Will You Be Able To Retire - Retirement May Not Survive
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- Опубликовано: 18 окт 2024
- Is retirement dying, will you be able to retire and collect social security or the old age pension, will these payments last. What are governments doing to stop spending on retirement. Retirement may not survive in the future.
Does your government have the money to pay retirement benefits, even the ones you have paid into. Retirement may not survive in the future, it's under attack. Is retirement dying?
Join us for a frank discussion on the dangers to retirement for the average working person, it will be fun.
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Another good video with great advice. I started collecting my Social Security at 62, instead of waiting for the full benefit at 66, now people have to wait 66 and 2 months for the full benefit. Look at all the money I collected in those 4 years, some of it I invested which made more money. Now I am 67, and still way ahead of the game.
We agree Grace we took our Canadian equivalent CPP at 60 and have invested it too. Thanks for watching.
If you collect social security early in the US, the lower amount continues for the rest of your life. It won’t go up when you reach full retirement age.
@@kathysarmiento4652 True, but I would have to live to at least 80 until the break even point. Don’t forget if you wait until 66, for those 4 years you collect nothing. It would take at least until 80 to make that money back with the larger check..
"My social security"
That way of thinking breaks societies and makes it impossible to have more functional social security systems.
If people do just personal accounting of their own interests and don't include larger society, the result is what it is and displayed in USA.
@@just42tube I don’t know what drug you are on, what to suggest people shouldn’t try and do what’s best for them is ludicrous, especially when the Social Security system allows for making choices.
Since having an unexpected heart attack when I was only 57 in 2019, I fully appreciate how life can be short so I am so happy that I was able to retire in my 50's and can now focus on enjoying what matters most to me. Fortunately, I was a good saver and investor and had a good job with a defined pension so I could afford to take a discounted pension to retire when I did. I'm encouraging my grown children to save and invest for retirement as it will be here sooner than they think! Happy Saturday!
Great advice! Glad you’re doing well
Thanks for sharing Tina sorry you had a heart attack , we agree if you can afford to make the numbers work stop working and enjoy what is important to you , as you say time flies by and we don’t have a crystal ball 🔮 have a wonderful weekend Cheers 🍷🌺😎
That's wise thinking. 👍🏼😁
In some counties there is special category earlier pension system for people, who for health issues can not safely continue working.
There you don't need to be a especially fortunate person, since the society has chosen to carry the risk of such events and situations.
That does contribute to the quality of life a lot and make people in the society "happier".
@@just42tube we have disability in the U.S. which helps tremendously but it is very little income.
My plan was to retired at 62, the minute I was completely vested in my 403b account. Due to the pandemic, working remotely, I retired at 2 months before my 63 birthday. Decided it was enough. Enough work stress, enough money. I am glad I retired. 😊
Congratulations, we are glad it has worked out for you, at least a silver lining from the last two years! 😀😀
Me and my wife trying to take small retirements every few years. :) We want to enjoy our maximal physical appreciation while we have it. :)
Sounds great Cheers 🍷🌺
I find it astonishing that schools do not include financial education classes in their curriculum but offer far less important subjects such as religious instruction, humanities and art. I met a financial advisor when I was 28 who told me to save as much as I possibly could with an aim to retire at 55. She told me that the majority of her clients who retired at 65 were either dead by 70 or in ill health and unable to enjoy their retirement. This one piece of advice changed my life and outlook more than the 11 years I spent in School.
You make a very good point, thanks for sharing.
I agree with you that this trend is alarming. Governments seem to pick on the easy targets - in this case, seniors. It is shameful that a person must work 40-45 years and not be able to retire with some benefits. MPs have no problem giving themselves raises, even during a pandemic with its attendant losses of jobs elsewhere, and no problem spending our taxes like drunken sailors. So thankful that we are safely retired.
Seniors vote, they don’t dare cut back on SS and Medicare. The government is not running out of money, they transferred our money for wars and baling out corporations.
Well said Jo great comment we are so glad we are safely retired too have a great weekend Cheers 🍷🌺😎
Here in the US seniors are 32% of the adult (voting) population and 76% of them vote. Easy target? Not here. No voting block puts more fear into politicians. Even a hint of reducing SS has ended careers. Maybe it's different in Canada. Not many seniors? Seniors don't vote?
That's why for the younger generation, I think we need to also ensure that we have our own basket of funds that we can fall on to retire then just having to rely on the government.
Hmm.. In many countries older people are a very big part of the voting population. Don't they care to vote for better retirement possibilities?
In USA a large part of the population doesn't want others to have benefits. They rather suffer themselves than let others also to benefit.
People have the kinds of governments they deserve, since they ultimately have supported the policies and elected the decision makers to make the decisions.
Or are you saying that the tail is wagging the dog? There is no functioning democratic political system in your country?
It sometimes seems that way.
Great topic! It is very common to see more and more clerks and cashiers at retail shops and restaurants that are 60's and 70's. Sad to see so many that are clearly working for basics, especially now with higher prices on everything. Grateful that I have a pension and can retire soon!
Glad you enjoyed it Joyce , yes more older people seem to be working when they should be happily retired Cheers 🍷😎🌺
In the late aughts I used to go to a Starbucks on Wall Street on the way to work. There was a woman working there at the time who must have been in her 50s; she was a lot older than the other staff. I remember they had a congratulatory sign up for her on her 5th anniversary. I don't know, but always imagined that she got downsized and ended up working in Starbucks. That location closed around 2009-10 and I didn't lost track of her until years later I went into another Starbucks (nearby, but not somewhere I'd go--wrong direction for me) and she was still working there (this was maybe 5-6 years later). Everytime I was ready to implode or explode at my job, I thought of her and sucked it up.
I know a few people who lost their corporate jobs in 2008 while they were in their late 40s or early 50s and never got another one. They're doing the type of work you describe or driving taxis, Ubers, etc.,
I'm very lucky and very happy to be done with working.
Life has been challenging for some but good for her not giving up, a shame retirement seemed out of reach.
@@maloyo7901 You are probably right about her being downsized but thank goodness that Starbucks is known for treating their employees well and for providing them with retirement benefits. I know several women who were downsized from their corporate jobs and now work for an hourly wage. Retirement is a pipe dream for them!
Hi Tina & Norm it’s good you are making people aware that things are changing and you have to try and look after yourself.
Regards. Christopher Barker 👍😊🥂
Thanks Christopher we hoped it might be an interesting topic have a great weekend Cheers 🍷🌺😎
I don't agree, in a democracy we seniors need get started on Grey Power and push the government to do the right thing, not blame the victim (seniors) and THEN asked them to make changes - not so easy when you cannot push the replay button!
I remember a boarder my parents took in in mid 1950s and he had to be 70 years old here in Canada to receive his pension.He went on to caretake a hobby farm untill he neared 100.He never retired to the couch.He lived to 102 and his sister to 105.He was from England and was much like Winston Churchill. He took brisk walks and liked to start the day right with bacon and eggs. Now of course we get the pension at 65 so far. Also the man who lived till 102 liked to drink some. CHEERS from Here!
Darryl, Retirement is personal and doesn't suit everyone, or some people don't have savings, so work is an option. Who doesn't like bacon and eggs for breakfast 😂
That's amazing. Your parents border had the perfect job maybe as the hobby farm caretaker. Loved it so much and to him never worked a day in his life?
@@ThisIsOurRetirement 😊😅
Thank you for discussing this matter. Definitely “food for thought” in anticipation of when to retire. So many variables, it is a daunting task.
You are so welcome! thanks for watching have a great weekend Cheers David 🍷😎🌺
US is 67 with a considerable haircut if you take early at 62. If they raise the age further than this, I would like to have the option of taking a lump sum! The amount of money I’ve paid into the system is HUGE! Good stuff to discuss. Thank you both…🙂
Thanks for sharing Niki! 😀😀
Before the U.S. recession in 2008, President Obama said the average age of retirement in our country was 61. He also went on to say that half of people retire when they plan to and the other half because they are forced to, due to injury, illness, or change in their family. You are absolutely right. We don't know what is around the corner and planning for the unexpected is key, but hard to do.
Thanks Carolyn, we all need to make the most of our good health and mobility. Thanks for sharing your thoughts.
Hi Tina & Norm, another excellent video! Touching many raw nerves. Yes, early retirees take a risk financially but when do you say it’s time. The Mrs worked in the O.R. for 30 yrs, and after many work related incidents her body was worn out, along with a degree of PTSD as such. She retired 7 years early and I retired about 1 yr early. With the “recession” combined with inflation in the USA, we feel targeted for cutbacks as entitlements seem to be going in other directions. In addition, employers years ago stopped the traditional corporate life long pensions, and had employees open 401K plans which can be volatile and take a big hit as has happened to many in this economy, even if they had invested conservatively. Good topic, very timely. We fortunately have a very smart financial guy who positions us well. Thank goodness. Okay, be well, and we look forward to your next video!
Hi Grandpa Eric, Welcome back it's great to hear from you. Yes we agree those defined benefits plans have disappeared to make retirement for employees more difficult to save for. We are glad you have both retired and wish you a nice weekend.
👍👍✌️ It’s a real shame. I was a cable tv technical for 40 years. It took a great toll on my body. Climbing 28 foot ladders all those years was tough.
A lot of jobs are physically demanding that when we are young never give a thought to. 👍
Great Video ! Would be interesting if you could do a grocery shopping video with a hidden camera and talk about inflation and food prices and how you cope with that and what you choose to eat and avoid during this strange difficult time. :)
Thanks for the suggestion
Appreciate the subject. I had no idea Retirement pensions were under attack. Getting Scary out there. OAS & CPP combined are well below poverty line.
Glad you enjoyed it Ben hope all is well on the Island with you Cheers 🍷🇨🇦🌺
Another great episode! Just to be clear one one item ... The previous government had intention only to raise OAS to 67, not CPP. The CPP is very well funded as employees/employers pay big $ into it! The OAS is totally funded by tax revenue and it's affordability is dependent solely on the countries wealth. It's expected to cost 100 billion annually by 2030. IOM it's just a matter of time before they increase the age of eligibility. Although I agree that if only governments spent our money responsibly, it would probably not be an issue! Another shame is that our politicians get a pension after only 6y elected service. Total scam for the taxpayer!
Thanks for sharing Cheers 🍷😎🌺
Well stated Sabbra. Particularly, as it's related to CPP. That plan is financially sound and will be for the next 75-100 years., However, I will point out that the stated cost of OAS by 2030 aligns with the beginning of the end for the leading edge of the Baby Boomer generation, the largest population of seniors as a percentage of the total population in Canada, and for the next two decades the OAS burden will diminish as those Boomers (I'm one of them, on the trailing edge of the wave) reach their end of life. As a result, affordability of OAS coming out of general revenues will increase subsequent to the end of the Boomers.
@@grantoxner7050 Thanks for sharing have a wonderful weekend Cheers 🌺😎🍷
This is why no one should rely on the government to fund their retirement. Look at government funds as a bonus (if you actually get them.) Start investing and saving at a early age. Have your house paid off by the time you retire, etc.
We agree Micky go into retirement debt free Cheers 🍷😎🌺
Micky Dee, I would agree with you if I haven’t been paying social security taxes my entire working life. Started at 16 and am still paying into it at age 59
It's a very good point you guys make. The take away for me, which I've been working on for many years, is do what you need to do to not depend on government pensions. Governments are inefficient in the way they allocate resources at the best of times and elected officials chase votes - not a winning combination. Sometimes governments do good things, but more often by accident than by design (ps - I worked in government for a spell). Then there's the question of how Western countries have lost their bearings in the last few decades, but that's a broader theme. For me, the watchword is 'try not to depend on government as much as possible', especially not healthcare these days, including in Ontario.
Thanks Francois for your thoughts, it's always good to be independent.
@@ThisIsOurRetirement Thanks Tina and Norm - but to be clear, I'm an underground miner's son, started with 0 and I'm the first person in my family to have attended university. When I speak to young people, which is often, I encourage them to strive towards self-sufficiency as much as possible, and not to look to government for too much. I've worked in government (advising a federal cabinet minister) and know that what counts the most for bureaucrats and elected officials is their own survival (human nature at work, not cynicism here). Expect as little as possible from governments at all levels, I tell young people, and you will live a richer life.
I so agree... we need to let people retire before they are so worn out and in ill health! Great, thought provoking video, Norm and Tina! Cheers! XX Dara
Thanks Dara, hope you are having a great time.
@@ThisIsOurRetirement Yes, we spent the last week visiting two places we have never been before… Manchester and Liverpool! It was great fun 🤩 even though way too hot!🥵
Thanks for this important segment. The more awareness that is raised about these threats to the well-being of the elderly, the better. Here in the U.S., the threat of running out of Soc. Sec. funds has been a political bargaining tool for decades. And, all the while, Congress has FAILED to simply raise the maximum annual threshold for the Soc. Sec. taxes. It is still at a ridiculously low level, considering the rising wages over the past few decades (still pathetically less than the rising cost of living). If they were continuing to collect an appropriate level of Soc. Sec. taxes -- equal to the levels, relative to income, that were being collected 50+ years ago -- and also, remove the annual cap (the dollar limit) that they put on it, then there would be plenty of money going into the fund. In fact, I believe the only fair formula would be to have a sliding scale SS tax, starting at a low percentage for those earning less, and gradually increasing the percentage of SS tax as incomes increase to higher levels -- with NO ANNUAL CAP. Why should wealthy people not continue to contribute to such an important, societally beneficial fund, at amounts appropriate to their earnings level? Most other income taxes are charged as a percentage of the actual earned income, without caps put on them. Why not for Social Security?!!??
The other issue around this mismanagement is the fact that the Congress keeps mucking about in those funds, and diverting them for things other than actual payments to Soc. Sec. recipients. A good source of info, for those who may not know, is an organization called Social Security Works. They have a website, newsletter, and very engaged, passionate people working for them, trying to expose all the hidden agendas threatening this fund which is supposed to be guaranteed payouts, just like any other investment fund, for those who have paid into it their entire working lives. It's a crisis, to be sure... one that has been manufactured by the corrupted political maneuverings of a corrupt system. This is NOT democracy at work!
Thanks for sharing we weren’t aware of this Cap figure with your SS have a wonderful weekend Cheers 🍷🇺🇸🇨🇦😎
Great topic and video!
Danny & Lynn
RV America
My husband and I have been subscriber's since your first video where Tina was dragging a suitcase. We watch you every Saturday. We stay at the Marina in Albuifiera and will be there again in February. If you Tina and Norm ever do a viewer meet up for a drink, let us know. Also, I have a video suggestion; things to take with you and things to leave behind when going to Portugal. For instance, sunscreen is expensive since they import it, but shampoo and conditioner is affordable. Just a suggestion. We love your show!
Glad you like our videos Barbara if you do a viewer meet up we will post it on the community page , good idea for a video thanks for suggesting Cheers 🌺🍷😎
Great video content - all governments (same in Australia) are increasing the retirement age. Depending how old you are in my case 67 years. Why - one reason is because we are all living longer and your right governments are trying to reduce their expenditure. We are under attack and need to unite as we all still vote. Keep up the great content. Thank you.
It is the policy of wealthy western nations Michael to save money with state pensions, even though most people have paid into them for 40 years or more. Thanks for sharing your thoughts.
I totally agree with you guys ..Harper raised it to 67 and i was ready to retire thank god for the new gov't . not only tradespeople are affected but shift workers and people working in factories can you imagine ..they will never enjoy their retirements .
Increasing retirement age is tough for people who have worked hard for 45+ years. civil servants only have to do 35 years for an index linked pension.
Great video! I agree that the inching up of the qualifying age for retirement income is an awful move by various governements. We were fortunate in Canada to have the present government return the age back to 65 for the OAC.
We just found out this present government is increasing the retirement age in Canada to 67 in April 2023
@@ThisIsOurRetirement Well that's disappointing. It won't affect us but to your point in the video they shouldn't be adjusting the retirement age.
Excellent video with great information and the real truth that nobody talks. Many Thanks Guys...!!! The government wants you to keep working until you are 110 years old and pay taxes...!!!
Our pleasure! Cheers 🍷🌺😎
With all the craziness going on in the world and increasing prices for food, utilities and gas, I hope people will be able to retire as planned. Make sure to stock up of food and necessities everyone. Blessings
Good advice Cheers 🍷🌺🇺🇸🇨🇦
It's scary the cost of food.
@@suzanne296 It sure is. Do you pressure can or dehydrate? It's a good way to save on the grocery bill.
I just retired in June. I found that I was not feeling that I was as sharp as I once was...I couldn't multi task like I once could.
Congratulations Joy, there are certainly changes happening as we age. Have a great retirement!
It’s still 66 in the UK Norm atm, it is going to go up but not for a while yet….
good luck we wish you well
Great topic. There’s no way someone at 68 can be as productive as someone at 30. My energy level and concentration is not like it was in my 30’s. The body is not the same. Sad.
Glad you enjoyed it Julie yes we are all getting older and not as stronger hope you had a great time in Tobermory Cheers 🍷🇨🇦🌺😎
I don't know about that I know many in their 70's that would shame 30 year old's with their energy and sharp minds.
It is very important to keep sharp as we get older , we do Wordle , You Tube , and lots of other stuff to stay sharp Maureen 🍷🌺
Speak for yourself!
In the US what is called full retirement age is steadily going up until 67. My husband’s was 66 and 2 months. I’m 3 years younger and mine is 66 and 8 months. Anyone born 1960 and later it is 67.
My husband retired this year at 67 and I’m retiring next year at 65. Then we are moving to Ecuador because the cost of living is so much less. They also use the US dollar for currency so it’s a win-win for us.
Wow Ecuador!
Thanks for sharing Nancy we wish you well with your plans , we hear a lot of people are moving to Ecuador 🇪🇨 due to costs mainly medical being cheaper there Cheers 🍷🇺🇸🇨🇦😎
Will you be covered by a health plan there? Otherwise, don't you still have to pay into USA Medicare every month (and not be able to use it overseas)?
@@hollynauss6359 Ecuador has both IESS and private insurance both which are much cheaper than the US. Also medications are much cheaper also. IESS I similar to Medicare/Medicaid.
Interesting idea! I may need to research the country and climate! Thank you :)
Hi. This is an interesting topic. Thanks for addressing it. I find listening to Holy Schmidt! on RUclips to be very helpful to understand the US social security program and when it may be a good option to get your benefit early or later. Like you both, he has very good retirement advice.
Thanks for sharing!! yes Joan he talks a lot about USA 🇺🇸 SS in
Happy New Year Cheers 🥳🥂
Another thing to consider as a United States citizen, is the need to keep working till 65 to obtain Medicare Insurance. If I retired any earlier my health insurance premiums would be about $1200 per month with a deductible.
That’s Staggering we just can’t comprehend that about of money 💰 for healthcare Dorichan have a wonderful day Cheers 🍷🇺🇸😎🌺
You could of just picked a $500 plan with about a 10k deductible and do an HSA into the s&p. Which would make it basically free after about 20 years. Then again you'll need 23300$ a year to make that happen.
A great poignant discussion about something that concerns us all. Very thoughtful.
Thanks Paul!
To retire with full benefits for me would be 67 I certainly do not plan to wait that long. My hope is to wrap it up at 65. Thank you Tina/Norm for all the good advice and things to ponder.
We hope you can do it at 65 too Teri Cheers 🍷🌺😎
Always such great topics guys. Love the Stig t shirt ! Things have changed so much in the last forty years. A family having two incomes is a necessity rather than an exception. Women are now waiting until they're 26(from 21) and men until 31 (from 27)to have a child. It is not unusual for a family to spend $3000 on monthly daycare . With bank prime approaching 6 percent soon ,and everything more expensive and barely able to make ends meet , where does the $3000 come from. Generally, it comes from the grandparents ,who delay their retirement to get their loved ones over the hump.
Glad you enjoyed the videos Stephen and Norms T shirt , wow that’s a lot of money for childcare no matter who pays for it Cheers 🍷🌺🍺
Very very prescient question.
Have a great weekend Kevin Cheers 🍷🇺🇸🇨🇦
In the USA you retire when and if you can afford to retire. You can start receiving SS at the age of 62. But you still need to supplement your income. At least 75% of the people I talk to will never be able to retire because they only know how to Spend Money. Saving Money is foreign to them. So they will work until the day that they can no longer work-:( And I wish them the best. I recently spoke with a 57 year old fellow employee. They have a Big $15,000 in their 401K and realize that they will never be able to retire. How Sad-:( I am happily retiring at the end of 2022 with no financial concerns-:) Life is what you make it.
Wow 75% only know spending money not saving is frightening 😱we are happy you have a plan in place and yes we agree life is what you make it Dan Cheers 🍷🇺🇸🇨🇦🍺
Seems foolish to rely on the decisions of any government. Best to make provision for yourself and choose a retirement age to suit your own situation.
We totally agree!
Keith originally was going to retire at 68 but decided to retire at 66 1/2 and so glad he did. It is scary for the younger generations.
That’s great glad you are both enjoying your retirement have a great weekend Cheers 🍷🇺🇸🇨🇦😎
It is indeed, but even scarier for us in our sixties
Have a great weekend Enid sometimes the fear is worse than doing it 🤔Cheers 🍷🌺
@@ThisIsOurRetirement true. Most of the time
Good video. In the US you can retire with SS as early as 62. The benefit you receive increases every month you wait to retire based on the calculated amount at your Your Full Retirement Age. The FRA gradually increased (since the 80's) based on your birth year and is now 67. The total amount you are paid at 62 or 70 is approximately the same, it is based on life expectancy. So if you would collect $400k over your life at 67, you get approx the same total if you retire at 62, it is just paid over a longer time so lower. At 70, because you waited higher than at FRA. The amount is inflation adjusted each year.
FRA started increasing since 1937 👀
Still 66 for me in the UK and the new pension too. Next April the increase is predicted to be at least 10%. My thoughts are make your own provisions, anything else is a bonus from the government shouldn't be like this but they often appear to move the goalposts..I retired at 56
Totally agree state pension is the cream on the cake
Great information yes getting harder and harder sledgehammered that like button stay safe and blessed sharing out full watch
Thanks for the visit have a great weekend Cheers 🍷🇺🇸🇨🇦😎
We saved, planned and put a great retirement plan together for us. I retired 15 years ago at age 57 with plenty income. I have never looked back. There are few guarantees in our world. You need to figure it on your own. Don't depend on government... Especially the US Government.
We just like you had saved , planned to sell the house invest the money 💰 and we were able to retire at 58 and 60 and have never looked back and enjoying a wonderful retirement Cheers 🍷🇺🇸🇨🇦🌏😎
"As if the government is... "???
Retiring early at the end of the year, just shy of 62. The stress is too much to keep doing this.
We wish you all the best Linda , our stress disappeared when we retired Cheers 🍷🌺😎
@@ThisIsOurRetirement It's your discussions and other channels that help to confirm this! Of course I can make more money if I stay working - but money isn't everything, and life is.
@@lindad6223 You got it Linda money helps but health actually is more important and you can’t buy time back Cheers 🌺
Good video! Tnx 4 sharing!
It's 67 and a half for full retirement for me in the US. I just can't wait to be retired but I'm only 57. I am working hard to get every single penny of debt paid, but saving and paying everything off while saving is a challenge as a single woman.
We wish you well with your plan Kathy, we were 58 and 60 when we retired Cheers 🍷🇺🇸🇨🇦😎
I read very very few people can retire early other than those working for the government. Hopefully the young people will find a way to save enough given the insane price increases ... everywhere! Interesting video .
We feel for the younger generations
Glad you enjoyed the video we thought it might be an interesting 🤔 topic to chat about Cheers 🍷😎🍺
Love you guys and I appreciate your videos so much! My wife and I are almost 37. We live in the US. It’s sad to think by the time we’re ready to retire.. social security or “insecurity” won’t be available to us.
We think SS will survive for you but not sure what it will look like $
Hi folks- it’s sad how retirement ages have rise - in the past people in heavy industrial jobs were able retire at 65 in uk but often had poor life expectancy due to lung diseases etc - many never got to 65 or much beyond. Now we have cleaner and safer jobs but they raised it to 67 so we can’t win. We live longer but have to work longer - we are 59 and plan to pool our resources and retire at 60. We both work part time as have paid off the mortgage. I am a nurse and know how illness and disease begin to creep up -
Thanks for your chat and look forward to next one . Any advice about fitness and life style in retirement would be interesting , thanks
Thanks so much for joining us in this discussion, we walk up to an hour and a half a day subject to weather. We believe in staying curious and become interested in subjects. Family tree history, learn something computer or read a book. Thanks for watching.
I always love watching you guys. Thanks for these videos.
Our pleasure! 🍷🌺🍺
Scary future for baby boomers. Many thanks for your informative videos. You two stay well. I start my Saturdays with your videos. Be safe and enjoy every day to the max
Our pleasure! lovely to have you join us on Saturdays Enid enjoy your weekend Cheers 🍷🌺😎
US will shore up SS as they did before multiple times. It's not going away. They will increase the tax table rate to bring in more and increase a bit the rate to the employer/employee pays into it. That alone shores it up.
Yes we agree Bob this will get addressed…..again
I think the government that tries to get out of paying the money will be unelectable.
They always seem to get back in Dave LOL 😂Cheers 🍷🌺🍺
We retired aged 60 and a few months, it’s been a wonderful 5 years of fun and adventure whilst we still felt fit/healthy enough to enjoy ourselves ! We had occupational pensions plus investment income. We also downsized to reduce our annual home costs to 2/3rds although our smaller home cost more to buy! It’s in a great City by the sea so we could get rid of my car which saves money, and public transport is very good. In a few months we both get the UK state pension aged 66 which will be a real bonus! Life is great 👍 but we’re starting to lose fitness/health now and very happy that we’ve had this extra time prior to the government mandated retirement age.
Sound great thanks for sharing 🙂🇬🇧🇨🇦☕️
My dad took forced early retirement from his company at age 62, but fortunately he had a generous early retirement package. He took CPP at 65 and was diagnosed with terminal cancer a year later. My mother who has survived him by more than 15 years laments to this day all the things they were never able to do because of his cancer. You just never know.
We are sorry to hear about your Dad Sarah , sometimes things happen in life that we don’t expect, we have all had setbacks to cope with so we do try and live each day for now Cheers 🍷😎🌺
That is so sad to hear, and if he had a DB pension this typically then cut in half for a widows pension whereas as DC pot could pass to the wife in full as a beneficiary. Sadly discussions about money and what if scenarios covering death are often not discussed early enough by couples. I can survive on my pension pots and the DB fund is not a major part of my pension plans. My wife is covered should I die. Her pension pots will be minimal other than the state pension
@@guyr7351 Hi Guy, fortunately my father had both types of pension and my mother is doing very well as a result. However, she won't spend it by doing things like travelling because she wanted to do it with my dad and now without him, she doesn't want to do it at all.
@@sarahmills5678 my mother was the same, they had a good 12-15 years retired together travelling before his Parkinson’s got too bad. I must admit I am 62 and seriously considering if I should stop now or just keep working as it pays the bills and mortgage still has a good length left on it, and don’t want my tax free sums to be consumed clearing the mortgage
Have you considered downsizing maybe?
Some say he only wears rock and roll t-shirts, and that he thinks ducks are fictional. All we know is that he's called Norm!
Excellent
Hello Tina and Norm, I am in the UK and yes, its 67 for me to get state retirement, I think people have been living longer on average and that's the governments excuse. Having lost most of my Aunts and Uncles, and my Dad, at age 60 I really want to retire as soon as possible, I have a year on my mortgage and am getting financial advice - but I also want to do something to suppliment my retirement so will be doing part-time gardening. It gets me out and about, I will only do light work nothing daft. but wont take on too much, its to suppliment my pension and allow us to have our bucket listy breaks and help to pay for those rising bills! Sending love from England - Rob and Tracey
Glad you are joining us Rob and Tracey, doing part time gardening sounds a good idea for not only money 💰 but fresh air and meeting people too . Hope you both have a wonderful weekend Cheers 🍷🇬🇧🇨🇦🌺
Thank you very much for telling the truth. Best regards from a non-English speaking "rich" country.
Thanks for watching have a great weekend Cheers 🍷🌏🍺
Great discussion in today’s video. A quick note on US Social Security tax. It is capped I can’t remember the exact number but let’s say it’s 200,000. That means any dollar you make over 200,000 is not subject to ss taxed so a fairly straightforward remedy for the shortfall would be eliminate the tax cap. High earners would pay more Social Security Tax. It’s certainly not ideal but there are decent solutions available Congress just hasn’t enacted it yet. Cheers
As long as they don’t cap the amount someone would receive for the higher contribution. To be fair…
@@nikij.6058 well yes it’s based on your specific earnings. However it’s one of the only mechanisms they have to increase the amount of funds available. In the video they intimated correctly that the other way the government can mitigate the issue is to increase the age by which you can collect. There’s only two ways here increase the funding or increase the age in which people collect and hope they die. Neither one is a fantastic outcome.
Thanks for sharing have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🍺
As of 2022 you are only taxed on earnings up to $147,000.
@@buffycat4641 Thanks Buffy, Have a good one.
Does UK public pension work more like Canadian CPP or US SS? CPP works by investing contributions and paying out using returns, while SS is simply collecting contributions from working people and paying retirees.
It’s like U.S. SS collecting contributions and paying out
You were absolutely right about the people in the trades. We need them and they do wear out their bodies. At the time they enter their 60s, yeah it’s not good.
Thanks Jane for making this point, there should be better pensions for these trades, they are so vital to our society.
Thank you, I started out as an accountant, but at 25 I realized this was mistake. Worked in the trades until my knees gave out, started my own business. Just turned 65 ,sold the family home and the company right at the peak . We bought a condo and started an investment company. I'm not touching the cpp or oas til 70.Thank you norm and Tina you showed me that a good plan will quell any fears of change.
Sounds great Samuel we are very happy for you Cheers 🍷🌺😎
Planning to retire at 55 to a slightly scaled down lifestyle and potentially retire "poor" so I can tap into most of the government retirement buckets! I happen to have a defined benefit pension at work, so that should help some. Thanks guys!👍
unfortunately your work pension might push you into clawback tax area. But congratulations on your plan. 👏
This is frustrating! I’ve paid in during my teaching career, I’ve expected to get that $back. I realize that social security doesn’t pay until 66 and 2 mo. I’ve retired at 59 and I have zero regrets. I’m so sad/sorry for people who have to keep working if they are ready to be done. I could not imagine forcing myself to go to the job I had (even though it was great) for 9 more years.
We agree we were 58 and 60 when we retired and haven’t looked back Cheers 🍷😎🌺
Teachers burn out.. and it's hard to keep going. My story. Two years until I retire.
Former President Trump once said “…to retire is to expire!” All my friends retired at 55 and another at 60; with the high inflation in the USA, they are really feeling the price increases: Not going out for dinner, eating store brand foods rather than national brands. With my net worth, I could have retired at 50, but I am still working at 74 for a major health insurance company as a medical director (the company isn’t asking me to shovel shit in Louisiana!). Because of my income, we haven’t really needed to change our way of life and my mental abilities are just as sharp as they were when I was in my 40’s. I am up-to-date with my continuing medical education and I still read journal articles from the US Army War College (I am an alumnus!!). Physically, wife and I are in excellent health and I can still bench press 165 pounds for 10 repetitions (5 x 2 sets). My 34 years in the US Army served me well with the discipline to continue with “PT” (physical training). Life is good!! It is good for my ego that people are still asking me for my advice. I haven’t expired!!
Sounds like life is good Frank we too are enjoying a lovely retirement but we also planned it to be like that have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🌺
An interesting point, and something I originally planned Frank - to work until about 70 and retire when I was fit to drop! We dance and eat as much healthy meals as possible - but I'm not sure life is all about work - and many people have jobs which they have done many years and want less mental or physical stress. That said I have been an electronics and computing engineer for 42 years and am considering part time gardening in retirement to make life comfortable! I do wonder how people manage in the USA to cover their health costs in retirement though. In the UK its free but people still pay privately occasionally. Its about £12000 for a hip replacement and I imagine its double that in the USA. Live long and prosper Frank, and keep up the bench presses!
Hi Tina/Norm,
Hope you are having a great Sunday. Love your video and the subject discussed. My wife and I are still working full time and maxing out the CPP payment every year, with the CPP enhancement plan introduced we are hoping our payment in retirement is slightly more than the current projection. It’s unfair that average citizens must work for 40 years to receive full payment while our federal MPs work 2 terms (8 years max) and they are eligible for full pension. Perhaps we should call our MPs and voice our concerns, I doubt anything will change😂 but I am glad to hear our CPP is in good shape. As most aware, we can take CPP early but the amount will be reduced by 0.6% each month but if we delay beyond 65 then it will increase by 0.7% each month.
We were visiting St. Jacob’s market and Stratford yesterday and tried to list to your video in a coffee shop but it was noisy so had to listen again today.
Have a great Sunday and week ahead. 🍺♥️🍺
Hope you enjoyed St Jacobs and Stratford Cheers 🌺🍷😎
Most of your tees are pretty subdued but I have made my wife vow not to allow me to wear any tee shirt with writing on it. I see so many dorky tee shirts on retired men. My wife continues to assure me we will be able to live comfortably in retirement but I am experiencing an increase in my anxiety as my retirement date gets closer, especially in today’s economy. But, trying to wrap up my career when I want it to be done today is really stressing me out. I am fearful that what I wanted to do in retirement will not be viable by the time I actually get there because of the attack on fossil fuels and talk of world wide famine in the coming years. Serenity now! Thanks for your videos.
Sometimes Charles the fear of retiring is worse than actually doing it , we found when we had a plan together the transition went very smoothly. Cheers 🍷😎🌺
Hoping I can retire at 65 the old govt doing 67 was horrible 62 now will go early rather than 67 if needed. Thanks for relevant Canadian info.❤️🇨🇦
Our pleasure Amma, good luck! 💕🇨🇦
Thank you for your videos. Scary what is happening with social security around the world. Thankfully the Canada Pension Plan (CPP) is healthy and should be there for us for some time to come. I heard at least 2100. And by then, no doubt they will fix it if necessary. What I just can’t figure out is WHEN to take it (I am 60)
We made the decision for us both to take it at 60 and glad we did as we are busy enjoying spending it LOL 😂😂Cheers 🍷🌺🍺
@@ThisIsOurRetirement yes I bet you are! Enjoy!
I'll probably work til I die. I'm 59. My sister who is 49, says she will retire when she is 60. It's not that I don't have any money. I have a pretty good amount of money in my retirement fund, and my house, car and truck are paid for; I just can't imagine feeling financially secure enough to retire. I've also had this deep feeling that social security will not be available to me when I retire. I used to think that it would run out of money. Now I imagine that the restrictions and mandates associated with collecting the ss that I have paid into all my life; will make ss unacceptable for me. I do enjoy watching and listening to what others are doing in retirement.
There are no guarantees Pamara but SS has been going for a long time and we pretty much expect it to have it's funding changed to cope with the future, they have done this twice in the past to keep SS going. We hope you may change your mind and aim for a retirement whenever you start to feel comfortable. We were afraid to retire but after doing it we wondered why were we so fearful.
@@ThisIsOurRetirement I'm really glad it is working out so well for you two. I'm quite pessimist. It would probably take quite a fortune for me to feel secure enough to retire.
Hello my friends! I am here listening! 🙌Brooklyn loves you! ❤️
Thanks for joining us Ramona have a wonderful weekend Cheers 🍷🇺🇸🇨🇦😎
My neighbour is 75 and cannot retire due to the cost of living these days. Rent is out of control. Pensions are not going up. It's a shocking situation and a wake-up call for a LOT of us.
Yes rent, groceries, gas! Makes you wonder what they are trying to do to us doesn't it? We need a change in government but it also seems to be a world problem. Greedy A- -holes! People really need to get together and say no!
I know lawyers and accountants work well into their 80’s even their 90’s and a nurse in her 80’s still working a fast pace emergency department. They all have one thing in common. They are not doing it for the money but love what they do! And that is making a difference in this world.
It is if you have a passion, but the flip side of the coin is to leave these jobs and let younger people have these opportunities.
@@ThisIsOurRetirement True. But young people have no time for those boring jobs. They are into social media and filming themselves traveling the world and telling us how great it is.
Quebec province is asking retired nurses and non working nurses to come back to work due to the severe shortage there. Same with doctors. They cannot get the staff and emergency rooms are being shut down.
Hi Tina and Norm,
Great topic, the UK have increased the age for the state pension along with recently increasing employees National Insurance contributions (tax on income). I retired earlier this year at 64 from a well paid job and will get my state pension at 66, many motivations to retire amongst which a close work mate died from cancer at 65 and never got to benefit from 40+ years contributions. If you possibly can retire early and give a younger person the chance at your job. Have a great weekend 😀
Yes Arnold you have made a great point about making way for younger people to get jobs. Sorry about your work mate. We wish you a great retirement. 😀😀🇨🇦🇬🇧
A good topic !!!!!!! Thank you both.
Thanks for watching Mark glad you enjoyed it Cheers 🍷🌺😎
Hi both
Nice to see you
I was 62 in the uk when I could claim my pension
Last year my rise was £3 per week
How bad is that
This year they are saying it’s more because of the cost of everything
We’re really cutting back on the utilities lucky we are debt and mortgage free
Take care both sending lots of love xx ❤️❤️❤️❤️
It's not much of a raise, here in Canada we don't get a raise on our British OAP
It’s terrible isn’t it Tina never mind our health is more important
Have a good week I’m celebrating my 50 th anniversary tomorrow it was actually on the 5th xx❤️❤️❤️❤️
One thing that is driving the increase in retirement age is the fact that people are living longer. Because of that they collect retirement benefits longer which threaten the solvency of the retirement systems which fund the benefits. Just an FYI.
Since 1960 the life expectancy has only risen 8 years and doesn’t take into mortality, then there is Covid. Thanks for sharing your thoughts.
If there was basic income, you'd see some older people working simply because that's a way to spend the time, or because say they had valuable experience, it wouldn't be so depressing. Instead of splitting life into productive years vs end of days
I only know that I work in a high stress job which needs a ton of physical and emotional stamina , that I can really not continue in this position forever. I struggle with all of this because I have been paying into social security for decades and will be OUTRAGED if that is not present ( even though not my only stream of income) but what about people who rely on it?? Unreal.
You do need to do things for yourself Natalie to reduce stress, SS will be there but as you say good to have other streams of income Cheers 🍷🇺🇸🇨🇦🌺
Hi Tina&Norm, good topic as usual, but this one makes me mad as H because we old ones have worked so hard and now we are being kicked to the curb.The problem isn't population growth it's government spending, they can always find money when they want.look how much we put onto places like Afghanistan we are sending Billions to the Ukraine I understand we need to help but put a cap on it my darling mother taught us girls that charity starts at home.We seniors are going to have to start making some serious noise.I say that a number of years ago in France when they were raising the retirement age, we are being to passive in just accepting what our government is doing to us.
@@barbaragullap3789 Great comment Barbara thanks for sharing Cheers 🍷😎🌺🇨🇦
I really have enjoyed watching your videos on spending winters in Portugal. Have you found any issues with using an ATM to get euros there?
No Joan, the atm will ask you do you want them or your home bank to do the exchange, choose your home bank as the exchange will be better.
@@ThisIsOurRetirement Thanks so much. Great info to know. Looking forward to spending 5 weeks in Old Town Albufeira this winter.
That’s great have a wonderful time Cheers 🇵🇹 🍷🇨🇦😎
Love the Stig shirt Norm!
Thanks Craig Cheers 🍷🌺🍺
My wife and I have had several conversations over the years and one thing that pops up was we should never got married and just lived together because the government has always taken away from us and even today. We have had to go back to work after retiring because we can't make ends meet on the pensions we are allowed this is very unfair at our ages. It's tough I guess this is a sign of the times. What we realize now is that we should have planned our retirement days sooner than later.
We are sorry Norman to hear that you are having to work, yes maybe not being married would have been a better "tax planning strategy" Thanks for sharing your comment with us.
Wow, this video is timely. Yes, it is outrageous that people are now faced with the very real prospect of working past the age of 70 before retiring. My mum died at age 67. She retired at 60 years old, and received both her UK state pension and the pension from her job, albeit she only had seven years to enjoy it, sadly. If she had been retiring now (currently at the age of 66 in the UK) she would have barely touched her pension. My dad retired at 60 (he worked in air traffic control at Heathrow and 60 is the mandatory retirement age for that type of job) but I'm glad he was forced to take an earlier retirement than he wanted to because he passed away in his 70s. Our tomorrow is never promised, sadly. It's hard to imagine paying into a state pension for all these years only to be informed you cannot take it at the age you had planned, or indeed are heavily encouraged to wait additional years before receiving it. My annual social security forecasts here in the USA constantly drives home the point that the longer you can wait for your pension, the better the monthly payment will be, but not if the social security pot runs out by 2037! The UK State Pension is also critically unfunded, too, alas.
Another Brilliant and helpful. video Thanks.
Thanks so much Carrie for sharing your story, it’s important to hear both sides of the story, for many people do not collect their pensions for long. Mainly we here about those that survive into their nineties. Thanks for watching we appreciate it.
2027, not 2037. UK state pension runs out of funds in 2030. 🤷♂️
@@DrRock2009 not so. 2027/28 quote is for a handful of public employee pension plans in the US that are critically underfunded. The state pension estimate of 2037 is directly sourced from the US Social Security Administration Office of Retirement and Disability, but yes, either way, pretty dire for all future retirees.
@@carrielamarr2845 thanks for clarifying 👍
Another great video on a very sensitive topic. It does anger me that my National Insurance (which is supposed to go towards my Pension) has just become another tax as I’ve done enough years to qualify for a full pension at 67. The UK can learn something from Canada.
Thanks so much for watching, here in Canada they come up with some strange policy decisions too, we hope you do have a good retirement.
in Canada they start clawing back my OAS after I make a certain amount of income.
True but that means your net income is over $79K 🤔cheers 🍷🌺
NOT positive news BUT it needs to be talked about & shared for those who want to or can prepare for, NO need to sweep such under the rug AS our governments have.
Thanks Numa, we think it’s important to discuss it amongst us all.
Well sometimes it seems like it is rolling dice... Housing market booms then busts. Chronic low inflation then hyper inflation. Government programs with ample cash then clawbacks and reductions. And most targetted at working class... Important to enjoy life everyday regardless of the situation you are in!!
We agree Jim you need to enjoy each day as we don’t a crystal ball 🔮 with what the future will bring Cheers 🍷🌺😎
Excellent topic. Something in the US that people should be aware of is WEP (Windfall Elimination Provision). If you get a pension based on work you did for federal, state, or local government (school teachers listen up) your social security may be reduced if you receive a public pension. If my spouse precedes me in death I will not get spousal benefits. I know many retired teachers who were surprised to have Social Security spousal benefits taken away because they were receiving a pension.
Thanks for sharing this, sounds like public servants with indexed pensions should seek financial advice in the U.S.
Increasing retirement age to 68 by UK government is indeed horible horible thing to happen. The problem is that people of UK as a majority don't care/don't realise the impact. No one will go out on the streets and protest against it. And this is what is the saddest in all this. Try to increase retirement age in France and you are guaranteed that people accross the country will go out and protest.
Very interesting point thanks for sharing have a lovely weekend Cheers 🍷🇬🇧🇨🇦🌺
In Australia it is currently 66 years and 6 months for both men and women, increasing to 67 years from 1 July 2023. Too much.
It is happening everywhere Sonia in the western world, feels unfair.
Something else to think about. I retired at 63, in Canada, and was lucky enough to have worked for a Canadian company that has a very good profit sharing plan. I hate to say it, but my CPP and OAS is really not enough to retire on. With my profit sharing, CPP and OAS it works out that I'm doing OK, but not rich by any stretch of the imagination. My accountant tells me every year he sees less and less companies that have the kind of profit sharing that my company had. As the decades go by you can see in the western world the difference between rich and poor is getting wider and wider which is not a good thing. I still believe in capitalism, but does any one individual need to have 300 billion or 800 billion dollars? I think that time has passed. The current government in Canada just raised the OAS payments by 10%, but only for people over 75. So they are playing a numbers game. They get to give that "good news feeling" while not costing as much because they won't have to pay that bonus as long for people who are 75. I think this was very cynical of them.
The biggest loss to the private workforce was the steady scrapping of defined benefit pension plans, so it's basically government workers that have these generous pensions. Thanks for making the point.
Same here in Australia. The government pensionable age at which you can claim an OAP keeps rising.
You can take your personal superannuation tax free at 60
I feel very blessed that I retired at 60. My retirement is self funded with no OAP and I feel blessed for that as well.
We agree Helen we are so glad we took early retirement and are enjoying life Cheers 🍷🇦🇺🇨🇦😎
When the US introduced Social Security in 1935 the average coloured man lived till 65 and white man till 67. Its not hard to balance the books when people pay in for 10's of years and draw from the system for such a short period. Things have changed and people's life expectancy has increased significantly and expectations of what retirement means.
I agree the UK old age pension is very poor - not only is it one of the least generous in Europe, retirement age continues to rise. As you mentioned retirement age needs to be adjusted for the type of work people are doing. Physically demanding work is not practical as we age.
The hard reality is people need to financially plan (and save) for their retirement and not only rely on government programs. If not, retirement is going to be bleak. While this feels unfair (when you have paid into a program) it's a brutal fact that all western societies are having to face with increased life expectancy.
Thanks for sharing Kevin have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🌺
Hi, good topic for a video and so true. The retirement age is under attack everywhere including in Australia, so I will be 67 before I can get a pension. As an ex-tradie I well understood the ramifications of my body wearing out so I made plans years ago for an early exit, (now living the dream). However, I can never forgive what these governments have done to those less fortunate than myself. Perhaps a topic or discussion for another video, but I believe those of us born in the fifties & sixties to be the luckiest generation. My parents before me had it so tough and those born after the 70's, well we just need to look at house prices, job insecurity or unemployed to understand there will be real problems ahead for that generation unless they can plan well.
Thanks for sharing Cheers 🍷🇦🇺🇨🇦😎
I’m in the U.K. and I’m one who has to wait til 66 .. the change has been brought in too quickly
It does seem sad 😢 and it’s going higher to 67 Cheers 🍷🇬🇧🇨🇦🌺
Hi Tina&Norm, So happy to see you every week...Pity we can't consume a Hobgobblin or two together (if you like it that is)...you never know :). Yes what you both say is so true how governments are extending retirement age..but still encourage paying into the government coffers...well how else can they finance their private club lunches (Viz. Liz Truss recent escapades for example....? ) It also is true how quickly one's health declines when you get past 60...I used to love swimming - now I think it would be dangerous to swim anyhwhere without a life jacket for me!!! So I agree - if you can retire early - go for it. Time and health are priceless and finite!
That would be nice to share a drink Mauro, Tina loves swimming and goes nearly daily in our 🏊♀️ pool , we agree retire early if you can Cheers 🍷🌺😎
In France you can retire from 62 (although that's changing). There is some time adjustment for women if they have kids. We are all living less long now so retirement age shouldn't increase...
Thanks for sharing Cheers 🌺🍷
As long as Americans expect the best of everything and refuse to make any sacrifices, yes retirement will be tough. I'm 67 and keep putting retirement off because I like working and I know it's good for me to keep busy. But, I also own nothing and owe nothing now, so I should be able to get along okay when I decided to leave my work.
Thanks for sharing your thoughts Simon.
❤️ this video. ❤️ you both!
Hi Kathy we 💕 that you watch our videos, Happy Sunday to you!
I came to the conclusion long ago that governments (whether UK, Canada or US) have always been "hedging their bets," so to speak, with regard to payouts to retired persons. This is all the more reason for younger people to invest in their retirement and not rely on governments to subsidize them in old age. The hardest nut I have had to crack in speaking to my younger colleagues about this is convincing them to back off on their consumerism approach to life and make provisions for things in the longer run. ---- All great observations and pieces of advice on your parts in this video, Tina and Norm, as always! (P.S. I am just as shocked as 'Tine' about your changeover from the rock bands T-shirts, Norm😛😐)
Happy Saturday Richard! Good to hear from you today. Consumerism has been the backbone of the American economy since the second world war, it's a difficult habit to break. Shopping for the most part is entertainment and therapy for some people. Looking at Japan the opposite is true, a nation of savers, keep advising younger people to start saving. Have a great weekend Richard 😀😀 🇨🇦🇺🇸
Yes, absolutely retirement payouts are under attack. I'm only 59 so three more years to minimum Social Security payout here in the US, but retiring at 64 would be more financially advantageous for me. At least as of today!!
We wish you well with your decision Julie we were 58 and 60 and have never looked back Cheers 🍷🇺🇸🇨🇦🌺
If you can go to 64 or 65 great but don't beat yourself up if you have to take 62