You both did it right. I am 70 the Mister 71. We had high hopes to “do” in retirement. Our bodies thought otherwise. Sooner you go the better so you can DO.
the key to a happy retirement is no debt. Do the work of getting out of debt before you retire. The peace of mind makes all the difference. We are blessed to have always chosen economical house purchases and paying off the house was attainable before retiring.
Thanks both. I think it is safe to say that, with 62,000 subscribers, you can't just be '2 old fools'! I particularly really appreciate the photos of you both in your youth. Personally, I'd appreciate maybe a video about your life journey - more details/photos on your early years in the UK followed by details /photos of you both in your middle age etc. Young people seem to struggle to understand that us older folk were once young!
62k subscribers will produce a nice income. And Norm & Tina do work it hard. People ( probably older, like me) do enjoy the content. They seem like very decent folks...
My thoughts are consumed with how I can retire. I’m a late starter. I was caught up in consumerism and debt to finance stuff and trips. Dumb stupid and ignorant 😢. I’m on board now with no debt and an emergency fund. I just don’t have enough to retire. I keep cutting back on wherever I can. Thanks to your channel, I always pick up a new tip!
Just remember when you say you don’t have enough 🤔do a budget as to what you need and what pension money 💰 you will get and you might be surprised at how much is enough. You can always move to a lower price area like we did and that might surprise you Cheers 🙂🌺🍷
I love the fact you busted the whole have to have a $ million to retire. Living debt free and frugal is key. Spot on, I hope folks listen to your advice.
You've pretty much described what we did. For example, when we had mortgages I always told the mortgage company to take double payments each month until I told them to stop - never had to tell them! I retired at age 56 - now 80 and have enjoyed every minute of it and still do! - from another Brit expat !
30 days to go, retiring at 62. Small pension, SS survivor's benefit (widowed at 52). I have enough savings (not millions!) and the house is paid off. Not wealthy, but it's enough. and finally will be in a low tax bracket!! I'm not falling for needing a million and trading precious time for a few more dollars. If you're in Portugal this fall, we may cross paths... I'm walking the Camino... how's that for launching into and hopefully extending my "healthy, active go-go" years?!?
We need people like you two and other successful retirees to teach classes at local junior high schools or earlier about basic finance and saving for your future. I know when you are young it never occurs to you that one day you will be old and hoping to retire. But with a little bit of good advice saving for that retirement can be almost pain free if you start early enough. For instance when getting a raise I just automatically put it into savings, and never even missed it. Thanks for another great video.
Definitely agree that Tina and Norm and others like them should visit higher schools and colleges across the country. There is not enough education on managing finances for this age group 😁
Being happy with living frugally is so important. You also have to like each other when you are spending so much time together. Cooking your own meals, grocery shopping together. Doing a budget together and sticking by it. And health of course....
Another great video guys. Now in my early 50's, with my wife just over three years behind me, we have been really watching our investments and spending. Our passion is travel, and we love the idea of setting aside funds for 10 years of active travel in retirement. We are also going to partially retire, and fund travel and normal living expenses with that income for 3-4 years while not touching our investments. You guys are not only a valuable resource, but an inspiration.
That is awesome! sounds great Mark we set a travel budget of $25 K a year for 10 years , but although yes we pulled from that in the first 5 years it has got topped up so it’s no big deal . Thanks for watching Cheers 🍷🙂🌺🍻
Our 'retirement' story started way back when I was 22 I guess (now 67). I bought a little house at 22, and my wife did the same (didn't know her then, this came to light once we'd met). Anyway, sold the two houses and bought the next house, mortgage free (the best way to save!), where we lived for the next 26 years. Came time to downsize and we were lucky enough to get an old property right near the railway station, trams and buses (approx 10 k from Melbourne CBD). Over the next 4 years, I designed a new house, then we got it built, selling the old house off the block, but during this time our current house doubled in value, whoopee! So ended up getting our new house more or less for free! The new house (now 14 years old) is only 3 bedroom, but with a ginormous garage (not apartment people, as I need my big garage) for our 4x4 and caravan, which we use to tour around Australia (usually for 6 months per year), crisscrossing the country along all the iconic back roads and dirt roads of the outback. The house is designed so we can travel without coming back to a jungle. It is on a small block, no grass in the backyard, and very small nature strip. We've travelled O/S a couple of times and are going to Iceland and Europe next year for a few months. I retired at 57 and my wife at 60 (we are same age). We both had pretty good super (superannuation they call it here, like a pension fund I suppose). We are doing pretty well even though we also only had 'middle career' type jobs. (me, electronics, wife programmer). We don't qualify for any sort of pension from the government except for the seniors card where we get public transport concession and free travel on weekends. The caravan has turned into a hobby where I have designed the solar controller and battery management system, etc for off-grid stays plus lots of other stuff. My wife has taken up geocaching, so I spend a lot of time ferrying her around getting these cache things (it's a world wide thing). We use to have two cars, but only the one now. Apart from when we are towing the van, I really only use it for trips to Bunnings(like Home depot). We tend to walk to the local supermarkets. Good bit of advice re healthy retirement; don't get fat! There are many cafe's around here, so resisting temptation is difficult! I don't subscribe to many of these channels, but your easy chat-type-style is pretty good, well done.
Thanks so much Graham and welcome to our channel , sounds like you are both enjoying being retired too which is great glad you like our videos have a great week Cheers 🇦🇺 🍷🇨🇦
Everyone’s plan going forward in retirement is based on one important issue, health and the money to support “ surprise” issues. You can only be prepared for so many things.
10:50 , 100%, I advise my clients to max fund their TFSA, and stop RRSP contributions unless they can show me they need the income deduction. Once in retirement, and after age 72, RRSP converts to RRIF and you are forced to withdraw funds, adding to CPP, OAS, GIS thus increasing your income and tax liability. TFSA and Permanent Tax Shelter (cash value life insurance) are the only tax free growth vehicles Canadians have, few utilize them to their full advantage. Passive income is a wonderful thing, congratulations on the hard work you put in to generate this wonderful personal pension fund!!
You two are my favourite retired couple. Thanks for all the tips and tricks. I’ll be 50 next year and looking forward to retirement freedom. Cheers from Vancouver.
Wish I had known all this in my 50’s! Now in my 70’s but am debt free and have some income from the sale of our house last year. Living as frugally as possible and hope the money lasts until I am called home. Thanks for the advice.
Thanks so much for sharing your retirement preparation story! Amazing tips on how you funded your retirement. You are so positive in your strategies and thinking! You make it look like it’s possible and that we are capable of retiring without living in fear of not having enough money to support ourselves and live the life we want to live within our means. Better yet, you show how we can live a comfortable life we like and can enjoy. I’m sure many people including us, are learning with your experiences and lifestyle. Tina, it’s so wonderful how you and Norm met in a photography class and he’s still going strong at it! We don’t need a million dollars to retire, but this video is worth that much, or even more! 😊 🌷Sam
Great information shared, many thanks! God willing my husband will be retiring in 3 and a half years, myself in 4. Can’t wait!!! We paid off our house years ago, setting up for future. 🙏🏼🇨🇦
Another good lesson for pre retirees. We too were laughed at when we moved into an apartment. Now we are the ones laughing.Lock the door and leave and on return no lawns to mow, gardens to tend and safety in the building. For many this may be a 'if I knew then what I know now!' after your video. I hope this goes viral and those needing these tips get onto it. Have a great week back at the apartment. 😎🇳🇱🙋♀🇳🇿 🍷🌞
What a great video! We are mid 60s, still trying to sell our business so we CAN retire, but paying down all our debt (just a car & a camper). You give me hope that it IS doable & we can live well in retirement. Thanks!
Hello. Thank you for elaborating on your personal story. It's generous of you to share this information. Love seeing you guys more than once a week. Keep it coming please! Cheers from Saint John, NB.
Best retirement videos on utube you two are great. I'm now retired and would advise everyone to retire asap I don't need to but i consider renting out my guest house that is in my backyard for extra income since i love where I'm at and I'm debt free. I don't have much money but if i live frugally like you i can enjoy everything i need with 1 or 2 small vacations per year. Plus visit kids and dad as i like
As someone in their early 50's I so enjoy your videos!! They informative and just as importantly so encouraging that drives the point that we DON'T need a million dollars in order to retire. Thanks Tina and Norm!! 😊
Hi Tina & Norm good to see you both again I think it’s excellent that you are making people stop and think 🤔 Plus with some sensible planning they can do a version of what you’ve achieved. Well done and thanks . Regards. Christopher Barker
Another informative video for us oldies. It's a very simple concept, but difficult for some to grasp. This message will help those who are seeking good sound advice.
Hi am new and I watch like three video’s absolutely excellent content am 63 and retired but always looking for good pointers thanks also Beautiful pic of you all looking forward to watching all of them and getting caught up !❤️😊
loved this video on all accounts. I appreciate your comment about being happy with where you are in life. How to WORK for what you want. How to enjoy life with what you have. And yet, you still both appear to have a great life and retirement, with travel and lots of things to keep you entertained and on-the-go. Such a great example for all of us hoping to be there in another few years, and beyond. Thanks again, Craig
Thanks for this interesting post. I really admire you two, and the way you have been so astute regarding your $ and retirement. Good for you. You certainly have worked for, and deserve, your good life.👍
Thanks for admiring our plant Heidi we love it because it’s not real it’s plastic ! ( that’s the secret when you travel ) and we bought it used LOL 😂😂 Cheers 🥂🌺
Great approach to your finances. It scares me to see how similar our approach has been with the exception that we have defined pension plans. Being debt free is a biggy. We still have our house though and are finding maintenance expenses to be quite a drain. Well, some good lessons you teach Tina and Norm. If only our schools could instill them in future generations. Thanks !
You are both inspiring. I too am planning a very frugal retirement and it’s nice of you to share your story. It gives me hope that it can be done regardless of the naysayers.
Oh my gosh Tina, thanks for sharing the picture of your youthful self, such a beautiful young woman, and norm, you did have hair, never would have thought so. Take care guys.
Tina, Norm. I am sitting here with my morning cuppa watching you thinking wow, not only is the content great but the delivery to camera is special too. Thx for all you do. 195 working days left for me :)
I Love your show. I wait each week for your newest video to come out and continue to review some of the more poignant shows based on my particular needs. Right now I have watched and re-watched episodes where you discuss moving out of your home and into an apartment. I hope to retire in 6 months and plan to rent out my house, using the income to travel the world for three to four years . Although I could afford the purchase of a condo I agree with your assessment that an apartment will free me from the burdens of home ownership. . I especially hope to emulate your life of coming home from long weeks of travel and walking into my downsized apartment with all my familiar belongings to greet me..Your tips on knowing what to look for in obtaining an apartment were very helpful. I am making my list and checking it twice as I start the process of finding the right apartment to meet my needs. Your show offers such reassurance that I can make this big move. Thank you
That’s sounds wonderful we are so glad that we have helped in your retirement decision, and yes we love coming back home to our apartment good luck 🌺🙂🍷
Another option is putting cash into a high yield savings account, these days the online banks are giving 5% on the high end while not tying down funds. The percentage can flux but no risk and paid monthly. Worth a mention at least until world interest rates come back down. Love your chats
So great to hear you two did the plan successfully, the same plan my husband and I decided on 10 years ago. I retired at 55. He is semi-retired at 66. He works 3 days a week. We are debt free, mid-low income, no rrsp, no company retirement plan. Just invested wholly in our home and cabin properties. 👍❤
The consideration now is that the US (not sure about Canada) is in a housing bubble with a debt driven economy where interest rates are high. If retiring soon, maybe selling a home to get the greatest equity while prices are high. Some experts in the field are expecting a 20% drop in housing values (U.S.) in the next couple of years. Just a thought.
Passive income streams are great as is living frugally. We live frugally and manage to have a very comfortable life on a modest income. Heck, I even sold one of the yachts last year to simplify our lives. It turns out that only having one yacht isn't that much of a hardship after all. Being debt free is the key to a modest cost of living. Like you, we haven't touched out savings.
Thanks for all of your advice! I’m 43, and trying to employ some of your strategies! Sharing a car, investing in the tax advantaged accounts we have in the US. Glad to hear your perspectives that it’s possible to travel and retire early without millions of dollars!
I live frugally. My biggest concerns now, and in my future, are high rent costs, and figuring it out on a single income. I think if people have their housing sorted, and can share their income with a partner it can really put you in a good place. I love your positivity. You have a lovely energy together!
Stock photography to RUclips videography..I can see the natural transition. The best strategy is your attitude to handle just about anything…together. Cheers
Enjoyed the video. Debt is #1 impairment to a good , early and comfortable retirement. Between saving / investing in good vehicles / having no DEBT / our good government pension benefits / and maybe even a company pension will make for a peaceful retirement. Health of course is # ONE. Living frugally is most important all along your life and then you will be surprised at how well you make out in retirement. Retire as early as you can as the stress at work and will definitely affect your health.
I love your content and thank you so much for sharing your story. It is very inspirational, and it validates that I am in the right track. I am currently 56 and planing to retire at 62 when I get to collect social security. Thank you again!!!
I have been retired for three years and have been suprised at how easy it is live on CPP, oas, and GIS as no mortgage or any debt makes costs really low.
Loved todays video guys. It’s great to see people retired and happy and stress free. I’m with you, I don’t think you need a million to retire. If you prioritize becoming debt free and getting away from a materialistic lifestyle then early or standard age retirement can work. I am debt free and try not to over spend (except clothes are my downfall) but I am working on that. I believe it’s called buying for your fantasy life 🤣🤣 I would love to know how to get started in stock photography norm as my DIL is a great photographer and I have suggested she try that but she is not sure where to begin. Keep the videos coming, this ex pat living in the US thoroughly enjoys them 😁
I enjoy your videos, and thank you for the 'food for thought.' I appreciate learning about the choices and strategies that worked to help you create the life you want to live. You've helped me to think outside the box as well!
I really appreciate you sharing your story that enabled your retirement plan, both the anticipated issues and the learned later things because of circumstances, you make a great argument that everyone can retire earlier in life. Since I retired a few yrs ago I’ve learned that many of the things I had thought would be needed actually were unnecessary. Like you said, being more frugal actually is more freeing, especially allowing for doing activities like travel. So thank you once again Tina and Norm … you folks are the best.
We got rid of our extra car also when we both retired and have very very rarely missed having an extra car. We just bought a new to us used car last year after my mother in law passed away and we received some money. We purchased a used travel trailer also and are having fun! Our previous car was a 2006!! Very low mileage but we didn’t feel comfortable pulling a trailer and travelling with such a older vehicle. So -- you guys are doing amazing and I’m pleased I have found this channel. Lots of great helpful info for us retirees.
I just subscribed. I love listening to you both for you are constantly sharing your experiences in retirement life. I am in my nearly 60’s and planning for my retirement. Your topics has help me put my plans together. Thanks for sharing….
Living frugally gives me such peace of mind. Now I want out from under my underperforming mutual funds. Then I’ll be blissfully happy! Great video. Good to see you both looking so well.
Security comes in now what we have but what we can do without. As the son of parents who lived through the "dirty thirties" that philosophy was instilled in we kids. Dad always used to say there was plenty of money for the important stuff. My wife and I are now in our sixties making the most of our retirement but still fine tuning our priorities. Last year when we retired it was hard spending disproportionally say, for the first five-ten years versus say when we are in our seventies and potential health concerns may arise. Tin and Norm, your video's are brilliant but I wonder how the generations after us will manage through retirement without being exposed to the disciplines of our parents generation. By far this was my favourite video. Both you of take care.
Love the video. We don't have a big income but my wife does have a part time business. As I he said many times we now have a two slice toaster instead of a 4 slice.
"If you are 60 years old then you likely have 1,000 weeks of healthy active time, putting retirement off for more money is throwing time away, your best years of retirement are now. Here is our story to share some practical ideas of how we financed early retirement, ways to generate income in the early years of retirement before you collect Social Security or Canadian Pension Plan." Absolutely great advise! We began traveling on this advice while working our side business. #RetireEarly #DebtFree #LessIsMore
Was inspired by your channel a couple years ago and sold our GTA home last year to rent or move to LCOL Calgary. It didn't go exactly as planned and I'm stuck in GTA for at least another 10 years, but still have the house money so still able to stay early retired... Also following your "retire poor" plan. Going to melt first my non-registered, then RRSP. TSFA is maxed and I plan to grow that and hold off drawing too much from there... Will also take CPP early and plan to qualify for GIS... Also still driving a dinky Yaris... Lastly, hoping to find a similar apt in South Western Ontario if I'm not able to move out west. Brantford seems nice and I have friend that moved out there. Can't beat Banff mountains but I go wherever my daughter wants to follow; hopefully can convince her to come with me out west when she's old enough.
I enjoy watching your videos. As a Generation X am about 15 years behind you. I could retire now, but really don’t want to as enjoy the challenges of my job and contributing to my excellent employee owned company. I do have some different dynamics with my 25 year bride being 5 years younger than me. Also managing U.S. healthcare care insurance is a significant issue. Glad you have creatively made your retirement work!
Hey Tina/Norm. You two inspire legions of others to follow possibilities they may not have considered before. A few questions that you are under no obligation to answer. 1. How does rent control work? (eg). Does the tax payer fund the balance. Not looking for an in-depth answer as I can do my own research also. 2. Do you manage your own investments? Which would mean less fees to an Advisor. And absolutely get debt free and thankfully we have been for 15 years and are still young-ish :) Enjoy the day and keep on thriving.
The landlord sets the price of the apartment when it’s new at market value, then rent control, a Provincial law sets each year the allowable % rent increase. There are no subsidies from the tax payer. Yes we manage our own investments, it’s another hobby we have. Thanks for watching!
Hi Tina and Norm. Always nice to hear from the lovely Boomers from Canada :). Thanks. Many thought processes I have been through myself you mentioned. And systems are everywere quit similar, although with different name and of course details can be different, especially when it comes to tax benifits. Some components are personal like the income you could create after retirement. Passive income is something everyone can use. Renting vs buying a property is really an interesting and important issue most people don’t think of. And it is not an easy question, it depends also where you are living ( or where you want to live). Here in Switzerland at the moment it is financially much cheaper to rent a place then to buy in many cases and in the Netherlands where I am originated, it is mostly more interesting to buy then to rent. In Switzerland the rental market is very healthy with much to choose from, in the Netherlands there is a screaming shortage of rental houses. But it is in all occasions an important step that you should think about. Putting your money in stones, or getting a passive income out of that money. Investing money tax free in 2nd or 3rd pillar is also here in CH an option, but you are not able to get your hands on the money before 60 in most cases. In my case my company pension allows me to retire earliest at 58 in two years, so that is the time I stop working. In Switzerland you can choose in most pension systems between income or pay-out or a hybrid model. Personaly I put in money in the 3rd pillar, since my retirement is just two years away, the tax advantages are bigger than a return on investment in that short period of time. For every dime I pay it is around 25-30% ROI plus we do get a low interest here. Important to mention is that our inflation is much lower then in most countries, coming to our lovely currency. Although people tent to look only at inflation or interest, I look also at currency rates since we want to go back and live on one of those cute little islands in the Netherlands, changing from CHF into EURO. We like spending the rather cool summers on Texel with longer days and sandy and salty beaches. Avoiding the heat waves from middle and southern Europe we see every year. And start travelling when the temperatures are fine (for us ) and the prices cheap (late September till May. The Swiss Franc increased in value by 70% since 2008 compared to the Euro and that is also a huge advantage that makes it interesting to have liquidity in CHF. Our first pillars are mainly in CHF and that helps certainly against inflation on the long term. Cheers, Ronald.
Most of the USA does not have rent controls. We could not afford to rent our own house here in California! Luckily just a few more payments to end the mortgage. Renting would not be an option unless we moved to a low cost of living area.
Agree that few RRSP advisors tell consumers that all the taxes they save when investing, they'll have to pay back when withdrawing! Even worse, it can bump you into a higher tax bracket if you need a big chunk all at once. Good on you for seeing that early on.
Never carry debt>pay it off monthly (or you can't have it), pay off mortgage (don't mortgage to the max that the bank will allow you), cut costs by not buying what you 'want' , live a 'what you need' lifestyle. Max out TFSA yearly and RRSPs if you can (GIC;s are looking good now). Look into Free activities in your hometown
Thanks for another great video. In addition to being valuable information, your tone and attitude always help me feel more relaxed about early retirement!
Great info. I am seriously considering renting through retirement. It frees up so much time (and capital). Good for you for making the decisions you did. It's clear you both are doing great ! 👍
At the end of the day the it's about being able to maintain income/lifestyle in the tough times and not just in the good times imo, especially when you can no longer work. We've had one of the longest runs of stock market and housing increases off the back of money printing and Govt. stimulus which has led to a lot of "bubble" talk amongst many commentators. Things may continue as they are or they may not. Also people need to look at their own situation very carefully as well as where they are and the rules that apply there. What you have in terms of rent control is very unusual, from what I've seen, and if you'd taken the path that you have here in Australia your retirement would likely have looked very different indeed. The amount of people here that are currently being priced out of rentals and the lack of supply, which looks to be getting worse, is truly scary. I have to agree with the debt free, more minimalist lifestyle though as it's very very easy to blow through large amounts of money with little to show for it these days.
It’s a shame in Australia that rental rates have been left to soar, there are many low income housing that people need in minimum wage jobs in major cities like Sydney and Melbourne. Without these workers who keeps hotels and working. Governments need to worry for all people.
@@ThisIsOurRetirement There's many parts to it but one is that the Govt. sort of farmed out providing housing to private operators via tax breaks etc which has fuelled a boom in house sales being helped along by historically low interest rates. Seems every man and there dog had an Investment Property and you could even buy them in your Superannuation, our retirement savings scheme here. Now they're continually mucking around with the rules so private landlords are selling up whilst prices are still high and they can make decent returns from the bank without all of the hassle/risk/worry. Mind you our house prices are still going up and because we don't have long term fixed interest rates like the US people are copping huge increases in payments when they go onto variable rates. I really don't understand how it all keeps going tbh but it does. We had a guy here the other day and he said what he thought our place was worth. The number was quite incredible and, if correct, would mean it has doubled in price in about 4-5 years. We had it on the market many years ago and basically couldn't even get what we paid for it. Strange times.
Here in Halifax N.S. We are in the same terrible situation of high rents and low supply and your scheme would not work here with rent increases so bad.
thank you for your videos. I had planned to go into retirement at 60, am debt free, had enough in investments. Then a life changing curveball happened. My husband got very ill, which lead to terminal illness. I am now 64 and my life savings are not enough to retire as I need to pay for medical bills and hospital visits. We live in South Africa and the cost of living is very high after the lock down, the flood disasters and the riots. I also have my mother in a care home for dementia/frail. What I have saved up would not meet our monthly expenses from the pasive income. I am happy for you both that you can manage your retirement well.
You should mention that everyone should look at RRSP as a pre-retirement fund. Its a way of funding your pre-retirement years. So when you go to retire before your 65th you can live off the RRSP money I'm not sure if you guys still have RRSP funds but the only amount you should have is $2K for each of you for the next 20 yrs! Why because when you trsf your RRSP into a RRIF you are allowed $2000 tax free every year to be withdrawn from your RRIF. That's what we are doing is melting down our RRSP and this will fund our pre-retirement. Don't take the CPP early use the RRSP money!
The information about us is complex, what you suggest for regular people is very valid, however Norm had cancer at 50 and had pretty aggressive treatment, so we felt his longevity was uncertain based on the doctors advice, that’s why we took CPP early and we needed it to add to our passive income to make the numbers work as an early retirement couple.
@@ThisIsOurRetirement Wow I didn't realize that your husband when thru cancer treatment. I'm glad everything turned out alright, obliviously you guys did the right thing! Life is too short!! Norm hope you make it to 100! All the best :)
Thank you for another informative video and for also speaking candidly about passive income. My husband and I are in our early 50s and hope to retire well before 60. We invested in rental properties in our early 30s when we had the energy to put in hard work and long hours. That investment has paid off as we've gotten older and the properties generate the equivalent of a full-time income. We once told a financial consultant about our plan to sell our main home when our children were moved out and downsize into one of our rentals to fund our retirement travels and he told us that would never work and that we should invest in "whole life insurance" (so he could make a sizable commission from us). Thankfully we didn't listen to him and chose to keep building out our rental "business" - one of the best decisions we've ever made. Kudos to you for making simple, practical decisions like eliminating recurring debt and downsizing. We hope to follow in your footsteps and retire within the next few years!
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You both did it right. I am 70 the Mister 71. We had high hopes to “do” in retirement. Our bodies thought otherwise. Sooner you go the better so you can DO.
Thanks for sharing Barbara Cheers 🍷🌺🙂
Getting out of debt, living frugally, and being content are absolutely the keys to a good retirement ❤️
We totally agree have a wonderful week Cheers 🌺🙂🍷
I respect Tina & Norm. They seem to be very close, they work well together and seem to be a sweet couple....
Thanks so much 🌺
the key to a happy retirement is no debt. Do the work of getting out of debt before you retire. The peace of mind makes all the difference. We are blessed to have always chosen economical house purchases and paying off the house was attainable before retiring.
We totally agree being debt free is the secret ingredient to retirement Cheers 🌺🙂🥂
Thanks both. I think it is safe to say that, with 62,000 subscribers, you can't just be '2 old fools'! I particularly really appreciate the photos of you both in your youth. Personally, I'd appreciate maybe a video about your life journey - more details/photos on your early years in the UK followed by details /photos of you both in your middle age etc. Young people seem to struggle to understand that us older folk were once young!
62k subscribers will produce a nice income. And Norm & Tina do work it hard. People ( probably older, like me) do enjoy the content. They seem like very decent folks...
Our pleasure! thanks Peter for the suggestion agree all us oldies were definitely young once LOL 😂😂 Cheers 🌺🙂🍷🍻
Thanks so much we really appreciate your support Cheers 🇺🇸🍷🇨🇦🌺🙂
Can you advise when approximately you got the sale on Via Rail for your train trip on the Canadian.
My thoughts are consumed with how I can retire. I’m a late starter. I was caught up in consumerism and debt to finance stuff and trips. Dumb stupid and ignorant 😢. I’m on board now with no debt and an emergency fund. I just don’t have enough to retire. I keep cutting back on wherever I can. Thanks to your channel, I always pick up a new tip!
Just remember when you say you don’t have enough 🤔do a budget as to what you need and what pension money 💰 you will get and you might be surprised at how much is enough. You can always move to a lower price area like we did and that might surprise you Cheers 🙂🌺🍷
Your not alone ❤ they also have 2 incomes and you have to know what your doing in stocks and the mkt is planning to take a dump you have to be careful
I love the fact you busted the whole have to have a $ million to retire. Living debt free and frugal is key. Spot on, I hope folks listen to your advice.
You've pretty much described what we did. For example, when we had mortgages I always told the mortgage company to take double payments each month until I told them to stop - never had to tell them! I retired at age 56 - now 80 and have enjoyed every minute of it and still do!
- from another Brit expat !
Wonderful thanks for sharing Cheers 🇬🇧🍷🇨🇦🙂
30 days to go, retiring at 62.
Small pension, SS survivor's benefit (widowed at 52). I have enough savings (not millions!) and the house is paid off. Not wealthy, but it's enough. and finally will be in a low tax bracket!! I'm not falling for needing a million and trading precious time for a few more dollars.
If you're in Portugal this fall, we may cross paths... I'm walking the Camino... how's that for launching into and hopefully extending my "healthy, active go-go" years?!?
Wonderful Linda we wish you a happy retirement 🥳 probably not the Fall we go January to March time in Portugal 🇵🇹 Cheers 🙂🌺🍷
We need people like you two and other successful retirees to teach classes at local junior high schools or earlier about basic finance and saving for your future. I know when you are young it never occurs to you that one day you will be old and hoping to retire. But with a little bit of good advice saving for that retirement can be almost pain free if you start early enough. For instance when getting a raise I just automatically put it into savings, and never even missed it. Thanks for another great video.
So glad you enjoyed it yes finance advise should be taught in schools Cheers 🌺🙂🍷
Definitely agree that Tina and Norm and others like them should visit higher schools and colleges across the country. There is not enough education on managing finances for this age group 😁
Being happy with living frugally is so important. You also have to like each other when you are spending so much time together. Cooking your own meals, grocery shopping together. Doing a budget together and sticking by it. And health of course....
We are best friends too Sandi and always have been , agree it helps thanks for watching Cheers 🌺🙂🍷
Happy hour helps😂
Another great video guys. Now in my early 50's, with my wife just over three years behind me, we have been really watching our investments and spending. Our passion is travel, and we love the idea of setting aside funds for 10 years of active travel in retirement. We are also going to partially retire, and fund travel and normal living expenses with that income for 3-4 years while not touching our investments. You guys are not only a valuable resource, but an inspiration.
That is awesome! sounds great Mark we set a travel budget of $25 K a year for 10 years , but although yes we pulled from that in the first 5 years it has got topped up so it’s no big deal . Thanks for watching Cheers 🍷🙂🌺🍻
Our 'retirement' story started way back when I was 22 I guess (now 67). I bought a little house at 22, and my wife did the same (didn't know her then, this came to light once we'd met). Anyway, sold the two houses and bought the next house, mortgage free (the best way to save!), where we lived for the next 26 years. Came time to downsize and we were lucky enough to get an old property right near the railway station, trams and buses (approx 10 k from Melbourne CBD). Over the next 4 years, I designed a new house, then we got it built, selling the old house off the block, but during this time our current house doubled in value, whoopee! So ended up getting our new house more or less for free! The new house (now 14 years old) is only 3 bedroom, but with a ginormous garage (not apartment people, as I need my big garage) for our 4x4 and caravan, which we use to tour around Australia (usually for 6 months per year), crisscrossing the country along all the iconic back roads and dirt roads of the outback.
The house is designed so we can travel without coming back to a jungle. It is on a small block, no grass in the backyard, and very small nature strip. We've travelled O/S a couple of times and are going to Iceland and Europe next year for a few months. I retired at 57 and my wife at 60 (we are same age). We both had pretty good super (superannuation they call it here, like a pension fund I suppose). We are doing pretty well even though we also only had 'middle career' type jobs. (me, electronics, wife programmer). We don't qualify for any sort of pension from the government except for the seniors card where we get public transport concession and free travel on weekends. The caravan has turned into a hobby where I have designed the solar controller and battery management system, etc for off-grid stays plus lots of other stuff. My wife has taken up geocaching, so I spend a lot of time ferrying her around getting these cache things (it's a world wide thing). We use to have two cars, but only the one now. Apart from when we are towing the van, I really only use it for trips to Bunnings(like Home depot). We tend to walk to the local supermarkets. Good bit of advice re healthy retirement; don't get fat! There are many cafe's around here, so resisting temptation is difficult!
I don't subscribe to many of these channels, but your easy chat-type-style is pretty good, well done.
Thanks so much Graham and welcome to our channel , sounds like you are both enjoying being retired too which is great glad you like our videos have a great week Cheers 🇦🇺 🍷🇨🇦
Everyone’s plan going forward in retirement is based on one important issue, health and the money to support “ surprise” issues. You can only be prepared for so many things.
We agree Barbara
10:50 , 100%, I advise my clients to max fund their TFSA, and stop RRSP contributions unless they can show me they need the income deduction. Once in retirement, and after age 72, RRSP converts to RRIF and you are forced to withdraw funds, adding to CPP, OAS, GIS thus increasing your income and tax liability. TFSA and Permanent Tax Shelter (cash value life insurance) are the only tax free growth vehicles Canadians have, few utilize them to their full advantage.
Passive income is a wonderful thing, congratulations on the hard work you put in to generate this wonderful personal pension fund!!
Thank you Ray Cheers 🌺🙂
Another no-nonsense, sensible episode. While our path is different from yours I always learn from your story.
Thank you.
Your very welcome Randal Cheers 🙂🌺🍷
You two are my favourite retired couple. Thanks for all the tips and tricks. I’ll be 50 next year and looking forward to retirement freedom. Cheers from Vancouver.
Thanks so much you are very welcome hope we are giving you some tips Cheers 🍷🌺🙂
Wish I had known all this in my 50’s! Now in my 70’s but am debt free and have some income from the sale of our house last year. Living as frugally as possible and hope the money lasts until I am called home. Thanks for the advice.
Your very welcome 🙂🍷🌺
Thanks so much for sharing your retirement preparation story!
Amazing tips on how you funded your retirement.
You are so positive in your strategies and thinking!
You make it look like it’s possible and that we are capable of retiring without living in fear of not having enough money to support ourselves and live the life we want to live within our means. Better yet, you show how we can live a comfortable life we like and can enjoy.
I’m sure many people including us, are learning with your experiences and lifestyle.
Tina, it’s so wonderful how you and Norm met in a photography class and he’s still going strong at it!
We don’t need a million dollars to retire, but this video is worth that much, or even more! 😊
🌷Sam
What a priceless comment 💎 Sam thanks so much for sharing and we so appreciate your support of our channel have a wonderful week Cheers 🌺🥂🙂
What a great comment
Yes it was Robert 🌺
Great information shared, many thanks! God willing my husband will be retiring in 3 and a half years, myself in 4. Can’t wait!!! We paid off our house years ago, setting up for future. 🙏🏼🇨🇦
Wonderful! we wish you all the best 🙂
Another good lesson for pre retirees. We too were laughed at when we moved into an apartment. Now we are the ones laughing.Lock the door and leave and on return no lawns to mow, gardens to tend and safety in the building. For many this may be a 'if I knew then what I know now!' after your video. I hope this goes viral and those needing these tips get onto it. Have a great week back at the apartment. 😎🇳🇱🙋♀🇳🇿 🍷🌞
Thanks for the nice chat Norm and Teen! Keep well and stay safe!
Tina and Norm, thank you very much for your videos. I'm 34 and learn from you a lot!
Our pleasure! Thanks for watching 🌺🙂
You have changed our lives, you still inspire me with every video.
Wow that is awesome Debbie we are so glad to hear that , it makes us so proud to keep doing our videos to help others Cheers 🌺🙂🍷
What a great video! We are mid 60s, still trying to sell our business so we CAN retire, but paying down all our debt (just a car & a camper). You give me hope that it IS doable & we can live well in retirement. Thanks!
I very much appreciate your openness and transparency, Tina and Norm. Thanks for all the hints!
Our pleasure! Cheers Eva 🌺🙂🍷
Hello. Thank you for elaborating on your personal story. It's generous of you to share this information. Love seeing you guys more than once a week. Keep it coming please! Cheers from Saint John, NB.
Our pleasure!Thanks for watching Cheers 🙂🌺🍷
Best retirement videos on utube you two are great. I'm now retired and would advise everyone to retire asap I don't need to but i consider renting out my guest house that is in my backyard for extra income since i love where I'm at and I'm debt free. I don't have much money but if i live frugally like you i can enjoy everything i need with 1 or 2 small vacations per year. Plus visit kids and dad as i like
As someone in their early 50's I so enjoy your videos!! They informative and just as importantly so encouraging that drives the point that we DON'T need a million dollars in order to retire.
Thanks Tina and Norm!! 😊
Glad you like them!
Hi Tina & Norm good to see you both again I think it’s excellent that you are making people stop and think 🤔
Plus with some sensible planning they can do a version of what you’ve achieved.
Well done and thanks .
Regards. Christopher Barker
Great to see you Christopher glad you enjoyed it Cheers 🇬🇧🍷🙂🇨🇦
Tina and Norm, you are my retirement living goals ❤
Thank you 🌺🙂
Another informative video for us oldies. It's a very simple concept, but difficult for some to grasp. This message will help those who are seeking good sound advice.
We hope so Marie thanks for watching Cheers 🙂🌺🍷
Just shows what can be achieved with a little planning
Absolutely, thanks!
Hi am new and I watch like three video’s absolutely excellent content am 63 and retired but always looking for good pointers thanks also Beautiful pic of you all looking forward to watching all of them and getting caught up !❤️😊
Awesome, thank you! and welcome to our channel 🍷🌞🙂
LESS is MORE ! Agreed!
So true thanks for watching Cheers 🌺🙂🍻
@@ThisIsOurRetirement 🥳
“It’s a mindset.” Absolutely. And adopting thar mindset earlier rather than later reaps great rewards!
loved this video on all accounts. I appreciate your comment about being happy with where you are in life. How to WORK for what you want. How to enjoy life with what you have. And yet, you still both appear to have a great life and retirement, with travel and lots of things to keep you entertained and on-the-go. Such a great example for all of us hoping to be there in another few years, and beyond. Thanks again, Craig
Your welcome Craig glad you enjoyed it Cheers 🌺🙂🍻
Thanks for this interesting post. I really admire you two, and the way you have been so astute regarding your $ and retirement. Good for you. You certainly have worked for, and deserve, your good life.👍
Our pleasure! Thanks so much Jo have a wonderful week Cheers 🙂🌺🍷
Great advice! Can you talk about how to keep house plant alive? The tree in your room looks divine to me. In the meantime, my cactus died. 😢
Thanks for admiring our plant Heidi we love it because it’s not real it’s plastic ! ( that’s the secret when you travel ) and we bought it used LOL 😂😂 Cheers 🥂🌺
Great approach to your finances. It scares me to see how similar our approach has been with the exception that we have defined pension plans. Being debt free is a biggy. We still have our house though and are finding maintenance expenses to be quite a drain. Well, some good lessons you teach Tina and Norm. If only our schools could instill them in future generations. Thanks !
You are both inspiring. I too am planning a very frugal retirement and it’s nice of you to share your story. It gives me hope that it can be done regardless of the naysayers.
Glad you enjoyed it we wish you a great retirement Cheers 🙂🌺🍷
Oh my gosh Tina, thanks for sharing the picture of your youthful self, such a beautiful young woman, and norm, you did have hair, never would have thought so. Take care guys.
You are so welcome and yes Tina fell in love ❤️with Norms long hair Sue Cheers 🌺🙂🍷
Tina, Norm. I am sitting here with my morning cuppa watching you thinking wow, not only is the content great but the delivery to camera is special too. Thx for all you do. 195 working days left for me :)
Countdown to retirement congratulations 🥳 that’s awesome Cheers 🥳🍷🌺🍻☕️
Love this video! I’m 57 and planning to retire at 62
Wonderful retire as soon as you can Shawn it’s the best ever Cheers 🌺🙂🥂
I Love your show. I wait each week for your newest video to come out and continue to review some of the more poignant shows based on my particular needs. Right now I have watched and re-watched episodes where you discuss moving out of your home and into an apartment. I hope to retire in 6 months and plan to rent out my house, using the income to travel the world for three to four years . Although I could afford the purchase of a condo I agree with your assessment that an apartment will free me from the burdens of home ownership. . I especially hope to emulate your life of coming home from long weeks of travel and walking into my downsized apartment with all my familiar belongings to greet me..Your tips on knowing what to look for in obtaining an apartment were very helpful. I am making my list and checking it twice as I start the process of finding the right apartment to meet my needs. Your show offers such reassurance that I can make this big move. Thank you
That’s sounds wonderful we are so glad that we have helped in your retirement decision, and yes we love coming back home to our apartment good luck 🌺🙂🍷
Another option is putting cash into a high yield savings account, these days the online banks are giving 5% on the high end while not tying down funds. The percentage can flux but no risk and paid monthly. Worth a mention at least until world interest rates come back down. Love your chats
So great to hear you two did the plan successfully, the same plan my husband and I decided on 10 years ago. I retired at 55. He is semi-retired at 66. He works 3 days a week. We are debt free, mid-low income, no rrsp, no company retirement plan. Just invested wholly in our home and cabin properties. 👍❤
That is awesome! thanks for watching Cheers 🙂🌺🍷
The consideration now is that the US (not sure about Canada) is in a housing bubble with a debt driven economy where interest rates are high. If retiring soon, maybe selling a home to get the greatest equity while prices are high. Some experts in the field are expecting a 20% drop in housing values (U.S.) in the next couple of years. Just a thought.
It’s exactly the same in Canada 🇨🇦 if not worst Wendy thanks for sharing Cheers 🇺🇸🙂🥂🇨🇦
Passive income streams are great as is living frugally. We live frugally and manage to have a very comfortable life on a modest income. Heck, I even sold one of the yachts last year to simplify our lives. It turns out that only having one yacht isn't that much of a hardship after all. Being debt free is the key to a modest cost of living. Like you, we haven't touched out savings.
It’s amazing not having to touch the savings Todd Cheers 🍷🌺🙂
Thanks for all of your advice! I’m 43, and trying to employ some of your strategies! Sharing a car, investing in the tax advantaged accounts we have in the US. Glad to hear your perspectives that it’s possible to travel and retire early without millions of dollars!
I live frugally. My biggest concerns now, and in my future, are high rent costs, and figuring it out on a single income.
I think if people have their housing sorted, and can share their income with a partner it can really put you in a good place.
I love your positivity. You have a lovely energy together!
My wife and I watched this together. It is very helpful, thanks so much. Blessings, enjoy!
Stock photography to RUclips videography..I can see the natural transition. The best strategy is your attitude to handle just about anything…together. Cheers
Enjoyed the video. Debt is #1 impairment to a good , early and comfortable retirement. Between saving / investing in good vehicles / having no DEBT / our good government pension benefits / and maybe even a company pension will make for a peaceful retirement. Health of course is # ONE. Living frugally is most important all along your life and then you will be surprised at how well you make out in retirement. Retire as early as you can as the stress at work and will definitely affect your health.
I bet many of us would love to see some of Norms photography work!!
I agree!
It just isn’t what this channel is about
I love your content and thank you so much for sharing your story. It is very inspirational, and it validates that I am in the right track. I am currently 56 and planing to retire at 62 when I get to collect social security. Thank you again!!!
You are so welcome! glad it helped Cheers 🇺🇸🍷🇨🇦🌺🙂
I have been retired for three years and have been suprised at how easy it is live on CPP, oas, and GIS as no mortgage or any debt makes costs really low.
Isnt it amazing that’s how we feel too Cheers 🍷🌺🙂
That was a very encouraging video as I approach retirement, thanks for sharing practical real life experiences.
Glad you enjoyed it Peggy have a wonderful weekend Cheers ☕️🙂🍷
Loved todays video guys. It’s great to see people retired and happy and stress free. I’m with you, I don’t think you need a million to retire. If you prioritize becoming debt free and getting away from a materialistic lifestyle then early or standard age retirement can work. I am debt free and try not to over spend (except clothes are my downfall) but I am working on that. I believe it’s called buying for your fantasy life 🤣🤣 I would love to know how to get started in stock photography norm as my DIL is a great photographer and I have suggested she try that but she is not sure where to begin. Keep the videos coming, this ex pat living in the US thoroughly enjoys them 😁
Thanks so much Colette have an awesome week Cheers 🇺🇸🍷🙂🇨🇦🌺
I enjoy your videos, and thank you for the 'food for thought.' I appreciate learning about the choices and strategies that worked to help you create the life you want to live. You've helped me to think outside the box as well!
I really appreciate you sharing your story that enabled your retirement plan, both the anticipated issues and the learned later things because of circumstances, you make a great argument that everyone can retire earlier in life. Since I retired a few yrs ago I’ve learned that many of the things I had thought would be needed actually were unnecessary. Like you said, being more frugal actually is more freeing, especially allowing for doing activities like travel. So thank you once again Tina and Norm … you folks are the best.
Your very welcome Bruce we appreciate your support Cheers 🇺🇸🍷🇨🇦🙂
We got rid of our extra car also when we both retired and have very very rarely missed having an extra car. We just bought a new to us used car last year after my mother in law passed away and we received some money. We purchased a used travel trailer also and are having fun! Our previous car was a 2006!! Very low mileage but we didn’t feel comfortable pulling a trailer and travelling with such a older vehicle. So -- you guys are doing amazing and I’m pleased I have found this channel. Lots of great helpful info for us retirees.
I just subscribed. I love listening to you both for you are constantly sharing your experiences in retirement life. I am in my nearly 60’s and planning for my retirement. Your topics has help me put my plans together. Thanks for sharing….
Awesome! Thank you!
Thanks Tina and Norm for the the great advice and encouragement. God Bless you both and take care!
Our pleasure! enjoy your weekend Dennis Cheers 🌺🙂
I’m trying to get there! You all give me hope!!!
Thanks we hope our ideas will help you 🌺🙂
Living frugally gives me such peace of mind. Now I want out from under my underperforming mutual funds. Then I’ll be blissfully happy! Great video. Good to see you both looking so well.
Security comes in now what we have but what we can do without. As the son of parents who lived through the "dirty thirties" that philosophy was instilled in we kids. Dad always used to say there was plenty of money for the important stuff. My wife and I are now in our sixties making the most of our retirement but still fine tuning our priorities. Last year when we retired it was hard spending disproportionally say, for the first five-ten years versus say when we are in our seventies and potential health concerns may arise. Tin and Norm, your video's are brilliant but I wonder how the generations after us will manage through retirement without being exposed to the disciplines of our parents generation. By far this was my favourite video. Both you of take care.
Love the video. We don't have a big income but my wife does have a part time business. As I he said many times we now have a two slice toaster instead of a 4 slice.
Glad you enjoyed it Denis Cheers 🍷🌺🙂
Not one cut in this conversation. 16:21 all the way through. Thanks, and cheers to you both.
Thanks for listening Randy glad you enjoyed it Cheers 🍷🌺🙂
This might have been one of my favourite videos. I like hearing your backstory. Thank you
Awesome, thank you! 🌺
I am allergic to debt. The TFSA is the best vehicle for your investments for sure.
100% we agree 🌺🙂🍷
One of your best videos …thanks for sharing! Your story is very similar to my wife and I…makes me feel I’m doing something right!!😁
That is awesome! thanks you Cheers 🙂🌺🍷
Hey 👋 Tina & Norm!
Thank you for sharing. You made some great decisions to provide for a happy retirement. Life is good!
Our pleasure! lovely to hear from you Eric Cheers 🇺🇸🍷🙂🇨🇦
"If you are 60 years old then you likely have 1,000 weeks of healthy active time, putting retirement off for more money is throwing time away, your best years of retirement are now. Here is our story to share some practical ideas of how we financed early retirement, ways to generate income in the early years of retirement before you collect Social Security or Canadian Pension Plan." Absolutely great advise! We began traveling on this advice while working our side business. #RetireEarly #DebtFree #LessIsMore
It’s a thing, don’t procrastinate
Was inspired by your channel a couple years ago and sold our GTA home last year to rent or move to LCOL Calgary. It didn't go exactly as planned and I'm stuck in GTA for at least another 10 years, but still have the house money so still able to stay early retired... Also following your "retire poor" plan. Going to melt first my non-registered, then RRSP. TSFA is maxed and I plan to grow that and hold off drawing too much from there... Will also take CPP early and plan to qualify for GIS... Also still driving a dinky Yaris... Lastly, hoping to find a similar apt in South Western Ontario if I'm not able to move out west. Brantford seems nice and I have friend that moved out there. Can't beat Banff mountains but I go wherever my daughter wants to follow; hopefully can convince her to come with me out west when she's old enough.
Sometimes plans don’t go right first time , lots of apartments in Southern Ontario with rent control good luck 🙂🌺
Always learning from you both. Thank you so much!!!
Our pleasure! thank you 🌺🙂🍷
I enjoy watching your videos. As a Generation X am about 15 years behind you. I could retire now, but really don’t want to as enjoy the challenges of my job and contributing to my excellent employee owned company. I do have some different dynamics with my 25 year bride being 5 years younger than me. Also managing U.S. healthcare care insurance is a significant issue. Glad you have creatively made your retirement work!
Thanks for sharing Cheers 🇺🇸💰🍷🇨🇦
Hey Tina/Norm. You two inspire legions of others to follow possibilities they may not have considered before.
A few questions that you are under no obligation to answer.
1. How does rent control work? (eg). Does the tax payer fund the balance. Not looking for an in-depth answer as I can do my own research also.
2. Do you manage your own investments? Which would mean less fees to an Advisor.
And absolutely get debt free and thankfully we have been for 15 years and are still young-ish :) Enjoy the day and keep on thriving.
The landlord sets the price of the apartment when it’s new at market value, then rent control, a Provincial law sets each year the allowable % rent increase. There are no subsidies from the tax payer.
Yes we manage our own investments, it’s another hobby we have. Thanks for watching!
Hi Tina and Norm. Always nice to hear from the lovely Boomers from Canada :). Thanks. Many thought processes I have been through myself you mentioned. And systems are everywere quit similar, although with different name and of course details can be different, especially when it comes to tax benifits.
Some components are personal like the income you could create after retirement. Passive income is something everyone can use. Renting vs buying a property is really an interesting and important issue most people don’t think of. And it is not an easy question, it depends also where you are living ( or where you want to live). Here in Switzerland at the moment it is financially much cheaper to rent a place then to buy in many cases and in the Netherlands where I am originated, it is mostly more interesting to buy then to rent. In Switzerland the rental market is very healthy with much to choose from, in the Netherlands there is a screaming shortage of rental houses. But it is in all occasions an important step that you should think about. Putting your money in stones, or getting a passive income out of that money. Investing money tax free in 2nd or 3rd pillar is also here in CH an option, but you are not able to get your hands on the money before 60 in most cases. In my case my company pension allows me to retire earliest at 58 in two years, so that is the time I stop working. In Switzerland you can choose in most pension systems between income or pay-out or a hybrid model.
Personaly I put in money in the 3rd pillar, since my retirement is just two years away, the tax advantages are bigger than a return on investment in that short period of time. For every dime I pay it is around 25-30% ROI plus we do get a low interest here. Important to mention is that our inflation is much lower then in most countries, coming to our lovely currency.
Although people tent to look only at inflation or interest, I look also at currency rates since we want to go back and live on one of those cute little islands in the Netherlands, changing from CHF into EURO. We like spending the rather cool summers on Texel with longer days and sandy and salty beaches. Avoiding the heat waves from middle and southern Europe we see every year. And start travelling when the temperatures are fine (for us ) and the prices cheap (late September till May.
The Swiss Franc increased in value by 70% since 2008 compared to the Euro and that is also a huge advantage that makes it interesting to have liquidity in CHF. Our first pillars are mainly in CHF and that helps certainly against inflation on the long term.
Cheers, Ronald.
Thanks for sharing great comment Ronald have a great day Cheers 🇨🇭🍷🇨🇦🙂
Hello Tina & Norm. There is no more $1000 a months rent in Canada/Ontario anymore. You have to pay 2k/3k.
Most of the USA does not have rent controls. We could not afford to rent our own house here in California! Luckily just a few more payments to end the mortgage. Renting would not be an option unless we moved to a low cost of living area.
Agree that few RRSP advisors tell consumers that all the taxes they save when investing, they'll have to pay back when withdrawing! Even worse, it can bump you into a higher tax bracket if you need a big chunk all at once. Good on you for seeing that early on.
Thanks for watching Jane 🌺🙂🍷
As a rule of thumb if you're earning
Never carry debt>pay it off monthly (or you can't have it), pay off mortgage (don't mortgage to the max that the bank will allow you), cut costs by not buying what you 'want' , live a 'what you need' lifestyle. Max out TFSA yearly and RRSPs if you can (GIC;s are looking good now). Look into Free activities in your hometown
You got it Sonia Cheers 🌺🙂🍷
Love the old photos of you two! Thanks for sharing how you retired early!
Very good advice but abbreviations are somewhat confusing. Your strength lies in teamwork.
Great humor 😂 we have been experimented on! Hello from Tampa
Thanks so much we really appreciate it Cheers 🇺🇸🍷🇨🇦🌺
Good advice! I hope people are listening and doing what you suggest.
I hope so too!
Thanks for another great video. In addition to being valuable information, your tone and attitude always help me feel more relaxed about early retirement!
Awesome! Thank you! 🌺🙂
Thank you! So encouraging!
You are so welcome! 🙂🌺🍷
Very informative, thank you.
Great info. I am seriously considering renting through retirement. It frees up so much time (and capital). Good for you for making the decisions you did. It's clear you both are doing great ! 👍
You can do it! Cheers 🌺🍻
I’m 54, planning to retire at 59, you two inspire me
At the end of the day the it's about being able to maintain income/lifestyle in the tough times and not just in the good times imo, especially when you can no longer work.
We've had one of the longest runs of stock market and housing increases off the back of money printing and Govt. stimulus which has led to a lot of "bubble" talk amongst many commentators.
Things may continue as they are or they may not.
Also people need to look at their own situation very carefully as well as where they are and the rules that apply there.
What you have in terms of rent control is very unusual, from what I've seen, and if you'd taken the path that you have here in Australia your retirement would likely have looked very different indeed.
The amount of people here that are currently being priced out of rentals and the lack of supply, which looks to be getting worse, is truly scary.
I have to agree with the debt free, more minimalist lifestyle though as it's very very easy to blow through large amounts of money with little to show for it these days.
It’s a shame in Australia that rental rates have been left to soar, there are many low income housing that people need in minimum wage jobs in major cities like Sydney and Melbourne. Without these workers who keeps hotels and working. Governments need to worry for all people.
@@ThisIsOurRetirement Same here in America
@@ThisIsOurRetirement There's many parts to it but one is that the Govt. sort of farmed out providing housing to private operators via tax breaks etc which has fuelled a boom in house sales being helped along by historically low interest rates.
Seems every man and there dog had an Investment Property and you could even buy them in your Superannuation, our retirement savings scheme here.
Now they're continually mucking around with the rules so private landlords are selling up whilst prices are still high and they can make decent returns from the bank without all of the hassle/risk/worry.
Mind you our house prices are still going up and because we don't have long term fixed interest rates like the US people are copping huge increases in payments when they go onto variable rates.
I really don't understand how it all keeps going tbh but it does.
We had a guy here the other day and he said what he thought our place was worth. The number was quite incredible and, if correct, would mean it has doubled in price in about 4-5 years.
We had it on the market many years ago and basically couldn't even get what we paid for it.
Strange times.
Here in Halifax N.S. We are in the same terrible situation of high rents and low supply and your scheme would not work here with rent increases so bad.
thank you for your videos. I had planned to go into retirement at 60, am debt free, had enough in investments. Then a life changing curveball happened. My husband got very ill, which lead to terminal illness. I am now 64 and my life savings are not enough to retire as I need to pay for medical bills and hospital visits. We live in South Africa and the cost of living is very high after the lock down, the flood disasters and the riots. I also have my mother in a care home for dementia/frail.
What I have saved up would not meet our monthly expenses from the pasive income.
I am happy for you both that you can manage your retirement well.
You should mention that everyone should look at RRSP as a pre-retirement fund.
Its a way of funding your pre-retirement years.
So when you go to retire before your 65th you can live off the RRSP money
I'm not sure if you guys still have RRSP funds but the only amount you should have is $2K for each of you for the next 20 yrs!
Why because when you trsf your RRSP into a RRIF you are allowed $2000 tax free every year to be withdrawn from your RRIF.
That's what we are doing is melting down our RRSP and this will fund our pre-retirement.
Don't take the CPP early use the RRSP money!
The information about us is complex, what you suggest for regular people is very valid, however Norm had cancer at 50 and had pretty aggressive treatment, so we felt his longevity was uncertain based on the doctors advice, that’s why we took CPP early and we needed it to add to our passive income to make the numbers work as an early retirement couple.
@@ThisIsOurRetirement Wow I didn't realize that your husband when thru cancer treatment.
I'm glad everything turned out alright, obliviously you guys did the right thing!
Life is too short!!
Norm hope you make it to 100!
All the best :)
Thank you 🌺
Thank you for another informative video and for also speaking candidly about passive income. My husband and I are in our early 50s and hope to retire well before 60. We invested in rental properties in our early 30s when we had the energy to put in hard work and long hours. That investment has paid off as we've gotten older and the properties generate the equivalent of a full-time income.
We once told a financial consultant about our plan to sell our main home when our children were moved out and downsize into one of our rentals to fund our retirement travels and he told us that would never work and that we should invest in "whole life insurance" (so he could make a sizable commission from us). Thankfully we didn't listen to him and chose to keep building out our rental "business" - one of the best decisions we've ever made.
Kudos to you for making simple, practical decisions like eliminating recurring debt and downsizing. We hope to follow in your footsteps and retire within the next few years!
We are so glad you didn’t take his advise , whole life insurance is just awful! your plan sounds great we wish you well Cheers 🌺🙂🍷
We sold the big house when the kids moved out and moved into our rental. Then bought more rentals. It worked well for us. Thanks Bill.
@@williamjones4456 Glad to hear that worked out for you. It’s very encouraging to learn about real-life success stories!
Love the new camera placement. Great topic
Thank you!
Start the RRSP meltdown early and move it tou the TFSA.
Yes!
Wouldn't you still have to pay taxes if you did that? Could you explain further?
Thanks.
Great video Tina & Norm 👍 Happy weekend 🏴 🏴 🇨🇦
Thanks Rachel you too 🏴🍷🇨🇦
Please don't let the "Debbie Downers" about selling your house get you down. Loving your videos ❣
And now I will be redirecting some of my RRSP monthly contributions into my TFSA.
Sound great 💰👍