RETIREMENT MYTHS - What You Need To Know F.I.R.E.
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- เผยแพร่เมื่อ 29 ก.ย. 2024
- RETIREMENT MYTHS - What You Need To Know We explore the idea of how much you need to retire well. The $1 MILLION retirement fund is a marketing myth of financial institutions and encourages people to save beyond what is reasonable. We show you the impact of government pensions from national schemes and how much in capital you would need to own to produce what your government will pay you.
Do not be persuaded to save beyond your means by fear advertising that a certain amount of money is required to retire. Everyones situation is different and by no means it will require you to have one million of your currency to retire well.
Thanks for watching.
#retirement #retireearly #retirementlife #this_is_our_retirement
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I love your positivity and commonsense approach. We retired a year ago at 56 and 60, and are viewing it as the chance to do what we wanted to do in our 20s but didn't have the time or money to afford. Retirement has been joyful for us.
That is so awesome we are very pleased for you and wish you lots of happiness, we are having a great time and really glad we did it . Have a great weekend Cheers 🌺🍷🍺
hey ...just found your channel 🙂 yes many big people advice to find your "big number". It can be confusing for people. Thanks for this topic. Like 82 👍
Hi Nathan TFW and welcome to our channel, hope you have a great week Cheers 🍷👍🍺
Thank you! I am considering retirement at age of 60. You give me a lot of encouragement. Stay making your videos!
That’s very kind of you to say this, thank you
Thanks for this - I just came from a video in which we were being told that, yes, we do need a million to retire. I agree that that's a myth. With your indulgence, I will quote myself: "Or: Figure out roughly what it will cost annually to keep a roof over your head and bread on the table, and whatever else you deem essential. Figure out roughly what you can get from pensions and other sources (e.g., investments, self-employment, inheritance). If the second figure is bigger than the first - retire. If it's not, get it there, then retire. Am I missing something?"
That’s exactly it you got it ! 🙂great comment thanks for sharing hoping you have a great week Cheers 🍷🌺🍺
Thank you for this video. Retirement is something I am very afraid of (I just turned...4_...). You guys are so adorable and making retirement sounded so fun, even inspirational!
Yes! Absolutely agree. I live in Sydney Australia, took voluntary redundancy at 59 and am still happily retired at 87. Best, most productive, rewarding years of my life; so much to do, so to be and evolve into. My advice? Retire as early as you can.
Absolutely loving your candid talks about retirement and the experiences you have had. There are so many similarities between our stories. We are so lucky to be in a position of being able to retire early and in good health to enjoy it. Who knows what is around the corner. Coronavirus being a prime example! Take care both.
There definitely is a sense of live for today and maximize opportunities at the moment. We are glad to have similar stories and experiences with, good to know we are not alone Lol 😀😀 Have a great week.
Binge watching helped me tonight. I DON'T really need a million dollars to retire. 💯🔥This video blessed me so much WHEW! 🙏I crunched the numbers again and yes, myth busted!
You got this! absolutely you do not need a million dollars 💵 to retire you can have a wonderful retirement on far less .Hope you had a great binge watching have a great weekend Cheers 🍷🌺🍺
Even I don't agree with your money calculation, but still, congrats on your retirement! Hope you enjoy it!
Love you guys. Love your videos. I was obsessing about when to retire. If I should apply for my CPP now or later. If I will make it. You have really helped to put my mind at ease about all this. I can talk to or listen to videos by financial advisors but you bring such a personal touch that is missing in other videos I've seen. Thank you.
Thanks for watching everybody’s circumstances are different , but we hope that in sharing our story it might give others ideas to think about . We hope you are staying safe and keeping well have a great week Cheers 🍷🍺🙂🇨🇦
Love your video's. I'm 34 yers old and have kicked into high gear for retirement planning by age 55 - appreciate all your wisdom!!! FYI - I'm a fellow Canadian over in Saskatchewan!
Hi Josh thanks for dropping by hope our info helps you and that you put a plan in place to retire early isn’t Canada 🇨🇦 a wonderful place to live 👍enjoy your weekend Cheers 🍷👍🍺😎
@@ThisIsOurRetirement - thank you - have a great long weekend!
It's really refreshing and interesting to hear about your very active retired life in Canada, big like 83. Have a great week!
TFW we hope you are staying safe and keeping well ,have a great week Cheers 🍷👍🍺
Covid has sure put the dampers on my retirement plans! Ha ha! I retired Jan 2020 just weeks before everything went crazy. 🤪. Walking and I do adult colouring. We help our adult kids. Trying hard to keep busy and can’t wait for life to begin again! Thanks for your videos. I really enjoy them.
Thanks for watching our videos Sheryl rough timing to retire 🤔but at least you are retired a big bonus 🤩Yes we hear you we can’t wait for things to open up again we are hoping that 2022 will be goodbye 👋 to Covid have a great week Cheers 🍷🌺🍺
Plus the fact that you live in a country that provides healthcare must be a huge stress relief.
We are fortunate that we do have great healthcare in Canada 🇨🇦 but we also pay 💰 higher taxes Cheers 🍷🙂🌺
@@ThisIsOurRetirement I agree, but I think its worth the trade off to not have that stress as we get older!!
Yup - retire as early as you can, enjoy life, and give a chance to the younger ones who really need the big income.
Absolutely we took early retirement 5 years ago and never looked back what a great job 😂😂we are having a blast 💥.Have a great week Cheers 🌺🍺🍷
Bonus myth #4 Save and Invest your surplus! Such great insights!
Thanks for watching have an awesome week Cheers 🍷🌺🍺
@@ThisIsOurRetirement Love the content and connected with us here in N. Y. My wife and I are mid 50s and Fired! Going to Bing vid your content. Thanks
Thank you, we realize not everyone has the resources to to retire we hope it works out for you.
Could be a good idea to add the proviso that your comments apply to Canada and may have limited applicability in other countries. FYI, here in NZ you do not get any Govt pension till age 65. I am seeing more people working well beyond age 65, due to the cost of living increasing a lot.
Thank you again for another informative video!
Our pleasure thanks for watching
Love your videos guys… For some reason there’s a lot more ads at the moment though which is slightly annoying
Thanks for watching, sometimes we watch and there are hardly any ads other times it seems like lots, I guess it must be supply and demand. We did notice from March through to June there was a lot less advertising. Have a great weekend.
I made the plan to achieve FIRE in the next 5 years! Wish me luck eeek. Though I probably wont be retiring early, it's good to have the option.
Wow that’s a great plan we wish you well, just remember you can do it and life will take on a new exciting experience, have a great weekend Cheers 🍷👍🍺🌺
@@ThisIsOurRetirement Thank you so much, the main thing is getting our savings rate identified and working on improving it - YNAB was great for that. Congrats on the growth of the channel! I have a personal finance channel myself, and would be great to get your feedback and of course connect if you like it :)
I"ve been enjoying your channel - lots of good thoughts for consideration. My model of retirement (next year) will look different from yours but is still thought out as yours has been. Thanks.
Retirement is maybe not the right word these days, as many people who advocate the FIRE thing are stopping the miserable corporate rat race very early. I know people in their 40's doing more interesting things for less money. I left the IT industry at 52 because I stopped enjoying it, and had no debt to service so why continue. My late father said to me once "You'll run out of time before you run out of money"
Great video my friends 👍👍👍
TFW glad you enjoyed it have a great weekend Cheers 🍷👍🍺
Thanks for sharing my best friend I like stay connected
Thank you, we will 🙏
Hi, I've just started watching your channel, which I am enjoying very much , thank you. I have been living in NZ for the last 20yrs and came from UK. I am now mortgage free. My partner and I would like to do some travelling for maybe a year, he has his own small mortgage. I am wondering how you managed to fund your travel? Any tips and advice would be much appreciated. Thank you, you both are an inspiration! Jessy
When we retired Jessy we set up a travel fund to cover our trips , we had sold our house so had the money to allocate which we pulled from ,good luck 🍷 🇳🇿 🌻🇨🇦🍺🚢✈️
Love your videos,thank you. I’m not sure whether you are retired in Canada or in the Algarve?
Hi Alexander we are retired in Canada 🇨🇦, we love to visit the Algarve in the Winter months but maybe not possible this year due to Coronavirus, we are enjoying staying close to home . Hope you are having a great weekend Cheers 🍷👍🍺
This Is Our Retirement I knew you are Canadians but I honestly thought you were living in the Algarve. Been to your country in 71( beautiful ) and CARVOEIRO in 2018 to attend a conference organised by International Living. Keep well.
Wonderful channel 👍subscribed!
Thanks and welcome to our channel, hope you are well have a great week Cheers 🙂🍷🍺
@@ThisIsOurRetirement Thank you !
Great topic!
Thanks Tracy have a great day Cheers 🍷🌺🙂
Retiring early is the easy part, deciding to make the jump though is hard. I don’t know how other people manage, but my wife and I both were lucky in that we found hobbies we really love. In some ways your hobbies become your new full time job which is why I seem to always be time poor in retirement😀😀
Very true it’s good to be busy in retirement, we are glad it’s working out for you. Thanks for watching.
Take us along on happy hour!
We are having a very happy retirement with lots of happy hours 🍷have a great weekend 🍷🙂🌺
I would love to see norm
And Tina at happy hour. You can tell us your favorite drinks or spots you like to go too 🙌🙌😂❤️
@@kathysheeran6589 Tinas favourite drink is white wine ( Sauvignon blanc either New Zealand or South Africa) and Norms is Scotch 🥃 Have a great Easter weekend Cheers 🌺🐣🍷🍺
nice to meet you
big like
connected!
Nice to meet you too Enjoy your weekend Cheers 🍷👍🍺
4% interest rate on guaranteed investments these days would be incredible! Ahhhh....wouldn’t it be nice 😀 we put 10 grand and a little bit on a GIC about 30 years ago, a one year term. And earned $100 a month in interest. That was my goal at the time, a hundred bucks a month that I didn’t have to work for....eventually the money was needed to just get by a couple of years later. Life and finances change continuously don’t they?
Hi TFW yes there are lots of challenges and choices along life’s path, EQ at the moment is paying 2% on savings and more on GIC’s.
Passive income is also a great way to generate money , hope you are well and have a great Weekend Cheers 🍷👍🍺
This Is Our Retirement EQ? This is an abbreviation for... I’m not sure. But o currently have my money in a couple of mutual funds accounts with a low risk determination and a low/medium risk. Scary at times, one day up, next day down and since all this virus concerns this year I’ve seen a BIG loss on paper and now they are back to much where they were at. I shouldn’t look into my funds activities daily, I know they say think long term but I don’t feel like I have long term plans at 64. My son says dividend paying bank stocks are the way to go but I still feel edgy with any stocks but gic’s just don’t pay decent interest anymore, but are secure. Confusing.
@@TripReviews Ups sorry EQ is Equitable Bank, it’s an online bank if you google it they are very interesting. We agree with your son in dividend bank stocks, we have those they are strong with consistent dividends .Have a great weekend bar the rain 🌧☔️🍷
This Is Our Retirement ok, thanks 👍
Hello. Nice video my friend. LIKE 👍❤️
Thank you 🤗
Hi sounds like you have a nice retirement but do you want the burden of finding rent for the rest of your lives also you could have to move late in life if the owner wants to sell up.Sounds it could be stressful to me
Well we thought long and hard about this , we are enjoying a lovely retirement we rent from a company that has 86 buildings so we feel very safe it has removed all the stress and we are feeling good Cheers 🍷🇵🇹🍺🇨🇦
Cute couple.... happy retirement
Thank you! You too!
Nice video god bless ..
Thank you! You too! 🌺
The million dollars to retire, myth, comes from retiring at 65, and the idea was to earn what you were making ,before you retired, from your investments,to keep you in the life you're accustomed. So if you were making 70k a year, before, and you were going to live to age 80 or more, you would need 1 million plus. It depends on the lifestyle you want. Hopefully you don't have a mortgage or financing payments at 65, so you could live on less. But If you want to travel, that's more expenses. Now there are people who sacrifice, scrimp and save, "Enjoy they're retirement", and then a health problem strikes. All that sacrifice is for nothing. I think one needs to balance saving for the future,and living for the now. Because you never know. $12000/year, is sub poverty level.
In Canada 🇨🇦 you have to also take in to account the CPP which is funded from your paychecks and Old age Security and for a married couple that can easily be $2000 a month , which goes a long way to pay your expenses.
Also a Million dollar plus will keep you in a high tax bracket , hope you are well have a great day . Cheers 🙂🍺🍷
@@ThisIsOurRetirement Not quite. You only get taxed, based on what you withdraw. If you're single? Thanks for the response, I'm not a troll by the way.
That’s why we invest some of our investments in non income investments like growth stocks. We never saw you as a troll lol
Interesting podcast....you sold your house....do you rent now? How did you invest your proceeds to allow yourself to “retire poor “ income wise?
Yes we rent now, we have invested in various products like TFSA totally tax free, cash in savings accounts that pay little interest 1.5%, growth stocks that don’t pay dividends. We also have sole trader side hustle which we can right down expenses. We are careful to claim all allowable tax savings around medical expenses. We do not have company pensions, so have used a financial plan to enable this.
But it's still OK to have a million right?
Guess it is if you have it 💰LOL 😂 have a great weekend Cheers 🍷🙂🍺
No - but I can help you get rid of it!
@@hilariousname6826 It’s always OK to share LOL 😂😂🍷
But can you really live on only 12000 a year? I know you rent which takes a big chunk of money! Obviously in two you've got 24,000 so that's much better than just 12,000. Unfortunately it's more expensive for a single person.
It would be difficult to live on 12K that’s why savings is so important, we sold our house.
@@ThisIsOurRetirement Ok fine. I'm sorry. I had understood for what you said that it wasn't really necessary to have a good amount of savings when you gave the example that having $300,000 would generate the same amount as a government pension (i.e. US ss) and therefore having savings wasn't indispensable. I guess I just misunderstood, however you must have a house worth a lot for it to become a good source of support. Homes in Florida for example are not really that expensive - in a normal middle class neighborhood (not talking about touristy areas on the beach) houses might fetch $200,000 and then you need to pay taxes on that. You may end up with $150,000 or even less. Not really much. Anyway, thanks again for your videos 😁! They're great 👌.
We are fortunate in Canada 🇨🇦 we don’t pay Capital gains tax when you sell your principal home so we keep all the money .
Have a great weekend Cheers 🍷🌺🍺
@@milliemouse6525 I don't know if you have a house you want to sell, but just fyi, as long as you've lived in your home for at least 2 out of the last 5 years, you don't pay any capital gains tax on 250k if single, 500k if married (capital gains being the profit, or difference between what you bought the house for (plus cost of any improvements) and what it sells for). So in your example prices, you wouldn't pay any taxes. Just mentioning it in case it makes a difference to your situation. :)
I wish you lived near me,
Thank you
In my retirement, I’m so busy, I’m not sure how I got anything done while I was working. Retirement is the best gig ever!!
We can’t agree more it’s wonderful 🙂hope you are staying safe and keeping well have a great weekend Cheers 🍻😎
I have said that many times over I don't know how I got anything done when I was working retired one year and loving it
I’m still double dipping ! 😂😂
Thank you for watching our video, we would like to say we are not licenced financial advisers, we are just sharing our story, you should seek professional financial advise.
I have 17 years, 'til I hit 65. My plan, is to top up my TFSA, as much as much as able ,and to have some money, in an RRSP. I think ,for my purposes, the TFSA, is the better option, since the proceeds are tax free.
TFW sounds like a great plan, we took early retirement at 58 and 60 and have never looked back have a great weekend Cheers 🍷🌺🍺
Did I just binged watch your videos? 😜😜😜 so glad to find your channel from Scarborough On here
I'm 36, but thank you for your insight, it helps me plan ahead! I've sent your link to my mom who recently retired. Can you do a segment about single retirees specifically, maybe with insight from a friend or what you may have done differently if you were single? It would help my mom.
There are a lot of people that came to Canada who do not no about this agreement . All they have to do is get in touch with the UK pensions in Newcastle UK. They are so helpful and they will back date your top up pension as well. They do not need a financial adviser they just need to sort it out them selves. I had to send x amount of amount over and with in 2 years I got back my investment back. Now I am in a win win situation. What with the exchange rate.
"health will run out" - well said!
"It's like childhood, but with money and no age restrictions" hahahaha
Yes isn’t it wonderful TFW we didn’t realize it would be this good hope you are staying safe and keeping well Cheers 🍷👍🍺
I also think it's easier to manage the difficulties as a couple. Being a widow is a little bit different but I gain a lot of information and encouragement from both of you!
Just came across your channel. All good points! Two of them really struck home. My husband and I were planning to retire at 55. He passed away a year and a half ago of cancer. He was only 50, to your point that there are no guarantees that you’ll even make it to 65. Also, we bought a little condo in São Miguel Azores for our retirement and we wanted to retire at 55 bc we didn’t want to be known as the old couple on the fourth floor walking around with our canes and health problems that come with old age. If at all possible, retiring when you’re in good health is way more enjoyable that doing it with health issues for sure.
Thanks so much for watching and we are so sorry to hear about your husband 🌺, My younger brother passed away also at 52 and you are correct none of us has a crystal ball 🔮 and retiring early if you have health is a good idea . We hope you can still enjoy your condo if possible with family . Have a wonderful weekend Cheers 🙂🍷🌺
Found your TH-cam channel and can’t stop watching! I’m only almost 42 but planning and saving for my retirement. I have s pretty big savings but because I got lucky. Thank you for all the information about retiring.
That is awesome! welcome Rose to our channel glad you are enjoying our videos have a wonderful weekend Cheers 🍷🌺🙂
Wow. These two are great! They finish each other's sentences and just have great conversation. I need to get some neighbors like these two.
TFW glad you enjoyed it, we do have fun together we hope you are staying safe and well have a great weekend Cheers 🍷🙂🍺
You've made excellent points and convinced me. Im retiring in April. Finally decided. Thank you
That’s great we are very pleased for You , we both wish you a great retirement and weekend Cheers 🍷👍🍺
I tracked my spending for 2020, I’m surprised at how little money I can run my life on.
Yes it’s amazing when you do a budget to see what you are spending and as you get older you spend less 💰Cheers 🙂🍷🍺
Yes I really have to agree with your comment. We are learning to live with far less during this pandemic. It is eye opening and I think the world has now changed to the point where businesses may get culled back even after the pandemic is over.
@@batdude2196 Couldn’t agree more with everyone staying home, not driving to work , lots of businesses closed that we took for granted , no restaurants open the changes are huge but unfortunately this is now becoming the new normal.One plus could be that people are saving money 💰 as they aren’t spending it just a thought 🧐
Correct I am living on 1069 a month Social Security check and out of that money I put 200 into savings but I have to say when I was working and earning 38000 a year once my mortgage was paid for I had no other debt I was able to save half my paycheck
@@debbieframpton3857 TFS have a great weekend Cheers 🍷🌺🍺
“It’s like a second childhood but with money!” 😃
🙂🍺
Nicely said!!
I can agree with the first myth. I work in a brokerage firm where 80 Year olds call with millions in account and tell me "I wish I didn't work so much I don't know what to do with all this money". Life is too short let's enjoy it. ❤️ You guys!
There is another saying “you can’t take the 💰 money with you so you might as well spend and enjoy it “ have a great weekend Cheers 🍷🙂🍺
Another wonderful, helpful video. I’m hoping to retire in the next year or two. I’ll be 56 or 57. I have earned a pension at my employer after 25+ years of service, so if I sell my home, I can supplement my pension until I can collect social security at 62. My mom died at 56, and all my grandparents died by the time they were 75, so I’m not expecting to live long. That said, my father is in his eighties. Anyway, since my own health isn’t great, I want to enjoy as much of retirement life as I can. I want a tiny apartment with community activities. I loved my job until we got a new supervisor. It’s a drudgery now, so I’m over it. I figure I can work for myself now by beginning a TH-cam channel, writing, and selling electronics online. I just want to enjoy life and spend the rest of my life doing things I like and spending time with people I enjoy, like you! Thanks again for another wonderful, inspiring vlog.
In the end you have to look after yourself, shame about how inconsiderate supervisors can make life intolerable, we are sorry to hear this. Your plan sounds great, TH-cam is a long road without reward but if you stick at it, it will start paying you eventually. We wish you the best for retirement, stay positive and upbeat, it’s good medicine. Enjoy your weekend
Maybe you don’t need that much in Canada but here in the US Medicare plus an advantage plan can cost a married couple several hundred dollars a month. Plus you don’t even qualify for Medicare until your 65 no socialized medicine here. I just don’t think this video applies to those outside Canada. I’m a nurse And I see so many patients who are hospitalized simply because they can’t afford their medication. It’s either eat or get their medicine.
Actually your comment on socialized medicine is not correct as only applying to Canada , all over Europe , UK , Australia, New Zealand all developed western countries have public healthcare, unfortunately USA 🇺🇸 has created its own bubble of high medical costs . We wish you well and hope you have a wonderful day Cheers 🌺🍷🍺
@Candi8521 As a US citizen, I feel your pain. I'm currently 57 and would like to retire within the next few years. However, that's impossible in the US. My wife and I are looking to retire someplace cheaper, so that we can retire soon. We're up for the adventure. After doing some research, the top spots would include Portugal, Uruguay, Ecuador, Panama, Costa Rica, and Belize (there are plenty more).
What happens if you cannot pay your medical bills in the US
Retirement is the best gig ever! (I retired at 55 as well) Great myth busting video! 👍
TFW hope you are staying safe and keeping well life is good Cheers 🍷👍🍺
I am surprised this video has not been taken down by TH-cam. This couple is exposing so many lies by the investment industry. Awesome.
Thanks for watching glad you enjoyed it , we are just telling our story as it is to help others we have another one coming out Tomorrow . We wish you a very Happy New Year 🥳🥂🎊Cheers 🍷🍺
I’m 60 and a USA citizen. I have two million in stocks. If I can wait until 70 to take social security that will be $43,000 a year. I currently make $150,000 a year and save about $50,000 of that for retirement. I recently moved and sold my house, now I’m renting. You say you don’t need a million dollars yet I still worry about not having enough. Maybe because I spent the last five years taking care of my father. He died at 93. I have no children or other family so I’ll need to take care of myself. Sometimes I think I have plenty. Other times I wish I had more. Thank you for dispelling the myth that you need a million dollars.
Wow it sounds like you are very well looked after for your retirement the one thing that you need to allow for is medical healthcare but We think you sound OK for that , also remember to make a will to make your wishes known we just did a video on that don’t let the government take it LOL 😂have a great week Cheers 🌺🇺🇸🇨🇦🍺
What you have is enough!
Check out 'Thriving Retirees' on TH-cam for some great information on how to thrive in retirement.
Hi Norm and Tina, you two sound so sensible and have gained some very practical knowledge that you are sharing with us all. I have just retired at age 63 and am just working through all these changes to life and finances. I have saved a respectable amount of money over the years plus we sold our home and bought cheaper which was quite a boost to our savings. It’s nice to hear that it’s not scary at all but a whole new adventure.
Hi Ben congratulations 🥳 on your retirement we looked at it as a new adventure and chapter in our life and everything we find out is exciting to us .You sound like you have a great financial plan in place we hope you too enjoy a great retirement. Have a great weekend Cheers 🍺🍷🙂
I stumbled across your videos just yesterday and have become enamoured with your stories! Thank you so much for sharing everything. I am 51 and plan to retire at 55 and travel like crazy with my wife too! I am Canadian and my wife is Japanese so our plan is also to spend 6 months in Okinawa which has a beautiful winter vs the one here in Calgary.
Thanks for watching and we wish you a great retirement sounds nice split between Canada 🇨🇦 and Japan 🇯🇵 Have a great weekend Cheers 🍺🍷🌺
When you recorded this, OAS might have been 67, Liberals rolled it back to 65.
Yes you are right OAS is 65 , TFW enjoy your weekend Cheers 🍺🍷🌺
*I love learning from you two. Your experiences are gold to me*
We are so glad, thank you for your kind words.
The government is not "giving" you anything that wasn't yours to begin with.
That’s maybe true but still nice to receive it Cheers 🍺🌺🍷
@@ThisIsOurRetirement
I see. So kind of like finding your own $20 bill in an old jacket. 🍺
@@chrislim7976 Correct still exciting LOL 😂
The Gov is "us" - we the people who work in it and who legislate or vote fo, to give us infrastructure the likes we could never accomplish on our own, with individual economics. Government is not them, it is us! Have pride in what we've accomplished so far.
I will need so show this video to my wife. She is 48 and I am in my early 60s. I am semi retired but she still works like a dog. She has few million on her own but is afraid its not enough and does not want to walk on here high paying job. In the US the elephant in the room is healthcare. Purchasing it on your own is insanely expensive. It almost seems like its meant to keep us working. I know a lot of people who stay at their jobs just of the healthcare. If us older people left the job market it would open things up for the next generation. Thanks and take care.
Thanks for watching Cheers 🍺🌺🍺
Yup, I still don’t understand why American doesn’t support universal healthcare. Isn’t that power of scale? Why you won’t to fight the Insurance company for the coverage on your own when you are sick. It’s insane. All the goods are cheap except medication and treatment at Hospital.
USA it is 62 for Social Security. And 65 for Medicare. And if we claim it that early the monthly is a lot lower. If we wait the monthly is higher. The pot is always the same amount. And that pot of money in our accounts is divided by when we start claiming it. So if we wait the denominator is less. up to being 67.
In Canada we can defer our CPP pension to 70 and get more, we felt we would take the money early while we are traveling to help out with expenses. Also we anticipate spending less as we age, providing we can stay out of long term care homes. Canada is moving the main old age pension (OAS) to 67 too.
Hey Tina and Norm! We hope that Norm caught a lot of fish on your guys camping trip this past week, we wish we were fishing right now!! Sounds amazing. This is great to hear that you guys were able to debunk the myth of needing $1M to retire. That has been passed around the USA since the 90s too! We are happy to hear that this is NOT the case, and you guys were able to retire without the $1M and get to live such an amazing life, and also get to travel. It makes sense what you said because people look at their jobs as their identity in life. When you meet someone, one of the first things people ask is your name, and the second is what is your job. So we can see when retiring you have to create someone of a new identity or like you said.. a different chapter in life. Too funny that you both are more busy now than you were when you worked, and we love what Norm said "it's like having a second childhood, but with money and no age restrictions" LOLOL!! Seems like it sums it up perfectly! That's good to hear you guys are making future travel plans, especially while stuck at home, it's nice to think of a time away and traveling. We definitely have heard people fear retirement, but we are not those people LOL!! Retirement sounds amazing to us, and we are looking forward to it!! Who can go wrong with senior discounts and cheaper food!! ACES! Don't feel bad about not knowing what day it is. We feel the same way, except Wednesdays we know, because the trash man comes around LOL!! Great video and love you guys to the mother effin' moon!!
Hi Bears and Butters ☕️Happy Sunday, when you view retiring as the next chapter in your life you can still love all the past memories but you sort of put them in the filing cabinet and move forward.
We are enjoying a great retirement, and it sounds like you have a very positive plan for yours which is great. Today we have 🌧☔️Rain I think it’s coming from the Tropical storm in the 🇺🇸 states coming up the East coast , they say that’s a good time to 🎣 fish in the rain LOL 😂😂. Hope you have a great Sunday Cheers 🍷👍🍺😎 Norm and Tina 🤗
In the US, the minimum age to draw Social Security is age 62, not 60, and the break-even point versus taking it at 67 is age 78. I will have a pension that will cover the bills, but pensions are on the decline here. I could retire now but still enjoy my work. You seem to enjoy yourself in retirement. Have fun!
Thanks for watching we are having a great time being retired there is so much to do we never seen to have a dull moment, actually don’t know how we had the time to go to work LOL 😂😂🌺
Very good information, retirement it’s all about living within your means
You are so right, the biggest dangers to being able to retire is debt. Thanks for watching and commenting.
Great programme, I liked Canada when I was there, did you go to the Calgary Stampede yet ? must see, also Kelowna BC, most beautiful place in Canada, lots of wine and plenty of "Happy Hours" could talk for hours about my days in Canada, not forgetting my trips across to Hyder Alaska and the all night drinking in the Glazier Inn and the walk back across the border dodging the bears on the way.
Haven’t been to the Stampede yet did an RV relocation trip from Toronto to Vancouver two years ago it was amazing Cheers 🍷🌺🍺scenery was off the charts fantastic 🤩
I retired at 55 for at least some of the same reasons as Norm. I hope to get my wife to watch this particular video as she intends to "work as long as she can" (which should have been a year ago!). Your discussion of life doesn't stop when you retire hit the nail on the head. I will hopefully watch many of your other videos with her first since you two are such an inspiring couple... incredibly charmed here... Thank You for the videos from the entirety of my heart.
Good morning Greg ☕️we are glad you are enjoying our videos and we really appreciate your support , I (Tina ) thought like your wife for a while then when we sat down put a plan together which then was to retire in a year everything changes less stress and enjoyment and excitement took over, we retired 5 years ago and have looked back just love it Cheers 🍷🌺🍺
I laugh every time I hear that million dollar thing. I am lucky if I make that in 10 years. Who are these people making up these thing.
It's a scare tactic, primarily peddled by financial advisors and Wall Street. It's designed to keep you scared so you stay invested in their products.
We agree, it is just marketing fear mongering to get more money to invest and earn fees on. Very rarely do they include government pensions or other benefits seniors can get.
You are right
Being debt free is maybe the most important thing to being able to retire. And then living within or below your means. Great information
TFW and welcome to our channel hope you are staying safe and keeping well Cheers 🍷👍🍺
Exactly!
Thanks for dropping by , have a great week Cheers 🙂🍷🍺
Hi guys, I'm a new subscriber. I really enjoy your videos. Can you please touch upon health insurance? This is something I feel is very important. Thank you!
Thanks Ariel for the suggestion, is this supplemental health insurance in retirement for Canada or the U.S.
Wow, what a refreshing video. You folks are truly smashing some old/false stereotypes regarding retirement (which I've fallen victim to). My wife and I (both still working, in our early 50's), have an investment portfolio just of almost $2M, and will have our GTA home paid-off in the next 3 years (>$1M). And YET, we're both nervous that it's too early to retire.
I really need to re-evaluate my thinking on this, and plan for full retirement, asap, to enjoy our life (while we're still healthy) and do some traveling (when it's safe, of course).
Time to start planning. Thank you!
Hi Jax Sounds like you are in great financial shape, when we took early retirement 5 years ago I(Tina ) was 58 and Norm was 60, although he had retired probably 5 years before I was still working.
What we have learned is Time and Health are really important, we sold the house moved to a beautiful rented appartment overlooking a Lake and were debt free . The last 5 years we have travelled extensively never thought something like Covid would put a stop to that , however we are adapting and have bought a trailer to spend the summers in Huron county exploring all around there .
Also most people aren’t aware of all the Government programs CPP, OAS , GIS that you get in Canada 🇨🇦 it’s amazing and we are learning new things every day . We both took CPP at 60, one or our viewers took a retirement course and they were told do all the travelling early while you still have the health to do so .
We are glad you are enjoying our videos we appreciate your support have a great weekend Cheers 🍷🍺🙂
@@ThisIsOurRetirement Thanks for the reply back! I've known about CPP and have incorporated into our plans (probably waiting till 65), but have to admit I wasn't really aware of OAS, until recently. My wife and I probably won't be able to get GIS (and we shouldn't since it's not meant for us). But I am researching on how best to take advantage of our savings (in retirement) in the most tax-advantaged way.
If you get a chance to visit Portugal in spring, you need to visit: Sintra, Tomar (knight's templar), Evora, and Guimaraes (Portugal's birthplace). Cheers.
We have been to Sintra the fancy 🏰 castle and also the shrine of Fatima , and we should visit those other places you suggest. Evora has the bone chapel and we found a Bone chapel in Faro in the Algarve. I am sure you are aware of the TFSA but for a couple that can shelter a total of $151,000.00 and all profits generated from that is tax free a great way to shelter some of your capital from tax. Our latest video Retire Poor Rich explains this further, have a great weekend Cheers 🍺🙂🍷
@@ThisIsOurRetirement YES! My wife and kids loved the Bone Chapel in Evora. We also went to Faro (2015), but were only there for 1 day (lighthouse, and boat ride through the rock formations). Re: TFSA, yes...we're maxing out of TFSA before putting into RRSP, non-reg). And yes, will take advantage of TFSA and how it will benefit us for OAS, etc. before we're forced to use RRSP's (@ 70). We're going to have to get some professional tax advice, before we retire to make sure we're paying the least tax possible :-). Have a great weekend as well. I'm in Southern Ontario also (Caledon area) and wish I was in Portugal right now.
Just remember Jax, nobody ever laid on their deathbed wishing they worked more. Don't let your fear rob you of your dreams.
This is my second day as a subscriber to your channel. By now I have watched a dozen or more of your videos. The information is absolutely invaluable. My wife's and my retirement aspirations (and means) are rather similar to what you have done and are doing. You're 11 or 12 years ahead of us and so it's almost like being advised (sorry, wrong word -- uh, "shared with"?) by my future, wiser self, in a way! Thank you so much for what you do. Please keep it up.
Awesome! Thank you! and welcome to our channel we are glad you are enjoying your future LOL 😂😂through us , have a wonderful weekend Cheers 🍷🌺🍺
Alright, this video besides has good information, you two are funny too. Norm made me bust out laughing a couple of times. Truly, thank you for the great videos. You have made me feel at ease thinking about retirement. Thank you!
Our pleasure! so glad you enjoyed it Sylvia have a great week Cheers 🙂🍷🌺
Glad to hear about your early retirement. You’re correct in that you don’t need to be a millionaire and that life goes on in retirement. But it doesn’t hurt to have a generous pension and a multi-million dollar bank account. Like you, we retired at 55 and are traveling the world. We’re grateful to be living the dream and enjoying our happy hour everyday.😉
I'm always flabbergasted by the fantastic sums of money people throw out as necessary for retirement. Some guys honestly think you need multi-millions in the bank. You don't need a million dollars or even half that to retire, that's just insane. And the number can be very low if you're willing to do some small, easy things to keep some income flowing even after you "retire," which everyone should plan on doing in any event.
Wow great comment that’s exactly how we feel , in fact it’s that thinking 🤔 of needing millions that stops people taking and enjoying a great retirement. TFW have a great week Cheers 🌺🍷🍺
I’d love to sit down to dinner with you. My treat of course. I’m going to show my wife your videos, she isn’t a Utube fan but I’ll get her to watch the odd one about RVing. Lol Have one for me guys. Cheers!!!
We hope your wife enjoys our videos thanks for the offer of dinner with all these Covid restrictions that’s put all that on hold . Enjoy your day 🌺
You both are a joy to listen to. Love your "Realistic Approach" to retirement. Thank you for sharing your story with common sense and creative approach to retirement with all. Retirement is often misunderstood and your videos give clarification on the subject. Often people think something magical will happen in retirement. It will if you plan and make it happen through your own creativity which does not require a million dollars. A happy retirement has more to do about where you are with yourself in mind and spirit. Wishing you continued success in living the good life in retirement.
What a wonderful comment Margaret thank you , hope you have a wonderful weekend Cheers 🍷🌻🙂
Very nice viewpoint?
The retirement age is rising all around the world ...so saving early is a must ..or just cut down on all unnecessary spending ...careful planning is essential..
It is a shame raising the retirement age but that’s the future. You are right about saving and spend less. Thanks for watching have a nice weeek.
It sounds like (your) great marriage lead to a happy and near problem-free retirement.
Yes we are very fortunate, thanks for watching have a wonderful week Cheers 🍷🌺🍺
PM Harper moved the OAS pension back to 67 to be phased in for people born 1958 or later. However, when PM Trudeau was elected in 2015, he scrapped that plan. Old Age pension is available for everyone starting at 65.
Hi what actually happened is it got pushed to one side , so from 2023 you will have to wait till you are 67 to get OAS if you were born before 1958 you are still OK that includes me LOL 😂😂 have a great weekend Cheers 🍷🏈🙂🍺
@@ThisIsOurRetirement Kim is actually correct and PM Trudeau did reverse that decision. As of today, one can apply for OAS at the age of 65 and so it remains until it gets changed once again.
The Conservatives brought in the TFSA. The Liberals reduced the contribution room. TSFA is better than RRSP in some circumstances
@@shebakali6 We just think that the TFSA is a great tool to have , we really regret that the Liberals rolled back the contribution levels it should be $10K a year . Have a great day Cheers 🍷🙂🍺
@@ThisIsOurRetirement any Google search would of shown you that the 67 for oas is incorrect when the liberal government won the election they reversed that decision by the conservatives. So unless another government passes a new bill to increase it to 67 it is 65 to receive oas
I semi retired from the building trades after 35 years. People ask me what I do for a living, the answer is I drive a semi tractor-trailer so I'm semi retired. Ha. I get to travel all over the US and Canada and get paid to do it.
Sounds like a great plan have a great week🍷🌺🍺
I’m working because in the US I have to self-Insure which is $1,600/month. Not eligible for Medicare until 65
That is quite the expense, we have always had public healthcare in the UK and Canada, this explains our higher taxes. Thank you for watching, have a nice weekend.
Am I to understand from your comment that you pay 💰 19,200 per year for your insurance? What are you covered for? Even for the U.S. that seems to be a high rate. That’s €369 per week!
🌲🌝☘️
UK can access the workplace pension form 55/57 depending on current age then state pension from 65/67 again depending. I have a feeling state pension will be scraped in a few years or at least means tested.
Workplace pension from age 22 with 4% from salary + employer match and tax relief will compound into quite the sum even if one retired at 57!
I just found you and I have the same mindset. I am retiring at 50. Love you sweet energy ❤️
Wonderful! we wish you well have a nice weekend Cheers 🍷🌺🍺
@@ThisIsOurRetirement cheers indeed 🥰
Fantastic 👍 love it, thanks for sharing my friend 🙏 keep uploading 💞
TFW we are glad you enjoyed it have a great week 👍🍷🍺
Great advise but also wonderful insight that eliminates some of the fear of retirement.
"DOING THINGS FOR OURSELVES RATHER THAN FOR AN EMPLOYER..."
"IT'S LIKE A 2ND CHILDHOOD BUT WTH MONEY AND NO AGE RESTRICTIONS..."
Glad you found our advise helpful we are certainly living it , Hope you are having a wonderful 24 long weekend Cheers 🍷🌺🍺
👍👍✌️ A million dollars would be nice though. But I’m ok like you guys.
..."I enjoyed my job, until I didn't, and then I retired at 55". I love it! That was exactly my story too. 3 years ago. I was in management and finding good employees suddenly become such a grind.
That is awesome! 🌺
You two are so fun 🤩. I am enjoying your channel. I retired at 55 with pension and went right on working as a contractor. I am planning to start my social security at 60. Who knows how long you are going to live to enjoy the money you have put in to the system. Your video confirmed that I am making the right choice. Thank you
That is awesome! we wish you all the best 🌺
Anybody that thinks life ends at retirement just needs to look at your busy lives to dispel that myth!
Great comment thanks, we didn’t think retirement could be so much fun LOL 😂😂hope you are well and having a great weekend Cheers 🍷👍🍺😎
In the USA pensions are becoming uncommon...at 4% withdrawl of a million dollars 401k would be a gross income of $40,000 per year.
That sounds great you could easily live quite comfortably on that thanks for watching and have a great weekend Cheers 🍷🇺🇸🎃🍺👻🇨🇦
If your money doesn't grow in retirement, you are flirting with spend-down anxiety.
That’s why we buy strong steady bank and similar stocks, have a great week Cheers 🌺🍷🍺
Love you advice. A great comment on retirement that I heard was that you should try and have 3-4 hobbies that you absolutely enjoy (can even make you money) and want to wake up for. Can’t wait. I retire in one year
You are right we have no shortage of interesting things to do, like TH-cam 😂😂 We hope your retirement is as rewarding as ours, best of luck.
We really enjoyed this. We loved how you presented this and we really liked your list. You guys are so sweet and genuine. Thank you so much for sharing this. ❤️👍👏 Donovan & Jodi
Hi Donovan and Jodi thanks for dropping by nice saying hi on Art of RVing , we are glad you enjoyed it, we try and just be ourselves and we are having a blast being retired and sharing with everyone. Hope you have had a great weekend Cheers 🍷👍🍺🤗
One thing that you can do ( and I did) was to buy a big house and rent out part of it. In that way you have tenants pay the mortgage and your expense drop significantly. This income along with social security will be enough for me to retire on. So, you can retire with an investment the size of a down payment on a house if you don't have hundreds of thousands saved.
That’s a great plan thanks for sharing the idea.
Agree with you again, I’m also a babyboomer lol ❤️
You did very well 👍🏻👍🏻
Thank you 🤗