe British racing green ones 👍👍👍
I'm a toyota gal all the way but I love me a Miata!!
Sold my 92 miata when kids came along . I miss it every day of my life
Miss my dad too.
All great tips! We did the same, down to 1 car, reduce the cell phone plans, get rid of multiple streaming services. As for travel, we’re focusing on traveling in Canada. We have a big, beautiful country and we want to see it and it’s cheaper than traveling abroad
That's a great idea! we also hope to start seeing more of Canada Sandra 🇨🇦☕️🙂
Traveling abroad is actually cheaper than the US, in my experience. Once you are there most things are less. The Nordic countries are a little more, but you will find everything costs more in the US!
We, like you live on our government pensions, about $100.00 less than you and still manage in Vancouver BC, a very expensive city. I am realizing how we have taken your lead on so many things. We are now happy renters having sold our condo. We got rid of our car and now use transit and carshares and don’t miss having a car at all. But the best thing we did was invest in Canadian companies that pay dividends, so thanks for sharing that! So, thanks Norm and Tina for the information and research, you have nudged us along without even knowing it!
I reply enjoy listening to them, as well- even though I can’t imagine not selling and renting or not having independent vehicles (my husband and I do just as many thing separately as we do together). I have gotten wonderful tips that I certainly have taken under consideration and have used. I really enjoy them and their videos!
Sounds like you are both enjoying a great retirement and we are happy to have helped with some suggestions, thanks for watching we appreciate it Cheers 🌺🙂
How do you survive when rent is ~3,000/mo in Vancouver. That leave you with $900?
Yes, every situation is different. I like that you addressed this. Some retired single women are looking after their adult special needs child.
Absolutely Linda we realize all situations are very different take care 🌺🙂
I’ve always been frugal but the closer I got to retirement I started to cut back to see what I could actually live on
Sounds a great idea like a test run 🌺🙂
Holy cow,your channel is growing,good job.
Thanks John our wish list is to get to 100K subscribers so we are busy trying to get there Cheers 🍻🙂
Recently retired single 60 years old in NYS (just across the St. Lawrence) and determined to do whatever is necessary to avoid full time work again, yet get scared by lots of wrong info!
Congratulations 🥳 Laura we are very happy for you and yes we think like you about full time work 🌺🙂🇺🇸🇨🇦
4k would be enough if you own a house w/o a mortgage. For most seniors it won't be enough if you rent for 2-3k, (which is normal for most of us) and will be a disaster when your partner passes.
A mortgage free home costs quite a bit monthly, insurance, tax, maintenance. That’s why having savings is important
@@ThisIsOurRetirementagree. My mortgage free home in northern Ontario costs $1,500 monthly ( insurance, property taxes, utilities)
I chose to stop work, spend all my precious time with my better half. We definitely can afford finer things in life. Thats the point, they are just things. Right now, money is not scarce, it's our quality time together.
Well said your two. Biggest mistake most people I know make when it comes to retirement is lack of information. Its never too early to start planning and, to those approaching retirement... simply prepare a budget "spread sheet" with all your expenses and income i.e. pensions and savings income. You may be surprised how "comfortable" you already are. One other surprise learning for me was... when the time comes and you finally retire how many refuse to spend their hard earned money and start enjoying themselves.
We totally agree with everything you say it’s human nature to doubt the future and even though we have all saved the money 💰 it’s so hard to enjoy spending it ☕️🙂
You come across as a lovely couple, and I would like as my neighbour. My own situation is this, I'm an English man living in Adelaide in Australia, 20 years now. And you're right. It all depends on your lifestyle and your bucket list. I don't listen to all these people who say you need X amount to retire. That may be ok for people who have an expensive lifestyle, but for me and my wife, we are home birds who like pottering around home and going to see our grandkids. Keep things simple, I say. So, yes, look at your own needs and don't worry about other people's needs. They're not you. Some good tips, and thanks for sharing.
After a long career in global development, I'd been to 40 countries by the time I retired. I planned to retire to another country but then I started my business in America. Now that income supplements my Social Security and pension benefits so I can live comfortably, even though I have no other retirement funds or assets such as a house or investments. At 64, I wish I had saved more or invested sooner but you make the best with what you've got. I'm not sure I would live any differently even if I did have millions...
That’s a great perspective Linda, thanks for sharing.
This is a very lovely video! I am single, so my social security and pension is about half of yours, but, I made sure my house was paid off, and all debt. I only have a few thousand saved, but that would be enough to use for an emergency where I could use monthly payments if needed, so I am relaxed about that. You are so right about it being personal. My biggest surprise was finding out I am old.... when I retired... I know that sounds weird, but everyone thinks about all these things they want to do.... but many of those have changed now that I am old. I have found so many things I never knew about in the area I live in, and don't need a big travel expense for example. I like my own cooking so don't eat at restaurants. If I want new things, I look at thrift stores first, most of the time and have been having a great time getting a bargain. I mostly enjoy being able to be independent, without being in a hurry to do anything, and I love my bed too, hahahaha! Thank you for all you do!
Have a great weekend Jodie 🇺🇸🙂🇨🇦
My husband and I are visiting Newfoundland right now for the first time and loving it. I’ve now been to almost all provinces. I love touring Canada and may travel US some also.
Wonderful! enjoy your time Tanya in Canada 🇨🇦☕️
You guys are crushing the TH-cam Algorithm! ❤ Continue having a great retirement. :)
Ha ha if only, but thanks for the encouragement 💕
Thank you, we totally agree with your financial guidelines and common sense spending.
Thanks so much Carolyn we appreciate your support.
I'm 58 and I just retired. I have lots of savings, but it's nowhere near one million. My husband gets a generous pension from his work and combined with his government pension, allows us to live comfortably, without touching my savings. I also am able to add to my savings a little each month. We can also go on a nice vacation once or twice a year. We're not fancy, so it's been working well for us. If we need extra income, I am a healthcare worker and would not have a problem finding something that I could do part-time. We traveled across Canada to the west coast this summer, with our camper and visited our daughter out west. It was a great experience. Next year we are planning to go to the Maritime provinces.
We are very pleased for you, we also had a trip out west in a motorhome, was one of our best experiences seeing Canada. Thanks for sharing your experience.
@@mimaroo1431 Did you pay for your children to attend college? I’m just wondering where everyone is getting all their savings.
@@JacquelineHart-z1q Yes and weddings too. My kids went to trade school, so a lot of their schooling was apprenticeship, which paid off the school debt quickly. We had saved money for their schooling, but it helped that they were paid to learn.
Thank you for your video! I needed to hear the message (again) about retiring sooner rather than later! If you have never been to Jackson Hole, Wyoming- I highly recommend going! It is the most awesome place in the world. August is the best month to visit (weather). The landscape, culture and wildlife are absolutely beautiful and stunning. I picked going back there for a second vacation/ trip and over Hawaii or anywhere else in the world. Also, stay a couple of nights in Yellowstone. Hike Jenny Lake and also take an extra two or three days to drive through the Badlands. I promise you will absolutely love the trip! Take a (easy) guided white water raft trip down Snake River, followed by a cowboy cookout, too! You will also see moose, buffalo, elk, golden bald eagles, and if up at the crack of dawn - you may even see a pack of wolves! When you see the Grand Tetons, you will be in awe.
Sounds a great trip 🇺🇸🌺🇨🇦
Social security is not enough to live on. Most people don't have a pension.
True!
I have had this question in mine for you and you need that answer it here, but I am curious about whether you think you would still be doing well financially and satisfied with your lifestyle if you were living in an apartment that was not rent controlled? I'm not sure what's the rents are like in Canada, but here in the US, they have doubled in most places. A change like that would be a major hit to your budget! I'm considering selling my home at some point and moving into an apartment, but the thought of my rent increasing dramatically is quite scary.
That is hard to answer but when we moved in we didn’t even know it was rent controlled so we were aware of yearly increases. But we are hearing that around us increases are still reasonable by no means double in other buildings. There are States in the USA 🇺🇸 that do have rent control , we moved 6 hours to find our place .Cheers 🇺🇸🌺🇨🇦
Do not sell you house, take in a logger if you need the money, apartment rents here in FL are $2k and up in a decent area.
@@ThisIsOurRetirement How much do you pay in rent if you don’t mind me asking?
In the US , a tenant has to have enough monthly income to cover three times the monthly rent. A landlord will not make any exceptions. Also, you must have a credit score of 700 or more. There are exceptions to these rules but usually made if the landlord is a slumlord and has a rat infested property.
Google Dorchester, MA slumlords.
Bless you both. Worked hard all your life and now on 4k presumably with no mortgage. You deserve it! I’m in my 50s still working on 2k with a mortgage, so if I can retire like you in just over 10 years, then I’ll feel like I’ve won the lottery lol xxx
Thanks for watching and good luck to you!
Haven't been able to watch for awhile. Thanks for being so candid and sharing your experience. Getting closer!
Welcome back! thanks for watching have a great weekend Cheers 🍻🙂
I was able to cut down on a huge expense by no longer having power operated clocks in the house. I made a sun dial and have saved lots of money!
😂😂
As always, great discussion. A cost savings travel tip may be to join Trusted House Sitters. It cost us about $200 to belong. We post a need to stay at our house to watch our senior dachshund. The sitter gets to stay at our home for free. No money is paid or received. It’s great for us as we don’t want to board our dog at his age. There are “sits” available all over the world. You have to get yourself there but saving on the housing if your willing to pet sit. It’s a win-win for everyone!
I LOVE our Dachshund
It’s a great idea and we would house sit but we are not good with pets , would easily consider a sit without pets but we haven’t seen those Cheers 🙂😋
Another good one guys. We're living what you described. Lucky enough to be living off pensions and choosing to travel in Canada for now in our RV while we're healthy enough to do it. Loving it!!!
I just love your videos guys. Keep doing these great topics and give people hope, positivity and a calm realistic perspective.
Thanks so much Maggie!
Thank you, Norm and Tina. Always 100% authentic videos and you two always look so happy. We are 15 months into retirement and loving it. We have been following your channel and videos since before we retired. I do believe that setting a detailed retirement expense budget is such a key step. Although we unfortunately had not done so during our working years, the annual retirement expense budget helped us to develop confidence in our ability to make our savings last for a long, long time. We review it monthly and that removes a great deal of anxiety. As we learned from others, a budget is not a strait jacket, it is a roadmap.
Great comment Thomas thanks for sharing ☕️🙂
Love this........"....a budget is not a strait jacket, it is a roadmap."
The most helpful thing I did was I printed off a bunch of monthly budget sheets. These contained every possible expense you would have in a normal month. We were amazed at how little we actually needed to live comfortably. We live off of our various pensions, which are nothing special like you. It all adds up. Our investments, RRSP’s, TFSA’s etc are just for extras.
Very true, I tell our children to retire early and live their lives. I worked until I was 67 but I was an independent consultant ( in my later years) so worked when I wanted. I won't say how much we retired with but like you we have not touched our retirement savings. Also my wife is younger than me so when the time comes to withdraw from a RIFF we can do it based on her age. Fortunately I did a consulting contract for an overseas international airline, when we were younger, so we did a lot of travel then. Now we just do 2 major trips a year to places we like to spend time in.
Thanks for sharing this, very helpful
@@ThisIsOurRetirement yes you need to start to think about RIFs
Great video and great to hear...
I'm counting down (237 days, but who's counting ;-) towards my retirement and I agree...
Not that I am there quite yet and I tend to be more anxious so expecting the worst, but when we sit down and actually run the numbers, we know that we can. And seeing your videos and how well you are doing and happy you are, it can't come soon enough. ;-)
Wonderful we are so happy for you 🌺🙂
Hey Norm and Tina! I hope you are doing well. Greetings from Puerto Rico. Thanks for another great video.
Hello Rebecca, Thanks for watching we are enjoying time at our trailer near Lake Huron. 💕
I love your message and your channel! Turning 65 soon but calming videos like this one really help. Take care and thank you
Your welcome Brian we appreciate your support Cheers 🍻🙂
With average rents increasing upwards to $2500 to $3000 a month, CPP and OAS are not enough to live on in Southern Ontario.
There are still rental deals out there you might have to move to a smaller town , we were discussing what our monthly expenses are , we moved in to our apartment 9 years ago 🌺🙂
We are 80 now and you are right on with your financial advice.
Thank you Peter
Thanks Tina and Norm. You mention being able to live on CPP and OAS, that may be true but in your situation the TH-cam income is not very common with most retirees.
Thanks for watching ☕️🙂
Thank you for these great videos. You provide practical advice with no strings attached, something that is not always easy to find.
Thank you, you are very kind.
you are absolutely CORRECT
Thanks
👍👍✌️ My wife and I still living in our home are fine on just our Canadian pension.
Excellent 👍👍
I just retired 3 months ago.
My hobby is sailing that I started when I was 15 but really got into it when I was in my early 30s.
Always had small trailer sailboat that I could sleep on, think crawl space.
Lots of fun for me and my 3 boys.
So 3 years ago I bought a real sailboat a Watkins 27, 7500 lbs, full head and galley.
Great sailboat but I have noticed it is much harder to do everything.
I slept last night on the boat in the marina and went sailing today from 10 AM to 3 PM.
Well I am very tired after just 5 hours of easy sailing conditions.
PS I paid $4,000 for the boat and spend about $4,000 per year on a summer slip, winter storage and maintenance.
Thanks for sharing your story sounds like you got a great deal , but it’s true as we age some things are harder to do 🌺🍻🙂
The wife and I have been retired 8 and 6 years. We also had 2 cars for about a year after we were both retired . One car sat in the garage and was only driven about twice a month. So we sold both those and paid cash for a new one in 2019 . The dealership gave us a check for $2k we got a new car and they got our 2015 and 2016 used cars
Awesome great decision 🚗🚙
It’s really helpful to hear how things have worked out for you in hindsight, as someone who is not yet completely retired.
Thanks Jane
Fairly far from retirement here, but great to hear about some of the misconceptions about saving requirements and cost!
Hello Norm and Tina! Thank you for an awesome video with wonderful tips. Wifey and I are fans. Hugs
Our pleasure! thanks for watching 🍻🙂
Suggestion: You could do your viewers a service to check into costs with a retirement advisor. My government pension is only $1700 per month since my wife died 2 1/2 years ago. Your costs to live in an apartment, pay for a car and pay for insurance don’t change after you lose your spouse.
Additionally, if your spouse needs to go into long-term care, you may be faced with an additional $4000 a month to pay for this care. The government doesn’t subsidize this until you’ve used up your own money. I’m not so sure that you might need $1 million, if some of these things happen.
Also, if you think you will avoid this $4000 expense and give your nest egg to your children and then you say you are broke, the government will check your transactions and will basically not let you do this until 5 years has passed since you gave the children your money. John Toronto Canada
Thanks John for sharing your experience.
Hi John. Firstly, sorry for your loss. Just noting here regarding your comment re: one spouse requiring long term care. - In Ontario, when one spouse enters long term care, it is customary to do a voluntary separation. - the purpose, of course being that the high financial needs of the spouse in LTC won’t totally use up the funds required for the other spouse ( living in community). While it may sound “ strange”.. even “ sad” to even read the term “ voluntary separation“ - this legal form is literally given out right at the business office of all accredited long term care facilities.. I don’t know of even ONE couple who did NOT submit this form to the government. It’s done every single time, to my my knowledge. I’m not an expert 😊 but did work in the industry for decades. Not one couple I’ve known who had this common ( and unfortunate) event of one spouse requiring LTC ( while the other needed funds to survive in their own home or apt) ** the actual legal name of this may no longer be ‘ voluntary separation’**. ( also note, this applies to long term care facilities, not “ retirement” or “ assisted care” facilities.
@@brendalabranche365Thank you for clarifying what happens. If any of our American friends can fill us in on what happens in their states it would be very helpful to many Americans.
Can you clarify for Ontario people, what the procedure is regarding loosing your spouse and how the pension is adjusted for the surviving spouse? I’m 78 and was married for 51 years. I’m ok financially but I dearly miss my wonderful wife after almost three years since she died.
@@brendalabranche365 Another question. Does a single survivor need to fund the total cost of a nursing home? Do they need to sell their home and use their life savings to pay for the long term care in Ontario?
@@johngregreid1 you would have to check with current practice.. but I haven’t heard of this concept for 25 years or more. I honestly believe this was myth.. if it ever had been true, I can imagine the horrible ramifications it may have caused. Imagine majority of seniors would have simply handed over their real estate to their adult children as they when entered long term care. Omg.. In Ontario ( likely in all of Canada as well) LTC is entirely based on T4 / income. I believe a semi private in LTC is currently around $2,400 monthly ( for 24 hr care, food laundry all necessities ) .. ($2,900 private). Anyone who Worked and has a decent pension, etc would likely pay that full amount, monthly. * If I require LTC, even if my partner and I a voluntary separation form, I will likely have to pay a little under this amount as my pension isn’t huge ( even though I own some fully paid off real estate). My partner, on the other hand will probably pay the full $2,900 for a private room due to his better pension.
I do know my mother in law paid under $1,000 monthly in long term care for many years, as she didn’t work outside the home, had no pension , and absolute minimum CPP. Her hubby, if or when he requires long term care - will pay over double that amount - as he has a decent pension, and max old age pension.
I agree, very important to look at your numbers, you may be better off than you realize. I retired early and I've never looked back .
Something to keep in mind tho, in Canada, when a spouse passes the OAS for that spouse goes away, and the CPP does as well. In the case of CPP tho, the living spouse CPP will be bumped up to the maximum, if they aren't already at it.
This is something to consider when crunching the numbers, can one or the other continue to survive on the money that will be coming in after one is gone.
A bit morbid but needs to be thought about during the planning stage of retirement.
Yes that’s why you do need savings as well to cope with this as and when it happens Cheers 🍻🙂
Nice New background view. Luv the post. Hope to see you on your next adventure.
Trying something new 😂😂
Hi Norm and Tina, It is great to see you both looking well and enjoying your summer at the trailer. Retirement is fab in St T. ❤
Great to hear from you again Fay have a nice weekend Cheers 🌺🙂
Still working full-time at an old age, my travel expenses since 1985 have been zero because I have not traveled anywhere: saved a lot of money!
Some people might have great pension plan income, and it helps if that is two to the household, but others may be very low like me.
I think a million is a handy amount of assets to be able to retire on. And more inflation is coming! Enjoyed your video.
I've been working so hard lately (we own a business) that I haven't had a chance to watch you in awhile. Wanted to let you know it looks like we may (🤞) have a buyer for our business finally! So we are actually considering that retirement may come soon. So glad I've watched all your videos; I feel fairly well prepared. Thank you!
Fingers crossed 🤞and good luck with the sale Candy hoping retirement is near for you 🇺🇸🌺🇨🇦🙂
Thank you ! One of your best videos yet !
Wow, thank you Kathy 🌺🙂
Thank you for this candid and open conversation! My thoughts about retirement seems to align with yours. My husband and I are recently retired and working on the budget adjustments. We think this should take max 2 years. I wish you well and until your next video.
Nice compliment 😊
You are so welcome! enjoy your weekend ☕️🙂
Good video, as always! Cheers!
Thanks for the visit have a great weekend both of you Cheers 🍻🙂
I can't believe I'm here...but here I am. Enjoying you both.
Thanks Steve!
We live in the same apartment, I discovered we need much less at retirement, then when we were working.
That’s great!
I agree. My Social Security is more helpful than I expected.
It’s great isn’t it!
Fully agree with everything you said. I visited "My Service Canada" in the Spring and it opened up my eyes as to how much money I will have during retirement; this was further confirmed by my financial advisor at my Credit Union. I am almost 59 and quit my job recently. I plan to collect CPP at 60 and start withdrawing some RRSPs every year while I'm in a lower income bracket in order to save on taxes. I'm not rich by any means but I want to enjoy the rest of my life.
It is very reassuring when you do research, congratulations on your plans.
Withdraw all RRSP before starting CPP and OAS.
@@nh154321 I still want to take my CPP at 60 but will withdraw as much as possible before 65. Any "extra" money will be moved to a TFSA or GIC.
Because with these you may end up in a higher tax bracket so will pay more to withdraw from your RRSPs later? What if CPP and OAS will be used to replace the bridging amount your pension pays until you turn 65?
@@dorisbetts3012 if you have RRSP, melt it down when you have no income to pay minimal tax before starting taking cpp and oas and let CPP and OAS grow to get higher payout for the rest of your life.
Another epic video!
Thanks so much Jacquie!
Thanks for the video. Very helpful as ever. My biggest worry is will the government ever do away with the state pension. Especially if you’re relying on it as the bulk of your retirement income. 😮
It’s lasted for about 80 years and they are still taxing people for retirement benefits so it’s not something we are worried about ☕️🙂
Just a great conversation. Thanks to you both I find this reassuring as I enjoy my retirement.
Glad you enjoyed it
Honest info that many don't think about or get into the details. It really helped us long ago when we started a budget and saw the actual numbers. Where was the money actually going? Then we adjusted, got rid of things we were not really using or needed. Our current household expenses are just above the poverty line. We do not have a lot of expenses. So the vast majority of our spend is really on wants, not needs. We have a generous travel and entertainment budget. So we have margin should we ever need to pull back on some things to save some money. Retired and loving it. Every day is a saturday.. lol Looking at our SS, if I turn it on a couple years early it more than covers all our household needs with about 15K more than we need a year. All the software and a couple fee based advisors we ran stuff by agree that our money will grow and be 2 to 3x in our 70s than it is now. Good to know !
Wonderful thanks for sharing your story, it is helpful to counter all the savings hype. Yes everyday is Saturday 😂😂
Thank you
Great points: We do get pension from Germany and SS from the US, but under the Windfall Elimination Provision our US social security was reduced. We have been driving electric car and now switched to Hybrid. We cannot stick to our travel budget though. Somehow, it always gets exceeded🤔Hopefully, we can keep traveling. After last travel to Europe (Spain, UK, Germany), i suffered back/leg pain. Still getting physical therapy. Also, we may have to switch travel destinations and instead of going to Europe, will have to go to Thailand/Pacific countries, which means higher travel budget 😞
We too are still trying to figure the travel budget out , hope you are feeling better soon 🌺🙂
Hey guys! The weather looks beautiful outside your window!
BTW, great shirt, Tina. And Norm, too bad you didn't have a "Roll The Bones" Rush T-shirt to encourage people to roll their own bones and retire in confidence and to use their time and finances wisely!
As usual, great advice. 👍
Thanks for watching!
Right on Norm and Tina.
Thank you so much for sharing your monthly retirement income. I will be retiring soon and my US social security is about the same as your monthly pensions. I have no debt, a home paid for and some investment money put back. By my calculations, I should be able to live on my Social Security and even save most months. However, I still had fear around retiring. Your video puts those fears to rest, and now I feel more confident that my calculations are good and I can retire comfortably. Thanks again, really enjoy your videos.
Hi Vickie, We are glad you enjoy our videos, sounds like you are doing a great job preparing for retirement.
I’ll pass on the vacations in high civil unrest locations. Local travel within Canada fine by me 👍
That’s awsome that you didn’t have to use the 25000 for travel and just use the dividends and other income your doing great as you are enjoying yourself
Thanks for watching Nancy
I think that, to some extent, you are blessed to have worked and live in a first world country. In Brazil, where I live, a former president of the Central Bank said: In Brazil, even the past is unpredictable. Cheers.
We are lucky to live in Canada, Brazil is also a beautiful country but does have challenges as does Canada at the moment with a housing crisis. thanks for watching Antonio
Outdated advise.
This may have been possible 9 years ago when you were able to secure cheap controlled rent in some small town in Ontario but for the vast majority of retirees the "lies" are reality of unaffordable rents that will require a much larger income.
We paid market value when we moved in , if you do your homework and research John they are many places available around $1500 in not only small but large towns in Ontario which is up to date advice ☕️
What if one of you passes away? State pension income would be reduced because you don’t get your partner’s full pension anymore. In Canada the Old Age Supplement would disappear altogether for the deceased. At that point, you may no longer be able to manage on these pensions alone and would need additional income or savings. It’s good to make a plan in case one of you is widowed I think. 😢
Totally agree Susan and we have that plan is place should and when either of us should need it thanks for watching Cheers 🌺🙂
I was about to ask that question as well, hubby and I are okay now with both of us drawing SS, but when one passes, that leaves the other one with much less monthly income. Do you have any advice on that?
Surely enjoy your videos!
We have life insurance in the event that one of us passes and we lose that income stream.
Plan B! 👍
I just recently read where 24 hour in-home nursing care can cost upwards of $240,000 a year. These cost are not covered by Medicare or regular insurance. I think that’s worth the two to $3 million retirement estimates come into play. Personally, I think you cannot worry about everything.
There is long term health care insurance and the statistics show one in five people go into long term care homes. We have a family member who is a director of a long term care home group and says that a lot of people only last a year in them.
@@ThisIsOurRetirementin Canada it’s a percentage of your income. Nothing calculates from net worth. The government in Canada will pay to care for you. America, no idea. Probably not - thrown to the wolves.
Thanks guys for sharing ☕️🙂
The healthy life expectancy is only 66.1 in
USA.
So difficult for most to work.
Life expectancy is 76.3 for men.
For women: 80.7.
@@JayandSarahexactly. In Canada 🇨🇦 long term care is geared to income. So an individual who doesn’t have a penny to thier name because of unfortunate circumstances or an individual who may have been on assistance thier entire lives - will afford the same semi private bed in long term care as a retired teacher. ( I acknowledge this may not make individuals who have worked / and who have contributed thier entire lives entirely pleased)
Great advice, thank you!
Those numb. Are for two people half that if you are divorced or your spouse dies! Less rosy at that point. You may need more. $$$.
We agree we have a plan in place to cover that when either of us needs it 🙂
Love this video. Great points. Thanks again.
Glad you enjoyed it! Thanks for watching Carol 🌺🙂
I've been to europe 3 times in 3 yrs for about 20 days or so... From Calgary it's a long flight and I'm not that happy up at 30000 ft for that long flight... Gahhhh. So I decided that the trip in March was prob the last one. Instead I've been visiting g'kids & kids in 🇨🇦. I'm kinda lucky to have all 3 living in 3 differnt provinces and each time (6 so far this year and one more planned next week) I include rental car if it's just over to BC but fly and rent in Ontario. I usually include a road trip or golf with gkids etc. Some are teenagers so usually I take the 2 teens from Alberta with me to visit the 2 teens in BC. It's been pleasant with all of them incl in my plans. Next week I'm in muskoka with a side trip to Toronto with 3 of them not teens yet. The parents are taking off for a few days childless Vaca. I'm hoping to create some memories for them and me instead of more vacations across the pond. It's just not that cheap when you convert euros to 🇨🇦$$$. Though I do miss the cheap beer and wine and tapas everywhere.
We gave up our van in October last year as an experiment for a year. And no plans to replace it. My husband doesn't travel with me usually stays home. And there's great transit here plus I walk or ride a bike. When I need a car for Costco or IKEA I borrow my daughters 2 while they're at work. Rent when going to BC. It's been great getting brand new cars to drive.
Sounds great thanks for sharing 🌺🙂
48,000 per year is equivalent to 968,000 in the bank at 5%. so there is your 1 million equivalent saved!. if you don't have these wonderful pensions, you will need to save that kind of money.
In Canadian dollars? How do these numbers translate to American dollars ? I will be getting my teachers pension in a year or two, just wondering about what you said.
Good conversation guys!
Glad you enjoyed it guys 🇺🇸🍻🇨🇦
Go on trips while young. You may not be able to when older for various reasons. Had savings and investment vehicles. Lost it all due to bad advive from a financial advisor in 08. Never recovered financially.
SS lied to me as to what I'd get once I fully retired. When i did retire, I only got 55% of what I'd been told I'd get. Now retired existing below the poverty line in the wilderness.
Not able to supplement SS due to age discrimination, lack of job opportunities and being physically disabled by 5 strokes in 3 years. Haven't had a vehicle in almost ten years now. Strokes have left me unable to drive anyone's vehicle. I'm constantly very dizzy which forces me to use a walker to stay upright to move around.
Neighborhood walks are out of the question now.
☹️
In the US not everyone has a pension- let alone two
Social Security is double what CPP in Canada is
As I'm looking at retirement in 10 or so years, I just enjoy your videos....although I'm in the US. And who knows what will happen with Social Security based on our leadership.
Thanks for watching we appreciate your support Bret 🇺🇸🍻🇨🇦🙂
Very helpful info.
Glad you think so! Cheers Rose 🌺🙂
Hi Tina and Norm😊 your fan Mary from Toronto Ontario... I haven't said hello in so long !!!!! Summer has been so busy but now, I am back to work at my little part-time job. I started watching the video but I wanted to say hello and hope you guys are well. This video looks like it's going to be the bomb 💣 I cannot wait to watch this. Have a beautiful rest of your day and hopefully I'll see you Saturday, Mary.
Hi Mary 👋 we are well hope you are too , we are doing our videos on Thursday now instead of Saturday, enjoy watching and have a wonderful weekend Cheers 🌺🙂
@@ThisIsOurRetirement Ok!!! Wow! Where have I been 🤣🤣🤣I did see a couple of of "Thursday" episodes but... CLEARLY I had Summer on my mind. Well that is OK... Now I know. Cheers to a FANTASTIC rest of your week and see you NEXT THURSDAY :) Mary
I was 51 when I retired and at that time I was told I had enough National Insurance credits for a full state pension. At that time you only needed 30 years and I had paid 33 years. They have since raised that minimum to 35 years so not only do I lose 2 years of my pension I also get a reduced rate. There was an option to top up my National Insurance fund but I feel the UK government have proved to be untrustworthy, so it feels like "throwing good money after bad". I should also get a small company pension from a few years I spent working for Dunlop. I will still get that at 65 and I'm now 64.
The top you can do is relatively low in comparison to the additional benefits, it’s worth a gamble!
My husband is 64 and becomes eligible for his UK SP when he is 66. I will need to be 67 to collect mine. We both topped up . Since June of 2023 you can make and authenticate your Gateway account. Before 2023 that was next to impossible as you needed 2 forms of ID, like a passport and UK drivers to connect with Gateway. Now an international passport, that is scannable, is able to work. Since the spring of 2024 , you can digitally apply for the CF 83 to see if you qualify for class 2 rates. Lots of changes. Since the big shake up in 2016 the other change is that your pension has no survivor’s component either. This may impact anyone who things that that is still the case.
Thanks for your information it’s very helpful.
No one answers the question., “what is retirement?” .. for me, “the liberty to work when I want and not work when I don’t…, I make money what I love to do “ I am 69, I guess I was retired at 39.
Interesting point ( we should do a video on that 😂) we think also to us it’s FREEDOM to do what we want when we want have a great weekend 🌺🙂
When i shut my business down and retired,got a cheap phone plan for 15 bucks a month,no call display,i dont care ,im retired!
That’s awesome 🙂
I would have not retired either. I don't know who started that lie that people need a 1 million dollars. If you were not already living on a million dollars, why would you need to have a million dollar once you retired. I have found that since I've retired, my expenses are lower overall, because you don't need money for work, or buy to specific clothes for work, put more gas in your car, less vehicle maintenance because of the lack of wear and tear on your car, etc, which results in savings.
Funny how rumours start then everyone believes them ! it’s so sad as it will stop some people from retiring thinking they need more money when in reality they don’t , Cheers 🌺🙂
If Suze Orman didn’t start the lie she sure keeps it going.
@@JacquilynSaito
Now she is saying that people need 5 to 10 million, instead of 1 million. Yes, she is keeping it alive and well.
Thank you for this really helpful idea. For many of us, our greatest concern is have we saved enough?
Glad you enjoyed it Cheers 🌺🙂
I've been an investor in Apple, gold, housing market as well. because I strongly believe in them. I've always believed in the stock, but now I don't know if to re-distribute my portfolio and put some money in Nvidia or Tesla . especially now that we are experiencing a market correction.
Excellent video. Thanks
You are welcome! glad you enjoyed Cheers 🌺🙂