I didn't answer question 4 before retiring - in fact every time I thought about it, I'd spin in different directions and wonder - am I ready to retire? I did it anyway in October 2020, right in the middle of the pandemic, perhaps not the best time. I'm 3 years in now and I've enjoyed the freedom to go where I want, when I want - no getting PTO okay'd, no working ahead to avoid causing problems for coworkers, no worrying towards the end of the trip - what am I coming back to? The removal of those stresses has been priceless.
I think being totally debt free is ultimate. And the ability to be flexible year to year in spending. Can you live on a minimum amount and splurge when circumstances allow? To me that's key
Spurge This is a bad word, I would say. We have to pay for everything, do you want to pay now or pay later? Pay later means sitting home eating beans? Maybe you should not spurge 😢
In retirement, not only can adults take "Continuing Adult Education" classes at many universities (for a minimal fee), but some retirees can volunteer at universities to counsel students about career opportunities. There is so much to do!
We downsized from a large family home to a cozy bungalow in a 55+ community and having the extra money from that change feels wonderful and freeing. Plus all the social events and clubs in the new community and new like- minded neighbours makes the days fly by, always something going on. Selling, buying, and moving are hard work but now that it’s over so worth the effort…do it sooner rather than later! Thanks for your videos, we look forward to each one.
Last week, at 59.5 years old, I gave my retirement notice. On the same day, I rejoined a social club I used to be part of - they travel, bike, hike, camp, etc. So excited for my FUN-FILLED future! ❤️
More coffee gets acidity, drink water, walk, walk, exercise, bike, swim, feel hungry, go to groceries, cook nice veges and cuisines or learn to, sleep, have a cup of tea, read, watch you tube, sing, have a cup of tea, smile n chat with your sweet heart, tv time, then sleep and snore!
I am 75 and live in California. Still work for the largest health insurance company in California making a ton of money. I have health benefits from my employer PLUS I have Veterans Administration (VA) health benefits PLUS “TriCare” (military health benefits) PLUS MediCare benefits (Part A). I served 34 years in the U.S. Army and a combat tour to Iraq and EARNED these benefits. I am sick and tired of hearing about the lack of healthcare benefits for people who did not put time in the military or never earned their health benefits. As far as health, I can easily bench press 160 pounds and still pass the APFT (Army Physical Fitness Test) for my gender and age. My Dad was a Staff Sargent (E6) in the US ARMY during WW2; he use to repeat this at the dinner: “Prior proper planning prevents piss poor performance!” I planned early in my life for retirement!” Life is good!!
9 years in and long past this level but still I enjoyed this well organized top level quick view of retirement planning. Each question is an involved subject in itself but it's good to have a retirement planning starting point so directly defined. On the busy work life transitioning into a busy retirement life - oh, yes, how did we find time to earn a living? Only through sacrifice of what should have been important to ourselves. Raising children was good training that just pretty much carried on to retirement. When in business, I did a lot of my work with a timer clipped on me and lived my days making and checking off a task list. In retirement, the timer is pretty much gone, thankfully. Making task lists seems to be the same for me in retirement (an unbreakable habit?) except I'm working hard to ignore every task that isn't absolutely screaming for attention. This lets e enjoy a much more contemporaneous existence. Just finished my latte and maybe it's time to change out of the PJs. Maybe after another video... LoL Cheers from Buffalo!
Hello Tina and Norm. I really enjoy your calm reassurance that comes across in your advice. As far as slow-go years, at 70 my husband still bikes and hikes several days a week. We enjoy keeping physically fit together. He can outdo me and I’m just pushing 60. We are going on a few road trips this fall and so enjoy our freedom. Hopefully we will have many healthy years left together. Always look forward to your videos. Take care. 🇺🇸🚴🏼♀️🇨🇦
Good information, thanks! I am American, 2 years to full retirement age. I can answer all of these questions now and am eagerly anticipating not having to work 40 hours per week. I plan to travel the first year and move to an area with lower housing costs. I've worked long enough and at high enough of a salary to get a decent social security amount. And have some savings. I have so many hobbies that I think I'll be quite a busy retiree.
All good ideas. What am I going to do with my time is the biggest conundrum and why I struggle to retire. I find work exhausting, but it also makes me feel a contributor to society. My weekends go so fast and I feel unaccomplished. I think I will take the first six months to recuperate from working, down size, and tidy my house. I plan to eat better and do some travelling. Maybe there is somewhere else we’d rather live. Exploring our world through travel and books is my plan. Doing things I’ve put off until retirement. Connecting with my spouse. So much to do. It’s time to start.
Hi Tina and Norm :) Your fan Mary here from Toronto,ON here! FABULOUS video!!! There are some people who seriously can't handle retiring .. they think "what am I going to do all day?" HA! There's lots to do. I love listening to all of your "experience(s). They resonate so well with your audience. And you are right... My husband is surprised now (he's been retired since Dec 2022) how busy his day is. Thank you so much for another awesome video!!! PS. Did I hear right? You guys moved 6 hours away from your house that you sold? YIKES.. Can you say where you used to live? Now.. I have to watch Saturday's video. It's been a busy week. Have a beautiful rest of your week. Blessings Mary :)
I’m still working for a few more months, but we’re already getting the old age pension. Applying for CPP right away. Our plan is to be in a position where our expenses are minimal. We’re downsizing our home in the near future, so we’ve just started the decluttering process, hoping to sell a few things as well.
I’m thankful we don’t have to worry about health insurance for most things, but yes, there are a few things to take into consideration as we plan for retirement.
I'm a long time viewer and we are just retired at 55 & 56. Yes, what to do? That's the question. We're planning, thinking and dreaming..... thank you so much for all the advice! We're heading to south-west Ontario with unbridled optimism 😊
Thank you, Tina and Norm. I have been watching you both for about 18 months. I love the advice you give. It is practical and brings up some thoughts that would not have occurred to me. You make it easy for me to be more sure that it is time to retire and financially safe to do so.
So agree with the statement about you doing you. There is no set way to retire, time to retire, or amount of money you need to retire. It all depends on so many factors. But the QUESTIONS you presented are universal!
Hey Norm, I use to have a shirt like that but then I got a job. Seriously, my wife and I love your videos, thanks for all your advice, recommendations and suggestions. Stay safe and take care of each other please.
Plan to retire early in May 2024. I can't wait! We have saved a lot and have no debt. I am too busy right now, so I am looking forward to not always rushing through life. We want to travel more. We have elderly parents we help. Still have kids in university who are at home. I can fill in my time easily with family, friends, workouts, walks, and cooking meals from scratch. My husband gardens. I manage investments. I have a bucket list - learn a language, join a choir, play an instrument, get a personal trainer designation, get a personal finance designation, start a blog, help manage my sons music career...I don't understand when people can't fill up their time and get bored!!! Ps. I forgot volunteering, finishing odd jobs around the house, and Swedish death cleaning 😂
@@billbeard9588 It's a book called: The Gentle Art of Swedish Death Cleaning: How to Free Yourself and Your Family from a Lifetime of Clutter by Margareta Magnusson. I listened to the audiobook and it's about not burdening your children with all your stuff that they don't want and simplifying your life while you are alive. I highly recommend it!
@lenerasmussen5812 I am retiring early so no pension until 65 or later if we choose. I live in Canada. We have retirement savings. Using a rule of thumb, you can calculate what you need based on your annual budget x 25. As an American, you can try New Retirement and plug in your numbers to optimize how to withdraw.
I have really enjoyed following your videos for about a year now. You are so likable, I feel like I’m listening to friends. This video has also hit the spot as I have been afraid of making the jump into retirement and not having much to do. Thank you for spending some time to share your experiences and advice.
My husband and I have so enjoyed listening to your RUclips channel! My hubby is retired but is battling cancer We’re hoping to spend a lot more years together but have already found an affordable way to get away once a month for the last 5 months to soak up the sea air on the Sunshine Coast of BC ! Thank you again for taking us all along on your retirement journey!❤
I am 46 years old and live in California. Glad you listed healthcare as a top consideration. Most of the employees at the company I work for choose Kaiser HMO as their health insurance plan while working. I just learned that in July 2024 Kaiser will increase the monthly premiums charged to my employer by close to 20%.
We've always earned a good income...and didn't splurge even when we could. Our income is more than adequate now we are retired and we still don't splurge but plot plan and enjoy. Today, a cousin of mine died after nearly 5 years illness, he hasn't been able to enjoy any part of the 2-1/2 years retirement. All the money in the world and planning doesn't help if you've not got your health. Health is a priority though not always predictable. 🙏🕯 Messaging from Germany! 🇳🇱🙋♀🇳🇿
So sorry to hear about your cousin, we totally agree Anita health needs to be a priority and not to leave it too long to retire as we don’t have a crystal ball 🔮 enjoy Germany 🇳🇱🌺🇨🇦🍷🍻
I hired a costly financial advisor to get all the details. Well worth it. Fall has arrived. It is much cooler here in Vancouver already. I am glad I had TFSAs and RRSPs and a DB pension. 😊
My husband and I answered all the questions you talked about before we retired. We set up a budget and lived on it for a year before we retired just to make sure it worked. It did and we are enjoying our retirement.😊.
Tina and Norm..such good, solid advice and would help anyone thinking about retiring. Unfortunately ( or fortunately-all in how you look at it) I had zero plan. I was still working at 73 in a job I REALLY enjoyed…. Then 2020! Do you know that old saying, life happens when you’re making other plans? Lol that was me.! I was put on furlough for 6 months, collected unemployment etc… then they called me back to work. My job was working with the public and, at the time, there was no vaccine, and people were really cranky about wearing masks. My feelings were mixed, but I didn’t want to deal with the upset and anger all day that colleagues were dealing with who had returned before me. Plus I was helping with my granddaughters schooling and loving it ( I’d always wanted to be a teacher😄) …sooooo..BOOM, I was retired! Thank goodness I owned my little home I built on my daughter’s property .. and my car. I had 401k and No debt. While I was on furlough, snd $ was coming in, I researched medical plans and got that sorted. This life I have now is nothing like what I thought I would be doing now. I am soooooo grateful for everything and every day! My health has optimized and I just love having time to do whatever I want.. even if it is just reading all day. I exercise every day, including an hour walk. I thought I would be frantic without people around all day, but now I wonder how I did it!!😂😂😂. I’m so much closer to my granddaughter and I like who I have become after time to do a bit of reflection. I do wish I had considered retirement prior, so that there was a plan in place “just in case”.. but..there is that ‘plan’ word again!😂😂🤪 Blah blah.. lots of words here, but just to say you NEVER know what life has in store.. make all the plans you can. Then hold on!!
Thank you, Norm and Tina, for taking your time to help those thinking about retiring. You sure helped me. Been retired for almost 15mos and I really resonate with your advice. Thanks again!
Hi Tina & Norm. Just a quick message to say thanks for all the videos, very much appreciated. I'm 55 next year and lucky to he in a position to slow down and semi retire next year. With a view to change of location and embracing a whole new chapter. Thanks again, I look forward to your future videos, 'Keep em Coming' Andy, Yorkshire, England 🇬🇧
My Dad always referred to your Go-go years as "The autumn of life", he sadly passed away in July this year. The saying makes even more sense now as him and Mam absolutely 'smashed' it when they took early retirement. Including a trip to Australia via the us, Hawaii and Singapore to visit long lost family and toured the whole of Europe. "Do it while you can" was another of dad's sayings. Keep up the good work 👍
Hello from upstate NY! I have to say this might be the most valuable video for me since I have been following...would like to retire in 3 years from now at 59 but that is still not close enough for U.S. Social Security to kick in. My house will be paid for by then but still have to budget for taxes! We will need to sit down and calculate as you say! Thanks again, you two are awesome and so very calm and caring!
I have so enjoyed watching you! Your calm demeanor really helps me focus and relax while hearing your suggestions. Planning for retirement can be so stressful..😅 For now, I am a teacher and plan to go until 67 if I can make it! The retirement for teachers is quite good in the USA. I started late with teaching. The good news is that I do have retirement funds from a prior employer as well. I plan on using some of this time downsizing material objects, and enjoying my summer vacations on break. And to keep saving. We do want to try and stay in the Washington DC. Metro area. So many free things to do like the Smithsonian Museums, great healthcare options, and beautiful nature in Virginia. Plus if I am still healthy after retirement I can always sub for a teacher now and then it even teach virtually if standing on my feet all day wouldn’t be comfortable. I also want to volunteer at an animal shelter. I’ve done that before and loved it. I would just focus on cats and small dogs. Don’t want to break a hip with a dog pulling me down! Again I love your information and will be watching your advice. Thank you!❤
Thank you both for your topics and wise advice. We've been retired for 12 years (Tina says: "times flies" and she's right). Your 4 questions cover the most important aspects of retirement ... and #4, although last on your list, is extremely important. I've known people who retired at 55 and didn't know what to do with themselves. Tina's suggestion of revisiting "old passions" is something to consider. We should do things that make us happy. It's our time. Thanks again !
Hi Tina and Norm. I really enjoy your videos. My husband and I have been retired for about a year and a half. Your retirement videos helped us make the decision to retire. We're finding ways to save money all the time and would like to share them. We live in Ontario and are taking advantage of the Ontario Electricity Support Program. It's a supplement towards our monthly electricity bill. Also we use Ontario's Senior Dental Care Program. Hope this information can reach other retirees and be of help. Keep making video, we really look forward to them.
I have planned to retire in 6 years. I really enjoy your videos!! Your advice is so helpful. I also live in Ontario and can so relate to wake up, skip breakfast and zoom!!! Being a nurse, I know that without good health your life is drastically diminished. I am trying my best but I so look forward to being able to do yoga, swim, hike and travel. I also plan to go on as many medical missions as I can to help out in other countries. Thanks for all of the helpful and practical tips.
When I tell my friends at work that will retire in 2024 they always ask me “what will you do with your time?”. I tell them, anything but work-I have many hobbies and am so looking forward to spending my time pursuing them.
I so appreciate this channel. We are still trying to sell our business, hubby is 66 and I am 65. Now hubby has been diagnosed with glaucoma so we are already facing health challenges- I'm having to do all the driving & anything that involves details, i.e., paperwork, etc. Your channel has been very helpful in allaying a lot of my fears!
We are so sorry to hear of your husband’s health Candy , and hope your business sells soon , we are glad you enjoy our channel and that we can help in a small way to make you feel better about things going on in your life Take Care 🇺🇸🌺🇨🇦
Love your dress Tina, looks very nice. Norm’s subtle sense of humor is sooo funny. Love you both and appreciate your comments and advice. Thanks for your Help! Richard [Seattle, WA]
4 good points. I really like the idea of fitting in extra exercise. Park across the parking lot is a good way to start. It,ll grow.😊 ~ Ben, Vancouver ISLAND
Great questions Tina and Norm! I’m retired but my husband is not yet. We own a weekend home and our long time home. The costs of maintaining both properties are really rising. I’m struggling to convince my husband that we need to develop a financial plan to decide how we are going to continue with both homes going forward. If we sell our long time home, it will help pay off the mortgage on the weekend place. However the costs for maintaining the weekend property as a place to live are very unpredictable and I’m not sure it’s a good place for us to live as we get older. Your check list will really help me convince him to have a better plan for our mutual retirement. Thanks for all the education you provide to us. ❤
Hi T&N and thanks... for making all these video's. What I like about them is the reassurance especially last year when I officially retired as my needs were mostly emotional. As some have mentioned, you work your whole life and no one talks about the mental preparation for stopping. My best lessons came from my parents and funny enough it was - don't fall into the same mistakes they made! I don't see myself as old, much the contrary, I took up mountain biking, back to weight training, trips always include physical activity and I plan on taking on educational goals. I may return working but more in a mentoring role and... don't plan on slowing down or having physical limitation but, I'm also not in denial. My advise is to set your bar high and keep busy.
In Canada, in addition to CCP, we also have Old Age Security and Guaranteed Income Supplement. In Ontario there is the Guaranteed Annual Income System, the Ontario Drug Benefit Program and the Ontario Seniors Dental Care Program that people should research.
How does a TV cost $200 per month? Ours are now years old and get used for watching DVD's, video gaming and the odd free to air shows that we enjoy? Given how cheap TV's are these days, how long they last and how much you can use them I think that they're an absolute bargain. Total opposite to a vehicle that depreciates, has never ending running costs and likely spends most of its time sitting in the driveway if you're retired.
@@ikneadu Yeah we don't do any paid services for that reason really. We're pretty limited with what we watch anyway and I can't stand ads on TV tbh. Well I'd better go and watch "Death in Paradise" with my wife. Love that series, one of very few.
Between working out, socializing, volunteering and traveling, we do not have a whole lot of extra free time. I am 73 and very much still go-go.😊 Excellent health insurance as a military retiree.
Lots of great advice Tina and Norm. I am in the UK so health care is with NHS, so free at the point of use, but, NHS is on its knees, long waiting lists etc. So I am ‘self insuring’ by working on my health and fitness, run, bike, swim, eat sensibly, cut down on the booze and keep mentally busy. Worth reading Outlive by Peter Attia, can be heavy going but lots of advice on increasing your health span. Keep up the great videos.
Hi Norm and Tina: We also have supplementary health insurance at $270 a month which includes travel medical insurance for life. They don’t make any money off of us yet. Andre Rieu front row center at Scotia Bank arena this weekend after a wonderful Italian dinner. Australian Pink Floyd third row center Tuesday. You guys are the best! Life is good. Have a great weekend. Cheers!
I spend my time with going to bootcamp and hiking for exercise. I have done indoor rock climbing and plan to start agin in October. I also like to do my crafts, visit friends and family, thrift and take my dogs for walks. I am hoping to start my own RUclips channel so need to learn how to edit. Yes days go by too fast. I’m already retired and finding I don’t need as much money as I thought, while working, I needed.
I just discovered your channel today, and you are filling a void in my life! So many retirement channels are “theoretical”, or even done by younger People who are years from retirement! I do appreciate their information, of course, for planning purposes. But, you and a couple others are actually retired, and have similar financial circumstances to us, so your information is immediately applicable! I have been retired and for a year and my wife will retire next year. So I’m busy preparing for when she is home, too. I have one question today…I listened to your video about retiring on $300,000, so I question is, when you speak of “dollars”, are you speaking of Canadian dollars? If so, I’ll know to translate to US dollars (and mean that your $300,000 video is right in line with where we are in US$!
That’s great welcome to our channel yes we were talking Canadian dollars 💵 we have lots of videos telling our real life stories to encourage and help others Cheers 🇺🇸🙂🇨🇦🍻
I have created an estimated retirement budget and think I can cover all my needs thru Social Security (with Medicare and supplemental health insurance). However, $$ for anything else will have to come from my annuity and 401k. I'd like to walk, ride my bike and swim, along with reading, crafting, and spending time with friends and family. LOVE the necklace, Tina, and the new specs, Norm!
I love your videos. And your helpful information. But realize that not everyone is as lucky. We help with our adult grandson who at 19, a year ago, was diagnosed with a serious medical condition, that is life long and is now starting disability. We don't know if he can continue college or even have a part time job yet. We help his single mom with expenses and care. We all 3 helped raise him and just as we thought we would have more freedom and money to do things together our lives went into a different direction. Sometimes life throws you a curve ball. Still adjusting to the changes. Keep up the good work.
Healthcare here in Georgia is affordable if you can control your income levels. We retired at 58, so insurance was a big concern. Because we have a diverse portfolio, we can keep our reported income low. We pay $175 a month for our coverage. We travel extensively. We live on a farm. We volunteer at a local pregnancy center. We have an adopted daughter, so it's a passion of ours. We have 2 dogs that are certified therapy dogs. We visit retirement homes, assisted living, hospice, hospitals, and military bases. The young soldiers LOVE being able to love on our dogs because many of them left their pets at home when they enlisted. We watch RUclips videos to learn new things and reinforce good things. We are retired, "wealthy," and we are still watching retirement and money videos.
Thanks guys. These questions have been spinning around in my head for a year now. I turn 65 next week. Over 45 years on the tools only to be left with osteoarthritis. Retirement should be a blast. Hahaha😢❤😂
I retired 2 years ago and developed osteoarthritis. My hands, feet and ankles seem to be mostly affected. However I control the stiffness and pain by doing stretches in the morning followed by a mile walk. I also started taking up gardening which helps with the hands. Bottom line, moving is the best treatment for osteoporosis. Motion is lotion.
One other thing I would add it to try and look into the future a bit. I remember when my Father passed many years ago we were worried about Mum and how she would get by with what she had. She had an amount of money that back then sounded like a lot of money and enough to get by on via interest etc. When she died a few years back, and still had a lot of it, it seemed like a fairly modest amount of money. Years ago being a "millionaire" was a big deal but if you take net worth as measure of the term then likely many many people are in that category due to house prices and retirement savings. They certainly aren't "rich/wealthy" though due to how expensive the world has become.
Many of our “ couple” friends have lost their spouses and did not figure the cost of that additional income loss in their retirement plan. They also realized that they should have had their own friends and activities that include non couples as well. Many friends feel like” third wheels” at our get togethers. We don’t feel that way but they have mentioned that they feel uncomfortable being alone.
This is a very hard area to cope with the loss of a partner both financially ( as a lot don’t realize they will loose the partners pensions ) so you do need to have savings that will generate a monthly amount . When you are a couple you often don’t have single friends so other than doing single activities like swimming, yoga perhaps walking it must be a very difficult adjustment ( in fact can’t imagine how difficult it is ) . Thanks for talking about it Denise Cheers 🌺🙂🍷
Health care was the largest bulletin point for us. After speaking with insurance brokers, we can leverage ACA and with what we will show as income will get it for 50 to 200 a month. Actually when we get to medicare, we will pay more than on ACA most years. All the other points we have covered. We stay active and have to cut short the things and travel we like because of work. The reason for retiring early is so we can spend more time doing those things we love. We are not home bodies.
Great topic on those 4 key points. I am sharing your video with my sister who retires next year. I am sure much more refreshing than me harping on to her to curve her shopping 😅 Jumbo looks very familiar..hey wait Jumbos just down the street ❤
Tracking one's current spending is important to understand how much is actually being spent per day and on what; then make a real-time budget, knowing where the money is going. It gets to be an easy habit if done daily.
Hey 👋 Norm & Tina! Your home is aglow with warmth, and the cool production lights looks great on you! Answers of an old-timer: 1) Probably only have 1/2 of money needed according to a recent study. 2) Remainder will come from soc sec- if it continues to exist. 3) Turns out we both got Covid on our cruise to nowhere 😂. So risky behaviors, socializing and adventuring out may be curtailed, for health sake. 4) I had to laugh out loud 😂 this morning when the AMEX customer service guy asked if “Eric” was my approved pronoun. This is where we are, and wear many hats, do many things, and my generation would say, just don’t call me “late for dinner.” 😂🇺🇸🍻🇨🇦🌀👍
So sorry to hear you both got Covid it seems crazy that we are all trying to get back to normal and in doing so we get sick 😷 🤔 hope you feel better soon ❤️🩹take care 🌺
Great advice as always ❤ I am planning to retire in five years at 60 years old. I have to figure out the health insurance part as I am retiring in California and won’t qualify for medicare at that age
Leave California. I worked there for 20 years. Most of my friends are leaving. Arizona seems to be a popular choice, but several have recently moved to the Southeast. A couple of them just can't give up the CA weather, but the "weather tax" is hefty. One couple sold their home just south of San Jose and bought a similar home with 35 acres in northern Arkansas. West Coast home prices are out of control. We have 85 acres in Alabama and paid less than half what we paid for a house on 1/4 acre in CA.
Your a lovely couple. I enjoy watching your videos. I’m 65 and applied for Medicare here in the states prior to 65 I was on the affordable care act paying $20 monthly for my health insurance. Now I pay $750 monthly!! It’s very expensive to have good health care. I have Medicare which Carry’s a monthly cost along with prescription drug plan which is another monthly cost along with supplemental coverage for another monthly cost. After all those expenses there is one other yearly deductible of $266 so it is very expensive. Obviously I can get a Medicare Advantage plan which cost be minimal cost or no cost at all but I prefer to have good health insurance, I feel it’s in investment in myself.
Great information. I wish you were around 12 years ago when I retired. My main preoccupation today is Wall Street. 🤔. I may have to return to South America on a camel 🐫. 😂 Have a great weekend. All the best.
Re: Medical insurance in the US ….for a 64-yr-old male, runs $1100/mo (deductible is $10k, plan pays 100% after meeting the deductible). That’s the cost with no subsidy.
I retire next month. My problem is, as I have worked all my adult life, I'm already stressing about not having enough money. The feeling I'm getting is equivalent to if you lost your job and the stress of having to pay the bills. It hasn't sunk in that I'll be getting a monthly pension payout along with a big cash lump sum and it hasn't sunk in that I have no mortgage to pay anymore.
This is really pretty common, especially with people who have worked all their lives so that it almost becomes your life rather than just a job. Very common with males especially in our age group. I would likely have been the same but at around 50 yo I had people around me getting sick or dying and I changed my mindset. It took a while but by the time I was made redundant a few years ago it was almost a relief when I lost my job. We have always been savers and had enough, hopefully, to kick back and enjoy life. I sort of questioned how I would handle it as thinking and doing are very different things oftentimes. The day after I finished up I started to think about it and it felt like my working life was 10 years ago, it was a wonderful feeling. Your"job" now is to enjoy your life and live a new chapter of it. I've seen it said that it often takes 6 months or so to get into your new way of life but I think that's 6 months wasted. Good luck with it all mate.
Hi, Tina and Norm. I'm intrigued by the idea of moving to a cheaper area in retirement. But I'm concerned about the availability of medical care in those cheaper areas. Although much of our medical care in Canada is free, you need to find and be accepted by a doctor who will care for you. Sometimes they require applications and interviews! Many report not being able to find a family doctor, particularly in smaller communities. When you moved, did you have any difficulty arranging for access to a family doctor? How do you manage your medical care?
When we moved we had a family member who had a doctor and asked if we could become patients, that was an hour away from where we lived. In a small town there are hospitals and walk in clinics. We kept an eye out for new doctors in our town and have just been listed by a new doctor in a new multi doctor practice, only 5 minutes drive now. We have friends who just do the walk in clinic. Good luck. p.s. our new doctor is the best one we have had in a long time.
I don't struggle to answer the question about what I would like to do in retirement. The only question left remaining is how much good health I will have left.
My CPP and Old Age income is very low, so I think it is cheaper to keep my own house and keep working full time to make ends meet. Have heard some seniors homes charge huge money of $3-4,000/month rent, whereas all i have here is my own utility bills and house insurance..... (retiring from work could mean death!). I achieve something every day working, so that is my life. (but you folks have a lot more fun for sure! ) Cheers.
Thanks for your videos! Just wondering if you have one where you discuss the optimum age to start taking CPP. Trying to decide here...qualify in a month but have a few years of work ahead yet so would throw it into RRSP to avoid taxes. Thanks again.
First of all, thank you for doing this video. I have been waiting for you to talk about the health care option. I live in the US so health care is indeed the elephant in the room. Employer extended healthcare costs range from 750 to 1800 per month for single and two people, respectively. Now i have to say this is for high deductible insurance but with very good coverage including dental and eye care and med prescription. I have been told i can get from open market with a little bit less. The question is are the quality doctors available for the open market option? The other option is to get a part time job that you like and fund for insurance until 65 but not taking social security assuming every other of the subjects you talked about are in place and support the retirement plan. But at least the part time job is not the full time rat race.
Greeting Norm & Tina. Hope you both are keeping well. Very good advices. How is finding a Family Doctors in the area that you currently reside ? Since you guys moved away 6 hours . Because the Healthcare in Canada has a massive backlogs. I see that people waiting 48 hours @ Emergency in Ontario. Many Thanks
Unless you have an unlimited final salary pension.... the big dilemma with retirement is .... 'How long will I live'.... A really harsh question that we don't know the answer to. In fact we probably don't want to know... My dad is nearly 93, and I was astonished when I found out how much he had squirreled away in cash 'for a rainy day'. I told him 'NOW' is the rainy day dad..... too late really.... The other extreme is running out of money while you are still active. It is a toughie...So many variables.. you just have to take a view and build in some contingency. And I agree about retirement being for you. I am spending a lot of time looking after my very elderly parents, which at first seemed natural, but I am now beginning to realise these are my precious early retirement years being taken up in a way I am not enjoying... it sounds harsh, but I am getting to resent it, and the same can go for 'babysitting'. These are precious years. don't let others assume you have 'spare' time they can take. It is yours to enjoy, not theirs!
I didn't answer question 4 before retiring - in fact every time I thought about it, I'd spin in different directions and wonder - am I ready to retire? I did it anyway in October 2020, right in the middle of the pandemic, perhaps not the best time. I'm 3 years in now and I've enjoyed the freedom to go where I want, when I want - no getting PTO okay'd, no working ahead to avoid causing problems for coworkers, no worrying towards the end of the trip - what am I coming back to? The removal of those stresses has been priceless.
Thanks for sharing 🙂🍻
I think being totally debt free is ultimate. And the ability to be flexible year to year in spending. Can you live on a minimum amount and splurge when circumstances allow? To me that's key
Yes we totally agree with you, just don’t splurge too often 😂😂
Spurge
This is a bad word, I would say.
We have to pay for everything, do you want to pay now or pay later? Pay later means sitting home eating beans? Maybe you should not spurge 😢
We have a friend who after he retired liked to say, “I wake up in the morning with nothing to do and by the end of the day I get half of it done”. 🙂
What a great saying totally agree Penny Cheers 🙂🌺
In retirement, not only can adults take "Continuing Adult Education" classes at many universities (for a minimal fee), but some retirees can volunteer at universities to counsel students about career opportunities. There is so much to do!
We totally agree Cheers 🍺🌺
We downsized from a large family home to a cozy bungalow in a 55+ community and having the extra money from that change feels wonderful and freeing. Plus all the social events and clubs in the new community and new like- minded neighbours makes the days fly by, always something going on. Selling, buying, and moving are hard work but now that it’s over so worth the effort…do it sooner rather than later! Thanks for your videos, we look forward to each one.
Thanks Donna glad it has worked out for you and agree do it sooner than later have a wonderful weekend Cheers 🌺🙂🍷
Last week, at 59.5 years old, I gave my retirement notice. On the same day, I rejoined a social club I used to be part of - they travel, bike, hike, camp, etc. So excited for my FUN-FILLED future! ❤️
That is awesome! congratulations on your retirement 🥳🥂
@@ThisIsOurRetirement many thanks! And, thank y’all for all the fab content - you are making a difference!
How will we spend our time? We plan to drink a lot of coffee, 😂 go for walks and do whatever the day brings. ☕️🇨🇦☕️
Sounds like a plan!
Same!!!!!
More coffee gets acidity, drink water, walk, walk, exercise, bike, swim, feel hungry, go to groceries, cook nice veges and cuisines or learn to, sleep, have a cup of tea, read, watch you tube, sing, have a cup of tea, smile n chat with your sweet heart, tv time, then sleep and snore!
I am 75 and live in California. Still work for the largest health insurance company in California making a ton of money. I have health benefits from my employer PLUS I have Veterans Administration (VA) health benefits PLUS “TriCare” (military health benefits) PLUS MediCare benefits (Part A). I served 34 years in the U.S. Army and a combat tour to Iraq and EARNED these benefits. I am sick and tired of hearing about the lack of healthcare benefits for people who did not put time in the military or never earned their health benefits. As far as health, I can easily bench press 160 pounds and still pass the APFT (Army Physical Fitness Test) for my gender and age. My Dad was a Staff Sargent (E6) in the US ARMY during WW2; he use to repeat this at the dinner: “Prior proper planning prevents piss poor performance!” I planned early in my life for retirement!” Life is good!!
Guess your dad trained you well Frank , we planned too and enjoying a great retirement Cheers 🇺🇸🍻🇨🇦
9 years in and long past this level but still I enjoyed this well organized top level quick view of retirement planning. Each question is an involved subject in itself but it's good to have a retirement planning starting point so directly defined.
On the busy work life transitioning into a busy retirement life - oh, yes, how did we find time to earn a living? Only through sacrifice of what should have been important to ourselves. Raising children was good training that just pretty much carried on to retirement.
When in business, I did a lot of my work with a timer clipped on me and lived my days making and checking off a task list. In retirement, the timer is pretty much gone, thankfully. Making task lists seems to be the same for me in retirement (an unbreakable habit?) except I'm working hard to ignore every task that isn't absolutely screaming for attention. This lets e enjoy a much more contemporaneous existence. Just finished my latte and maybe it's time to change out of the PJs. Maybe after another video... LoL Cheers from Buffalo!
Sounds like a wonderful retirement thanks for sharing Cheers 🌺🙂
Hello Tina and Norm. I really enjoy your calm reassurance that comes across in your advice. As far as slow-go years, at 70 my husband still bikes and hikes several days a week. We enjoy keeping physically fit together. He can outdo me and I’m just pushing 60. We are going on a few road trips this fall and so enjoy our freedom. Hopefully we will have many healthy years left together. Always look forward to your videos. Take care. 🇺🇸🚴🏼♀️🇨🇦
Glad you enjoy them Cherry hope you have a wonderful weekend Cheers 🇺🇸🌺🇨🇦🙂
Good information, thanks! I am American, 2 years to full retirement age. I can answer all of these questions now and am eagerly anticipating not having to work 40 hours per week. I plan to travel the first year and move to an area with lower housing costs. I've worked long enough and at high enough of a salary to get a decent social security amount. And have some savings. I have so many hobbies that I think I'll be quite a busy retiree.
Awesome and good fortune
Binge watching Norm and Tina again! I never even thought about retirement (I'm 61) but now I'm beginning to plan. Thanks for the tips!
It's never too soon to plan Jeff, good luck and keep watching!!
All good ideas. What am I going to do with my time is the biggest conundrum and why I struggle to retire. I find work exhausting, but it also makes me feel a contributor to society. My weekends go so fast and I feel unaccomplished. I think I will take the first six months to recuperate from working, down size, and tidy my house. I plan to eat better and do some travelling. Maybe there is somewhere else we’d rather live. Exploring our world through travel and books is my plan. Doing things I’ve put off until retirement. Connecting with my spouse. So much to do. It’s time to start.
Sounds great thanks for sharing Cheers 🌺🙂
Hi Tina and Norm :) Your fan Mary here from Toronto,ON here! FABULOUS video!!! There are some people who seriously can't handle retiring .. they think "what am I going to do all day?" HA! There's lots to do. I love listening to all of your "experience(s). They resonate so well with your audience. And you are right... My husband is surprised now (he's been retired since Dec 2022) how busy his day is. Thank you so much for another awesome video!!! PS. Did I hear right? You guys moved 6 hours away from your house that you sold? YIKES.. Can you say where you used to live? Now.. I have to watch Saturday's video. It's been a busy week. Have a beautiful rest of your week. Blessings Mary :)
We used to live in Ottawa Mary , glad your hubby is enjoying his retirement too take care 🍷🙂
I’m still working for a few more months, but we’re already getting the old age pension. Applying for CPP right away. Our plan is to be in a position where our expenses are minimal. We’re downsizing our home in the near future, so we’ve just started the decluttering process, hoping to sell a few things as well.
Sounds great good luck with decluttering 🙂
It is re-assuring to listen these details from Tina and Norm who have gone through them.
Thanks so much we appreciate your support Cheers 🇨🇦🙂🍻🍷
I’m thankful we don’t have to worry about health insurance for most things, but yes, there are a few things to take into consideration as we plan for retirement.
Have a great weekend 🌺
Brunch with Norm and Tina! Cheers!
Yum!
I'm a long time viewer and we are just retired at 55 & 56. Yes, what to do? That's the question. We're planning, thinking and dreaming..... thank you so much for all the advice! We're heading to south-west Ontario with unbridled optimism 😊
That’s great congratulations 🥳 on your retirement and all the best with your move 🍷🙂
If you can dream it you can do it!!
Thank you, Tina and Norm. I have been watching you both for about 18 months. I love the advice you give. It is practical and brings up some thoughts that would not have occurred to me. You make it easy for me to be more sure that it is time to retire and financially safe to do so.
Our pleasure! Glad we can help 🌺
So agree with the statement about you doing you. There is no set way to retire, time to retire, or amount of money you need to retire. It all depends on so many factors. But the QUESTIONS you presented are universal!
Glad you enjoyed it Dell have a great weekend Cheers 🙂🌺
Hey Norm, I use to have a shirt like that but then I got a job. Seriously, my wife and I love your videos, thanks for all your advice, recommendations and suggestions. Stay safe and take care of each other please.
That is awesome!
Plan to retire early in May 2024. I can't wait! We have saved a lot and have no debt. I am too busy right now, so I am looking forward to not always rushing through life. We want to travel more. We have elderly parents we help. Still have kids in university who are at home. I can fill in my time easily with family, friends, workouts, walks, and cooking meals from scratch. My husband gardens. I manage investments. I have a bucket list - learn a language, join a choir, play an instrument, get a personal trainer designation, get a personal finance designation, start a blog, help manage my sons music career...I don't understand when people can't fill up their time and get bored!!! Ps. I forgot volunteering, finishing odd jobs around the house, and Swedish death cleaning 😂
Wow what a great list you will wonder how you ever had time to work LoL Cheers 🙂🌺
Swedish death cleaning?
@@billbeard9588 It's a book called: The Gentle Art of Swedish Death Cleaning: How to Free Yourself and Your Family from a Lifetime of Clutter by Margareta Magnusson. I listened to the audiobook and it's about not burdening your children with all your stuff that they don't want and simplifying your life while you are alive. I highly recommend it!
How much do you feel Iris necessary to have saved for a couple? Do you have state pensions? We are in doubt. My hobby is 49.
@lenerasmussen5812 I am retiring early so no pension until 65 or later if we choose. I live in Canada. We have retirement savings. Using a rule of thumb, you can calculate what you need based on your annual budget x 25. As an American, you can try New Retirement and plug in your numbers to optimize how to withdraw.
such a great discussion guys !
Thanks Stephen, have a great weekend!
I have really enjoyed following your videos for about a year now. You are so likable, I feel like I’m listening to friends. This video has also hit the spot as I have been afraid of making the jump into retirement and not having much to do. Thank you for spending some time to share your experiences and advice.
Thanks so much for your very kind comment and for watching our videos. We wish you the very best retirement!
It’s a big decision for many . Good video . Thanks for sharing . Enjoy your weekend! Small town USA 🇺🇸
Thank you! You too Cinde Cheers 🇺🇸🍷🇨🇦
My husband and I have so enjoyed listening to your RUclips channel! My hubby is retired but is battling cancer
We’re hoping to spend a lot more years together but have already found an affordable way to get away once a month for the last 5 months to soak up the sea air on the Sunshine Coast of BC ! Thank you again for taking us all along on your retirement journey!❤
Sorry to hear about your husbands health Dawn but glad you can manage small breaks we find even a night in a hotel is a fun break Cheers 🌺🙂
I am 46 years old and live in California. Glad you listed healthcare as a top consideration. Most of the employees at the company I work for choose Kaiser HMO as their health insurance plan while working. I just learned that in July 2024 Kaiser will increase the monthly premiums charged to my employer by close to 20%.
We've always earned a good income...and didn't splurge even when we could. Our income is more than adequate now we are retired and we still don't splurge but plot plan and enjoy. Today, a cousin of mine died after nearly 5 years illness, he hasn't been able to enjoy any part of the 2-1/2 years retirement. All the money in the world and planning doesn't help if you've not got your health. Health is a priority though not always predictable. 🙏🕯 Messaging from Germany! 🇳🇱🙋♀🇳🇿
So sorry to hear about your cousin, we totally agree Anita health needs to be a priority and not to leave it too long to retire as we don’t have a crystal ball 🔮 enjoy Germany 🇳🇱🌺🇨🇦🍷🍻
I hired a costly financial advisor to get all the details. Well worth it. Fall has arrived. It is much cooler here in Vancouver already. I am glad I had TFSAs and RRSPs and a DB pension. 😊
Thanks for sharing! Cheers 🌺🙂
My husband and I answered all the questions you talked about before we retired. We set up a budget and lived on it for a year before we retired just to make sure it worked. It did and we are enjoying our retirement.😊.
That is awesome! so glad you plan worked Linda and you are enjoying being retired Cheers 🌺🙂🍻
Tina and Norm..such good, solid advice and would help anyone thinking about retiring. Unfortunately ( or fortunately-all in how you look at it) I had zero plan. I was still working at 73 in a job I REALLY enjoyed…. Then 2020! Do you know that old saying, life happens when you’re making other plans? Lol that was me.! I was put on furlough for 6 months, collected unemployment etc… then they called me back to work. My job was working with the public and, at the time, there was no vaccine, and people were really cranky about wearing masks. My feelings were mixed, but I didn’t want to deal with the upset and anger all day that colleagues were dealing with who had returned before me. Plus I was helping with my granddaughters schooling and loving it ( I’d always wanted to be a teacher😄) …sooooo..BOOM, I was retired!
Thank goodness I owned my little home I built on my daughter’s property .. and my car. I had 401k and No debt. While I was on furlough, snd $ was coming in, I researched medical plans and got that sorted. This life I have now is nothing like what I thought I would be doing now. I am soooooo grateful for everything and every day! My health has optimized and I just love having time to do whatever I want.. even if it is just reading all day. I exercise every day, including an hour walk. I thought I would be frantic without people around all day, but now I wonder how I did it!!😂😂😂. I’m so much closer to my granddaughter and I like who I have become after time to do a bit of reflection. I do wish I had considered retirement prior, so that there was a plan in place “just in case”.. but..there is that ‘plan’ word again!😂😂🤪
Blah blah.. lots of words here, but just to say you NEVER know what life has in store.. make all the plans you can. Then hold on!!
Thanks so much for sharing Barb sometimes we never know what life sends us you sound happy which is great Cheers 🇺🇸🍁🇨🇦🍷🙂
Thank you, Norm and Tina, for taking your time to help those thinking about retiring. You sure helped me. Been retired for almost 15mos and I really resonate with your advice. Thanks again!
Your very welcome Vicki have a great weekend 🌺🙂
You guys are helping me so much. You’ve got so much experience and so many ideas and I just can’t wait to retire in 2 months.
We are glad to help Rose 2 months not long to go we wish you happy retirement Cheers 🌺🙂🍷
Hi Tina & Norm. Just a quick message to say thanks for all the videos, very much appreciated.
I'm 55 next year and lucky to he in a position to slow down and semi retire next year. With a view to change of location and embracing a whole new chapter.
Thanks again, I look forward to your future videos, 'Keep em Coming'
Andy, Yorkshire, England 🇬🇧
That’s great Andy we are very happy for you , we are glad you enjoy our videos Cheers 🇬🇧🍷🍻🇨🇦
My Dad always referred to your Go-go years as "The autumn of life", he sadly passed away in July this year. The saying makes even more sense now as him and Mam absolutely 'smashed' it when they took early retirement. Including a trip to Australia via the us, Hawaii and Singapore to visit long lost family and toured the whole of Europe.
"Do it while you can" was another of dad's sayings.
Keep up the good work 👍
Thanks for sharing and sorry to hear of your dads passing 🌺
Thank you for all your wonderful retirement videos. They are greatly appreciated.😊
Our pleasure! Glad you enjoyed them 🙂
Always enjoy your talks guys! Important things to know before you retire!
Thanks for watching guys hope you have a great weekend Cheers 🇺🇸🌺🇨🇦☕️
Hello from upstate NY! I have to say this might be the most valuable video for me since I have been following...would like to retire in 3 years from now at 59 but that is still not close enough for U.S. Social Security to kick in. My house will be paid for by then but still have to budget for taxes! We will need to sit down and calculate as you say! Thanks again, you two are awesome and so very calm and caring!
Awesome! Thank you! we hope doing a budget will help you sort your numbers we were 58 and 60 the perfect ages for us Cheers 🇺🇸🍻🇨🇦
I have so enjoyed watching you! Your calm demeanor really helps me focus and relax while hearing your suggestions. Planning for retirement can be so stressful..😅 For now, I am a teacher and plan to go until 67 if I can make it! The retirement for teachers is quite good in the USA. I started late with teaching. The good news is that I do have retirement funds from a prior employer as well. I plan on using some of this time downsizing material objects, and enjoying my summer vacations on break. And to keep saving. We do want to try and stay in the Washington DC. Metro area. So many free things to do like the Smithsonian Museums, great healthcare options, and beautiful nature in Virginia. Plus if I am still healthy after retirement I can always sub for a teacher now and then it even teach virtually if standing on my feet all day wouldn’t be comfortable. I also want to volunteer at an animal shelter. I’ve done that before and loved it. I would just focus on cats and small dogs. Don’t want to break a hip with a dog pulling me down! Again I love your information and will be watching your advice. Thank you!❤
Your very welcome Wendy sounds like a great plan in place Cheers 🇺🇸🙂🇨🇦🍷
Thank you both for your topics and wise advice. We've been retired for 12 years (Tina says: "times flies" and she's right). Your 4 questions cover the most important aspects of retirement ... and #4, although last on your list, is extremely important. I've known people who retired at 55 and didn't know what to do with themselves. Tina's suggestion of revisiting "old passions" is something to consider. We should do things that make us happy. It's our time. Thanks again !
Our pleasure! thanks for watching our videos glad you enjoy them and yes do what makes you happy Cheers 🍻🙂
Hi Tina and Norm. I really enjoy your videos. My husband and I have been retired for about a year and a half. Your retirement videos helped us make the decision to retire. We're finding ways to save money all the time and would like to share them. We live in Ontario and are taking advantage of the Ontario Electricity Support Program. It's a supplement towards our monthly electricity bill. Also we use Ontario's Senior Dental Care Program. Hope this information can reach other retirees and be of help. Keep making video, we really look forward to them.
Thanks for sharing guys that’s wonderful Cheers 🙂🍻
Hi Tina & Norm good to see you both I think that was a great summary and helps people focus.
Regards Christopher Barker 😊🥂
Glad you enjoyed it Christopher have a good weekend Cheers 🇬🇧🍺🇨🇦
I have planned to retire in 6 years. I really enjoy your videos!! Your advice is so helpful. I also live in Ontario and can so relate to wake up, skip breakfast and zoom!!! Being a nurse, I know that without good health your life is drastically diminished. I am trying my best but I so look forward to being able to do yoga, swim, hike and travel. I also plan to go on as many medical missions as I can to help out in other countries. Thanks for all of the helpful and practical tips.
Wow so glad you enjoy our videos but going on medical missions to help others sounds wonderful we are proud of you have a wonderful weekend Cheers 🙂🍻🌺
Another great video! Thank you both. I intend to learn a couple of languages when I retire, do some travel in the go go years and keep physically fit.
That's a great idea! wish we had more in the language dept definitely travel in the GoGo years Cheers 🌺🙂
When I tell my friends at work that will retire in 2024 they always ask me “what will you do with your time?”. I tell them, anything but work-I have many hobbies and am so looking forward to spending my time pursuing them.
We wish you a wonderful retirement we are never short of things to do Tim Cheers 🍷🌺🙂🍻
I so appreciate this channel. We are still trying to sell our business, hubby is 66 and I am 65. Now hubby has been diagnosed with glaucoma so we are already facing health challenges- I'm having to do all the driving & anything that involves details, i.e., paperwork, etc. Your channel has been very helpful in allaying a lot of my fears!
We are so sorry to hear of your husband’s health Candy , and hope your business sells soon , we are glad you enjoy our channel and that we can help in a small way to make you feel better about things going on in your life Take Care 🇺🇸🌺🇨🇦
Love your dress Tina, looks very nice. Norm’s subtle sense of humor is sooo funny. Love you both and appreciate your comments and advice. Thanks for your Help! Richard [Seattle, WA]
Thanks Richard glad you are enjoying our videos Cheers 🙂🌺
Happy weekend Tina & Norm🏴 🇨🇦 🏴
Same to you Rachel Cheers 🏴🌺🙂🇨🇦
4 good points. I really like the idea of fitting in extra exercise. Park across the parking lot is a good way to start. It,ll grow.😊
~ Ben, Vancouver ISLAND
We think it’s a great idea too and you don’t even think your exercising Ben LOL 😂 Cheers 🍻
We think it’s a great idea too Ben you don’t even know your exercising LOl 😂Cheers 🍻🙂
Great questions Tina and Norm! I’m retired but my husband is not yet. We own a weekend home and our long time home. The costs of maintaining both properties are really rising. I’m struggling to convince my husband that we need to develop a financial plan to decide how we are going to continue with both homes going forward. If we sell our long time home, it will help pay off the mortgage on the weekend place. However the costs for maintaining the weekend property as a place to live are very unpredictable and I’m not sure it’s a good place for us to live as we get older. Your check list will really help me convince him to have a better plan for our mutual retirement. Thanks for all the education you provide to us. ❤
You are so welcome , sometimes it’s hard to make choices but in the long term you do need to do this so you can enjoy your retirement Cheers 🌺🙂🍷
Hi T&N and thanks... for making all these video's. What I like about them is the reassurance especially last year when I officially retired as my needs were mostly emotional. As some have mentioned, you work your whole life and no one talks about the mental preparation for stopping. My best lessons came from my parents and funny enough it was - don't fall into the same mistakes they made! I don't see myself as old, much the contrary, I took up mountain biking, back to weight training, trips always include physical activity and I plan on taking on educational goals. I may return working but more in a mentoring role and... don't plan on slowing down or having physical limitation but, I'm also not in denial. My advise is to set your bar high and keep busy.
Wonderful great advice thanks for sharing!
In Canada, in addition to CCP, we also have Old Age Security and Guaranteed Income Supplement. In Ontario there is the Guaranteed Annual Income System, the Ontario Drug Benefit Program and the Ontario Seniors Dental Care Program that people should research.
Very true but for free dental 🦷 your income has to be very low , thanks for sharing have a great weekend Cheers 🌺🙂
I got rid of my TV 6 months before i retired so that I wouldnt become a couch potato. That freed up $200 a month for me. 20 months and I dont miss it.
That is awesome 👏 well done 👍
TV's steal so much of our time. I gave mine up over 10 years ago and I don't miss it either.
How does a TV cost $200 per month?
Ours are now years old and get used for watching DVD's, video gaming and the odd free to air shows that we enjoy?
Given how cheap TV's are these days, how long they last and how much you can use them I think that they're an absolute bargain.
Total opposite to a vehicle that depreciates, has never ending running costs and likely spends most of its time sitting in the driveway if you're retired.
@@oldbloke204 i won my TV some years ago at a raffle. It
was the cable service that cost $200. I would only watch TV for an hour a day..not worth it.
@@ikneadu Yeah we don't do any paid services for that reason really.
We're pretty limited with what we watch anyway and I can't stand ads on TV tbh.
Well I'd better go and watch "Death in Paradise" with my wife.
Love that series, one of very few.
Another great video. Hello from Idaho.
Dennis
Glad you enjoyed it Denis have a wonderful weekend Cheers 🇺🇸🌺🍻🇨🇦
Hi Tina and Norm, great content as always. You give us a lot to think about and happily plan for. Thank you and stay well.
Thank you glad you enjoyed it Cheers 🙂🌺
Between working out, socializing, volunteering and traveling, we do not have a whole lot of extra free time.
I am 73 and very much still go-go.😊
Excellent health insurance as a military retiree.
Sounds great 🇺🇸🙂🇨🇦
welcome back , our new Mr. Rogers , thank God for you guys .
Thanks for watching 🙂
Lots of great advice Tina and Norm. I am in the UK so health care is with NHS, so free at the point of use, but, NHS is on its knees, long waiting lists etc. So I am ‘self insuring’ by working on my health and fitness, run, bike, swim, eat sensibly, cut down on the booze and keep mentally busy. Worth reading Outlive by Peter Attia, can be heavy going but lots of advice on increasing your health span. Keep up the great videos.
Yes we agree spending time on improving your health by eating and keeping fit will hopefully give you a good retirement Cheers 🇬🇧🌺🇨🇦
Always such good, reasonable advice! Love you guys, thanks for your help! 😍
Our pleasure! 🌺
I started Social Security at 62, but my husband wasn’t able to tell 65 because we needed his health insurance from his job
Thanks for watching 🙂
Hi Norm and Tina: We also have supplementary health insurance at $270 a month which includes travel medical insurance for life. They don’t make any money off of us yet. Andre Rieu front row center at Scotia Bank arena this weekend after a wonderful Italian dinner. Australian Pink Floyd third row center Tuesday. You guys are the best! Life is good. Have a great weekend. Cheers!
Sounds great Paul enjoy your weekend too Cheers 🙂🍻
A good guide to retirement needs
*always a full watch📺Au🦘have a great weekend 😎like👍*
Thanks, you too! keep well Billy 🇦🇺🍻🇨🇦🙂
I spend my time with going to bootcamp and hiking for exercise. I have done indoor rock climbing and plan to start agin in October. I also like to do my crafts, visit friends and family, thrift and take my dogs for walks. I am hoping to start my own RUclips channel so need to learn how to edit. Yes days go by too fast. I’m already retired and finding I don’t need as much money as I thought, while working, I needed.
Sounds like you are keeping very busy Tanya good luck if you start a You Tube Channel Cheers 🌺🙂
Love all your advice, always so helpful. Also, enjoy your company very much and look forward to your next great content. Thanks, Tina & Norm.
That’s lovely thank you Emanuel 🌺🙂
I just discovered your channel today, and you are filling a void in my life! So many retirement channels are “theoretical”, or even done by younger
People who are years from retirement! I do appreciate their information, of course, for planning purposes. But, you and a couple others are actually retired, and have similar financial circumstances to us, so your information is immediately applicable! I have been retired and for a year and my wife will retire next year. So I’m busy preparing for when she is home, too. I have one question today…I listened to your video about retiring on $300,000, so I question is, when you speak of “dollars”, are you speaking of Canadian dollars? If so, I’ll know to translate to US dollars (and mean that your $300,000 video is right in line with where we are in US$!
That’s great welcome to our channel yes we were talking Canadian dollars 💵 we have lots of videos telling our real life stories to encourage and help others Cheers 🇺🇸🙂🇨🇦🍻
Just love you guys...always good advice...thanks!
Your welcome 🌺🙂
I have created an estimated retirement budget and think I can cover all my needs thru Social Security (with Medicare and supplemental health insurance). However, $$ for anything else will have to come from my annuity and 401k. I'd like to walk, ride my bike and swim, along with reading, crafting, and spending time with friends and family. LOVE the necklace, Tina, and the new specs, Norm!
Thanks Julie have a wonderful weekend Cheers 🇺🇸🌺🇨🇦🍷
Nice vids! Keep them coming! Thank you beautiful couple! ❤
Thank you! Will do! 🙂🌺
I hope to learn to play guitar after I retire. It is something that I have wanted to do for a long time.
Awesome
I love your videos. And your helpful information.
But realize that not everyone is as lucky. We help with our adult grandson who at 19, a year ago, was diagnosed with a serious medical condition, that is life long and is now starting disability. We don't know if he can continue college or even have a part time job yet. We help his single mom with expenses and care. We all 3 helped raise him and just as we thought we would have more freedom and money to do things together our lives went into a different direction. Sometimes life throws you a curve ball. Still adjusting to the changes.
Keep up the good work.
Yes Lynn life can be unpredictable, we are sorry to hear about your Grandson.
Healthcare here in Georgia is affordable if you can control your income levels. We retired at 58, so insurance was a big concern. Because we have a diverse portfolio, we can keep our reported income low. We pay $175 a month for our coverage.
We travel extensively. We live on a farm. We volunteer at a local pregnancy center. We have an adopted daughter, so it's a passion of ours. We have 2 dogs that are certified therapy dogs. We visit retirement homes, assisted living, hospice, hospitals, and military bases. The young soldiers LOVE being able to love on our dogs because many of them left their pets at home when they enlisted.
We watch RUclips videos to learn new things and reinforce good things. We are retired, "wealthy," and we are still watching retirement and money videos.
That’s so wonderful thanks for sharing Cheers 🇺🇸🍻🇨🇦
Thanks guys. These questions have been spinning around in my head for a year now. I turn 65 next week. Over 45 years on the tools only to be left with osteoarthritis. Retirement should be a blast. Hahaha😢❤😂
Happy 65 th Birthday Frank 🥳🍻have a nice weekend Cheers 🍻☕️🥳🇨🇦
I retired 2 years ago and developed osteoarthritis. My hands, feet and ankles seem to be mostly affected. However I control the stiffness and pain by doing stretches in the morning followed by a mile walk. I also started taking up gardening which helps with the hands. Bottom line, moving is the best treatment for osteoporosis. Motion is lotion.
@@patl.4170 thanks Pat. I'll work at that. Cheers 🖖✊🤌🤞👈🦵💪🏌️🏃🤾
Great video guys! I do so much when I'm off that I wonder how can I go to work and still do all this? I can't wait to retire and do what I want!
Its a great life Paul 🌺🙂
One other thing I would add it to try and look into the future a bit.
I remember when my Father passed many years ago we were worried about Mum and how she would get by with what she had. She had an amount of money that back then sounded like a lot of money and enough to get by on via interest etc.
When she died a few years back, and still had a lot of it, it seemed like a fairly modest amount of money.
Years ago being a "millionaire" was a big deal but if you take net worth as measure of the term then likely many many people are in that category due to house prices and retirement savings.
They certainly aren't "rich/wealthy" though due to how expensive the world has become.
Many of our “ couple” friends have lost their spouses and did not figure the cost of that additional income loss in their retirement plan. They also realized that they should have had their own friends and activities that include non couples as well. Many friends feel like” third wheels” at our get togethers. We don’t feel that way but they have mentioned that they feel uncomfortable being alone.
This is a very hard area to cope with the loss of a partner both financially ( as a lot don’t realize they will loose the partners pensions ) so you do need to have savings that will generate a monthly amount . When you are a couple you often don’t have single friends so other than doing single activities like swimming, yoga perhaps walking it must be a very difficult adjustment ( in fact can’t imagine how difficult it is ) . Thanks for talking about it Denise Cheers 🌺🙂🍷
Health care was the largest bulletin point for us. After speaking with insurance brokers, we can leverage ACA and with what we will show as income will get it for 50 to 200 a month. Actually when we get to medicare, we will pay more than on ACA most years. All the other points we have covered. We stay active and have to cut short the things and travel we like because of work. The reason for retiring early is so we can spend more time doing those things we love. We are not home bodies.
Sounds like a great plan Bob Cheers 🇺🇸🍻🇨🇦
Great topic on those 4 key points. I am sharing your video with my sister who retires next year. I am sure much more refreshing than me harping on to her to curve her shopping 😅 Jumbo looks very familiar..hey wait Jumbos just down the street ❤
Hope your sister enjoys it have a great weekend Fay Cheers 🌺🍷🙂
You guys rock, love you guys
From Texas
Thanks so much, glad to have hear today!
Tina rocks. Norm was OK - but we could have if he didn't forget the teeshirt - AGAIN! 😎
Tracking one's current spending is important to understand how much is actually being spent per day and on what; then make a real-time budget, knowing where the money is going. It gets to be an easy habit if done daily.
Totally agree Jackie a good budget goes a long way Cheers 🌺🙂
Hey 👋 Norm & Tina!
Your home is aglow with warmth, and the cool production lights looks great on you!
Answers of an old-timer:
1) Probably only have 1/2 of money needed according to a recent study.
2) Remainder will come from soc sec- if it continues to exist.
3) Turns out we both got Covid on our cruise to nowhere 😂. So risky behaviors, socializing and adventuring out may be curtailed, for health sake.
4) I had to laugh out loud 😂 this morning when the AMEX customer service guy asked if “Eric” was my approved pronoun. This is where we are, and wear many hats, do many things, and my generation would say, just don’t call me “late for dinner.” 😂🇺🇸🍻🇨🇦🌀👍
So sorry to hear you both got Covid it seems crazy that we are all trying to get back to normal and in doing so we get sick 😷 🤔 hope you feel better soon ❤️🩹take care 🌺
Thanks
Great advice as always ❤ I am planning to retire in five years at 60 years old. I have to figure out the health insurance part as I am retiring in California and won’t qualify for medicare at that age
Thanks for watching have a great weekend Cheers 🙂🍻
Leave California.
I worked there for 20 years. Most of my friends are leaving. Arizona seems to be a popular choice, but several have recently moved to the Southeast. A couple of them just can't give up the CA weather, but the "weather tax" is hefty. One couple sold their home just south of San Jose and bought a similar home with 35 acres in northern Arkansas. West Coast home prices are out of control. We have 85 acres in Alabama and paid less than half what we paid for a house on 1/4 acre in CA.
Your a lovely couple. I enjoy watching your videos. I’m 65 and applied for Medicare here in the states prior to 65 I was on the affordable care act paying $20 monthly for my health insurance. Now I pay $750 monthly!! It’s very expensive to have good health care. I have Medicare which Carry’s a monthly cost along with prescription drug plan which is another monthly cost along with supplemental coverage for another monthly cost. After all those expenses there is one other yearly deductible of $266 so it is very expensive. Obviously I can get a Medicare Advantage plan which cost be minimal cost or no cost at all but I prefer to have good health insurance, I feel it’s in investment in myself.
Wow that’s a lot to pay each month for healthcare have a great weekend Cheers 🙂🌺
Great information. I wish you were around 12 years ago when I retired. My main preoccupation today is Wall Street. 🤔. I may have to return to South America on a camel 🐫. 😂 Have a great weekend. All the best.
Have a good weekend Tony Cheers 🍻🙂
Got it! CHEERS from HERE!
Cheers Darryl enjoy your weekend 🍺🙂
Such a great video!
Glad you liked it!!
Re: Medical insurance in the US ….for a 64-yr-old male, runs $1100/mo (deductible is $10k, plan pays 100% after meeting the deductible). That’s the cost with no subsidy.
Wow that does sound a lot Bill thanks for sharing Cheers 🇺🇸🌺🇨🇦💰
I retire next month.
My problem is, as I have worked all my adult life, I'm already stressing about not having enough money.
The feeling I'm getting is equivalent to if you lost your job and the stress of having to pay the bills.
It hasn't sunk in that I'll be getting a monthly pension payout along with a big cash lump sum and it hasn't sunk in that I have no mortgage to pay anymore.
Just give yourself a little time to adjust after a few months you will feel different in a good way 🙂
Taking stock of what money will come in and writing down what your expenses will be, will make you feel more relaxed
@@gardenpost1 My pension will cover my bills easily it just the mindset that I need a job to pay the bills that I need to break.
@@RS-cp5wc I semi-retired at 52 and will be retiring at 54 just three months short of 55.
This is really pretty common, especially with people who have worked all their lives so that it almost becomes your life rather than just a job.
Very common with males especially in our age group.
I would likely have been the same but at around 50 yo I had people around me getting sick or dying and I changed my mindset. It took a while but by the time I was made redundant a few years ago it was almost a relief when I lost my job.
We have always been savers and had enough, hopefully, to kick back and enjoy life.
I sort of questioned how I would handle it as thinking and doing are very different things oftentimes.
The day after I finished up I started to think about it and it felt like my working life was 10 years ago, it was a wonderful feeling.
Your"job" now is to enjoy your life and live a new chapter of it. I've seen it said that it often takes 6 months or so to get into your new way of life but I think that's 6 months wasted.
Good luck with it all mate.
Great video as usual!
Hi, Tina and Norm. I'm intrigued by the idea of moving to a cheaper area in retirement. But I'm concerned about the availability of medical care in those cheaper areas. Although much of our medical care in Canada is free, you need to find and be accepted by a doctor who will care for you. Sometimes they require applications and interviews! Many report not being able to find a family doctor, particularly in smaller communities. When you moved, did you have any difficulty arranging for access to a family doctor? How do you manage your medical care?
When we moved we had a family member who had a doctor and asked if we could become patients, that was an hour away from where we lived. In a small town there are hospitals and walk in clinics. We kept an eye out for new doctors in our town and have just been listed by a new doctor in a new multi doctor practice, only 5 minutes drive now. We have friends who just do the walk in clinic. Good luck. p.s. our new doctor is the best one we have had in a long time.
@@ThisIsOurRetirement Fabulous. Thank you.
Very sound advice! ❤
Thank you 🌺🙂
Sir and Madam what do you think is the best age to retire and why?
The best time is when you can afford to retire Cheers 🌺🙂
I don't struggle to answer the question about what I would like to do in retirement. The only question left remaining is how much good health I will have left.
Yes!
My CPP and Old Age income is very low, so I think it is cheaper to keep my own house and keep working full time to make ends meet. Have heard some seniors homes charge huge money of $3-4,000/month rent, whereas all i have here is my own utility bills and house insurance..... (retiring from work could mean death!).
I achieve something every day working, so that is my life. (but you folks have a lot more fun for sure! ) Cheers.
Thanks for your videos! Just wondering if you have one where you discuss the optimum age to start taking CPP. Trying to decide here...qualify in a month but have a few years of work ahead yet so would throw it into RRSP to avoid taxes. Thanks again.
We can’t give financial advice David , we can only say we decided to take it at 60 perhaps talk to a financial advisor Cheers 🍻🙂
First of all, thank you for doing this video. I have been waiting for you to talk about the health care option. I live in the US so health care is indeed the elephant in the room. Employer extended healthcare costs range from 750 to 1800 per month for single and two people, respectively. Now i have to say this is for high deductible insurance but with very good coverage including dental and eye care and med prescription. I have been told i can get from open market with a little bit less. The question is are the quality doctors available for the open market option? The other option is to get a part time job that you like and fund for insurance until 65 but not taking social security assuming every other of the subjects you talked about are in place and support the retirement plan. But at least the part time job is not the full time rat race.
So glad you enjoyed it , we do realize in the USA 🇺🇸 healthcare is a huge cost and must be budgeted for Cheers 🇺🇸🍻🌺
Greeting Norm & Tina. Hope you both are keeping well. Very good advices. How is finding a Family Doctors in the area that you currently reside ? Since you guys moved away 6 hours . Because the Healthcare in Canada has a massive backlogs. I see that people waiting 48 hours @ Emergency in Ontario. Many Thanks
Yes we have a family doctor, it is difficult you have to keep trying , there are also walk in clinics good alternative to emergency Terry Cheers 🌺🙂
@@ThisIsOurRetirement Awesome. Stay safe & healthy..!!! Blessings
Thanks!
Thanks so much Stephen
Unless you have an unlimited final salary pension.... the big dilemma with retirement is .... 'How long will I live'.... A really harsh question that we don't know the answer to. In fact we probably don't want to know... My dad is nearly 93, and I was astonished when I found out how much he had squirreled away in cash 'for a rainy day'. I told him 'NOW' is the rainy day dad..... too late really.... The other extreme is running out of money while you are still active. It is a toughie...So many variables.. you just have to take a view and build in some contingency. And I agree about retirement being for you. I am spending a lot of time looking after my very elderly parents, which at first seemed natural, but I am now beginning to realise these are my precious early retirement years being taken up in a way I am not enjoying... it sounds harsh, but I am getting to resent it, and the same can go for 'babysitting'. These are precious years. don't let others assume you have 'spare' time they can take. It is yours to enjoy, not theirs!
Thanks so much for sharing a very difficult situation we are sure Take Care 🙂🌺
I am happy