My father worked hard all his life to support our family and put four kids through college. When he retired early at 59, my parents set off on a road trip to find a warm place to retire. Sadly, his health failed and he died only 6 months later. I learned an important lesson not to put off retirement and started the process over a decade ago at 52. Since then, I've worked part-time jobs and run my own home-based business but consider myself retired and have no regrets. I can't even imagine what life would be like if I was still working full-time.
That is sad but it very common, I know people they work so long they can’t stand retirement and it kills them , I just retired 2 months ago at age 62 and I feel kind of like I’m missing something, It’s very hard to explain but it’s true
"Have you ever had a million dollars in your life?" Such a great way to think about this! A long time ago, I accepted the fact I'll never have that much saved for retirement and my modest savings, Social Security and pension were going to have to be enough. Luckily, I lead a very simple life and need very little to be happy. Now I feel much better about retiring on what I have, and not what others think is necessary.
You have a great relationship with each other, for people who don’t have what you two have in retirement it could be a nightmare spending two much time with each other. I bet you have never thought of that, ha..I know lots of people my age {almost 77) who have to constantly be going or doing things, or they are not happy. My happy place is my home. My husband just got back on a work vacation helping our daughter remodel a home she just bought. I stayed back with my elderly dog who I would never put in a kennel and I think I left the house once in 11 days and loved just enjoying my home and 7 acres of peaceful ness that sits on a lake and was very content with watching my favorite u tubers and listening to music and taking care of my fur baby and my home. So everyone is different in what they call their rich life, I know that I have found my rich life. You two have enjoyed traveling and that is woderful, traveling would be a nightmare to me. So I think we are both very lucky for knowing what a rich life means to us.💕. Wishing you many more years of happiness. 💕
Hello Margaret, we joke or Norm does about when we first met and wanted to spend every minute together. We have just been able to keep that desire together for 50 years. Thanks so much for your kind comment.
This was a good one! 👍 One good reason to delay retirement though, is carrying debt. I would recommend erasing all debt before retiring, even if it means working a few more years. Why? To ensure you are financially viable and to eliminate stress. The best reason to retire early is as you said - health. I felt fabulous for most of my 60s, eating really well and slow jogging 10km several times a week. But as a friend put it, “sure you feel fabulous, until you don’t “. This summer I turned 68 (like Norm) and suddenly my right hip was too sore to jog. Thinking it was an injury that would heal, I stopped jogging. But it didn’t get better, in fact it got worse. It turned out to be arthritis and I may need a hip replacement. The good news is that, like you, Tina, I’ve taken up daily swimming which makes me feel better and keeps me fit. So enjoy being healthy in your early retirement, because you never know what may happen if you put it off!
This is my lady, Norm and Tina ~ We were both Hippies but now she needs a new hip! 😀 Go figure! 😀The circle of life eh! Actually swimming is a better choice for us. A life time of jogging has it disadvantages. Our Motto: EAT WHOLE FOODS, GIVE UP SUGAR, SLEEP WELL & MOST IMPORTANT KEEP MOVING!
I'm glad you pointed out that work colleagues, however friendly they are, are not your friends -they are simply colleagues. But once you are retired, you can go out into the community and meet people with shared interests who will be real friends. We never go out in bad weather. It's great. I think if you start planning how you will fill your days before you retire it is less scary. I already had skills in arts and crafts so on a long winter day, it's easy to amuse myself with my creative pursuits. We also make sure to keep in contact with people with e-mails, phone calls, and video calls. Don't wait for others to reach out to you.
Also a lot of employees think they company want be able to go on without them. Newsflash, they won't even remember your name after a month, and the company will go on just fine.
Fun talk as always. One myth is retirement is an either/or choice. I retired from my practice as a busy physician, but I still love medicine and my community of colleagues. So I now work two days per week in an urgent care clinic in my community. I can take time off to travel, (just got back from completing the Camino de Santiago), and get to continue to do the work I love on my terms! It’s the best of both worlds. My point is, finding activities that give life meaning and purpose is also an important part of retirement. This may be part time work you enjoy or volunteer work with a cause you are passionate about. Just don’t retire to the couch and TV…that gets old quickly and will make you old before your time!
Great advice, keep moving and learn new things. It’s great you are still contributing to your profession on your terms, a win win! Thanks for sharing your experience, it will help others.
Good advice as always! Retired at 58, nine years ago and never regretted it for a moment. Even when I was working, I learned that one's identity was not your job description, but rather who you are as a person...ie husband, dad, grandpa, friend, co-worker, contributions to society...etc.
Yeah, that’s a great point about identity in retirement. I was a commercial fisherman. I retired and now I’m not a fisherman,I’m a guy who used to spend every winter for a few decades getting beat up in cold rainy bad weather…and it feels great to not do that anymore! I’m looking forward to the next part of my life. I’m totally with ya when you advocate for retiring at your earliest convenience and just finding a way to make the numbers work. Most people will be positively surprised in my opinion.
I semi retired at 50. I retired at 60. Being single, and due to my skill set, I take term positions in far flung locations just for the fun of it and to have new experiences and to travel for free. Jobs come by word of mouth. I have recovered my health. I am not rich by any means, but i do have a rich life. In 2024 I turn 65. I don't plan to take anymore term positions. I am downsizing now. I have a couple ideas of what I will focus on next, and will decide when I achieve my downsizing project. I volunteer a couple times a week for 6 hrs or less each day just for social interaction. I LOVE ❤ being retired.
Enjoy your videos Norm and Tina. We did retire early, at 55 and 58 after selling a business-although my husband continued to work a bit here and there until the pandemic hit. We have never looked back and we are currently visiting Albufeira, Portugal! Would not have known about this place had we not been watching your channel-so thanks for the suggestion. We will definitely be back!
I retired at 55, took a volunteer job at local hospital. It’s been 16 years now and have to say that it’s been the most satisfying years, doing what I want, travelling, kayaking, biking....that 16 yrs went by in a blink. My health is starting to slow me down some but I am still fortunate. I agree, retire as soon as you can, if you possibly can.
Good video, as always! I would add one very important thing: When you are on the planning stage, don't listen everyone's "advice"... Especially from people who aren't retired. Only YOU know what are the steps you need to get there. Often, people are speaking about THEIR OWN FEARS when they are giving "advice" without being in the situation!
I never mistook my job for my identity. I’ve always been unapologetically me! Retired from career at 59, and worked contracts until earlier this year at 62. Only regret is that I didn’t focus on retirement earlier. Love your myth busting! Ain’t retirement life grand!
Love your videos! Just retired at 60 and downsized and relocated to a smaller home in Myrtle Beach, SC, USA. Love not setting an alarm in the mornings. I will probably do something part-time after a few months off. My wife and I are determnined to make it work with less money coming in.
If you can manage it , try to have something saved for emergencies it takes some of the stress off of day to day life.. then if something happens like you need a dental root canal or a crown or an alternator in your car...etc you can say "Eh, it's only money". but if you retire on a very tight projected budget and something like hyperinflation starts or for some crazy reason your government decides to add carbon taxes on every item you purchase.. you'll have a small amount to cushion that blow ,until you can find some good recipes for insects ,rats and raccoon to help stretch your food budget..
My wife and I are in our late 40's. I'm hitting channels like this in the planning phase. I dont miss a show, you guys have fun content. Tina, you have a great smile. Norm, well, nice haircut. :)
Excellent points. I say many of these to friends who are debating about retiring. Health is number one. Retire while you can still do things. Many of my friends and family never got to see 70. It is on the horizon for me but my days of being able to travel are over. I am so glad I retired in my 50's and got all my adventures in while still able. When you retire you can reclaim an identity that was put on the back burner during years spent raising a family and working. I used to have art just as a hobby that I rarely had a moment for. Recently I knew I had turned a corner when someone asked me what I did. I answered that I’m an artist. I have now claimed that as my identity and it feels wonderful to be able to say it out loud and mean it.
I decided to retire after comparing working income less reductions for retirement savings, parking, commuting, and social security reductions (US) with my pension. I discovered that working netted me just $1,000 a month more than the pension. For $1,000 a month I bought freedom and a lifetime vacation!
Old friend of mine waited until she was 70 to retire. When she did she was diagnosed with terminal lung cancer. She was saving and saving for years, working two jobs sometimes. All for nothing. She recently passed away, barely a year after she retired. It was part of the reason I retired early. I feel so bad for her. She never got to enjoy any of her retirement. Her grandkids ended up with all that money she saved.
Good Advice as usual. I retired at age 55, I’m 58 now. Work hard in my early years and saved 30% of my income always. Today I’m enjoying retirement and have no regrets or debts.
Me, too! Retirement is the best job I never had. Just returned from two weeks touring Greece with Road Scholars tour operator. I can't even imagine returning to the work force now.
I love listening to both of you. Unfortunately, I am a single woman and need to wait until I can get Medicare at 65. Planning to retire then. Take care!🎉
The statement about never having had a million dollars is so true! I worried about the fact that we retired on half of that until at the end of the first year I realized that our retirement account had even more than it had when we retired. We didn’t need a lot of things we thought we would. Now 5 years in we are living the retirement we dreamed of and will take advantage of our good health to do the traveling we wanted. Cheers!
We are trying so hard to spend, spend , spend! Not on stuff but on amazing holidays. Sadly our Egypt and Jordan tour has been postponed for a year and we NEED somewhere to go in February…..you know, cold and snow, so are now looking at Sri Lanka. The goal is one amazing holiday and one Mexican (which is also amazing) holiday every single year. Maybe more. Business class if we can…we earned it, we saved it and now we are spending it! I’m taking my CPP, hubby is waiting til 70, both taking OAS now and we are doing just fine. Keeping our house and loving it.
My doctor warned me that your health can decline rapidly in retirement especially if you sit around and sleep and watch tv all day. Make sure you get lots of exercise and don’t be isolated. I also think a stress free part time job is highly beneficial.
Hi Tina and Norm, you made a great point again about health. We are in our mid seventies and I retired 17 years ago to look after grandsons. Such a wonderful time. Even though I took a hit with my work pension I wouldn’t trade the time I spent with them. My husband has now been retired since 2016. Then a hip replacement, and we travelled until Covid hit. I’ve had a hip replacement and hubby needs the other hip replaced. Suddenly I’ve developed severe knee pain and both of us are only able to go on road trips, which we do. We’ve recently decided that we won’t go back to the Netherlands until our joints are good again, but that probably won’t be until joints replaced, which here in Canada takes a long time. A year to see the surgeon and a year before surgery and then the recovery time. 😢 We are planning an Alaska cruise for next spring though. Don’t have to visit ports, been there, done that, so walking won’t be much of a problem. As we live on Vancouver Island, it’s only a ferry trip and a bus ride to the cruise port. Making the best of it, but I do wish we had travelled more when we were younger, as health can change very unexpectedly. ❤️🇨🇦
Our friends both had hip replacements, a married couple, they found out about a fast track procedure in Ontario, which they applied for and were accepted. The surgery was in Mississauga.
You have validated our feelings your positivity about retirement (11:03-ish). You really do get a completely new life and the working life has little impact, other than being a facet of one's past. My husband and I find it wonderful with little to no comparison to working. Thanks for your enjoyable messages!
We love you guys! You’re humor is great. We are70 and 71. The rest of the advisors are not old enough and haven’t experienced all of retirement! Our finances are pretty great! I think it has been 50% planning and 50% luck😬 Come to Wyoming next summer and we will show you what true natures beauty is like.
Thanks so much Steve we do agree it must be hard to give advice on retirement when you are way too young and not actually retired 🤔we love sharing our real life stories have a great weekend Cheers 🇺🇸☕️🇨🇦🍻
Another great video! Not sure how the CPP works in Canada, but one thing we need to consider in the US is the amount of social security remaining for a surviving spouse after the other spouse dies (essentially the surviving spouse has to live on only the higher amount). For instance, if one spouse has SS income of $1,500 and the other spouse has $2,100 income, the remaining spouse will now need to survive on just the $2,100. This can be a significant loss of income to try and cover expenses (as well as the surviving spouse potentially having to pay higher taxes as a single person). I'm the higher income spouse (wife) and therefore I'm waiting till 70 to collect SS (not for myself, but for the benefit of my husband should he survive me).
Need to verify your information. My understanding is after you reach full benifits (66 was my husband's) the amount the spouse will get is set at that amount.
All good things to discuss and shine some light on. Change is scary for all of us but once we put pen to paper as you say and learn some things, we can dispel a lot of fear. My dad retired in his early 60s. Mom was already retired. They only had a couple hundred thousand to their name. They had a blast all along the way. Fast forward 25 years and they are still having a good time. Playing golf, dinning out, watching their fav TV shows. They have more money now than they did when they pulled the plug on work. I look at them and their lifestyles over the retirement years and then apply to us and realized, what are we waiting for? We have 10X what they had when they started and although we will be going out a little earlier than they did, the numbers day we are more than OK.
Took my pension at 58 and then we started our Social Security at 62. Good decisions for us. Neither of our identities were based on our work titles. Been traveling the world for most of the last four years.
I've commented on this before. Your situation as a couple (happily married... priceless!) is quite different than mine and others. I'm a single person. And my situation is complicated as I have a 19 and 21 year old, still living at home. It's getting more and more difficult for our offspring to launch into independent adult living. I was going to step down next year and only work half time until 65, while taking CPP at 62. But... now I'm unsure. I can't sell and downsize to a rented apartment, with or without my kids. (Like many, most all my wealth is locked up in my residential property.) Also, for those who want to sell their home... the rental market has become very, very tight. - Having said that... you do such a great job empowering and encouraging seniors and soon-to-be seniors.
You make good points, especially about the rental market. I downsized 10 years ago at 48 and yes, most of my $$ is on my home. I won't sell and rent in this market and won't move somewhere that doesn't give me quick access to medical care.
What mind readers you both are! I'm getting cold feet about retiring next June; my employer wants six months advance notice, so I have to submit my paperwork this January. My concern is getting the house sold and moving to a lower cost location within 2 years. Will have to book a trip to Portugal and France to see if I want to live there. Lucky for me, the area I live in is a popular area of town, so I may not have any problems selling. When I attended the International Living Living Overseas conference in September, I talked with their contact in France. Since my hobby is woodworking, she suggested I visit the Dordogne area of France. Blessed Remembrance Day! Carry on!
So many truths in this! I've been retired a little over a year now and still adjusting to the freedom! But no regrets. Unfortunately for single folks, it would be difficult for most to cover off basic needs with CPP and OAS but as you mentioned, put pen to paper!
I love your videos, I think they are getting better as we move forward. They always bring a smile to my face. And yes I'm afraid to quit my job cause I'll never get another one. What if I run out of money in a few years? I'm apprehensive but I think I've got enough for 19-20 years. I don't expect to live that long anyway because I'm 75 now. So Thanks to your video''s, I'm going to take the leap and retire in a couple of months. My Health is also declining so I better do it now as you recommend.Thank you Norm and Tina. [Seattle WA]
I did it, yeahh; I gave my notice yesterday and in two weeks I can say, I am retired, lol. In 3 weeks we are on the way to Thailand to escape the Canadian Winter. :) Keep your videos coming, always great to watch them.
Great video, and helpful words of encouragement. Couldn’t agree more! We retired at 62 and wish we’d pulled the trigger years earlier. Love the freedom from stress. Best job ever! 👍💖
I could not agree more with you guys. We are doing the same thing. In our case we don't have to touch retirement savings so we reinvest the dividends since my wife health prevents her from traveling, I really wish we would have pulled the cord earlier than 65. Your advice is very sound.
WIll pull the plug next april, 70+ 4 months, with no company pension, it was important to have the big bills paid off, house in 2018 , cottage this june. . The 38 & 42 % kicker for OAS & CPP will help a lot and should cover all of our basic expenses. Every situation is different, Thanks for all your fun videos.
One thing to take into account is that a single person (like me) collecting CPP and OAS has to pay the same bills as a couple who BOTH receive CPP and OAS. I would find it helpful if you were able to relay the experience of one of your single friends or relatives.
Thanks Norm and Teen! We always find it scary to travel with our passwords (because we need them), either on a sheet of paper (which can be found when we leave the room, go swimming etc),or on a usb stick hidden … is there another way! Thank you! Continue enjoying everything!
There are password managers that you enter your password once then it becomes encrypted and every time you visit a password protected website it automatically logs on with an encrypted password. Or keep better cars of the piece of paper 😂😂
Losing your personal identity in retirement is an interesting perspective, shared by many. For me though, I think it’s the other way round. I think you regain a part of your identity because it isn’t taken over by your job anymore
EAT WHOLE FOODS, GIVE UP SUGAR, SLEEP WELL & MOST IMPORTANT KEEP MOVING! Great Advice eh? One point if you can do all things you want to, with what you have with out the CPP or OAS and your health is excellent consider delaying it! We arent likely to kick over before 80 _ 90 years of age. Just watched a 97 yrs old, WW2 veteran in Ottawa sharp as ever fit as a fiddle! I will bet you both you will be still talking CPP and OAS in 2044 ! SO EAT WHOLE FOODS, GIVE UP SUGAR, SLEEP WELL & MOST IMPORTANT KEEP MOVING! Regards 103 and the Lady :)
Yes you are totally right Kevin eat well keep moving don’t overspend and we all hope to live into our 90s ,thanks again for the super thanks Cheers 🍁🙂☕️🇨🇦
I love all your content, that being said I am going to retire in approximately 7 months on my 65 birthday. I live in the U.S. where we have an extremely expensive health care system so to avoid paying for expensive private medical insurance I chose to wait till Medicare (old age medical insurance) at age 65. Thanks for all your content!
All excellent points you have made; thank you. But point #4 is challenging for me; there probably is not much fun traveling by oneself, am too old for that at age 75, so will keep working. My Old Age and CPP are very small, about a quarter of my expenses. So the stories the commenters tell bring bits of joy to me, and hope you all continue a joyful retirement.
Not to advise about your financial situation or plans but, just to let you know, I wanted to travel more than my husband so I took quite a few tours by myself. Tours of all kinds,bus ,cruises all over the world. They offer tours especially for seniors and offer different levels and types of activity and pace of travel. Maybe try one short type domestic trip and just see how you like it? I am SO glad I did because my own health has kept me home for 5 years now. After I get over my second hip replacement this week I am going to hit the ground running to celebrate! It is great to break out of our routines as we age and tours give us support and ease to do that. If you are a senior single woman, you will meet others and if you are a senior single man, you won’t be lonely!
Thank you for your lovely video ..I did travel many places all over the world and didn’t save lol when I was in late thirties ,may be I don’t need to travel after 60 ,,I told my family I have to hike and dive and sky dive when I was younger that’s why I did opposite 😊
Hi Norm and Tina, I always enjoy your videos. You help us to start breakdown the fears and worries about retirement. With some planning and budget a lot of it goes away! Thank you for sharing! Stay well!
I have struggled with losing the identity I had at work and the work that meant something to families while I worked. But I have been very busy finding new hobbies and fun during retirement. I have also started a you tube channel recently and wow a lot of learning and editing is not so much fun yet 😊. But it is fun to create the videos. That is one of the new experiences I am having along with many more. Another great video with great advice. Thank you
Thanks so much for this good take on the myths of retirement. We watch your videos and take notes! We're 56 and have only one small pension and my social security benefit will be pretty small because I took time off to raise kids and then worked in nonprofits. I think as GenX in the US ages there will be fewer folks with much guaranteed income for retirement. Social security doesn't feel completely reliable, so even that is a little tricky. Health care isn't covered until we get to 65 so without employer plans we would have to buy in to the ACA exchanges. We are hoping to retire early but there's a balance between living in forced austerity right now so we can save and enjoying some travel and adventure in these years when we are still working. Cheers!
Thanks Norm, Very good point on retirement identity. Often over looked. Not even mentioned. I'm noticing that with my work in the 911 Community. It,s hard for those people to let go. To be in the know, to be on the front line to stopping cold turkey. Your bit is encouraging. I just may use it when I,m helping these folks. Hope!
So true. I worked in law enforcement for 23 years and couldn't wait to get out. But many who do, come right back and work part time they are so invested in being in the agency.. Their friends in retirement are all the same people they worked with. And many of the certified members die at an earlier age.
A big part of that is that for some people, like me, they didn’t simply go to a job, they had a career, a vocation. They continue to want to be involved in that front line supporting and contributing to their community. Retirees are often looked on as useless appendages to society. Usually the first question one is asked upon first meeting someone is “what did you do for a living?”
I am sure we could have retired earlier with a better financial planner..so shop around for a good one! You are so right about starting with a budget and there are many tools to test whether your funds will last. I did feel better when the first pension payment came through though, felt like magic!!
Yes, I stopped having slave wage. Happy now semi retired and looking forward to my full retirement. Don't have to deal with toxic workers etc. Now I'm focusing on knowing the natural healing we have in ancient times and the like.
I do not and have never had a million dollars. I live on a state pension, SS, interest on my savings....but I rarely if ever touch my savings. I am a frugal single female senior. I own my home and I own my 2022 vehicle out-right, paid cash for both. I have no credit card debt. Life is good if you learn to live within your means and save for what you want. I see people today over-extending themselves and then complaining they have no money. My first home back in 1992, was 864 sq ft, a 2/1. Linoleum kitchen counters, no dishwasher, no cable, etc. but I made enough profit on that cute little house to be able to pay cash on the next one, then did the same with that home and now am in what will more than likely be my final home.
I agree too many people living extravagant lives. Never had designer clothes/bags and never wanted them. Don’t even like jewellery, not even a watch! Low salary. Retiring next year
I am very proud of you as a couple We need to establish our own RUclips blue zone Keep up the good work I will join the senior RUclips streamer I have resisted retirement for nine years
I bought two of the best custom built leather sofas and I enjoy my time watching NORM and TINA ! My missus works at the bank and almost every day a senior comes in haven fallen to a online scam. They give out all their information to some stranger on the internet. And cry later!
These are important reminders for those of us who are still in the rat race. Unfortunately, I didn't start saving for retirement until I was well into my 40s, but I did start saving aggressively at that time. Now at 54, my portfolio is doing quite well, but I still don't plan to retire before age 60, which is early enough for me. I am in excellent health and I work hard to stay that way. Also, I plan to defer SS until my full retirement age (67) in order to have more garunteed income later in life, so I want to have a decent size portfolio to carry me thru those first 6 or 7 years without needing to compromise too much. Good one!
For Canada, are you familiar with converting an RRSP to a RRIF and the advantages of doing this conversion earlier than at age 71? Could you do a video on this?
By the way guys...you mentioned visiting The Villages in Florida...that would be a huge come-together for all of your fans...Norm and Teen in the Land of the Swingers....it pretty much doesn't get any better than that!!!! Can you fit it in before the Portugal thing??!!!
Hey 👋 Norm & Tina! Thank you for another fine, thought provoking video on retirement! I have no fears, NOW that is. But going to the dentist?- that one remains. I hope your experience went well, Norm. Have a blessed day.
Hi Norm and Tina: I saw Led Zeppelin on there last tour. Could have been 1977. Pontiac Stadium. It was the largest stadium outdoor concert at the time with close to 90,000 people. They played for three hours. Lucky my pension could be worth a million dollars. We just went on a cruise and bought a new car…oops lol. Have a great weekend! Cheers!
I love your advice but retiring as a single person is just such a different prospect financially, I just don't see how I can. I have a fantastic & well paying career but I'm self employed with no pension plan. I started over financially after divorce at 47 and I have only mortgage debt (that will be paid off when I'm 65). Luckily, I love what I do & have the option to ease out gradually when I'm ready. At 59 I see what you're saying about making the most of our healthy years but the reality of surviving on just the savings, CPP and OAS for a single person is terrifying.
It is a challenge Kathy especially being single, the only encouraging is generally as people age they spend less. Budgeting should give you an idea of how your finances will last. Good luck.
Thank you for such a terrific and inspiring discussion Tina and Norm. I am 57, working in a stressful career and wife is 62 stay at home. This is what we needed to hear right now! Also, as the son of Portuguese parents, Portugal is near and dear to my heart and definitely in my retirement plans. Where do you plan to spend this winter in the Algarve? We know you have spent time in different areas there. Thank you!
Glad you enjoyed the video probably Albufeira and Tavira and maybe one other place , maybe you should stop working and retire with your wife 🤔Cheers 🇵🇹🍁☕️🇨🇦
I have set my last day of work, which is April 2024, counting down the days now! Everyone I work with thinks I will be bored, I will go back to work, I will run out of money 😂 I have so many ideas, mentally I have already retired. I planned to do it a few years ago but decided to work remotely because of covid. It has dragged on long enough. Lol
My husband and I watch you both every week and enjoy your videos! I was wondering if you went over your retirement with a financial planner before retiring or budgeted everything on your own? Do you find with the cost of living now it has made a big impact on your budget? Thanks so much for you time :)
Having a pool and a gym in your building sounds great, I'm not sure about not having our own private green space though. Oh and is the pool nice and warm all the time? I find hotel pools to be freezing, hopefully that's not the case for you! Thanks for another fun video!
👋. The most realistic & true $$ talk I've heard in a long time. Thanks for keeping it real 💯. You both are doing well at retirement...ENJOY IT ALL WITH THE SMILES.
My Mother did well with the Canada Pension as she retired shortly after CPP was started.She did not have to pay into it for long and collected it for quite a while.CHEERS from HERE!!!
Your point about losing your identity is a big thing for some people. It certainly was for me. About a year after I retired I called to have my accreditation cancelled as I didn’t plan to work in my profession anymore. I ended up bursting into tears on the phone 😳but the guy on the other end was very understanding. I ended up paying fees for another year 🙄 before I finally gave up my credentials. At that point, I knew I didn’t need to keep them as proof of my identity. ( The funny thing is in retirement I am still often introduced as a retired ---. So I guess I didn’t need to worry about losing that part of my identity 😄) - Sheila
Yes, isn’t it funny how the professional membership we begrudgingly paid every year ( for decades ! ) to keep our credentials - is now sooooo difficult to give up. I “ finally” stopped sending in my cheque to renew mine last year. 😢😊
Hello Norm and Tina, I appreciate and enjoy your comments and advice. I retired at 57, started withdrawing CCP at 60 and never looked back. I realize that you are not financial advisors but am curious concerning your opinion on GICs. Thank you.
Great video Thanks, it’s all simple knowledge is power. Know what your budget is, know your income and assets. It’s pretty clear at that point. Market volatility is mitigated by smart diverse investments.
I guess I'm in a unique situation. 60 retired, defined benefit plan, RRIF and TFSA, so I'm good. I've heard some say living single can cost more but without getting into detail, living single is definitely cheaper. I live on $1600 a month
Some people who are single only have one income Social Security or in Canada Canadian Pension Plan and OAS, so paying rent or house carrying costs can be difficult. It’s great you are well prepared for retirement.
“Don’t sacrifice that (your healthy,later in life years) to your employer.” Wise words indeed because your employer doesn’t really care about YOU. They care about what you can give them.
Great advice from you guys - real world stuff. I’m guilty of the “one more year syndrome”. Looking to 2 years more to get my youngest child out of high school, and be able to dedicate the extra income to specific goals. Will be debt free soon except for the mortgage. But my head is now fully in retirement mode, and the creative pursuits I have delayed too long.
Discussions are taking place in the UK about raising the retirement age to 70 which is ludicrous. I am semi retired, turning 60 next year and if I could get CPP even if a reduced sum I’d be snatching it out of their hands 😅
That’s what we thought too Denise “ a bird in the hand is worth two in the bush “ so sad to think that the retirement age might go to 70 🤔have a wonderful weekend Cheers ☕️🍁🙂💰
I've done a lit of research on CPP and OAS. To exceed the guaranteed increases and penalties you need to get about 14 percent increases per year. Bottom line - if you need $$ or if you have poor health then draw early. Otherwise if you understand statistics and basic financial planning you are alqays better to defer both. And you don't need $$ when you are gone. Enjoy life EVERDAY!!
Hello Tina and Norm, I enjoyed your video. Is the nordvpn the same thing you mentioned a while ago that blocks websites from knowing if you have visited them prior? Thank you for all the information you provided.
I have always thought my UK state pension was a lost cause. After watching you mentioned a number of times in different episodes, I finally look into it and realize that voluntary contribution actually could be a pretty good deal.
The max UK state pension you can get for 35 years contributions is £203.85 per week. You can make additional voluntary NI contributions for gaps between April 2006 to April 2018 until 5 April 2025. However note that living in Canada once you start drawing it's not uprated with inflation but move to the US and it is. No I don't understand the rules either.
My wife left England for Canada when she was 21 and had totally forgot that she had made UK pension contributions. When she was close to 65 we started looking into it and after reclaiming her National Insurance Number we found that she had 6 years of qualifying pension years, I guess they took into account her part time work as a teenager. After jumping through a few hoops we could buy up another 4 years of pension contributions (about £2400 in her case) to get her to the minimum 10 years of contributions to qualify for the UK pension. She now gets about £2400 a year from her UK pension for the rest of her life. It's not a lot but better than nothing and for us, after that 1st year, it's all gravy.
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My father worked hard all his life to support our family and put four kids through college. When he retired early at 59, my parents set off on a road trip to find a warm place to retire. Sadly, his health failed and he died only 6 months later. I learned an important lesson not to put off retirement and started the process over a decade ago at 52. Since then, I've worked part-time jobs and run my own home-based business but consider myself retired and have no regrets. I can't even imagine what life would be like if I was still working full-time.
So very true Linda we love being retired too enjoy your weekend 🌺🍁☕️
My uncle retired and within 6 months died of cancer. It was so sad that he did a factory job his whole life and didn't enjoy his retirement
That is so sad to hear 🌺
That is sad but it very common, I know people they work so long they can’t stand retirement and it kills them , I just retired 2 months ago at age 62 and I feel kind of like I’m missing something, It’s very hard to explain but it’s true
👍👍✌️
"Have you ever had a million dollars in your life?" Such a great way to think about this! A long time ago, I accepted the fact I'll never have that much saved for retirement and my modest savings, Social Security and pension were going to have to be enough. Luckily, I lead a very simple life and need very little to be happy. Now I feel much better about retiring on what I have, and not what others think is necessary.
Great comment Linda have an awesome weekend Cheers 🇺🇸🍁🇨🇦🙂
Where did you decide to live after your part-time retirement? And do you rent or buy ?
You have a great relationship with each other, for people who don’t have what you two have in retirement it could be a nightmare spending two much time with each other. I bet you have never thought of that, ha..I know lots of people my age {almost 77) who have to constantly be going or doing things, or they are not happy. My happy place is my home. My husband just got back on a work vacation helping our daughter remodel a home she just bought. I stayed back with my elderly dog who I would never put in a kennel and I think I left the house once in 11 days and loved just enjoying my home and 7 acres of peaceful ness that sits on a lake and was very content with watching my favorite u tubers and listening to music and taking care of my fur baby and my home. So everyone is different in what they call their rich life, I know that I have found my rich life. You two have enjoyed traveling and that is woderful, traveling would be a nightmare to me. So I think we are both very lucky for knowing what a rich life means to us.💕. Wishing you many more years of happiness. 💕
Hello Margaret, we joke or Norm does about when we first met and wanted to spend every minute together. We have just been able to keep that desire together for 50 years. Thanks so much for your kind comment.
This was a good one! 👍
One good reason to delay retirement though, is carrying debt. I would recommend erasing all debt before retiring, even if it means working a few more years. Why? To ensure you are financially viable and to eliminate stress.
The best reason to retire early is as you said - health. I felt fabulous for most of my 60s, eating really well and slow jogging 10km several times a week. But as a friend put it, “sure you feel fabulous, until you don’t “. This summer I turned 68 (like Norm) and suddenly my right hip was too sore to jog. Thinking it was an injury that would heal, I stopped jogging. But it didn’t get better, in fact it got worse. It turned out to be arthritis and I may need a hip replacement. The good news is that, like you, Tina, I’ve taken up daily swimming which makes me feel better and keeps me fit.
So enjoy being healthy in your early retirement, because you never know what may happen if you put it off!
This is my lady, Norm and Tina ~ We were both Hippies but now she needs a new hip! 😀 Go figure! 😀The circle of life eh! Actually swimming is a better choice for us. A life time of jogging has it disadvantages. Our Motto: EAT WHOLE FOODS, GIVE UP SUGAR, SLEEP WELL & MOST IMPORTANT KEEP MOVING!
Thanks so much Susan for sharing your story ❤️ we do wish you well and hope things improve for you take care and have a wonderful weekend Cheers 🙂🍁❤️🌺
Thanks for sharing 🙂🍁☕️
I'm glad you pointed out that work colleagues, however friendly they are, are not your friends -they are simply colleagues. But once you are retired, you can go out into the community and meet people with shared interests who will be real friends. We never go out in bad weather. It's great. I think if you start planning how you will fill your days before you retire it is less scary. I already had skills in arts and crafts so on a long winter day, it's easy to amuse myself with my creative pursuits. We also make sure to keep in contact with people with e-mails, phone calls, and video calls. Don't wait for others to reach out to you.
Also a lot of employees think they company want be able to go on without them. Newsflash, they won't even remember your name after a month, and the company will go on just fine.
Sounds great be able to keep yourself busy have a wonderful weekend Cheers 🍁🙂☕️
Great comment so true ! 🙂
Fun talk as always. One myth is retirement is an either/or choice. I retired from my practice as a busy physician, but I still love medicine and my community of colleagues. So I now work two days per week in an urgent care clinic in my community. I can take time off to travel, (just got back from completing the Camino de Santiago), and get to continue to do the work I love on my terms! It’s the best of both worlds. My point is, finding activities that give life meaning and purpose is also an important part of retirement. This may be part time work you enjoy or volunteer work with a cause you are passionate about. Just don’t retire to the couch and TV…that gets old quickly and will make you old before your time!
Great advice, keep moving and learn new things. It’s great you are still contributing to your profession on your terms, a win win! Thanks for sharing your experience, it will help others.
how long did it take to do the Camino De Santiago?
@@monalisa233 we walked the Camino Frances in 31 days
Good advice as always! Retired at 58, nine years ago and never regretted it for a moment. Even when I was working, I learned that one's identity was not your job description, but rather who you are as a person...ie husband, dad, grandpa, friend, co-worker, contributions to society...etc.
Great that your retirement is working out for you Don Cheers 🍁🙂☕️🍻
Yeah, that’s a great point about identity in retirement. I was a commercial fisherman. I retired and now I’m not a fisherman,I’m a guy who used to spend every winter for a few decades getting beat up in cold rainy bad weather…and it feels great to not do that anymore! I’m looking forward to the next part of my life. I’m totally with ya when you advocate for retiring at your earliest convenience and just finding a way to make the numbers work. Most people will be positively surprised in my opinion.
What a great comment Derek, thanks for sharing it. You deserve retirement after such a strenuous job!
I semi retired at 50. I retired at 60. Being single, and due to my skill set, I take term positions in far flung locations just for the fun of it and to have new experiences and to travel for free. Jobs come by word of mouth. I have recovered my health. I am not rich by any means, but i do have a rich life. In 2024 I turn 65. I don't plan to take anymore term positions. I am downsizing now. I have a couple ideas of what I will focus on next, and will decide when I achieve my downsizing project. I volunteer a couple times a week for 6 hrs or less each day just for social interaction. I LOVE ❤ being retired.
Thanks for sharing Angela sounds wonderful 🍁🙂🌺☕️
Enjoy your videos Norm and Tina. We did retire early, at 55 and 58 after selling a business-although my husband continued to work a bit here and there until the pandemic hit. We have never looked back and we are currently visiting Albufeira, Portugal! Would not have known about this place had we not been watching your channel-so thanks for the suggestion. We will definitely be back!
That is awesome! we hope you have a great time Sam we can’t wait to be back this Winter Cheers 🇵🇹☕️🍷🇨🇦🙂
I retired at 55, took a volunteer job at local hospital. It’s been 16 years now and have to say that it’s been the most satisfying years, doing what I want, travelling, kayaking, biking....that 16 yrs went by in a blink. My health is starting to slow me down some but I am still fortunate. I agree, retire as soon as you can, if you possibly can.
Wonderful glad you are enjoying your retirement David Cheers 🍁🙂☕️
Good video, as always! I would add one very important thing: When you are on the planning stage, don't listen everyone's "advice"... Especially from people who aren't retired. Only YOU know what are the steps you need to get there. Often, people are speaking about THEIR OWN FEARS when they are giving "advice" without being in the situation!
I never mistook my job for my identity. I’ve always been unapologetically me! Retired from career at 59, and worked contracts until earlier this year at 62. Only regret is that I didn’t focus on retirement earlier. Love your myth busting! Ain’t retirement life grand!
Retirement is great Carol! Thanks so much for watching!
Love your videos! Just retired at 60 and downsized and relocated to a smaller home in Myrtle Beach, SC, USA. Love not setting an alarm in the mornings. I will probably do something part-time after a few months off. My wife and I are determnined to make it work with less money coming in.
That’s a great attitude to have and Myrtle Beach is wonderful, we are envious 😂😂
If you can manage it , try to have something saved for emergencies it takes some of the stress off of day to day life.. then if something happens like you need a dental root canal or a crown or an alternator in your car...etc you can say "Eh, it's only money". but if you retire on a very tight projected budget and something like hyperinflation starts or for some crazy reason your government decides to add carbon taxes on every item you purchase.. you'll have a small amount to cushion that blow ,until you can find some good recipes for insects ,rats and raccoon to help stretch your food budget..
You are too funny Mark 😂😂thanks for sharing have a great weekend Cheers 🍁🙂☕️🍻
Great video. I saw Led Zeppelin at The Spectrum in Philadelphia 1972, still can smell all the pot that filled that great concert venue.
Thats awesome Grace 🇺🇸☕️🇨🇦👍
My wife and I are in our late 40's. I'm hitting channels like this in the planning phase. I dont miss a show, you guys have fun content. Tina, you have a great smile. Norm, well, nice haircut. :)
You are well ahead in the planning stakes, keep it up and your retirement will be awesome!
Excellent points. I say many of these to friends who are debating about retiring. Health is number one. Retire while you can still do things. Many of my friends and family never got to see 70. It is on the horizon for me but my days of being able to travel are over. I am so glad I retired in my 50's and got all my adventures in while still able.
When you retire you can reclaim an identity that was put on the back burner during years spent raising a family and working. I used to have art just as a hobby that I rarely had a moment for. Recently I knew I had turned a corner when someone asked me what I did. I answered that I’m an artist. I have now claimed that as my identity and it feels wonderful to be able to say it out loud and mean it.
That’s wonderful Susan enjoy your weekend Cheers 🙂☕️🍁
I decided to retire after comparing working income less reductions for retirement savings, parking, commuting, and social security reductions (US) with my pension. I discovered that working netted me just $1,000 a month more than the pension. For $1,000 a month I bought freedom and a lifetime vacation!
It’s great you did the math, working does have expenses, car, gas, meals etc. Good for you, freedom sounds like a deal!
Old friend of mine waited until she was 70 to retire. When she did she was diagnosed with terminal lung cancer. She was saving and saving for years, working two jobs sometimes. All for nothing. She recently passed away, barely a year after she retired. It was part of the reason I retired early. I feel so bad for her. She never got to enjoy any of her retirement. Her grandkids ended up with all that money she saved.
That’s very sad Kathleen thanks for sharing 🍁🙂☕️
Good Advice as usual.
I retired at age 55, I’m 58 now.
Work hard in my early years and saved 30% of my income always.
Today I’m enjoying retirement and have no regrets or debts.
That’s great we are so pleased for you Cheers 🍁🙂☕️🍻
Me, too! Retirement is the best job I never had. Just returned from two weeks touring Greece with Road Scholars tour operator.
I can't even imagine returning to the work force now.
I love listening to both of you. Unfortunately, I am a single woman and need to wait until I can get Medicare at 65. Planning to retire then. Take care!🎉
Thanks for watching Kristin have a wonderful weekend Cheers 🇺🇸☕️🇨🇦
So glad I finally overcame my fears and retired last December. We took a trip in October to Iceland. We want to do all we can while we are healthy.
Wonderful congratulations 🥳 on being retired and enjoying your next stage of life 🍷🙂🍻
The statement about never having had a million dollars is so true! I worried about the fact that we retired on half of that until at the end of the first year I realized that our retirement account had even more than it had when we retired. We didn’t need a lot of things we thought we would. Now 5 years in we are living the retirement we dreamed of and will take advantage of our good health to do the traveling we wanted. Cheers!
That has been our experience too Dell, compounding is very powerful.
We are trying so hard to spend, spend , spend! Not on stuff but on amazing holidays. Sadly our Egypt and Jordan tour has been postponed for a year and we NEED somewhere to go in February…..you know, cold and snow, so are now looking at Sri Lanka. The goal is one amazing holiday and one Mexican (which is also amazing) holiday every single year. Maybe more. Business class if we can…we earned it, we saved it and now we are spending it!
I’m taking my CPP, hubby is waiting til 70, both taking OAS now and we are doing just fine. Keeping our house and loving it.
We hope you find somewhere to go in February and agree Business class is a great option have a wonderful weekend Cheers 🍁🙂☕️
My doctor warned me that your health can decline rapidly in retirement especially if you sit around and sleep and watch tv all day. Make sure you get lots of exercise and don’t be isolated. I also think a stress free part time job is highly beneficial.
Great advice Barry, thanks for making this point.
Hi Tina and Norm, you made a great point again about health. We are in our mid seventies and I retired 17 years ago to look after grandsons. Such a wonderful time. Even though I took a hit with my work pension I wouldn’t trade the time I spent with them. My husband has now been retired since 2016. Then a hip replacement, and we travelled until Covid hit. I’ve had a hip replacement and hubby needs the other hip replaced. Suddenly I’ve developed severe knee pain and both of us are only able to go on road trips, which we do. We’ve recently decided that we won’t go back to the Netherlands until our joints are good again, but that probably won’t be until joints replaced, which here in Canada takes a long time. A year to see the surgeon and a year before surgery and then the recovery time. 😢 We are planning an Alaska cruise for next spring
though. Don’t have to visit ports, been there, done that, so walking won’t be much of a problem. As we live on Vancouver Island, it’s only a ferry trip and a bus ride to the cruise port. Making the best of it, but I do wish we had travelled more when we were younger, as health can change very unexpectedly. ❤️🇨🇦
Our friends both had hip replacements, a married couple, they found out about a fast track procedure in Ontario, which they applied for and were accepted. The surgery was in Mississauga.
@@ThisIsOurRetirement , something to consider. Thanks. ❤️🇨🇦
You have validated our feelings your positivity about retirement (11:03-ish). You really do get a completely new life and the working life has little impact, other than being a facet of one's past. My husband and I find it wonderful with little to no comparison to working. Thanks for your enjoyable messages!
Thanks for your very kind comment Jackie have a wonderful weekend Cheers 🍁🙂☕️🍷
We love you guys! You’re humor is great. We are70 and 71. The rest of the advisors are not old enough and haven’t experienced all of retirement! Our finances are pretty great! I think it has been 50% planning and 50% luck😬 Come to Wyoming next summer and we will show you what true natures beauty is like.
Thanks so much Steve we do agree it must be hard to give advice on retirement when you are way too young and not actually retired 🤔we love sharing our real life stories have a great weekend Cheers 🇺🇸☕️🇨🇦🍻
Another great video! Not sure how the CPP works in Canada, but one thing we need to consider in the US is the amount of social security remaining for a surviving spouse after the other spouse dies (essentially the surviving spouse has to live on only the higher amount). For instance, if one spouse has SS income of $1,500 and the other spouse has $2,100 income, the remaining spouse will now need to survive on just the $2,100. This can be a significant loss of income to try and cover expenses (as well as the surviving spouse potentially having to pay higher taxes as a single person). I'm the higher income spouse (wife) and therefore I'm waiting till 70 to collect SS (not for myself, but for the benefit of my husband should he survive me).
We were aware of this situation and it must be very difficult thanks for sharing have a wonderful weekend Cheers 🇺🇸☕️🙂🇨🇦
Need to verify your information. My understanding is after you reach full benifits (66 was my husband's) the amount the spouse will get is set at that amount.
@@cwp7338To start with.There are cola raises every year for inflation.My raise last year was $134. This year my raise is $55.
All good things to discuss and shine some light on. Change is scary for all of us but once we put pen to paper as you say and learn some things, we can dispel a lot of fear. My dad retired in his early 60s. Mom was already retired. They only had a couple hundred thousand to their name. They had a blast all along the way. Fast forward 25 years and they are still having a good time. Playing golf, dinning out, watching their fav TV shows. They have more money now than they did when they pulled the plug on work. I look at them and their lifestyles over the retirement years and then apply to us and realized, what are we waiting for? We have 10X what they had when they started and although we will be going out a little earlier than they did, the numbers day we are more than OK.
Thanks Bob for sharing your story, it should help inspire others to take the leap into retirement.
Took my pension at 58 and then we started our Social Security at 62. Good decisions for us. Neither of our identities were based on our work titles. Been traveling the world for most of the last four years.
That’s great and think of all those memories you made travelling. Thanks for watching.
We both retired at 55 and we love it
Great!
I've commented on this before. Your situation as a couple (happily married... priceless!) is quite different than mine and others. I'm a single person. And my situation is complicated as I have a 19 and 21 year old, still living at home. It's getting more and more difficult for our offspring to launch into independent adult living. I was going to step down next year and only work half time until 65, while taking CPP at 62. But... now I'm unsure. I can't sell and downsize to a rented apartment, with or without my kids. (Like many, most all my wealth is locked up in my residential property.) Also, for those who want to sell their home... the rental market has become very, very tight. - Having said that... you do such a great job empowering and encouraging seniors and soon-to-be seniors.
You make good points, especially about the rental market. I downsized 10 years ago at 48 and yes, most of my $$ is on my home. I won't sell and rent in this market and won't move somewhere that doesn't give me quick access to medical care.
Thanks for sharing have a great weekend Cheers 🍁☕️🙂
What mind readers you both are! I'm getting cold feet about retiring next June; my employer wants six months advance notice, so I have to submit my paperwork this January. My concern is getting the house sold and moving to a lower cost location within 2 years. Will have to book a trip to Portugal and France to see if I want to live there. Lucky for me, the area I live in is a popular area of town,
so I may not have any problems selling.
When I attended the International Living Living Overseas conference in September, I talked with their contact in France. Since my hobby is woodworking, she suggested I visit the Dordogne area of France.
Blessed Remembrance Day! Carry on!
Retirement is a big leap of faith but with planning what sort of retirement is best for you, you should ease into it, good luck!
So many truths in this! I've been retired a little over a year now and still adjusting to the freedom! But no regrets. Unfortunately for single folks, it would be difficult for most to cover off basic needs with CPP and OAS but as you mentioned, put pen to paper!
Glad you are enjoying your retirement Christine Cheers ☕️🙂🍁
I love your videos, I think they are getting better as we move forward. They always bring a smile to my face. And yes I'm afraid to quit my job cause I'll never get another one. What if I run out of money in a few years? I'm apprehensive but I think I've got enough for 19-20 years. I don't expect to live that long anyway because I'm 75 now. So Thanks to your video''s, I'm going to take the leap and retire in a couple of months. My Health is also declining so I better do it now as you recommend.Thank you Norm and Tina. [Seattle WA]
That’s wonderful Richard we wish you all the best for your retirement and so glad you enjoy our videos Cheers 🇺🇸🍁🙂☕️🇨🇦
I did it, yeahh; I gave my notice yesterday and in two weeks I can say, I am retired, lol. In 3 weeks we are on the way to Thailand to escape the Canadian Winter. :) Keep your videos coming, always great to watch them.
Congratulations Beatrice 🥳enjoy Thailand Cheers 🍁☕️🙂🍷
Great video, and helpful words of encouragement. Couldn’t agree more! We retired at 62 and wish we’d pulled the trigger years earlier. Love the freedom from stress. Best job ever! 👍💖
Same for us, sooner always seemed better 💕
Look at that crazy Norm, blowing his money on Tees. Bravo to him!. Little splurges that bring us joy, are the BEST!!
So true Patty have a wonderful weekend Cheers 🍁🙂☕️
I could not agree more with you guys. We are doing the same thing. In our case we don't have to touch retirement savings so we reinvest the dividends since my wife health prevents her from traveling, I really wish we would have pulled the cord earlier than 65. Your advice is very sound.
Thanks for watching and sharing hope you both have a lovely weekend Cheers 🍁🙂☕️
WIll pull the plug next april, 70+ 4 months, with no company pension, it was important to have the big bills paid off, house in 2018 , cottage this june. . The 38 & 42 % kicker for OAS & CPP will help a lot and should cover all of our basic expenses. Every situation is different, Thanks for all your fun videos.
Glad you enjoy our videos Andrew we wish you a great retirement Cheers 🍁☕️🙂🍻
One thing to take into account is that a single person (like me) collecting CPP and OAS has to pay the same bills as a couple who BOTH receive CPP and OAS. I would find it helpful if you were able to relay the experience of one of your single friends or relatives.
Thanks for the suggestion Cheers ☕️🙂🍁
Thanks Norm and Teen! We always find it scary to travel with our passwords (because we need them), either on a sheet of paper (which can be found when we leave the room, go swimming etc),or on a usb stick hidden … is there another way! Thank you! Continue enjoying everything!
There are password managers that you enter your password once then it becomes encrypted and every time you visit a password protected website it automatically logs on with an encrypted password. Or keep better cars of the piece of paper 😂😂
Thanks
Tea's on us . 15 mins of Norm and Tina!
Thanks so much Kevin
Losing your personal identity in retirement is an interesting perspective, shared by many. For me though, I think it’s the other way round. I think you regain a part of your identity because it isn’t taken over by your job anymore
We totally agree Chris!
EAT WHOLE FOODS, GIVE UP SUGAR, SLEEP WELL & MOST IMPORTANT KEEP MOVING! Great Advice eh? One point if you can do all things you want to, with what you have with out the CPP or OAS and your health is excellent consider delaying it! We arent likely to kick over before 80 _ 90 years of age. Just watched a 97 yrs old, WW2 veteran in Ottawa sharp as ever fit as a fiddle! I will bet you both you will be still talking CPP and OAS in 2044 ! SO EAT WHOLE FOODS, GIVE UP SUGAR, SLEEP WELL & MOST IMPORTANT KEEP MOVING!
Regards 103 and the Lady :)
Yes you are totally right Kevin eat well keep moving don’t overspend and we all hope to live into our 90s ,thanks again for the super thanks Cheers 🍁🙂☕️🇨🇦
Well said about friends and colleagues
Thanks for watching 🍁🙂☕️🍻
Another great video Tina and Norm. Everything you speak about is so true. Thank you!
You are so welcome Christine glad you enjoyed it have a wonderful weekend Cheers 🙂🍁☕️🍷
I love all your content, that being said I am going to retire in approximately 7 months on my 65 birthday.
I live in the U.S. where we have an extremely expensive health care system so to avoid paying for expensive private medical insurance I chose to wait till Medicare (old age medical insurance) at age 65. Thanks for all your content!
We do understand Dave that healthcare in the U.S. is expensive and limits most people’s ability to retire early. Thanks for sharing.
All excellent points you have made; thank you. But point #4 is challenging for me; there probably is not much fun traveling by oneself, am too old for that at age 75, so will keep working. My Old Age and CPP are very small, about a quarter of my expenses. So the stories the commenters tell bring bits of joy to me, and hope you all continue a joyful retirement.
Thanks for sharing!
Not to advise about your financial situation or plans but, just to let you know, I wanted to travel more than my husband so I took quite a few tours by myself. Tours of all kinds,bus ,cruises all over the world. They offer tours especially for seniors and offer different levels and types of activity and pace of travel. Maybe try one short type domestic trip and just see how you like it? I am SO glad I did because my own health has kept me home for 5 years now. After I get over my second hip replacement this week I am going to hit the ground running to celebrate! It is great to break out of our routines as we age and tours give us support and ease to do that. If you are a senior single woman, you will meet others and if you are a senior single man, you won’t be lonely!
Thank you for the reminder about retiring earlier to enjoy your healthy years! I had never considered that before I heard you mention it!
I seen Zeppelin April 25, 1977 in Louisville Ky. Great show. Good financial advice thanks.
Thanks Johnny…Rock on 🤘
Thank you for your lovely video ..I did travel many places all over the world and didn’t save lol when I was in late thirties ,may be I don’t need to travel after 60 ,,I told my family I have to hike and dive and sky dive when I was younger that’s why I did opposite 😊
Thanks for watching have a wonderful weekend Cheers 🙂☕️🍁🍻
Hi Norm and Tina, I always enjoy your videos. You help us to start breakdown the fears and worries about retirement. With some planning and budget a lot of it goes away! Thank you for sharing! Stay well!
Our pleasure!
I have struggled with losing the identity I had at work and the work that meant something to families while I worked. But I have been very busy finding new hobbies and fun during retirement. I have also started a you tube channel recently and wow a lot of learning and editing is not so much fun yet 😊. But it is fun to create the videos. That is one of the new experiences I am having along with many more. Another great video with great advice. Thank you
Amazing Tanya, keeping your brain active by learning is great, good luck!
Thanks so much for this good take on the myths of retirement. We watch your videos and take notes! We're 56 and have only one small pension and my social security benefit will be pretty small because I took time off to raise kids and then worked in nonprofits. I think as GenX in the US ages there will be fewer folks with much guaranteed income for retirement. Social security doesn't feel completely reliable, so even that is a little tricky. Health care isn't covered until we get to 65 so without employer plans we would have to buy in to the ACA exchanges. We are hoping to retire early but there's a balance between living in forced austerity right now so we can save and enjoying some travel and adventure in these years when we are still working. Cheers!
Your welcome Kari 🍁🙂🇺🇸🇨🇦☕️
Thank you T&N for this advice, I love it always. Have a happy Sunday! ❤
You are so welcome! 🍁🙂☕️
Love your show. I’m from across the crick in michigan/ St. Clair.
That’s great thank you Cheers 🇺🇸☕️🇨🇦🙂🍁
Hi Tina & Norm good to see you both what is the weather like in Portugal in Jan & Feb great video very good advice.
Regards. Christopher Barker
It can be between 12-20° some really nice tshirt days at night you need a sweater glad you enjoyed the video Christopher Cheers 🇬🇧🍻☕️🍁🇵🇹🇨🇦
Thanks Norm, Very good point on retirement identity. Often over looked. Not even mentioned.
I'm noticing that with my work in the 911 Community. It,s hard for those people to let go. To be in the know, to be on the front line to stopping cold turkey. Your bit is encouraging. I just may use it when I,m helping these folks. Hope!
So true. I worked in law enforcement for 23 years and couldn't wait to get out. But many who do, come right back and work part time they are so invested in being in the agency.. Their friends in retirement are all the same people they worked with. And many of the certified members die at an earlier age.
Glad you found it helpful Ben always good to hear from you enjoy your weekend Cheers 🍁🙂☕️🍻
A big part of that is that for some people, like me, they didn’t simply go to a job, they had a career, a vocation. They continue to want to be involved in that front line supporting and contributing to their community. Retirees are often looked on as useless appendages to society. Usually the first question one is asked upon first meeting someone is “what did you do for a living?”
I am sure we could have retired earlier with a better financial planner..so shop around for a good one! You are so right about starting with a budget and there are many tools to test whether your funds will last. I did feel better when the first pension payment came through though, felt like magic!!
So true! those government pensions 💰are the gift that keeps giving Nikki have a great weekend Cheers 🍁🙂☕️
Yes, I stopped having slave wage. Happy now semi retired and looking forward to my full retirement.
Don't have to deal with toxic workers etc.
Now I'm focusing on knowing the natural healing we have in ancient times and the like.
Awesome Marjorie!
You have helped us settle into it! Thank you. ❤❤
You are welcome Barbie 💕
Cool shirt Mr. Norm! I was in the class of '77 at my high school in California.
We were already married two years!
@@ThisIsOurRetirement I am glad that you are a little older so I can learn from the wisdom that you share on your channel!
Thanks Dan enjoy your weekend Cheers 🇺🇸🙂🇨🇦
Another Top-notch video. I agree with you that I am planning to retire soon and younger age is better for travelling. Many Thanks Norm & Tina...!!!
Wonderful! Thanks for watching.
I do not and have never had a million dollars. I live on a state pension, SS, interest on my savings....but I rarely if ever touch my savings. I am a frugal single female senior. I own my home and I own my 2022 vehicle out-right, paid cash for both. I have no credit card debt. Life is good if you learn to live within your means and save for what you want. I see people today over-extending themselves and then complaining they have no money. My first home back in 1992, was 864 sq ft, a 2/1. Linoleum kitchen counters, no dishwasher, no cable, etc. but I made enough profit on that cute little house to be able to pay cash on the next one, then did the same with that home and now am in what will more than likely be my final home.
Sounds like it was a great plan that has worked for you Cheers 🇺🇸☕️🍁🇨🇦
I agree too many people living extravagant lives. Never had designer clothes/bags and never wanted them. Don’t even like jewellery, not even a watch! Low salary. Retiring next year
I am very proud of you as a couple
We need to establish our own RUclips blue zone
Keep up the good work
I will join the senior RUclips streamer
I have resisted retirement for nine years
Thanks for watching have a great weekend Cheers 🙂🍁☕️🍻
I bought two of the best custom built leather sofas and I enjoy my time watching NORM and TINA !
My missus works at the bank and almost every day a senior comes in haven fallen to a online scam. They give out all their information to some stranger on the internet. And cry later!
Hope your sofas are comfy ! very sad when that happens to seniors Cheers 🙂🍁☕️
These are important reminders for those of us who are still in the rat race. Unfortunately, I didn't start saving for retirement until I was well into my 40s, but I did start saving aggressively at that time. Now at 54, my portfolio is doing quite well, but I still don't plan to retire before age 60, which is early enough for me. I am in excellent health and I work hard to stay that way. Also, I plan to defer SS until my full retirement age (67) in order to have more garunteed income later in life, so I want to have a decent size portfolio to carry me thru those first 6 or 7 years without needing to compromise too much. Good one!
It’s great that you are thinking ahead and planning your retirement finances good luck and thanks for watching.
Love the myth busting 😂! Another great video. I am scared to retire but you keep inspiring me to do it in 2024!
Good luck with your retirement plans Sandra have a great weekend Cheers ☕️🍁🙂
That's the message I needed to hear today. Love watching you every Saturday!!
Glad you enjoyed it have a wonderful weekend Cheers 🍁🙂🍷☕️
For Canada, are you familiar with converting an RRSP to a RRIF and the advantages of doing this conversion earlier than at age 71? Could you do a video on this?
Thanks for the suggestion have a great weekend Cheers 🍁🙂☕️
By the way guys...you mentioned visiting The Villages in Florida...that would be a huge come-together for all of your fans...Norm and Teen in the Land of the Swingers....it pretty much doesn't get any better than that!!!!
Can you fit it in before the Portugal thing??!!!
Well you just never know where we might get to before Portugal 🇵🇹 Niall stay tuned 🇺🇸🍷🇨🇦☕️🙂
Hey 👋 Norm & Tina!
Thank you for another fine, thought provoking video on retirement!
I have no fears, NOW that is.
But going to the dentist?- that one remains. I hope your experience went well, Norm.
Have a blessed day.
Our pleasure! in reality Eric don’t know anyone that likes going to the Dentist LOL 😂😂enjoy your weekend Cheers 🇺🇸☕️🍁🙂🇨🇦
Hi Norm and Tina: I saw Led Zeppelin on there last tour. Could have been 1977. Pontiac Stadium. It was the largest stadium outdoor concert at the time with close to 90,000 people. They played for three hours. Lucky my pension could be worth a million dollars. We just went on a cruise and bought a new car…oops lol. Have a great weekend! Cheers!
Sounds great Paul have a wonderful weekend Cheers ☕️🙂🍁🍻
Thank you for this wonderful advice, and for the encouragement to retirement as soon as possible.
You are so welcome!t
I love your advice but retiring as a single person is just such a different prospect financially, I just don't see how I can. I have a fantastic & well paying career but I'm self employed with no pension plan. I started over financially after divorce at 47 and I have only mortgage debt (that will be paid off when I'm 65). Luckily, I love what I do & have the option to ease out gradually when I'm ready. At 59 I see what you're saying about making the most of our healthy years but the reality of surviving on just the savings, CPP and OAS for a single person is terrifying.
It is a challenge Kathy especially being single, the only encouraging is generally as people age they spend less. Budgeting should give you an idea of how your finances will last. Good luck.
Thank you for such a terrific and inspiring discussion Tina and Norm. I am 57, working in a stressful career and wife is 62 stay at home. This is what we needed to hear right now! Also, as the son of Portuguese parents, Portugal is near and dear to my heart and definitely in my retirement plans. Where do you plan to spend this winter in the Algarve? We know you have spent time in different areas there. Thank you!
Glad you enjoyed the video probably Albufeira and Tavira and maybe one other place , maybe you should stop working and retire with your wife 🤔Cheers 🇵🇹🍁☕️🇨🇦
Hi from beautiful Sydney and thanks for another great video
Thanks for watching!
I have set my last day of work, which is April 2024, counting down the days now! Everyone I work with thinks I will be bored, I will go back to work, I will run out of money 😂 I have so many ideas, mentally I have already retired. I planned to do it a few years ago but decided to work remotely because of covid. It has dragged on long enough. Lol
We wish you every success Sandra, use this time to plan your future activities.
My husband and I watch you both every week and enjoy your videos!
I was wondering if you went over your retirement with a financial planner before retiring or budgeted everything on your own?
Do you find with the cost of living now it has made a big impact on your budget?
Thanks so much for you time :)
We budgeted and invested on our own, we took it up as a hobby and researched it.
Having a pool and a gym in your building sounds great, I'm not sure about not having our own private green space though. Oh and is the pool nice and warm all the time? I find hotel pools to be freezing, hopefully that's not the case for you!
Thanks for another fun video!
We all live in boxes. The trick is to get out and find your favourite green spaces. We will miss our pool nut I have one at the gym.
Actually they keep the temperature of the pool really nice and warm also we have a hot tub and sauna glad you enjoy our videos Cheers 🙂☕️🍁
You could look for an apartment with a pool 🏊♀️ Paul 🍻
@@ThisIsOurRetirementwow sounds like you found the perfect place!
👋. The most realistic & true $$ talk I've heard in a long time. Thanks for keeping it real 💯. You both are doing well at retirement...ENJOY IT ALL WITH THE SMILES.
Thanks so much Cheryl!
My Mother did well with the Canada Pension as she retired shortly after CPP was started.She did not have to pay into it for long and collected it for quite a while.CHEERS from HERE!!!
CPP is a great scheme for Canadians, we just need a better survivor benefit.
Hi Tina and Norm, U R absolutely right I agree with everything ... ✌👍❤🤍❤🌼🌻🌷🌹🌲🍀
Thanks so much Cheers 🍁🙂☕️
Retired this year at 56, no regrets and plenty of things to do everyday.
Great!
Your point about losing your identity is a big thing for some people. It certainly was for me. About a year after I retired I called to have my accreditation cancelled as I didn’t plan to work in my profession anymore. I ended up bursting into tears on the phone 😳but the guy on the other end was very understanding. I ended up paying fees for another year 🙄 before I finally gave up my credentials. At that point, I knew I didn’t need to keep them as proof of my identity. ( The funny thing is in retirement I am still often introduced as a retired ---. So I guess I didn’t need to worry about losing that part of my identity 😄) - Sheila
Yes, isn’t it funny how the professional membership we begrudgingly paid every year ( for decades ! ) to keep our credentials - is now sooooo difficult to give up. I “ finally” stopped sending in my cheque to renew mine last year. 😢😊
We can understand losing your professional credentials is even more stressful than just retiring. 😀😀
This is real advice from retired couples ❤
Thanks so much John have a wonderful weekend Cheers ☕️🙂🍁
Hello Norm and Tina, I appreciate and enjoy your comments and advice. I retired at 57, started withdrawing CCP at 60 and never looked back. I realize that you are not financial advisors but am curious concerning your opinion on GICs. Thank you.
GICs at the moment are a good addition to a portfolio glad you enjoy our channel John Cheers 🙂🍁☕️🍻
Great video Thanks, it’s all simple knowledge is power. Know what your budget is, know your income and assets. It’s pretty clear at that point. Market volatility is mitigated by smart diverse investments.
You got it Clayton have a great weekend Cheers ☕️🙂🍁
Always watch and like your videos. Please talk about dental experience and advice in retirement. In Canada it is very expensive.
Thanks for watching yes dental 🦷 work is expensive in Canada Cheers 🍁🙂☕️🍻
I'm waiting for the NDP senior dental program to kick in. Its supposed to happen by December some time this year. Don't hold your breath yet!!!
I guess I'm in a unique situation. 60 retired, defined benefit plan, RRIF and TFSA, so I'm good. I've heard some say living single can cost more but without getting into detail, living single is definitely cheaper. I live on $1600 a month
Some people who are single only have one income Social Security or in Canada Canadian Pension Plan and OAS, so paying rent or house carrying costs can be difficult. It’s great you are well prepared for retirement.
“Don’t sacrifice that (your healthy,later in life years) to your employer.” Wise words indeed because your employer doesn’t really care about YOU. They care about what you can give them.
Yes very true!
Great advice from you guys - real world stuff. I’m guilty of the “one more year syndrome”. Looking to 2 years more to get my youngest child out of high school, and be able to dedicate the extra income to specific goals. Will be debt free soon except for the mortgage. But my head is now fully in retirement mode, and the creative pursuits I have delayed too long.
It makes sense with younger children to put off retirement until your expenses reduce.
Discussions are taking place in the UK about raising the retirement age to 70 which is ludicrous. I am semi retired, turning 60 next year and if I could get CPP even if a reduced sum I’d be snatching it out of their hands 😅
That’s what we thought too Denise “ a bird in the hand is worth two in the bush “ so sad to think that the retirement age might go to 70 🤔have a wonderful weekend Cheers ☕️🍁🙂💰
I've done a lit of research on CPP and OAS. To exceed the guaranteed increases and penalties you need to get about 14 percent increases per year. Bottom line - if you need $$ or if you have poor health then draw early. Otherwise if you understand statistics and basic financial planning you are alqays better to defer both. And you don't need $$ when you are gone. Enjoy life EVERDAY!!
Thanks for sharing Jim have a great weekend Cheers ☕️🍁🙂🍻
Hello Tina and Norm, I enjoyed your video. Is the nordvpn the same thing you mentioned a while ago that blocks websites from knowing if you have visited them prior? Thank you for all the information you provided.
Yes, it is! glad you enjoyed the video ☕️🙂🍁
I have always thought my UK state pension was a lost cause. After watching you mentioned a number of times in different episodes, I finally look into it and realize that voluntary contribution actually could be a pretty good deal.
The max UK state pension you can get for 35 years contributions is £203.85 per week. You can make additional voluntary NI contributions for gaps between April 2006 to April 2018 until 5 April 2025. However note that living in Canada once you start drawing it's not uprated with inflation but move to the US and it is. No I don't understand the rules either.
My wife left England for Canada when she was 21 and had totally forgot that she had made UK pension contributions. When she was close to 65 we started looking into it and after reclaiming her National Insurance Number we found that she had 6 years of qualifying pension years, I guess they took into account her part time work as a teenager. After jumping through a few hoops we could buy up another 4 years of pension contributions (about £2400 in her case) to get her to the minimum 10 years of contributions to qualify for the UK pension. She now gets about £2400 a year from her UK pension for the rest of her life. It's not a lot but better than nothing and for us, after that 1st year, it's all gravy.
Awesome we are glad you looked into it, the voluntary contributions have a great return on capital.
It’s one of the great injustices of receiving a British pension in Canada. Thanks for explaining it.
That’s great, it does pay to investigate!