Huge Retirement Money Traps - How To Avoid Retirement Fears
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- Опубликовано: 7 июн 2024
- Which money decisions that can damage your retirement, how to avoid making big mistakes that will impact your comfortable retirement and prevent retirement fears. Retirees need to be aware of family financial pressures and deal with requests from your grown up children and grandchildren for money.
Without a regular pay check you could create financial problems for yourself by being too helpful to your family. Learn to say no and value the pension money and savings you have, you need this for the rest of your life.
We show you many situations where it could be so easy for you to loose money, we give you some tools to make thoughtful decisions and deal with family requests for your money. Don't succumb to retirement fears or family pressure for loans.
WE ARE NOT FINANCIAL OR INSURANCE ADVISORS, WE ARE NOT QUALIFIED TO GIVE FINANCIAL AND INSURANCE ADVICE, THIS VIDEO IS FOR INFORMATION AND ENTERTAINMENT PURPOSES ONLY. PLEASE SEEK OUT PROFESSIONAL FINANCIAL AND INSURANCE ADVICE BEFORE MAKING ANY INVESTMENT DECISIONS AND PURCHASING INSURANCE.
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I very much agree with gifting rather doing a loan. Do you want to be that person's banker or their parent or grandparent? Can't have it both ways.
Great comment Mary we agree, hope you are having a wonderful weekend Cheers 🍷🌻🍺🙂
@@ThisIsOurRetirement Think about this: parents have capital, which they would like to invest in real estate and child who also would like to buy a home, but doesn't have the money. Giving money would have tax consequences. But loaning money to the child for buying a home and using that as loan guarantee, would give the possibility to gradually over the years give smaller gift sums without tax consequences. The child would benefit from the possible increase in the value while parents could get some interest to their capital and perhaps also payments of the capital.
Parents often, because of their more stable economic situation, can have access to cheaper loans as their children.
If you plan to give money to your children as gifts and/or inheritance, loans can be a tool to make it more cheaply.
But of course this is like any financial arrangement, where you need to be aware of the counter party risks. And relationship with own family can be too complicated and difficult to make such arrangements, I can understand that.
But you have to remember there are family businesses and other situations, where such situations are unavoidable.
Thanks for your comment Cheers 🍷🌻🍺
It’s Friday night, Nooohm. You’d better be editing up a storm.
@@elterrifico9522 You bet El it’s not a storm Norms doing but a Tornado 🌪 coming see you Tomorrow 🍷🍺
I am so grateful to own a house in the downtown area of a small quaint town 30 minutes south of Atlanta. It has a separate two bedroom apartment with it’s own garage and a separate entrance. The income from the apartment pays for the upkeep of the main house where I reside.
Sounds like a great plan in place Pam have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🌺🙂
My parents "gave" one of my siblings a "loan." It was never paid back. It grated on my parents for years that no payment was forthcoming. One day a nice sum of money appeared in my bank account. Asked my Mom what is this? She said she discussed it with my Dad and they agreed it wasn't fair to all of us (5 kids); once they could afford it, they gave the other 4 kids the same amount. That sibling never got another dime out of my parents.
Wow that story is very close to home thanks for sharing Cheers 🍷🌻🍺
Watching your videos about 10-15 years before retirement makes me feel as if I am at a HUGE advantage as we approach your phase of life. Thank you for the thoughtfulness you put into your content.
Wow, thank you! glad you are enjoying them have a nice weekend Cheers 🍷🌻🍺
Same! This just popped up on my feed today. God wants me to be prepared! 🙂
Me too! Such great advice!
I hit the lottery years ago. Not the mega amounts that make the news but a nice chunk. It wasn't long until I was hearing from distant family members I've not seen in 30 years calling for loans. Some weren't politely asking some were demanding, some almost threatening. It was quite upsetting and for a bit I was sorry I won the money. I focused on what I could do to make this a totally positive experience for me and it came to me it's finally time I grew up and learned to say 'no' without guilt. the first was a cousin I've not seen in decades and didn't really like even back then, I told her 'no' and then declined to continue the conversation with her why I should owe her a loan/gift. I discovered if I didn't continue to engage in her tirade she had no power to continue to try to manipulate it. It was quite a freeing experience. I did it, I could say 'no' without guilt and learned to not carry on a conversation that didn't serve me emotionally. The win did turn into a totally beneficial experience. I invested, saved, donated sleep peacefully I served the money in my own way.
Wow what a story thanks for sharing and we are so glad it worked out in the end for you , sometimes it’s hard but you do have to learn to say no in life . Have a great week Cheers 🍷🌺🙂
Tina and Norm, I remember when I was even a teenager my grandmother would proudly announce, "I'm on a senior's pension," when dealing even with business people and often she got a bargain and rightfully so.
David your Grandmother sounded like an awesome women, nothing wrong with what she said.
Another great video; you are not afraid to address the elephant in the room.
A few years ago I lost a friend when I said no to her request for a loan. I felt that the friend was very unreasonable for asking; and I said no because I saw her as irresponsible with money.
There is a saying “ a bird in the hand is worth two in the bush” so I took my CPP ten years ago at the age of 60. I wasn’t going to wait 10 more years for a bigger cheque. I did the math, and considered other factors, like my neighbour who died on the day he was eligible to collect his first CPP cheque. Ten years later, I am still satisfied with the decision I made back then.
Thank you so much for your wonderful comment, we feel if we can share ideas it might help one person who would be unaware of a point or give strength to someone who is facing a decision like you had to. We feel the same as you about CPP. Have a nice weekend.
Some people out there might not like what you're saying, but you are spot on accurate. I've seen families tear themselves apart because of loans, co-signing, inheritance, etc. As usual, great points. I'm glad your channel is gaining popularity. It's well deserved.
Thanks Mark, the truth can be painful but being informed is half the battle. Thanks for watching and making a great comment.
Your comment about inheritances is so right on. I've seen multiple situations where people didn't get expected inheritances. In one case, the person did no retirement money planning because of an anticipated inheritance and now she is in a terrible financial situation. Always view an inheritance as a possible bonus not a sure thing.
Great comment Jenny and so true , have a wonderful weekend Cheers 🍷🌻🍺
I would not leave an inheritance to a someone who didn't plan for her own retirement. It shows great irresponsibility, and immaturity. I would rather leave it to a charity.
wow so honest about loans to close family members!
Thanks for watching glad you liked it Cheers 🍷🌺🙂
People often think their elder relatives are doing better than they really are. Life is complex and expensive.
Interesting point, thank you!
@@ThisIsOurRetirement
Great advice. It's tough and necessary to set boundaries and limits, and it can be an uncomfortable conversation but you explain it so plainly and sincerely which will help your listeners take this important stance. Thank you.
@@Pops2 Your very welcome have a wonderful weekend Cheers 🍷🌺😎
Good point about your house owning you! Once I adopted that “millionaire next-door“ mindset of not defining myself by my possessions or achievements, it made a huge difference! I don’t care if my house is much smaller than my friends or if we drive an old car or if I don’t have the latest fashions. I know I have a lot more net worth than all my friends who have those things 🤑
Love that! thanks for sharing have a wonderful weekend Cheers 🍷🌻🍺
It's so much better to be able to sleep at night without worries. And have the money to pay for necessities ahead. For example, hubby has to have dental implants and that cost 6k in NYC. He became deaf in 1 ear last week, after years of wearing hearing aids. We probably have a huge copay or deductible for the cochlear implant ahead. So glad we have the money saved.
@@sct4040 absolutely! I totally agree. I hope everything goes well with that procedure!🙏
Cool T-shirt Norm ;) Renting not an option for me, there are way too many 'renovictions' going on and the idea that anyone can kick you out at anytime scares the $hit out of me. Downsize, execute major repairs while you are still working(roof/hvac/windows) in the last 5 years of your career and make sure you have $ set aside for maintenance and future repairs.
We are all different for us it worked out perfect , renting with rent control and from a large corporation Cheers 🍷🌻🍺
Its amazing to see how like minded you two are. My wife and I diverge on many subjects. I hope we can close ranks like you two have. Thank you for the inspiration.
You are welcome Tom have a wonderful weekend Cheers 🍷🌻🍺
Another one is helping adult children with starting a small business. So many fail, especially food or restaurants. My parents helped a sibling with a restaurant startup, a sure thing. They cashed out retirement funds to “buy in” and be part owners. It was profitable only after 5 years, and I’m sure they put additional capital into operations. 7 years in it folded, in debt. It hurt parent’s retirement. They also said it would come out of her share of inheritance, but that was not the case when the last parent passed. If you really do want to leave something to children, consider these things along the way, it does impact the future and relationships. Btw, my daughter wants me to spend every dime having fun in retirement ❤😆
Thanks for sharing Janet very sad when something like that happens Cheers 🍷🙂🌺
Oh and I forgot to mention how nice your Blue background lighting is. Very soothing and comfortable. I really like the blue color. In fact I have Blue nightlights throughout my apartment, it’s very relaxing and I can navigate at night without turning on the bright room lights. I thought Red lights would be better but I quickly turned to Blue because my vision was better and much more peaceful. [Seattle Washington]
Thanks so much!
We don’t have kids but we have friends that do and many are seemingly incapable of ever saying no to them, even to the point of putting themselves in financial distress at an age they can’t possibly ever recoup losses. We know so many retirees raising their grandchildren so any “me” time has gone out the window. Every single thing you said here is so true and I hope this might help parents and grandparents to have the courage to say “no”
Thanks so much for your so true comment Cheers 🍷🌻🍺
Great advice! We expect to have a quite comfortable retirement. It’s all of the reasons why we are not going to divulge to anyone how well we’re doing 🤫 we keep a low profile anyway. We plan on traveling often and like you’ve said, we’ve earned it!!! Thanks again for your sound, practical advice
Sounds like a great plan Darcell fly under the radar, thanks so much for watching. 😀😀
These are very great suggestions, spot on. However, in my case I live in a market where rents have escalated quickly and are now seriously out of reach for many working people, never mind a retired single person on social security. The lucky thing for me: 11 years ago I bought/moved into a centrally-located low-priced condo. I front-loaded the loan payments in the beginning while I was working, then refinanced such that now I can pay the small remaining mortgage and the HOA, and all my other monthly expenses entirely with social security. It's not easy, and as you say I've had to pay special assessments once in awhile, but it's a fraction of the rents in my area. Great walkability near a park and on the bus line. If buying choose your location, try to find a building that doesn't display deferred maintenance, and take the very smallest unit you can live with because the HOAs (which always go up) are based on the percentage your unit's square footage is of the total.
Thanks for sharing we are glad your plan has worked out for you have a wonderful weekend Cheers 🍷🌻🍺
Great video! I can relate to so many of your points and have been guilty of them. Being a single woman with adult children who are not in financially great positions (one moved back in with me) I realize I need to be so much more careful with my money now. Thank you for reminding me!!
You never stop being a parent and caring Karen , have a wonderful weekend Cheers 🍷🌻🍺
So much easier listening to a couple talk about retirement than a financial advisor. You put it in simplistic terms that people can understand and relate to. Keep the good work! I am 55 next year and shall be watching closely! Cheers!
Our pleasure! glad you are enjoying our videos Peter our stories are real as it’s our life we are just sharing with others Cheers 🍷🌻🍺
Your last tip about not relying on an inheritance was probably the best point. You never know what will happen or if a person's Will will be changed at the last minute, etc.
We think so, thanks for watching.
Great video. My husband and I have been through many permutations of these pitfalls but we were able to manage them successfully. My son moved in while he took a course (we charged him rent); my stepson required his father to co-sign his mortgage (that was discharged after three years) and I have helped my children on occasion with small loans (all paid back). I guess it all depends on the integrity of the parties involved. As we get older I don't think we will be doing any of these things again but at the time we were able to do it. And great advice about expecting an inheritance or getting tempted by investments schemes. If it sounds too good to be true, it probably is! Take care!
Hi Guys, We have helped our children too and you are right about integrity. These points are probably more relevant when we become elderly. Have a great weekend and enjoy your wine! 🍷
You two are so sweet together. My cousin weaseled his way into my parents life and the farm was given to him rather than my bother and I. This type of thing happens way more often than people think. Thank God I am not relying on inheritance for my retirement. All of your points are much appreciated.
"Inheriting farms and cottages" - there's so much family drama surrounding those topics that someone could probably do a RUclips channel on each or both of them !
Steve
I had a problem with my brother....
I asked all my customers back when I worked and almost everyone said yes they had a different situations, but some said that it was smooth because there was no money to spilt
I'm very sorry to hear of this terrible situation. Unbelievable what some people will do.
Thanks for sharing so sorry to hear , we had a sibling rivalry that destroyed our parents plan so absolutely we know how you feel 🤗 have a wonderful weekend Cheers 🍷🌻🍺
Interesting idea Steve , it also destroys families too Cheers 🍷🌻🍺
A great video! Don’t let anyone “guilt” you into co-signing, loaning, making your home a free B&B, etc. if you are feeling guilty for not wanting to help, that is a huge danger sign. Helping because you have the funds and the desire to do so ON OCCASION is a blessing to the giver. Putting your own financial health in jeopardy is unwise.
Thanks for your comment Dell have a great weekend Cheers 🍷🌻🍺
My wife and I were the ones to always pick up the bill before retirement and we were happy to do it. 2 sons in university that we funded and we knew this was a short period of time and we were both working. Now, both sons working full time we have no problem saying NO to them. Still love to help out with babysitting etc. but it’s our time now! Took a bit of time for them to understand our relationship changed but they get it now after a bit of resistance!
Thanks for sharing your story have a great weekend Cheers 🍷🌻🍺
Soooooo true what you say about home expenses.... there's always something to fix! I recently had to deal with a broken garage door.
And hate to say it but the floor there also needs an expensive repair 😞 Good topic.... thanks again. Have a great week 🇨🇦♥️🇺🇦
We hear you we remember those moments when we had the house LOL 😂that’s why we now rent!! thanks for watching have a wonderful week Cheers 🍷🇨🇦🌻🇺🇦🍺
I totally agree with your point about relying on an inheritance being risky. You may think that you will get a big chunk of change when your parents die, but it's quite possible that they may encounter big expenses late in life, such as assisted living costs, which could significantly deplete the inheritance you're expecting. Amazingly, some people actually factor in possible lottery winnings into their retirement planning, too.
Thanks Doug for sharing , think if you factor in lottery winnings for your retirement you really are off track LOL 😂have a great week Cheers 🍷🌻🍺
It sounds like a terrible thing to say, but in my experience never trust anybody with money not even your own family.
This is from personal experience. Thanks very good advice.
We agree it pays to be cautious or ruthless take your own course
I like the way you talk. Gentle and pleasant.
Thanks so much Chris we appreciate your kind comment.
You brought up a lot of great points in the video. I agree with you on your CPP decision. I plan on having us take our Social Security at 62 even though we don't need it. My reason is that we can use that money for expenses and let our investments continue to compound. I ran the numbers and I project that the compounding will pay us more over the rest of our lives than waiting for the bigger payments later on.
We sound very alike Ron that’s exactly what we thought take it and enjoy it even though we didn’t need it either Cheers 🍷🌻🍺
You guys are ALWAYS dead on!!!!! Love it!!!!👏👌❤️
Thanks Elly 💕🙏
Excellent tips!
I'm three years away from retirement, if my company doesn't get rid of me sooner! I'm so looking forward to this next chapter in my life.
You got this! all we can say Ann it’s awesome grasp with both hands Cheers 🍷🌻🍺
You’ll love retirement! I know I have for past 3 years! I’d been working since I was 15, thought I’d never retire…what would I do? But it’s been awesome!
@@missygilly9917 We are so glad you are enjoying your retirement you have earned it cheers 🍷🌻🙂
I just read a story about seasonal campers at a recently sold to new owners campground in Door County Wisconsin getting a 71% increase in year to year rate fees. And if they didn't like the fee increase they have 3 weeks to vacate the property . Being notified this late into the booking season most campgrounds are already booked for seasonal use, so they're kinda stuck paying the increase .. They'd have 2 choices: 1 pay the increase while probably seeking alternative seasonal spaces for next year or 2 if possible move their campers into storage and seek alternative camping spots for future years. I'd imagine after years of camping in one location, getting used to having the same neighbors season after season etc.. having a huge increase in rent must derail quite of few campers/retirees who are just barely covering their month to month expenses.
That is a very sad story Mark thanks for sharing we have heard of a similar situation, there is really no answer we don’t know why they do it . We hope that doesn’t happen to us 😱have a great weekend Cheers 🍷🌻🍺
A friend here in the US just purchased a camper in a seasonal campsite mountain area in the Southeast... but he plans to live there fulltime 12 months annually, he bragged how low the monthly rental fee of $250 (excluding other expenses) is currently... I'm sure he never figured the possibility of the fee increases... he would be shocked if that happened, his low-retired-fixed-income is why he bought the used camper outright that was already established at the campsite... guess he'll adjust if that happens, perhaps less golf.
Love you guys! Every Saturday! Love from Kamloops, BC!
Awesome! Thank you!
Fun comments. We went out with our mom for her birthday. We were all prepared to pay separately and her bill and she turned around and paid the bill. Super strange but that's my mom.
Sounds really nice 🌺🙂
You guys are awesome! Thanks for your videos!
Our pleasure! thanks for watching Cheers 🍷🌺🙂
You earned my subbing, great info. and for those approaching this period in life , such wise words AAA+++
Awesome, thank you! welcome to our channel Cheers 🍷🌺😎
Tina I love your hair. I am retiring in two years. I was nervous but you and Norm have eased my mind and I am looking forward to it
Thanks Jackie, we are glad you found some value from our videos. Good luck with your retirement, just keep planning.
Great video, thanks for your wisdom.
Glad you enjoyed it!
Sage advice! Thank you for another great video.
Glad you enjoyed it! have a wonderful weekend Diane Cheers 🍷🌻🙂
Great job you two!! I enjoy your videos and watch every one to make sure we are prepared to enter the next phase of our journey, The Retirement Years, which if all goes as planned is only 4 years away. I have heard so many retirees' that have found themselves in the situations you discussed.
Awesome! Thank you! hopefully Teri you have the heads up have a great weekend Cheers 🍷🌻🍺
So enjoyed listening to your points.
Glad you enjoyed it! have a great weekend William Cheers 🍷🌻🍺
Very sound advice! Thank you for sharing.
You are so welcome! have a great weekend Paul Cheers 🍷🌻🍺
Another great video and tips sledgehammered that like button stay safe awesome and blessed enjoyed and shared
Thanks for the visit have a great weekend Cheers 🍷🇺🇸🌻🇨🇦🍺
Great advice! Thanks!
Glad you enjoyed it Brian enjoy your weekend Cheers 🍺🌻🙂
Thank you for sound advice.
Glad it was helpful! have a great weekend Cheers 🌺🍷🙂
Great info….Thank you both
Our pleasure! have a wonderful week Ed Cheers 🍷🌸🍺
So sensible. Thank you🙏🌺
You are so welcome have a great weekend Cheers 🍷🌻🙂
Watched videos of Portugal then get hooked on your retirement videos lol liked, subscribed and watched your ads!
Thanks Ken that’s great we appreciate your support have a lovely week Cheers 🍷🇵🇹🇨🇦🌺
Hey Tina and Norm! Great to see this video today on money traps to avoid in retirement. It makes sense that you rent now as owning a home is crazy expensive with all the upkeep and overhead, especially if something major goes out, it could be thousands and thousands of dollars! After hearing what you guys said about kids and grandkids being expensive, we are just thankful that we don't have any LOL!! But it is true that people tend to go to the eldest member of the family if they need a loan or help in any way. Glad you guys have a trailer so if one of your kids needed to live there -- they could instead of at your house LOL!! Great video and love you guys to the moon! 💖🥰🌛
Hi Bears and Butters hope you are both keeping well lovely to hear from you we are so glad we rent and don’t have stress and unexpected maintenance and expenses of owning a home 🏡.
We are counting down the days till we can go to the trailer this week we are hopefully going to temps of 15° yippee!!
Take Care and have a wonderful week Cheers 🍷🇺🇸🌻🇨🇦🍺🤗
Great video,I certainly do learn alot from you guys, keep up the great work, cheers.
Our pleasure! Deanna thanks for watching have a great weekend Cheers 🍷🌻🍺
I think it is extremely important to communicate with your children regarding finances and expectations. Also, to be fair and treat each child equally. We never know the future, just because 1 child said she will study pharmacy, doesn't mean she will actually go into the profession. People do change. The child who didn't have a college major in mind, might turn out to be the one who makes the money. 😊I should know 😊.
The resentment from treating children unequally will last forever and destroy relationships way past the parent's lifetime.
Thanks for your comment we have and always will treat both our children equally hoping you have a wonderful week Cheers 🍷🌻🍺
Another good one Tina and Norm. Thanks for sharing.
Cheers
Kevin
Glad you enjoyed it
Another very interesting and "to-the-point" video ! The "gifts and loans to children and grandchildren" section particularly resonated with me. My grandparents were put in that position years ago by an "ambitious" cousin. The whole attempt to get a loan fell apart after other family members learned about it but it caused a rift in the family that was never completely healed. How to avoid that ? I guess the only way is to let the family know you're "not made of money" and discourage them from thinking that you're "The Bank of Dad" ?
Thanks for sharing your story Steve sometimes it’s hard to say No , but in the long run it probably is helping Cheers 🍷🌻🍺
How to lose friends and family ... loan them money; don't do it is the answer.
@@ThisIsOurRetirement gfs
@@ScubaSteveCanada You got it Stephen 🍺🌺
@@daisy_naples Thanks for watching 🌺
Thanks again you two! So much wisdom, things I never would have thought about! Thanks
Our pleasure! enjoy your weekend Cheers 🍷🌻🍺
Great info as usual, thanks!
Thanks Miss Julie hope you have a wonderful weekend Cheers 🍷🌻🍺
You are so down to earth. I love that your videos are so informative. Your topics are always given in a way that everyone knows you genuinely care and want to help others. I ❤️ your channel. I am learning a lot, about travel, retirement, and life. Thank you!
You are so welcome! glad you enjoy them Lynn have a wonderful week Cheers 🍷🌻🍺
Great advice! Have a great weekend! 🍀
Thanks! You too!
Great advice and insight. Thank you
Glad it was helpful! have a great day Sandy Cheers 🌺🙂🍷
Excellent video! When you spoke of the condos it reminded me of when, in 2008 or 9, in the midst of the housing crisis, a friend of ours lived in a townhouse community (in the US). So many units in his HOA were in foreclosure. The HOA was not getting the usual amounts of monthly dues and therefore closed down the pool and fired the landscaping company. Meanwhile, the residents who were able to stay were expected to continue to pay the same amount but with greatly reduced services. Yikes!
Thanks for sharing your story Kristi have a wonderful week Cheers 🍷🌻🍺
You guys are doing a terrific job with your videos. They are really enjoyable and informative. Thanks so much.
Our pleasure! glad you are enjoying them have a wonderful St Paddy’s day Cheers 🍷☘️🍺🇨🇦
Good information to know and to follow too the letter!
Glad you enjoyed it!have a great weekend Andre Cheers 🍷🌺😎
Great uncomfortable subjects covered thanks guys. 👌👌👌
Our pleasure! glad you enjoyed it Cheers 🍷🌻🍺
So many thoughtful points for everyone to consider.
Thanks so much enjoy your weekend Cheers 🍷🌻🍺
i will watching for all of these money traps . thanks so much for posting
Your welcome Stephen glad you enjoyed it Cheers 🍷🌺😎
Great advice. Thanks for another informative and entertaining video. Enjoy your Sunday. Cheers 🍷🍷
Thanks Andrew great to see you again, likewise have a great Sunday!
Great advice(as usual). I appreciate and respect that you were able to discuss this in a calm, objective and rational way. You brought up some very important points, especially about dealing with financial assistance requests from relatives. Discussing such matters in an unemotional way is so important. Take care and have a great week. 👍🤗❤🙏🌎
Thanks for your comment John glad you enjoyed it we appreciate your support hope you have a great day Cheers 🍷🌻🍺
Thank you, really enjoy watching your weekly videos. It is nice to be reminded of all the pitfalls that we have to navigate in our retirements, I thought it was going to be a great time to look forward to, but along came the pandemic and children seem to take so much longer to grow up these days. Your conversation reminds us that we are not alone in this life of constant dilemas. Stay safe and Cheers.
Hi Nair We never stop being parents, yes the pandemic has taken a big bite out of our travel plans. Stay safe too.
Great videos! And Love the Led Zep t-shirt as well! Cheers!
Glad you like Norms T-shirt he has a lot of nice ones ! have a lovely weekend Cheers 🍷🌻🍺
Gracias!!
Your welcome 🌺
Excellent advice. Regarding a loan/gift to family members, also be aware if you loan/ gift one grandchild, the other ones will be expecting you to be open to helping them as well when they ask. This should be considered when making your decision. Talk about ruining relationships- money issues will do it!
Great comment Colleen thanks for sharing Cheers 🍷🌸🙂
Greetings from Zwijndrecht in the Netherlands (aka Holland). Thank you for discussing honestly your thoughts and experiences on retirement and travel. Its helpful for forming my own thoughts.
Wow, thank you! glad you enjoyed it and that we gave you some ideas hope you have a wonderful weekend Cheers 🍷 🇳🇱 🍺🇨🇦🌍
very wise sharing. Thank u
Glad you enjoyed it have a wonderful day Pauline Cheers 🍷🌸🍺
Yes, my friend co-signed on a new cart for her niece. She really gotten taken by that act when her niece stopped paying the loan fee. I LOVE living in our condo. Our condo fee is a reasonable $295.00 a month. We would spend much more than that to pay for law moving, leaf pick-up, snow removal and other maintenance. I ran a Pro's and cons of HOA's as part of my decision...MT LIST: 1) Yes, A HOA does cost money, but it also saves ME money, time and my precious/limited energy.
2) IF I was to add up all the fee’s I would likely have to pay a contractor and/or seasonal workers to handle the outside maintenance for a home it would probably cost me as much if not more than my $295.00 HOA fee.
3)
WINTER: Cover snow plowing of driveway and shoveling walkways. Putting down salt/sand when icy. And dog safe driveway salt for walkways;
DRIVEWAY: Resurface driveway as needed.
ROOF: Repair or re-roof as needed.
LAWN CARE: Cost of mower and tune-ups, gas and spark plugs, repairs. Fertilize, weed killer etc.
TREES: Trim branches and fertilize trees. When tree branch falls into slider screens and rips it the condo board-pays to replace the screen. Cuts down ivy that is choking the tree’s along Ottawa Beach Rd.
GARDEN: Mow lawn weekly. Edge beds in spring. Trim shrubs in fall. Planting annuals and bulbs.
FALL LEAVES: Blow and pick up and haul away fall leaves and spring/summer branches that have fallen.
BUILDING: Cost to scrape and paint every two years or to power wash siding. (And/or the initial cost to buy siding and put it on the building.)
WINDOWS: HOA will replace all condo windows and sunporch sliders as needed. They will wash condo windows each spring.
DECKS/WALKWAYS: Power wash decks prior to painting and power wash walkways every two years.
WATER & SEWER: HOA pays all related fees.
COMMON HALLWAY: Monthly hallway vacuuming, window washing of front door window areas. At some point they will pay for new carpet and wall coverings when needed.
UPDATING SECURITY: The HOA updated the new door buzzer unit in 2020 and the key locks in 2021.
OVERALL MANAGEMENT: HOA sources the companies/the workers, get quotes, re-negotiates when they want to increase costs, overseeing the workers, following up on any issues. Pays the bill/writes the check,
GARAGE DOORS: Replace garage doors if they crack, break or wear out.
Another very interesting and "to-the-point" video !
Thanks for watching
Thank you so much for putting time in making the enormously helpful and informative videos.
Our pleasure thanks for watching have a great weekend Cheers 🍷🌻🍺
Three pronged plan intact.
1. S.S. begins in 18 months; start collecting then.
2. House converted to rental provides cash flow after expenses.
3. Inheritance is clearly written into parent’s will to divide exactly evenly between siblings with assets already embedded in a family trust including me as a legally named beneficiary. This third aspect offsets the early job downsizing, divorce, university costs which caused me to spend my 401k and IRA during my 50s inadvertently.
Live overseas as long as health and energy and desire dictate - where rent, utilities, groceries and local transportation is under $1500 (less than my”fixed” S.S. alone). Have loads of experiences, maintain flexibility.
Cheers, your videos are truly assisting me !
Thanks for your kind words
You are so, so right! You are reiterating what my late husband used to say, and what he told his adult children. That didn't stop them from asking.
Thanks for sharing Roberta , hope you are enjoying a nice weekend Cheers 🍷🌻🍺
Thank you for sharing another thoughtful and interesting topic. I always learn so much from you two ⭐
Our pleasure! have a great weekend Cheers 🍷🌻🍺
My goodness, you guys are so wise as usual!!! What an excellent job you're doing. I look forward to your videos and I always learn loads. Thanks for your advice and your common sense approach to life in retirement. I've already been tapped a couple of times by friends and family but it's worked out so far. I'm learning never to discuss my financial situation with ANYONE! Stay safe and have a great week.
Thank you so much! glad you are enjoying our videos we hope you have a wonderful week Cheers 🍷🌻🍺
Great video… excellent advice 👍 Happy Weekend Tina & Norm 🏴🍷 🍺🇨🇦
Thanks Rachel good to “see” you again 🏴🇨🇦🥂💕
Thank you! 🙂
You’re welcome 😊
All of this is sound advice and you’re so diplomatic giving it. Wonderful video!
Thanks so much Cecilia hope you have a great week Cheers 🍷🌻🍺
Hi Tina and Norm, we recently retired bought a condo and sold the family home. Looking forward to the east coast for the summer and Portugal in the winter. No more landscape and snow shoveling. I'm thinking of an indoor vertical vegetable garden. Thank you for the great info. P.S. maybe an in site to the grandparents scams, bail money is a cashier's cheque not cash. Ty cheers
Congrats 🥳 on your retirement Samuel thanks for mentioning the Grandparents scams that are all in the news at the moment , maybe we might meet next Winter 🥶 in Portugal 🇵🇹 Cheers 🍷🌻🍺
Love your channel and advice Tina and Norm. Always enjoy and appreciate your well thought out advice. However there is one point you made that I disagree with and that is when to take Social Security. If you take it at 62 (for example) instead of waiting til 70, you have your Health and a smaller amount. If you wait until 70, your Health may have deteriorated and you’ll never make up the difference in money before you die. So I’d recommend taking retirement early because you never know how many years you have left. Thank you. [Seattle, Washington]
It’s all about how long you are to live…..endless piece of string. Don’t overestimate your thoughts.
I like this vid. Good insight and some good tips..
Thanks Gerry!
Excellent points...
Glad you enjoyed it Jim we hope you are well have a wonderful week Cheers 🍷🌻🍺
Great advice! Stay well and have a great weekend!🤗
Thank you! You too! hope you are both keeping well have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🌻🍺
Tina and Norm, you guys are Terrific together. You complement each other Extremely well ! I am so glad you are straight up and honest and do not try to "sugar coat" things like so many Vloggers do. Thank you !
Thanks Phil that’s great to hear have a wonderful weekend Cheers 🍺🌻🍷
You both are so realistic and helpful. Thanks for building up our confidence as we are in or close to retirement.
You are very welcome 🍷🌺
I have a part time volunteer “job” in which I help job seekers with job search skills. Working with the job seekers every day I have encountered many people who are in their late 60s or 70s and have lost their retirement savings. It is heartbreaking! My mothers 2nd husband in his 90s was very mentally sharp EXCEPT he got suckered into so many scams!!! It was so sad to see him lose money time and again 😩
That is so sad 🥲 thanks for sharing have a wonderful weekend Cheers 🍷🇺🇸🌻🇨🇦🍺
This is by far the best advice video that you have done.
Glad you think so! have a great weekend Maria Cheers 🍷🌻🍺
Loved this video, all points are so true. It really mad3 me smile regarding paying for the family meals and our kids expecting us to carry on paying and also when they come to us and say “can I just borrow …” as you know you will never see that money repaid 😀
Absolutely!! guess they always get used to us being the parents Jacqui , have a wonderful weekend Cheers 🍷🌻🍺
Hi Tina and Norm , we have been renting our place for over 10 years , we have been given notice as you are aware rents everywhere have almost doubled 😱 this will be huge … it will work out but a huge chunk of disposable income will go to rent .
I took my CPP at 60 and enjoyed it for 12 years like you just in case.
Yes always make a gift , I learned that one , have a great weekend:)
So sorry to hear that Liedy, are they selling the place ? glad you have found somewhere but sorry it will cost more . We too are glad we took our CPP early, yes we all learn from the past 🤔hope you can still have a drink 🍷and enjoy your weekend Cheers 🍷🌻🍺
@@ThisIsOurRetirement it’s a hot market double what these Condos were selling for 14 years ago new ? And as you mentioned the maintenance and assessments can become very costly! Our investors is selling all of their investments, before the government starts to implement new capital gains on investment properties..it’s talk right now but enough to get investors to rethink their portfolio’s:)
That's the risk of renting. Yes, there are costs to owning even a fully paid home but those can be mitigated by maintaining an emergency fund. Owning a condo is another matter since one cannot predict nor prevent maintenance fee increases but I suppose there will always be pros and cons to any choice.
@@ThisIsOurRetirement In the US, you have to make three times the rent to get into an apartment or home.
Thank you, Tina and Norm. Much appreciated information as even sometimes nephews and nieces and even friends ask for a cosigner. If they try with me, I'll run to the hills.
Glad to hear your learning in class David LOL 😂enjoy your weekend Cheers 🍷🌻🍺
Yes, well said!
Thanks so much Cheers 🍷🌻🍺
I totally agree with everything you’ve said
Wise words
Take care and have a good week xx💙❤️
Thanks Paula glad you enjoyed it hope you are keeping well and enjoying your weekend Cheers 🍷🌻🍺
Yes I did Tina
I totally agree with giving the money rather than a loan
Thank you we will had a good frugal day out today not sure what’s happening tomorrow
Hope you have a good weekend as well Tina
See you next week xx❤️💙
Incredible video guys!! Having been a banker and a CPA, everything you said is right on the money!!
Thanks for a wonderful compliment Cheers 🍷🌻🍺
Love the t-shirt, Norm!
Thanks