How Not To Ruin Your Retirement - In 2023
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- Опубликовано: 27 июл 2024
- It’s easy to derail your retirement, learn from our mistakes how not to ruin your retirement in 2023. We share some tips that have taken us a lifetime to learn.
Why don't you share your experience and stuff you have learned over the years.
We value your contributions in the comments section and look forward to reading them.
Retirement and financial smart decisions we share our best tips. #retirement
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My job (before retiring) was real estate tax related for a local jurisdiction. I lost count how many seniors I talked to who couldn’t pay property tax. The homes were free and clear, worth half to several millions market value. Because they were old without big social security income and dwindling retirement savings, they couldn’t refinance to get money from equity., I always told them to sell it and down size. The resistance was fierce. I have also field checked homes after long time owners died. The state of disrepair and how senior unfriendly the layout and topography was saddening. It showed me how difficult their last leg in life had been.
One lesson I have learned from dealing with taxpayers is that after a certain age (say 75), change becomes insurmountable. They can’t adapt to a new town/new doctor, new life style, drastic possession purging, etc.. If the house/condo you own is the biggest asset and retirement saving, if your home is going to trap you (due to mobility issues in old age), don’t wait. Plan your move to an age in place home before you are muddled thus at the mercy of your children (need help). After you cash out, don’t let your kids talk you into loaning them money or investing in their schemes.
You are so right Jen, being trapped by your house is serious, at the time you need mobility aids you can’t afford them. In Canada some municipalities are offering deferred property tax to be paid from the estate. The problem is if you can’t do the maintenance the million dollar home in today’s value that was bought in the sixties ain’t worth a million. Quality of life in retirement make the decisions while you are still vital. Thanks so much for sharing your thoughts.
jen3329 Also, do not let adult children talk you into selling your house and giving them the money to buy a large house for you to live with them. That seldom works out and when the parent decides to move out to an apartment, they are penniless.
Thanks Jen - that is fantastic information! I had thought change would be harder at a certain age (my mother in law is 85 and we are seeing that). Property taxes are definitely a concern. Here in Texas, while we don't have income tax, our property taxes are very high. Our 2 story home will eventually be senior unfriendly also - something for us to keep in mind. I really appreciate you sharing your real world experience.
Thanks for sharing 🍷
Happy New Year Andy Cheers 🇺🇸🍷🇨🇦
I was an insurance lawyer. Here's another recommendation: Get new auto and homeowner's insurance every several years with a different insurance company. You will probably pay lower rates. I insured two cars with one insurance company for 4 years. Reinsuring them with another carrier this year, I will pay $540 less in premiums.
Great tip 🚗🏡 Jacki thanks for sharing we did that couple of years ago and saved a lot when we changed Cheers 🍷🙂🍺
Only 1 option here in BC unfortunately…ICBC
Best advice I ever got was as a university grad I should check into a certain insurance provider. We have saved thousands on home insurance as a result of one simple internet look up and phone call.
Hey there 👋Norm & Tina, you have such great advice! Some things we do now, others need action. A few things we do to save are 1) Make our own coffee in the morning, and if we go out, take it in a travel cup- we never go to big bucks Starbucks. 2) Regulate the thermostat and reduce energy consumption- we wear cozy fleece in the cool months, and short & t-shirts in the hot. 3) Combine errands and make one outing to save gas. That’s all for now. We enjoy your insights each week. Thank you so much!
Looks like you have some great tips Eric thanks for sharing we hope you are having an awesome weekend Cheers 🇺🇸🍷🌺🍺🇨🇦
My mother told me when I was a young adult that I should always have a credit card as the primary account holder, to build credit but also incase something happened to my husband. I lost my husband almost 3 years ago (in my early 50’s) and I am grateful that I had that card as the primary account holder plus all our bank accounts as joint accounts. A much easier process during a horrific time. 💔 I hope people will listen to you about it.
That was great advice Joanne from your Mother. We are sorry about your loss.
Thanks for those tips. Here's one: don't make drastic changes in your lifestyle and location without a very long test run. I bought a house in a different part of the country after retirement, but I'd lived here before. However, I know many people who only made a one day visit with a real estate agent at the height of summer - and now complain about the rain, miss their friends and family, but say they can't go back because prices are too high...or someone who bought a new boat to live in the Caribbean after a 1 week stay on land: no planning for hurricanes, the extremely cramped conditions, lack of sailing experience - lost a huge amount when trying to sell the 3 year used boat, and nowhere to come back to...be sensible and spend lots of time testing out the lifestyle, renting for a year, say, before burning your bridges.
So true Jane thanks for sharing have a wonderful weekend Cheers 🍷🌺🍺🙂
That is very good advice. When making a big change, like moving into retirement, it's easy to paint a very rosy picture of some brand new lifestyle in your head. But, I , also, have seen many people lose a ton of money paying for that mistake. Test drive the lifestyle change before you buy!
Excellent comment. I have 3 former coworkers and 2 neighbours who followed their dreams of moving to cottage country. Summers are beautiful, winters are challenging. Several found you are never truly accepted by the year round long time residents. 4 became widows within a couple of years and found they couldn't deal with living there on their own and had to sell and move back here. They also mentioned that the lack of close major medical centres in cottage country made their spouses illness extra challenging. One lady didn't know how to drive so was totally stranded far from family, friends and transportation. Do a full season test run if this is your retirement dream.
Great advice 🌺
Wow thanks for sharing Susan sometimes you think the grass is always greener but then it’s not 🤔
Good tips! Another situation (which happened to my 87 year-old mom) is when "one purse" is only in the husband's name.
Oh yikes Julie thanks for sharing have a wonderful weekend Cheers 🌺🙂🍷
My tip/advice to people is to set up a power of attorney while you are well and able. My parents have had a bad time in the past year with mum having a stroke. Dad is 92, and mum is 83, but they had not set up any power of attorney. After mum's stroke dad was too upset to think about setting up a power of attorney in the first few months. This meant I was unable to do even basic things for either of them as regards managing their affairs or paying bills etc. We have done it now, but I would strongly recommend in retirement to choose someone, either a son or a daughter or someone you trust dearly, and get it all in place ASAP. You can decide when it kicks in, but don't leave it until you are in an emergency. Get it done while everything is stable. You then have peace of mind that should the worst happen, people can act for you without hindrance if you ever need it... which you may not ever need....However, if you do need it, and you have not done it, it is a total nightmare for your loved ones trying to help you out. I imagine the court processes are very similar in both the USA and Canada to those we have in the UK. You don't want your loved ones to have to do it that way. It is a total nightmare.
Wow thanks so much for sharing it’s strange how so many people don’t want to think about what could happen in the future and don’t appoint POA or indeed lots don’t even make a will 😱As we get older we should all face these decisions to make it easier if and when medical things happen . Have a great weekend Cheers 🇬🇧🍷🇨🇦🙂🍺
@@ThisIsOurRetirement 👍😉
@@ThisIsOurRetirement I suggested that my parents get everything in order once they were in their early 70s. They took my advice and composed a letter to the 3 children with information about all their assets, who managed their investments, exactly where in the house their bank account, etc., details were, POA and Executor info, their funeral director (they bought their funeral lots and paid for their funerals beforehand), a list of everyone they wanted notified in case of death, with addresses and phone numbers. They informed us about their DNR forms. They also wrote out the bare bones of each of their obituaries so we could just fill in a few more details. Every few years they would update the letter. It was tremendously helpful. Even so, one of my brothers started to steal cash from my father after my mother passed. I had to spend thousands on a lawyer to keep him under control but it protected my father and his assets. One must be extremely careful about who one chooses as a POA and never make decisions without notifying someone else. My brother manipulated my beautiful parents to make him sole POA and sole Executor of the Will just a couple of years before they passed, when they were weak and ill (the lawyer stopped my brother from forcing my father to change the Will). It is shocking how some people change when they smell money.
I have been using a shuttle bus to go to and from the airport which often saves money over airport parking. They have been extending light rail closer to my house, so some time after I die the future owners of my house will be able to just take a train to the airport.
I had always planned to sell my house when I retire and move to a cheaper house or condo, or just try to AirBnB places for a month each, but the real estate market seems to have changed rapidly, so I might keep the house another year or two after I retire and do fix up project with my free labor
Thanks for sharing Ken have a wonderful weekend Cheers 🍺🌺
I totally agree with the "one purse" idea. We've used that approach for our entire marriage (just over 40 years so far) and it is so much easier to manage finances rather than trying to juggle who pays for what. It also happened that later in my career I earned quite a bit more money than my wife but as it was one account all the money was "our money". If either of us earned more then we both earned more. It may have nothing to do with it but all of our friends that kept separate accounts throughout their marriage are now divorced.
One thing I do is call my long time cable/internet provider and ask for a better deal. They always offer a good discount for a fixed term, often 2 or 3 years, and I write the deal expiry date on my calendar so I know when to call them for the next deal. They certainly won't tell you when your deal ends and they'll bill you at the regular rate until you notice it's gone up by $50 a month or more and you call them again. You don't have to take their first offer either and you may be able to squeeze another $10 or so monthly out of them, it's worth a try anyway.
Great comment thanks for sharing, we do the same with internet trying to get them to roll back increases, generally it works well. We are fans of the forum in Canada Red Flag Deals and keep an eye on the “hot deals” forum, some great tips from fellow viewers. Have a good Sunday and thanks for watching.
Good idea, thanks
Hi Norm and Tina - another reason to have a second credit card is when travelling. While travelling solo in Europe several years ago my credit card was hacked, leaving me with only my bank card to access funds for the last week of my trip, which included payment of a hotel stay that had been booked with a now cancelled card. 😱 Lesson learned. I always have an 'emergency' card on hand while travelling now! Enjoy your content!
Thanks for sharing Bronia as you said lesson learned we have all had those moments Cheers 🍷🙂🍺
If I may suggest, it might be advantageous to call your service providers annually to ask for a better deal or rate on your services. Making a toll free call to your insurer or phone company or utility company could result in a nice discount on your monthly expenses. Never hurts to ask.
Totally agree with you have a wonderful weekend Cheers 🍷🌺🍺
In our condo if you need a ride to the airport there are a number of retired people that will take you or pick you up. They just do it to be neighbourly. We try to keep our heat off even during the winter during the day and at night turn it off and sleep with flannel duvet covers and sheets. I have always had my own credit card, with a great credit score but we also have one joint credit card and bank accounts.
That’s wonderful Sandi we are about 90 mins from the airport so the taxi works bit far to ask neighbours. Our building this year is so hot 🥵 we are sleeping with the windows open HaHa and we don’t pay for heat ! have a great weekend Cheers 🍷🙂🌺
Buy an electric blanket, really warm and so cheap to run. Really popular in the UK also halogen ovens are a third less electric.
@@LS-id5hc Also get an Airfryer so much quicker and cheaper to use 🌺
I insisted on getting my own credit card when I got married because when my grandfather died in the 70's my grandmother suddenly had no credit and could not get a card of any kind. I keep a limit of $2000 on it for safety reasons and use it for all our online purchases. You have to watch though because the bank is always trying to increase the limit.
We find that going out for lunch costs much less than dinner for the same food and you can walk right in and get a table. We stopped buying alcohol when out decades ago because of the high prices. I have ice water and my husband orders Diet Pepsi. Two years ago we stopped drinking alcohol completely and don’t miss it at all. I am cheap and would rather spend the money on my hobbies.
Brilliant ideas!! @Susan Barkley Going out for lunch to save on dinner rates, watching out for increased credit limit, and not drinking alcoholic beverages- I’m with you, almost 🍺 I have one occasionally.
That’s great Susan what a great idea for online buying ! you were ahead of us all have a wonderful weekend Cheers 🍷🌺🙂
I read in an Australian newspaper recently, but it probably applies everywhere, that credit card companies don’t accept applications from people over 65 and so people with a second card on their spouse’s account can’t get a credit card if their spouse passes.
Have a vegetable garden and fruit trees. Not only is it a good excuse to go outside and get some exercise, you get to literally enjoy the fruits of your labour!
Love that! thanks for sharing have a wonderful weekend Cheers 🍷🍎🥕🙂
Here in the U.S. it does improve the 2nd cardholder's credit score.
Another option for security when buying online (or anywhere)...some banks offer the feature where you can create a one-time use 16-digit cc number that expires after a purchase is made, then the purchase shows up on your primary (real) cc statement. That way a hacker, etc can't grab the number and use it since it no longer exists after the initial purchase.
Or, some credit cards can be turned off/on using an app, etc so you would only turn it on when needed.
Very interesting Theo thanks for sharing hope you have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🍺🌺
I never knew that, Theo; about the credit card purchase- like disappearing ink! Lol. Great idea.
Thank you for this channel Norm & Tina. It's helpful when you include chapter breaks in the timeline. Enjoy your experience and delivery.
Glad you enjoy it! have a great weekend Daryl Cheers 🍷🙂🍺
You folks give the best and most practical advice. Thank you so much!
Love your little chats. Thanks!
You are so welcome! have a wonderful weekend Walter Cheers 🍺🙂
We go after credit card points very aggressively. Had cash back of about $1,500 last year. Of course I pay no interest... never assume that your insurance company is your friend. Shop your Auto and homeowners etc insurance at least every two years.. drinks or dessert in a restaurant are a dilemma. I can afford them, but I do hate paying those prices. I tend not to.
We always enjoy your Saturday morning videos.
Thanks so much, we are like you can afford this stuff but do we want to be fleeced. We both appreciate your support it means a lot.
I agree about the restaurant drinks, also if you have the willpower forego desserts. A piece of pie or cake can easily cost $6 or $7. You can buy a whole one for just a bit more and enjoy it at home with friends.
Great idea David have dessert 🍰 at home way cheaper have a wonderful weekend Cheers 🍺🙂
Nice Tshirt, Norm! I saw Aerosmith when they opened for Mott The Hoople at Massey Hall in 1973. They were so new, their name wasn’t even on the bill and my friends and I thought that Steven Tyler looked like a young Mick Jagger. 😂
Thanks Jo-Anne, wow that’s great have a wonderful weekend Cheers 🍷🎸🍺🙂
We have always had joint accounts for about 80% of our pooled income and have always budgeted our lifestyle based on that 80% including joint savings. The last 20% gets directed to respective personal accounts for each to do as they wish. It has worked really well for us in 38 years of marriage. We are generally careful with our money and over the years (especially in the earlier years), whenever we have been faced with an unexpected expense or loss, one or the other of us has been able to 'come to the rescue' because we had these separate (off the books) resources. It always feels so good to be the rescuer and so loved to be rescued.
Thanks for sharing Sonia sounds like a great plan that works for you hope you have a wonderful weekend Cheers 🍷🌺🙂
Tina and Norm you have a nice channel going! I enjoy tuning in each Saturday to hear the advice you give and about your travel adventures. I like your advice about getting a second credit card with a set lower limit and I might just do that myself. My advice to credit card holders is to keep a watch on your credit limit. If you have good credit history, the bank that holds your card will reward this by raising your credit limit without necessarily telling you. Of course you can contact your bank and they will cap your credit to whatever amount you specify.
Thanks so much we are glad you enjoy our channel and appreciate you watching we hope you have a wonderful weekend Cheers 🍷🌺🍺
Happy New Year! Another wonderful video!
Although decades away from from retirement, you guys offer wonderful advice! ✅
Wonderful! hopefully as we are older you can learn tips that will help your future Billy Cheers 🍷🙂🍺
Great advice Tina and Norm. My husband started taking a car service to and from the airport (ours is an hour away) as he has flown recently for family business out of state. He reserved a service as well at his destination. Works beautifully. Also, in our state we have seen a huge uptick in car thefts, specifically at airport lots. Have a great week!😊
Love that! thanks for sharing Cherry have a wonderful weekend Cheers 🇺🇸🍷🇨🇦✈️
Happy New Year Tina and Norm🎉 . Hope 2023 is going well for you so far. You have touched on a number of great tips.
Most of our accounts are joined with the exception of RRSP and TFSA where we designate each other as beneficiary for RRSP and successor holder for TFSA. This is important so the surviving spouse doesn’t have to pay capital gain tax.
Have a great weekend and enjoy the relatively warm weather here in SO.
Happy New Year too! We have done the same as you in regards to RRSP $ TFSA as these savings plans are aimed at individuals. Thanks for watching and have a great weekend.
I enjoy your videos so much! Tina, this color tee shirt looks great on you.
Definitely love it when you wear autumn tones.
Glad you like them! thanks for liking my top Teresa I like the colour too have a wonderful weekend Cheers 🍷🌺🙂
Great episode, and I learned a new word, palaver. Thanks and have a great weekend!
Excellent! have a great weekend Brian Cheers 🍷🌺🍺
Well done you two. Love all the smart advice. Keep it up.
Thanks so much! have a great weekend Clive Cheers 🍺🌺🍷
Wise advice as always! We started paying our yearly car/house insurance, property taxes yearly rather then monthly and what a relief has been knowing the monthly income stays intact until we spend it. It’s so easy to budget as well.
That’s great Enid paying this way works for us too have a wonderful weekend Cheers 🍷🌺😎
Your stuff differs and is refreshing! As a single almost-retired woman in the US there are some big differences, yet I’m getting new ideas - Tnx.
My husband and I don't eat in restaurants very often. When we do go to one, we go at breakfast or lunch time. It's so much less expensive than dinner! The dinners are usually too heavy and too much food anyway.
Totally agree Barbara prices are less at lunchtime today we are going out for a Thai lunch with friends 🍜Cheers 🍷🙂
Two or three couples have dine around meals at one another’s home. Eating out has become a special treat.
Yes you are right Nancy and often the meals taste better too LOL 😂😂Cheers 🍷🌺🙂
Love the stories you add to your good advice.
Glad you like them! have a great weekend Charles 🍺🌺🙂
Thanks for the videos!
I think health and fitness is another thing that often gets put off too long. I think of the phrase "use it or lose it" and also "it's much easier to stay in shape than to get in shape." I want to maintain my physical abilities as long as I can in order to do more and enjoy more later in life.
Yes without health we have nothing, we love your quotes so very true.
Heard a new saying from a 91 year old at our gym today. Rest equals Rust.
Such great wisdom! As always Thanks Again
Glad you enjoyed it! have a great weekend Cheers 🍷🌺🍺
Hello Tina& Norm sorry I missed you last week but I came down with Covid thank God the worst is over ,thank you as always for the very good advise I am surprised how many I am already doing, the one big exception is downsizing I am leaving New York and my tiny tiny apartment to my retirement home I bought in Las Vagas 10yrs ago.my mortgage is a third of my rent,I did look into selling the house but surprise surprise the rent in Vagas have gone up so much that a one bedroom is more than my mortgage, so the house is so much cheaper even with up keep for now .That's how things are in America I pray they will get better for all of us.A very happy New Year and good health &wealth
So sorry to hear you had Covid Barbara we hope you start to feel better 💐sounds like a great plan you have for your retirement we wish you all the best for a Healthy New Year Cheers 🇺🇸🥂🌺🙂🇨🇦
Tip for your lunches. In some areas, one can hire a cook quite reasonably to come to your house and prepare the meal (and/or teach you how to prepare the meal). Much more fun than a restaurant. Lower cost if shared with 2-3 other couples.
Awesome idea Frank thanks for sharing this.
Hi Tina & Norm, another great video. We have been using Debit Card in Germany. Payments like Rent and Utility bills were paid by direct debit. Groceries were purchased with cash or debit card. Learned the hard way to manage Credit Cards when we moved to the US. Thanks God, we don't carry balances on our Credit Cards any more, but it took long time to get rid of the balances on the cards- We also kept our European nationality (harder to keep it than getting the US Citizenship). As you said, it is convenient to travel and stay within Europe/Euro zone, e.g., Portugal for longer time.
Thanks for sharing Suleman we hope you have a wonderful week and thanks for watching Cheers 🇺🇸🍷🇨🇦🙂
Excellent advice, guys ! Thanks !
Glad you enjoyed it!
Toys in the attic... their best album. Take care
🍻🎸🙂
Hello friends! Happy New Year 2023 🎉! Happy-Healthy year to al! I love all your videos about retirements planning. Thank you ❤❤
Our pleasure! have a Healthy Happy New Year Ramona 🥳🥂🌺
Some great tips, we have talked about some of them but haven’t acted. Your video inspired us to action. Love the new set and great to see the rock t-shirts are back!!! Look forward every week to your videos.
Awesome! Thank you! have a great weekend Mike Cheers 🍺🌺🍷
My wife and I have always had separate investment and checking accounts for the sake of independent financial freedom. We both earned income and shared our passcodes to all accounts, and it’s never been an issue in our marriage and have enjoyed a successful retirement
Thanks for sharing Scott.
Still enjoying your Saturday chats, love to hear your perspective on things!
I hope you are both well and enjoyed Christmas and NY.
Ours was very nice but low key - my mum isn’t keeping well which has been quite a worry. Dxx
Sorry to hear your mum isn’t well hope she gets better soon Deborah we had a nice time over the holidays thank you , wishing you a better 2023 have a nice weekend 🏴🍷🇨🇦🌺☕️
Good advice as per usual Norm & Tina! Happy New Year!
Our pleasure! Happy New Year Kathy Cheers 🥳🥂🌺
Great advice, especially on the proceeds you receive from downsizing your home. I spent my adult life buying and renting houses and apartment buildings, and the temptation to retire with a fancy car is great 😔
Do what you feel is right and if it makes you happy, we don’t have a crystal ball 🔮 to the future Cheers 🍷🙂🍺
Hi Norm and Tina: We have a Euro and American account which helps us with our travel expense plans. We buy lump sums when the rates are good and its there when we are ready to travel. We also use a car service and we can save some money we would spend on gas and parking at the airport. Its also great having door to door stress free service when we are tired after a long trip. We consider that part of our vacation costs along with options plus and more leg room seats on the plane. Its the reality of getting older and wanting more comfort and stress free travel. Great shirt Norm! I have seen Aerosmith many times. Let the music do the talking and don’t ruin your retirement! Cheers!
We hear you Paul those little touches of comfort are worth every Penny door to door service and nicer seats on the plane ✈️ hope you are having a great weekend Cheers 🍺🌺🍷🎸
Happy New Year! Thanks Tina & Norm for sharing. This is all solid gold points. In retirement, we transition from capital management to capital deployment. If done right, it will a much less stressful retirement. As you’ve always pointed out, the key is not to have debts & be smart with your spending during retirement.
Also noteworthy:
(1) Set a low cash withdrawal limit on bank card on ATM withdrawals. If someone holds a weapon behind you at an ATM machine & forces you to make withdrawals, the daily limit is all they can get. TD used to let me set it at $100/day. If I need more, I make the withdrawals from a bank teller.
(2) Take extra precautions on mortgage free properties. Buy title insurance or set up a secured line of credit on the property. Doesn’t completely eliminate risk of title/mortgage fraud but it makes it more difficult b/c of lien on the property. Too many senior have their identity stolen and mortgages taken out on their property. Worst, these fraudsters even sold the property without owner's knowledge.
Having a second passport is an ideal scenario for me personally. Always have an escape route/plan B and “go where you are treated best”. I am still researching into buying a passport/citizenship in another country.
Thanks for sharing Kar we hope you have a wonderful week Cheers 🍷🌺🙂
Great advice as always. Thanks
Our pleasure! have a lovely week Cheers 🍷🙂🌺
Great video as usual. One thing we do with our points card , in addition to paying everything off every month, is to wait until there are multi-points days, e.g., 25x the points on a certain day. We are at the point where there is nothing we need right away. Any extra fun item can certainly wait. Last summer we bought kayaks on a Canadian Tire 20x the points day. The amount of points paid for an air fryer. Nothing makes us happier than getting something for free! Take care Norm and Tina!
That's a great idea! waiting for multi point days hope you both are well and having a great weekend Cheers and Happy New Year 🍷🙂🌺🥳
Hi Norm and Tina! Great video as always. Fairly recently we had gotten a PC Financial Mastercard for my wife, as we had always had her as the secondary card holder on my card. We were also paying it off fully every month as we had been doing with our other card. We started to notice some interest charges occurring. In looking at the card details, we hadn’t thought about the “21 days Interest-free grace period on new purchases”. That’s different than what we were used to on our other card. I set up a reminder to pay off the balance twice a month so we wouldn’t incur those charges in the future.
Thanks for sharing Clyde we hadn’t noticed that , we do try and pay 💰 the bill about a week before it’s due have a wonderful weekend Cheers 🍺🌺
Thank you for sharing your grandparents advise. One thing that I learned and I will like to share is that when you travel overseas, it is a good idea to buy international travel insurance. especially as we get older you just never know when are you going to have an emergency.
Yes we never travel without medical travel insurance, we buy an annual policy as it’s better value. Thanks for sharing this info.
Thanks! Such handy advice as always!
Thanks so much Robin we really appreciate it you are very kind 🌺
Great video! Hello again from Mississauga. I'm 58 and semi-retired, hubby is 63 and 100% retired. We always planned for Gary to retire early because his job (pressman) was so physical. The plan was to retire at 62 but our daughter Emily (27) died from heart transplant complications when Gary was 62 so we decided not to make any changes in our lives for a year. Because our 23-year old son Evan has disabilities we opted not to sell our townhouse and instead leave it to him so that he'll be comfortable living in the only home he's ever known. We have an off the grid cabin near Haliburton. As we age I'm finding the cold winters hard. I have several health problems. I'm looking into trading our cabin for a Florida property. Gary's brother retired in Florida. We LOVE Florida. I'll never 100% retire. ADHD me. We stopped dining out. Restaurants have gone downhill since covid. We keep live simple. Have a great weekend. Sandra
Thanks for sharing Sandra , yes the winters are harder as you get older that’s why we are looking to go to warmer places for 31 days at a time . If we go to Florida for say 3 or 4 months the travel insurance is very high in comparison. Have a wonderful weekend Cheers 🍷🌺🙂
Best wishes, Sandra. We lived in Florida for a year- leased at The Villages Lofts of Brownwood. It was pricey but carefree. We moved to Lewes, Delaware because property taxes are minimal and there is no sales tax, lovely climate, and very Senior friendly-plus we’re closer to our grandkids; 2 hours rather than 2 days away. We found Florida too hot & humid & buggy. Best wishes and good health in the New Year! Oh, and I remember the Canadian winters. We lived in Mississauga as well. I was a paper boy. Yikes!!
Thanks for sharing Eric it’s hard to find a place to go over the Winter 🥶 Cheers 🇺🇸🍺🇨🇦
Another informative video Tina and Norm-Thank you!!
Glad you enjoyed it Kevin!
Paying certain expenses annually instead of monthly is such a smart and simple way to save a bit of money. I know I should do this, but never have for some silly reason.
It’s free money lol
Yes! I do this for car/house/life insurances, disney/apple+/Prime (got rid of netflix as they didn't have an annual pay option). I divert the costs of all into a bucket account each month so that I don't get hit with a surprise cost one month.
Norm and Tina, you make me feel better just watching your video. We have several cards, and when traveling don’t carry all the same cards, in case one of us loses their purse/wallet.
Thanks so much John glad you enjoy our videos have a wonderful weekend Cheers 🍺🌺🍷
I have found that in most marriages, one person is responsible for paying the bills. It is very important for the other person to learn how to pay the bills. Also, make sure each of you knows where important documents are, such as life insurance policies, and how to collect on said policies.
Yes Cheryl very true thanks for making us aware of this.
Great tips Thank your Norm and Tina
Our pleasure! have a great weekend Rocio Cheers 🍷🌺🙂
Brilliant advice -2nd card for online purchases ❤️❤️❤️ thx Those hackers ugh. But we have to share what helps all of us. Thanks. And happy healthy new year
Glad you enjoyed the video Kathy Happy New Year to you too Cheers 🥳🍷🌺🥂
Great tips Norm and Tina! We think a lot alike when it comes to money.
Thanks guys hoping you are enjoying a lovely weekend Cheers 🇺🇸☕️🌺🍷🇨🇦
Thanks, Norm and Tina. I love your videos.
To piggyback on your advice about paying bills annually: I would also advise including expected future expenses in the budget. For example, if you know you will need a new car or a new water heater within the next few years. Divide that expense by the time you have to save for it and start socking that money away. I know so many people who are completely surprised by very predictable expenses...the car will need new tires, the roof will need replaced after twenty or thirty years. Good planning can help quite a few financial "emergencies" that often cause people to go into debt.
Thanks so much for sharing your ideas, this is great advice, our friends do this for a new car, they put away $300 per month into a savings account. Planning is probably the most effective way to reduce stress.
Thank you for your outstanding videos. I wanted to inform you that I am (and probably many others are) reading the comments during the following hours and days - clicking on "the latest" = always on track. So I wish you benefit from many more ads as well.
We are pleased that you are finding the comments useful and entertaining, we set out to encourage comments by reply to all of them so we can all learn from each other. Thanks for watching have a nice weekend.
Really good tips! I consider myself pretty informed on retirement planing but I definitely learned a few new things today. Thanks so much.
Thanks so much Deborah we are glad to have been able to pass on something useful to you. Have a great weekend.
I've had a second credit card for many years just for online purchases. I keep a close eye on it as well. I had a few low amounts show up on it once and called to have them removed and also asked them to replace the card with a different number. I'm sure they were fraudulent charges and larger amounts would have followed. I like having more than one card when I travel, as sometimes one of the bank's systems will 'go down' and I'm not able to use it, so I have another card from a different bank as a back up. Thanks Norm and Tina. Great advice as always.💜
Hi Michelle yes having more than one card is a good idea especially if you travel. It is a great idea to monitor your credit card statement and check the charges. Thanks so much for sharing this.
AWESOME TIPS guys Thank you!♥♥♥
Our pleasure! thanks for watching have a great week Cheers 🍷🇨🇦🙂
Great tips, thanks! We do quite a few things you mentioned here. The second credit card (which I will put in my name) is an excellent idea. We have an ‘annual bills account’ The total amount gets divided up over twelve months, which we add to bi-weekly so we aren’t scrambling to find the cash at the last minute. We also keep $1000 in our bank account to avoid the monthly fees. Tina, your outfit is lovely and Norm, we love Aerosmith🤘 Lots of great tips in the comments as well.
Thanks for sharing! we have to keep $4000 in an account to avoid bank charges ! Nikki have a wonderful weekend Cheers 🍷🌺🙂
Thank you for your advice and life experiences! I will be retiring within a year and I have learned so much from you!
You are so welcome! we wish you a great retirement Cinderella 🥳🥂🌺
Good Morning Tina, Norm,
• good advice about a 2nd credit card at a low limit. Especially for online purchasing.
• paying bills annually. Yes it does save, lots of quiet extra fees. Takes a little bit of planning.
• GREAT show, appreciate it.
Glad you enjoyed it Ben hope you are having an awesome weekend Cheers 🍺🌺🙂
Excellent information, guys ! Thanks and stay healthy and safe ! 🤠
Glad you enjoyed it Phil have a great Healthy Happy New Year 🥂🥳🌺
Love you guys so much! I’m behind on your videos. 😞 Happy new year!!! 🎆🎈🎊
It doesn’t matter watch them when you can LOL 😂Happy New Year Cheers 🥂🥳🌺
I really enjoy both of you each Saturday! I am 57 years old here in Arizona. You provide valuable information that I haven’t thought about until finding you both. I thank both of you very much for sharing your lives and information with all of us each week! 😃
Our pleasure! we hope you have an awesome weekend Cheers 🇺🇸🍷🍺🇨🇦🌺
@@fjohn8985 thank you for the referral, John! I will definitely check it out! 😃
Great stuff!
I always negotiate my bills with my internet and phone companies. They all have the ability of giving some promotions and allowing you to save a lot of money. The key is to always call up their cancellation department and say you're moving somewhere else and they will try and do whatever they can to win your business over. Typically the first offer is not the best and they have many more offers that they can provide for you.
Also don't forget about price matching at grocery stores that really helps you save a lot of money
Price matching great point Athar have a wonderful day Cheers 🍷🌺🍺
We aren’t retired yet but it will be our next great adventure. It’s always been our money, not yours and mine, separate accounts is already one degree of separation. Thanks for the great advice!
Klaus
Well said! thanks for watching and we wish you both a great retirement Cheers 🍷🌺🍺
Thank you for the tips. Nice tshirt Mr. Norm
You bet Dan thanks for watching have a great weekend Cheers 🍷🙂🍺
👍👍✌️. Great advice again. Always a pleasure to watch your videos
We appreciate your support thank you 🍷🌺
Thank you as usual.
So nice of you Barbie thank you!
I don’t agree to having only joint accounts, we have set up beneficiaries on all our accounts. As a working woman years before legally married, I will always have my own accounts and credit cards. With the divorce rate at 60%, we need to protect ourselves. Unfortunately, not all husbands are keepers.
Totally see your point. My parents, although never divorced, maintained separate accounts. My dad was a drinking man and my mom needed to protect herself and the family etc.
Thanks for sharing agree you need to protect yourself but you also have to trust your partner as well , have a great weekend Cheers 🌺🍷
Or wives...
Trust. Combined money signifies high trust. We have been married 20 years. Ask I have is hers. All hers is mine. We are one. Great advice!!!
My lady friend and I have been together 40 years. Always had separate accounts with each other as beneficiaries and split all expenses 50/50 and have never had any money problems.
Always great advice...thanks Tina and Norm
Our pleasure! have an awesome weekend Karry Cheers 🍷🌺🙂
Glad you enjoyed it
I didn't know it would be a problem until I divorced and then moved out on my own to find all the companies like hydro and phone service wanted a deposit as I had no credit score. That was a shock. So now I'm on my second relationship and I have everything separate, bank acct, cards, etc. Good tips guys. I'll have to think about the second credit card with a low limit.
Sorry to hear Rhoda that you learned the hard way , for years we had no idea 🤷♀️ about this , glad you are well organized now have a wonderful weekend Cheers 🍷🌺🙂
I get a friends and family discount on NCL, because my good friend has an important job there. I cruise when I travel, because I can get such great deals. I pay for everything in advance on my debit card: airfare, transportation to the ship, specialty dining, and tours. That way I stay in budget, don't need to carry cash, and I have a fabulous time!
That is awesome! have a wonderful weekend Stephenie Cheers 🍷🌺🙂🚢
What a lovely cheerful sunny picture you both painted wearing those lovely t-shirts. Oh that double Credit Card option sounds a great idea. I only use mine for traveling or online purchase so I wouldn't be served having two. I upgrade the limit when overseas and reduce it again when I get home. That passport issue was a problem indeed - I was due to have mine renewed in New Zealand - then Covid came and I couldn't journey there at the appointed time. Thankfully there is a secured website I could access to 'do' the passport application myself. It came to me through the NZ Embassy in London. Drama averted. Phew! Now I'd renew it even months earlier if I am unsure if I'd be back in NZ in time. Annual payments are indeed a preferred way to go. Totally agree. However, make sure the annual payments don't all fall in the same month. Love the lunch /water tip and the transport to the airport. We actually leave ours on a private property and the owners drive us to the airport and pick us up from the airport on return. Their car is warm and by the time we get into our car we have re-adjusted to the outdoor temperature. Happy Weekend both of you. 👍🎉🍷🇳🇿🙋♀🇳🇱
Thanks for sharing a lovely comment Anita , we do enjoy the taxis to the airport although haven’t done that for the last couple of years hopefully this year we will be back to that . Hope you have a wonderful weekend Cheers 🇳🇱🍷🇨🇦🍺😎
Thanks for the work that you do on these videos!
Our pleasure glad you enjoy them Ricky Cheers 🍷🌺🍺
Great tips and s good laugh. Tina’s shirt is beautiful also.
Glad you enjoyed it Ruth thanks for liking Tinas shirt (that was bought in Portugal 🇵🇹)have a great week Cheers 🍷🇨🇦🇵🇹
Great tips Tina & Norm 🏴 🇨🇦
Thanks Rachel hope you and the family are well Cheers 🍷🏴🇨🇦👍
Love your advice; everything said is so on point. We never let our passports expire either mostly because we want to be ready to travel whenever we see a great price.
Glad it was helpful! have a wonderful weekend Debbie Cheers 🍷🌺🙂
Very good advice on 2nd credit card & on credit rating for your partner.
Thanks
Taking a cab or Uber to the airport could also save you from missing your flight if for example you get into a (minor) accident (or a breakdown) on the way. It’d be easier to just order another cab/Uber rather than dealing with yours on the side of the road.
Great point Mashaca thanks for sharing Cheers 🍷🌺🍺
Happy New Year Tina and Norm!
Happy new year Michael!
Hi Tina & Norm happy new year some more great advice I think if you can have some extras you should treat yourself keep the good work up
Regards Christopher Barker 😊
Happy New Year Christopher we are working on those little treats , perhaps a better flight ✈️ maybe Business to Portugal 🇵🇹 would be amazing. Have a great weekend Cheers 🇬🇧🍺🙂🇨🇦
Hello! I suggest splitting plates while out to dinner as well as always ordering water! Also select the highest deductible on your car insurance your payment twill be less. Buy gift cards for eating out at Costco, you’ll save money for a drink! Cheers. 🎉
Great ideas Niki , we have had a couple of restaurants go very funny in Portugal 🇵🇹 when we asked to share a dish ! have a wonderful day Cheers 🍷🌺🙂
My husband and I both retired in 2022. We’ve had our money co-mingled since just before we got married. All of our accounts have both of us. All of your advice was great as usual.
Only one thing we can’t do is the water with lemon. We are going to be moving to Cuenca Ecuador and most places you can’t drink the water. Tea is ok since boiled.
I use Apple Card for online purchases as they use a different number for it.
Thanks again for the great video. 😊
Wow Ecuador we looked at that some years ago, well done have a great time!
Great Advice Once Again!I ran out and bought a "New to me "car on boxing week sale! $1000.00 off! Turned out it needs a Catalytic converter.$1500.00-----$2000.00!!! OUCH. Go slow! CHEERS
Happy New Year Darryl have a great weekend Cheers 🥳🥂🌺
Hi guys,
Thanks for credit card advice--I don't have one but will get one for online shopping with a low limit!
Happy New Year
Our pleasure! have a great weekend David Cheers 🍺🌺🍷
As always, your advices are brilliant. I save a lot of money by buying flight tickets, computers, appliances or other costly things on Black Friday or when they are on sale. For example, in Spain almost everything is on sale in January, after Three Kings day.
Thanks so much Milda glad you enjoy our videos have a great weekend Cheers 🍷🌺🍺
Excellent tips a lot of folk don't even think about.
Glad you enjoyed it have a wonderful weekend Cheers 🍷🌺🍺
The one purse idea only works if it is a seperate account. I gave my wife access to my account, which she used. When bills came in there was no money.
Yikes 😱sorry to hear that 🌺
I came back to the Ottawa airport once in the winter. My car was encased in a thick layer of icy and snow. 😩 I took a taxi home and had to go back the next day to deal with it.
Thanks for sharing! ours was covered in snow yours was ice LOL 😂 have a great week Sheila Cheers 🍷🌺🍺
Agree with joining all money. Then having lots of conversations on how to spend,save it. We also take all “insurances,HOA” and + then divide by 12 then “set that aside in checking” for when that bill comes. We do the same for Christmas/ birthdays(add up then divide by 12).
Sounds great have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🙂