Our Biggest Retirement Mistakes - How To Avoid Them
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- Опубликовано: 27 июл 2024
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Many people don't think about retirement until it's too late. But by learning about the top retirement mistakes and how to avoid them, you can make sure that you're on the right track. We'll talk about the different types of retirement mistakes and how to avoid them.
Avoid these common retirement mistakes that we made and make retired life more fun and enjoyable. Our biggest retirement mistakes are easy to avoid.
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I'm 70 years old, and retired at age 62. I was ready to retire 5 years earlier. But my finances wouldn't allow for me to retire yet. Those last 5 years were torture. I delivered mail for over 35 years and my body was very broken down. Those 5 years I was part of the mortgage crisis. I lost my home to short sale and lost all the equity I'd previously built. Once my home was sold, I couldn't acquire a new home loan for 5 additional years. That event altered my retirement and living situation course. But I now own a home, it's grown in equity and I'm fairly frugal with my lifestyle. I have no additional funds for travel, but I'm grateful to be living in a comfortable home.
Wow thanks for sharing your story Beverly sorry how things went but glad you have managed to turn things around you should be very proud have a nice weekend Cheers 🌺🙂
"...you can't buy your health back." Wise words, Norm
We think so too ! thanks for watching Susan Cheers 🍷🌺🙂
Tina seem surprised that you ended it that quickly
😂
She did! We are trying new things....unfortunately I hadn't pre warned here....my bad!
I’m painting, gardening, traveling and spending time with family and friends~I don’t miss work one bit! 🎉😂
I plan on retiring next year at age 58. The most surprising thing is family members who constantly say “oh you won’t be able to retire that young, you’ll have to do SOMETHING!”. 🙄
5 months into retirement, I have no idea why I was stressed about this stage of life.
Happy weekend! 🥳
You and me both! have a great weekend Carol Cheers 🍷🌺🙂
The right time to retire is when you no longer wish to work for a living AND you ARE POSITIVE that you can afford it.
But remember, if you leave your job without sufficient resources, you are not retired, you are unemployed.
Very interesting comment 🤔Cheers 🇺🇸🍻🇨🇦
You’re not underemployed just spending too much. There are plenty of RUclips examples of people who adjusted their living to accommodate their income which most people could do and retire today but they don’t.
@@brianasamuels certainly it is not a black-and-white formula.
That end part is very true!
@@pensacola321 it is as basic as simple math. If you have $10 then only spend $10! It has worked perfectly for me for 63 years.
At 65, I’m still not retired. I’ve started easing into the idea by changing jobs a few years ago. I went from being a maintenance manager of a hotel to being head custodian at our school, 228 steps from our front door! This meant a huge drop in pay, but the trade off is not driving 40 minutes to my work place. I’m also enjoying my workplace a lot more than my previous one. My wife’s career has been at home, fostering over 300 children. She retired in 2019. One reason I haven’t retired is we needed our pensions. We have no debt, but still need an income to cover our basic expenses. Now that we have that, I’m looking at retirements in the next couple of years.
We admire your life, and how you have helped so many children, we wish you a well deserved retirement!
I discovered minimalism around 50. Now with all debt gone and minimalism firmly entrenched so I'm not wasting all my money on a bunch of stuff I don't need I'm retired at 55.
I’m on team Norm. Retirement for me at 56 was a no brainer. At that age, I figured I’d earned and deserved it. Plus I have a pension so financially it was doable. And I was debt free years before retiring. I still struggle with de-cluttering and accumulating stuff.
We hear you Murray we are struggling with de cluttering too way too much stuff we have started taking to Good Will Cheers 🍷🙂🌺
I retired at the age of 55. I knew I was ready. I was a courtroom interpreter.I knew that I would have to leave the mainland USA and move somewhere where it would be cheaper for me to live. So, my husband and I purchased a $65,000 house in the mountains of Puerto Rico. It was being sold for around $79,000, but we negotiated the price. It's a 3 bedroom house with land. Mountains are beautiful around here. It caused me to save so much more. The government provides me with practically free health care. Sadly, my husband died in the second year of being on the island. He had been suffering from his health since 14 years prior.
He told me to travel before he died. He and I would like to go away on little vacations with our children. But we had never gone to Europe. So I decided to go on a Mediterranean cruise and my sister came along. I did this 10 months after he passed. I went to Italy, Turkey, Greece, Cyrus and Israel. Then sometime later, by myself, I visited Lisbon and Porto, Portugal. I liked Portugal so much, I went again 8 months after that to the northern part of Portugal (Braga), then took a private tour to Galicia, Spain.
I am now getting ready to go to Barcelona, Spain in Oct. 2023.
I am my mother's major caretaker. She's 96 years old.
So I have dedicated my retirement practically in caring for my mother and dreaming of the next place to visit.
I would like to eventually move to Europe after my mother passes.
We got rid of the debt before retiring. We also got rid of our two vehicles and purchased a nice used car in Puerto Rico, so I have no car note. But I have no regrets in retiring.
Thanks so much for sharing your story Rebecca and we are so sorry for your loss , we do admire you for finding the strength to travel and move on we can’t imagine how hard that is to do .Take care 🌺
Look at house/pet sitting with Trusted Housesitters it’s great fun.
Thanks for mentioning a re-focus on income vs. capital. I never invested or saved very much but between Social Security and pension I will have enough to live comfortably. At 62, I've downsized to the bone, am debt-free with a quail-size nest egg but I can't turn back the clock. Time to stop beating myself up for not putting more money away in the past and accept it is what it is.
We are glad you enjoyed the video, time to get going and enjoy your retirement!
I agree. I mentally knew I was ready to retire all of sudden one day. I retired at 60. Even before I retired, I told people "you will know when you are ready". Summary: listen to yourself. ❤
Great point Monica, thanks for sharing this. 💕
Monica i know i am ready to retire now but i am only 31 years old please help
@lilsaint91 unless you have $500,000 saved, you need to work. sounds like you aren't fulfilled at your job/source of income. Step out of comfort and find your purpose.
I couldn't agree more that retirement should not be postponed if you can swing it. Your most valuable asset in retirement is not money, it's time and health, and those 2 resources diminish quickly as you get older. I'm 54 and I won't be able to retire before age 62 because I started preparing rather late, unfortunately, but 62 is still quite young and I am in great health (knock wood!), so I'm OK with retiring at 62. That said, I certainly wouldn't work any later than that. I hear a lot of people say they need to keep working to stay fit or to stay sharp and this is nonsense, in my opinion. There are a million different activities you can engage in to keep yourself up that don't involve working a job. I will never understand why anyone would want to keep giving their valuable time to a boss rather than spending that valuable resource on themselves and on loved ones.
Great comment we are glad you shared your thoughts, health is such a fleeting commodity as we age…..just the way it is. Great to know you have thought out a plan. Thanks for watching.
❤❤
I have mentioned before that we are retiring and are parents of a son who is disabled since birth. Your videos have helped me visualize what retirement can be. This “million dollar” nest egg is scaring people into working longer. The three of us will be fine. I just worry. We have 50 days left until retirement officially begins. Btw my son doesn’t stress at all about this and told all of his friends he’s retiring too. Lol 😂
Thanks Robin for sharing this and congratulations on your upcoming retirement 👍
Robin if you don’t mind me asking what do you have set up for your son in the event when you all pass away? My daughter has a learning disability and will always be with us and I just don’t know what to set up and I am looking for any advice from people in the same situation thank you in advance
@@heathersteeves9297 Yes we have a special needs trust and a special needs will and guardianship. Probably the most important part is to get guardianship and we have my son’s siblings as guardians also. That way if you should die the state is not making decisions for placement of your daughter. Good luck. I felt so much better after we did this.
Thank you. Yes we have a small mortgage but no other debt ; and are about 3 years from retirement.
❤
Wonderful! lots to look forward to Alison 🙂🌺
🎹 "Regrets, I've had a few, but then again, too few to mention.... I did it My Way" ..🎤🎹... Sinatra
Frank had a great way with words 🎹🎤🇺🇸🇨🇦
I retired at 52 and my husband at 55. We always planned for early retirement. I’ve been retired for 11 yrs and my husband 9 yrs. It has been wonderful and we have never regretted it. We initially travelled quite a bit (all before Covid) and played pickleball and golf regularly. Having the time to do what you want and not be rushing around is the best. We are currently downsizing and moving at the end of this month to a very active 55+ community and looking forward to getting back to more physical activity and social life. Selling your house and moving takes a lot of energy…better to do it younger than older. Time passes whether you do something or not, best to act on your dreams and not put it off. We love watching your videos and agree with your point of view! Keep up the good work 😊
Congratulations on your move and have a great time in your new home!
In semi retirement now- we find a very part time job keeps us sharp, provides a little cushion. And leaves lots of time for travel , hobbies etc. Completely agree about buying back your healthy years!
Sounds great Leslie have a great weekend Cheers 🍷🙂🌺
I always make a cup of tea or coffee before tuning in (today it's 90 degrees, so iced coffee). It's just a little piece of relaxation to watch your videos. You guys are so genuine and sincere and nice. Thanks for being such a great resource.
Your very welcome have a great weekend Cheers 🇺🇸🍷🇨🇦🌺
We are 71 and 70, retired 3 years, just listing the house this week, hoping to sell in a peak sellers market. We are moving to a new apartment building with all conveniences, pool, exercise room, pool table and darts, roof top with gardens chairs tables and bbq, with plans of locking the door and leaving where our hearts lead us for long periods. Thinking about winter in Portugal. We consider ourselves extremely lucky as our investment portfolio will be over $1,000,000 after the house sells. I agree you don’t need this much but it is a relief to have no debt and more money than we can probably spend. Like you, we are frugal and agree with wanting or needing things. Our only need is great trip ideas, please keep them coming.
That’s wonderful we hope you can sell quickly and get on with the new chapter in your lives , we love renting and it gives so much freedom to travel to new places Cheers 🍷🌺🙂
I retired at age 60. I always tell people that when it's time you will know. For me it was exactly that. Just like you work was fun until it wasn't and then suddenly I just knew. It was the easiest decision I ever made and I never looked back. Some people however, identify so closely with their work that they can never see themselves retiring. They feel like they'll be bored play that they will lose their identity I honestly don't even know what to say about that. It is lovely to watch you both give your perspective on all of these issues.
Thanks for sharing and we too are so glad we retired when we did Ed Cheers 🍷🙂🍻
Hi Norm and Tina, I haven't commented before but I thought I would with this video. My husband and I also use the want versus need in our lives. We are debt free and we did plan on retiring at 56 and 54 but on the west coast where we live housing is so expensive so all of our adult children are still living at home . They pay rent to us but it's nothing compared to what they would have to pay here in the city. We planned to sell the house and downsize but we have decided to help them for a few more years to save and finish with their schooling so we have put our plans on hold. We have made the decision to work part time so that has helped tremendously but the dreams of travel and not getting up when the alarm tells us to is something we can't wait for. I enjoy your content and you are helping a lot of people I'm sure.
Hard decisions these days where families have to help each other out by staying with each other , our adult children are both out on their own but we imagine it can be hard . Those dreams of travel will come hope it’s soon for you Cheers 🌺🍷🙂🍻
The run up in the housing prices over 2017-2022 allowed me to retire comfortably at age 67. Like you guys, I always saw my house as part of my retirement plan. I would have liked to retire earlier but that jump in my home equity really helped a lot and I'm in good shape physically and financially (touch wood) and working until 67 was not a problem. I'm single - maybe if I was married, it would have allowed an earlier retirement. But I'm just grateful for everything these days.
Sounds great have a wonderful weekend Cheers 🍷🌺🙂
Hubby and I always had an equal mindset that we were retiring as soon as possible. Used cars, paid house off, no fancy trips. So when our Fund manager told us it was time we jumped at it at 59. Our problem now is getting out of the "scrimping" attitude. We have to tell each other to spend that money we saved. So more fun trips. More adventures for us. Thank you both for your insights
It is hard to move from saving to spending mode 💰we too find that difficult, glad you are enjoying your retirement Patty Cheers 🍷🌺🙂
I retired at 55, and could not wait. I wanted to retire at age 18.
The moment I knew I had enough money to make it to 65 prior to Social Security, Medicare and pensions beginning, I jumped out of the grind.
That’s awesome 👏 Cheers 🇺🇸🍷🇨🇦
I would have to go back to work - no.
You guys are a wonderful couple and give great advice.
For those of us in our 60s and retired the big issue is as you mentioned separating our needs from our wants
I used to be a hard working social worker in the UK and while I enjoyed the job I was stressed out with high blood pressure.
Then at 60 (I wish I had done it at 55) I took my small private pension retired and looked for a country with sun that I could downsize and enjoy the rest of my life travelling more.
Initially it was going to be Portugal (that was how I came about your channel) but with Brexit I decided that being of African descent I would live in different African countries for several months at a time.
With decent renting properties at less than $250 per month I was doing OK. Now I've turned 67 and getting my UK state pension.
I can afford to travel around Africa more and even back to the UK and Portugal twice a year.
And all that came about when I asked myself if I really needed to stay in the UK or should I look for a cheaper country to live where my pension goes much further.
Obviously I'm lucky in that I'm relatively healthy and that I don't need too many material things.
Sounds like it is working for you and we are so happy for you thanks for sharing Cheers 🌺🙂🍷
I retired late until age 75, but my family have long life records, father passed away at age 102, I am going to have 20 years of travel without any burden financially , that is the plan, hope the best
This video really spoke to me. I retired within the last year at 55 after many years of sacrificing income potential in exchange for a pension. Now I'm in the process of selling my house to give me a boost until I either move to a less expensive area or qualify for social security. I'm spending a lot of time most days working on downsizing and will soon be digitizing old photos to share with relatives. I'm also enjoying some traveling and plan to do more.
The most surprising part of the process is how many people, including good friends, have subtly or explicitly discouraged me from retiring and encouraged me to get at least a part-time job soon, and have discouraged me from selling my house. It feels like they want me to work until I drop dead and then have to get taken from the house feet first 😀! But so far I have absolutely no regrets. Thanks for your wise perspective.
We do understand how you feel Beth , we had friends who thought we were crazy selling our home and renting but were we right and they were wrong ! On downsizing we didn’t do enough should of got rid of way more stuff , ( which is in the apartment and needs to go ) we wish you all the best Cheers 🇺🇸🍷🇨🇦🙂
I know what you mean. I have a cousin who said to me that I'm too young to retire at 54. I thought that was nervy.
We travelled so I wasn't bored. Maybe People fear boredom. Or not having enough money.
I have a strong chance of getting early dementia so I’m going to travel and live life now no one is guaranteed tomorrow
We hope not Wendy but do wish you well and many safe travels! ❤️
I’m 45 and looking to retire before I turn 51!!! 🙌🏽
Awesome good luck!
It’s so nice to see you guys every weekend. It’s some thing I have been looking forward to each week. Cheers to every weekend ❤🎉
Our pleasure! we appreciate your support Heidi Cheers 🍷🌺🙂
My husband, 58, retired at 56. I just turned 50 and am looking at retiring at 52 so that we can travel together. It's definitely more of a challenge when there is a large age gap, but we can do it financially and I can't tell you how much I am looking forward to 2025.
That is awesome! Great decision Carrie we wish you both all the best Cheers 🌺🍷🙂
Don’t put off what you can do today for tomorrow. Retire now and enjoy your life.
@@wendellmonster6179 I would have retired this morning before breakfast! We have rental properties that are all coming up for renewal in 2025, so the plan is to sell them and hit the road in our RV. Bye bye mortgages, insurance premiums and stress. 😄
I just got home from visiting family in Alberta. While at the Calgaru Heritage Park there was a display of propeganda ads from WWII. One that stood out was a puc of a big white elephant with a For sale sign on it. A sharp dressed couple looking up at it. The poster said "If you don't need it, don't buy it!"
Im going to print that one off 😅
That’s very cool thanks for sharing Cheers 🌺🙂🍷
The Tina & Norm team makes great advice as always! Thanks.
Our pleasure! have a great weekend Edward 🍻🙂🌺
Great video! I retired from the government at 51 and I won’t be able to receive my government pension until I’m 62. I have rental properties and I manage to get by just fine. As I get older, I’ll be able to draw from my pension, social security, union pension, and 401k, so things will only get better as I get older. I finally have my wife convinced to retire early and we have 8 months of travel already planned for next year. So many people wait too long to enjoy life and they never do.
Sounds like great plans James we wish you lots of happy memories Cheers 🇺🇸🍷🇨🇦🙂
A very insightful video by you guys! Some very good lessons about the timing of retirement but also more broadly about how our minds work and can hold us back a bit sometimes. I'm in my mid-60s, still working and not in need of more funds, but enjoy your channel for the common sense you bring to it and the proof you provide that loads of cash are not required to lead a meaningful and joyful life!
Our pleasure Thanks for watching Francois Cheers 🍷🌺🙂🍻
Thanks, Tina and Norm for the very practical, useful and firsthand based advice!
Glad it was helpful!
Another great video and excellent advice. We retired last year when hubby was 63 and I was 57. I still worked occasionally teaching art workshops but I am pretty much done now. We had 2 great road trips to Florida so far -- both one-month leisurely journeys, and our 3rd will be in September. We spend the summer being seasonal off-the-grid homesteaders at our cabin near Haliburton, raising chickens and gardening. Our special needs adult son has a summer job here for which we are grateful. He travels with us on our road trips. So far I'm having a harder time in retirement than my husband. He was ready to leave work a year earlier. I can't get out of the 'work' mindset.
Norm, I will nag you to teach us about stock photography until you make a Skillshare class for us to take!
Have a great weekend.
Sandra
Thanks Sandra the stock photography is declining, we pivoted to RUclips
Beautifully coordinated today you two. Love everything you share about retirement. So helpful for others. It’s not just about the money, your health is a top priority. Keep up the good work. 😘😘
Thanks so much Louise! 💕❤️😀😀
Great advice, Tina and Norm. We are trying to do the same. Retirement will be soon for us and we will take this advice to heart.
Best of luck! hope it’s soon Cathy 👍🌺
Spot on video! Thank you! I’ve loved my job “until I didn’t” when I decided that I am done (and I still work) the focus was how every bit of income I have right now will be toward what retirement will look like. We have been out of debt for quite some time, including the house, and the last thing left to work on was the health care prior to 65 years old… here in the US. But I see the light at the end of the tunnel within the next few months! Thank you so much for the information!!!
Thanks for watching have a wonderful weekend Cheers 🍷🌺🙂
Well said. Time is one entity that nothing can buy. Everything else can be bought. So, watch for the time left when one is healthy and can enjoy the world. Thanks for the video.
Thank you again Norm and Tina for sharing your thoughts on this subject. Love listening to your vlogs, It helps me gage where I am at with my journey towards retirement. Only 5 more years. currently age 56 and at 62 I will start the remaining of my living years.
Our pleasure! sound like a great plan in place we wish you all the best Cheers 🍻🙂
Love your videos. I’m 60 1/2 and do not have a lot of money in my 401k. Trying to work until I’m 62 but here lately “I’ve had enough”! Thought about working part time and only taking what I need to live on from my 401k until I can get my SS at 62. Spoke to my financial adviser this past week and he basically said “I’m sorry but you need to keep working or you will not have any money for your later years”! 😢Hopefully the stress will not kill me first.
Sorry to here that Lisa!
Can you find some paid work that you would love?
Lisa I'm worried that financial advisors often say you need more than you do. It depends on what your goals are but most people can live with less.
Thanks very much for posting
You're welcome have a wonderful weekend Cheers 🍷🙂
With the exception of the Covid period where I lost two years of travel opportunities, I’m so happy I was able to retire “early” in 2017. As you mentioned Norm, when you get to the point where your work is no longer fun, then it’s time to move on. But I understand you, Tina, thinking initially that there was still more that you could do … yet luckily retirement won and I’m glad to be making the most of this time.
That’s great Bruce so happy for you , we are glad we did early retirement in 2015 and haven’t looked back ( we agree we all lost two years of travel due to Covid ) Cheers 🇺🇸🙂🍷🇨🇦
I look forward to your show each week. Love you two.
Wow, thank you! have a wonderful weekend Kristin Cheers 🌺🍷🙂
Sage advice as always! Tina & Norm. Thank you.
Our pleasure! 🌺🙂
Tina and Norm, one thing that I find helps me cope with high food prices, is that I avoid buying baked goods where I can. I’ve learnt to bake simple bread, scones, pizza base, even cheat bagels. I would love to see a video on your typical grocery buy for a week and how you keep costs in control!
Thanks for watching and the suggestion Cheers 🌺🙂
Excellent, as usual, guys ! Thanks. Happy weekend !
Thank you too!
Thank you for your words of wisdom. Like many other who have commented, retirement has to feel right for the individual. Everything you mentioned resonated with me as I listened to you and reflected on my reasons for early retirement a couple of years ago. A good budget is the way to go, and be realistic about needs and wants without depriving yourself of enjoyment and treats.
You are so welcome Janet and yes we agree don’t deprive yourself Cheers 🌺🙂🍷
Thanks for another great video, appreciate your sage advice!
Glad you enjoyed it! have a great weekend Dara Cheers 🍷🌺🙂
Thank you for your sage advice about not being able to "buy back" healthy retirement years. I was shy about international travel early in my retirement (let the money compound, you know). But, you are right: I can't expect that I will be healthy enough to travel as I get older. I will travel now.
Wonderful we are glad to be back travelling and looking forward to being in Portugal 🇵🇹 over the Winter, hope you enjoy your travels 🌏Cheers 🍷🌺🙂
Part of the reason I watch you guys, is because you are the loveliest couple on planet earth. 👍
Thanks so much!
Great advice guys. You can't reach back and reclaim those healthy, vital years. Agree that being without debt is the key to real freedom and being able the right decisions for you. The sooner you can get there, the better.
We totally agree Susan!
Thank you! Thank you! Thank you for that final piece of advice!!
You are so welcome! have a great weekend Kelly Cheers 🍷🙂🌺
Love you guys! I’m 55, and got a package for early retirement. But like Tina, I’m not ready to step out completely yet, even if I actually can financially. So I just took a 50% part time job. Hopefully it will workout and give me time to adjust, continue getting an income and at the same time have more time to enjoy life. I guess we all have to make our own experiences and find what works for our personality and situation. But I have to say that your input and the content you share has been invaluable to me in my process. Thank you and continue your good work!
Your very welcome Natalie glad we have been of help to you retiring Cheers 🍷🌺🙂
Thanks for the video. I always get something out of them.
Thanks Dan Cheers 🍷🌺🍻
Hi Tina & Norm. Been in Canada for 60 years, great country. I'm 65 now and find the winters are getting a little long & cold.
Ready to retire and spend some time in a warmer climate. So I just wanted to say thanks for all the great information, it's
been so helpful in my making better decisions for retirement. God Bless
Your very welcome good luck wit( your plans 🍷🌺🙂
You guys are great. We've been retired for 2 years now and love it.
Awesome Cheryl
I really appreciate your transparency and honesty. I’m 60 and trying to decide when to retire. I like my job a lot, but thinking about the next phase. Great video!
Best of luck!
Thanks for the great tips!
No problem! have a great weekend Dee Cheers 🍷🙂🌺
Thank you so much for sharing your experiences which is so helpful.
Glad it was helpful!
My biggest mistake in the past has been debt. And going into business with debt and family was the worst thing I could of done!! But a consumer proposal back in 2019 was definitely the best for me. I am retired and happy and never want to have a debt problem again!! Thanks so much for your info.
We are glad Patricia that you worked things out.
Great video, enjoy watching you guys
Thanks Chris!
These video's contains great wealth of information. Many Thanks Guys...!!!
Glad you like them!
I appreciate your advice and wish I had found you sooner. I retired 8 years ago and my husband retired 5 years ago. We have enjoyed traveling, but because we are older (70 and 72), we have had some health issues that have interfered with our plans.
We sold our home in 4 days back in June and had 16 days to move as it was a cash full price offer. We have followed your advice and set up our remaining retirement carefully, moved into an apartment that we love, and are settling in for more adventures.
We are also considering getting rid of my car. Thanks again and keep those videos coming.❤
That’s wonderful Patsy glad your plans are working and that you are enjoying your new apartment we wish you all the best Cheers 🌺🙂
This is so incredibly useful. Thank you so much!!
You're so welcome! Cheers 🌺🙂🍷
Great advise and I surely hope you 2 have many healthy years of happiness and joy ahead of you ❤
Thank you 🙂🍻🌺
Hi Tina and Norm. I just crossed 55 in July. And my husband crossed 51 this year. You gave us good food for thought. We have a lump sum inheritance coming, down the road, from my in-laws, they are downsizing, they sold their home in Ottawa and have gotten rid of everything they don't need, and moving into a smaller apartment in a few weeks time, and not in very good health now, and I will take your list to him over dinner tonight. We are trying to figure out when to pull the trigger on retirement for us as well now. Thank you for your insight. Sept 2023.
Your very welcome Cheers 🌺🙂
We retired at 66 and 77. Both ready and had plenty of savings. Life is sweet in our golden years.
Awesome
Thanks again for sharing your experience with us!! Turning 58 in September looking at retirement next year. Great video!!!
Your welcome we wish you well 🍷🌺🙂
Excellent advice again you guys. Enjoy a looong retirement!
Thanks so much! have a great weekend Eva Cheers 🍷🌺🙂
Thanks Tina and Norm. I appreciate your insights and lessons learned. I plan to quit my FT job at 60 and then either do a fun PT job or not work at all. That’s 2 years from now. 😊
Best of luck! 😀😀👍
Enjoy your channel. I retired five years ago at 64. I wish I had done it a couple years earlier. Made exercise and eating better my priority. Much healthier and happier. My wife and I work about 12 to 16 hours a week, make money for road trips and trips to Hawaii to see relatives.
That is awesome! 🙂
Happy to see you guys happy in retirement! It can be a big shift and mentally draining.
Thank you yes we do enjoy being retired Cheers 🌺🙂🍻
A great part of the value of the channel is your interest in myth-busting retirement: taking popular and retirement-industry misconceptions about life after work and demonstrating, from the perspective of two Canadians who are rich in charm and grace, but not wealthy in dollar terms, how you make it work. And you do -- with frequent travel, with the good judgment to buy what will return value to you (the RV), with the business sense and creativity to establish a thriving RUclips channel and sell stock photography. Your example of living well, sustaining a relationship of evident quality all these years, and sharing lessons learned about the practical challenges facing retirees, really does more than even your tips here to dispel the illusions many of us have about this stage in life. (My favourite tip from your list: you don't need a million or two to retire comfortably in Canada)
What an awesome 👏 compliment and comment David Thank you 🌺, that really encourages us to keep making videos hope you have a wonderful weekend Cheers 🍻🙂🌺
I certainly hope you continue to make more videos. With this great wave of retirement among Baby boomers and older Gen-Xers now underway, what you teach is more valuable and important than ever. @@ThisIsOurRetirement
Thank you 🌺
Thank you my husband and are currently downsizing. We will list our house this late summer.its more work but I think a great reward at the end. Thank you for all your tips.
Your very welcome 🍷🙂🇨🇦☕️
Hi Norm and Tina, I would say not many of us born from business educated or rich parents, a manageable debt to retire is feasible towards debt free accordingly. Normally, when you are in a comfort working zone at age around 51-55, not many will think of retirement. It is always good to know earlier about your dream or things you are passionate then respect it before retirement as you will have to work for it before the actual retirement, unfortunately many of my friends aged 45-55 don't even have one.
Thanks Ricky for sharing your thoughts, retirement for some people comes as a shock because it always seems like a long way away until it’s too late.
Love you as a couple. I'm enjoying a glass of wine it's lovely listening to you both speaking about things that I can relate too. I'm 64 and loving not working and finding my self ❤
Thank you so much!
You aren't alone in that Tina. Many are wary of retirement and losing that lifestyle and income.👌
Lovely to see you so early Anita , it is hard knowing when it’s right to retire have a wonderful weekend Cheers 🇳🇱🍷🇨🇦🌺
I agree. The main item in the U.S. that keeps people from going early is the cost of medical insurance. Most employee plans are much cheaper than purchasing independently.
Retiring in 4 months and 18 days, but who’s counting! I’ll be 62 and I’m ready for more my time, family time, friends time. More of the 4F’s Family, Friends, Food and Fun!
Love it ! we wish you a wonderful retirement Cheers 🙂🌺🍻
Thank you Tina and Norm! I am close to retirement age, but I worry about unexpected expenses that may eat up our saving.
We know that feeling that’s why we sold our house and decided to rent it takes all that away no unexpected maintenance or expenses just decide what shall we do today Cheers 🍷🙂🌺🍻
Could I just say, I walked away from a mortgage as well because of all the unexpected expenses of when something goes wrong! Tornadoes ripping trees and roofs, leaking roofs, air conditioners/heaters, hot water tanks, etc! Now I just pick up the phone and call my landlord!! SO much easier as a single lady!
Good advice. The money managers want you to save something like 10x your annual income amount which never makes sense to me given I’d never spend that much money in my retirement. You are in a lower tax bracket, you don’t have work expenses, your no longer saving money, you no longer need to pay social security tax, all of this adds up to a lot less money you will need in your retirement years. Thanks for being honest and giving real information on what you need. 😊
Your very welcome have a wonderful weekend Cheers 🇺🇸🍷🇨🇦
Agree. For me the key was to spend 2 years pre retirement properly tracking my expenditure. I was pretty confident around the regular bills and food etc but there were more "one off" items than I was conscious of 😅
HI Norm and Tina
Many thanks for your wise words on retirement im 6 3 and have been retired a few years ow since my wife past away and like you decided to do some travling using the rental from property as income till im 67 then shall be cashing in and going paces while the body still can
what brought you to my attention was the trip on the clalifornian zephyr we too are going in the a accesible bedroom and found your video really helpfull while planning the journey which we booked 9 months in advance at a great priceso many thanks
david
Sorry for your loss David, we are glad you found our video helpful, good luck with your future travels.
👍👍✌️ Coming up on my first anniversary of being retired. Still doing well financially and enjoying my time.
Happy anniversary, we are glad it’s working out for you! 😀😀👍🍻
I am 69 and still working. May extend it to 71 because I enjoy working and the extra money is welcome in my savings.
Sounds good!
Hi Tina and Norm, thank you for this video. I rarely comment but I watch all of your content and really appreciate how practical you are and that you share your mistakes as well as what you’ve learned and accomplished. I retired 5 years ago at 55 after a long public service career and my husband has continued to work, and like Norm, he’s not enjoying the job anymore so he’s going to retire this fall after 38 years in the grocery business. We may sell our home at some point as it would really help fund our retirement but it’s so darn expensive to rent here in Victoria that I’m not sure we’d be any further ahead. Time will tell. Love your videos and thanks again!!
Same here in Vancouver, rent is outrageous.
An option for you is you could rent out part of your home in Victoria since rents are so high.
That’s great Maureen perhaps you could consider moving to a cheaper area , we moved 6 hours away and so glad we did everything was new and costs were so much lower Cheers 🍷🙂🌺
we moved to Saskatchewan from BC in order to retire last Feb when prices were insane. So glad we did. We don't miss the hustle and bustle of Vancouver
Great video. I'm so glad I retired at 54 as my husband is ten years older and was already retired at age 56. So we were able to travel for ten years until covid. Now at 73 his health is in the downhill so I live in gratitude for our cruising days and some winter months in Arizona and California.
I can relate to the paying off a house mortgage and that being your retirement funds. Unfortunately I had a divorce so that was cut in half. But still good. And I have a small pension from working in my twenties before I became a mom. I have brothers who don't like the word retire. Lol. I think it's important to have other interests besides work. For some work gives them self fulfillment like farmers. It's a big topic. Thanks so much for sharing your story.
Your welcome thanks for sharing yours Cheers 🇺🇸🍷🇨🇦
I can totally relate to Tina. My struggle is my work is my social interaction with society. I have a great friend for a colleague so that is a another issue for me. I don’t identify with the seniors but the mirror tells me otherwise! Also, as a couple we may have enough income but if one spouse passes away is there still enough? There’s lots to consider when going into retirement. Thanks for the talk.
Thanks for sharing!! glad you enjoyed it lots to consider Cheers 🇺🇸🍷🇨🇦🌺🙂
My husband was going to retire at 65 but when Covid hit I decided nope we are retiring earlier. Turbo charged the mortgage and paid it off in a year and husband retired a month later at 62 this year. We have a good pension , savings and I have my own business that I work from home that requires not a lot of time. Best decision we ever made , wish we paid off house sooner even tho it was already a 15 yr mortgage. Completely debt free! Heading off in a few weeks for a 18 day vacation to New England and Quebec City! Love your content ❤
Thanks so much have a wonderful trip Cheers 🍷🌺🙂
Well, not many have those income stream on early 50. In the states, you get min social security at age 62. Plus, medical insurance does not take effect until 65. You are lucky.
From what we have heard can you not get Obamacare to kick in from 62 to 65 🤔thanks for watching Frank Cheers 🇺🇸🍷🇨🇦
Frank it also depends where you work
At age 50 ACA (Obamacare) average cost is $656 per person per month. At age 60 average cost is $994. - google. This is the unfortunate reality in the States. cheers.
@@jackiebennett3762 yes, but most companies have gotten rid of pension. 401k or 403x is provided. However, it is not enough for retirement like people who have multiple pension sources from multiple countries. Most of those who work in the U.S. cannot even afford Obamacare at age 50.
@@frankh.5378 Very true. We are all free, however, to look for one that hasn't done away with pensions. Many government jobs still have have them. When I did work in the corporate world for a few years, in a menial position that required no degree and paid little, but had benefits, I also took advantage of them paying for my masters degree. So it was a trade off to have less for a while so that I could make more later on. Many people focus on salary, when the benefits matter incredibly.
You look forward to doing these video for us. Tina and Norm, I also look forward to your videos.
Thanks Linda we appreciate your support Cheers 🍷🌺🙂
Very interesting video. I can see the emotion in Tina's body language.
Truthful and heartfelt. Hindsight is always winner though.
I struggled with the thought of retirement also hence I still work part-time. I also procrastinate. The future is uncertain so each to their own. Eat well, sleep well and keep fit and if the moneys there relax and enjoy it.
I went down to one car. No mortgage or high interest debt. As humans we are adaptable. The one thing that's certain is there's no certainly in retirement.
Much credit to you both.
Thanks so much!
They have wisdom..god bless Norm and Tine 👍🏻
Thank you!
Very valid points
Thanks
Thanks!
Thanks so much Stephen have a wonderful weekend Cheers 🍻
I am financially able to retire very well (still working at 75), but my biggest issue with retirement is I never developed any hobbies, I can barely stand to travel overseas once in 12 months, I don’t play golf, don’t fish, don’t camp. I don’t have any friends (by design) and I can’t stand my in-laws. Because of my time in the U.S. Army, I eat to live not live to eat; gourmet cooking is not a hobby and I really don’t get turned on with fancy cooking (my attitude on food is probably from eating too many military MREs). Living the life!! BTW, I still meet the U.S. Army height and weight standards (for my age and gender) and can still pass the US Army APFT (Army Physical Fitness Test). So I guess I am plenty healthy!
Norm was a competitive pistol shooter and represented a region in the UK at competitions, have you thought about competitive shooting. Norm recently went with his son to a shooting range to shoot all the movie weapons. Had a blast...literally 😂😂
@@ThisIsOurRetirement
Wow!! Very cool 😎. Before I deployed to Iraq, I qualified as “expert” with my M9 service pistol on the Army pistol range at Fort Lewis (Tacoma, Washington). Colonels O-6) and General Officers in the US Army are issued only pistols because we are assigned a body guard in a combat zone.
We look at consumables and ask ourselves if we are willing to go back to work for it guys 😂😂 Great video as usual and all the best from Lynn and I in Edmonton ❤
Thanks for watching! hope you both have a wonderful weekend Cheers 🍷🌺🍻
At 62 I’m still chasing unicorns but your videos are slowly shifting my mindset. Over the past year I designed and am successfully implementing a plan to pay off all my debt except my mortgage and to pay for several large home maintenance projects (like new roof, windows, siding and deck). I can’t see selling my townhome, though. My mortgage payment is less than what rent would cost in my area and I don’t want to move to a lower cost area because I’m single and my children and friends are all in this area. Otherwise my retirement nest egg is large enough for me to retire now - I just don’t want to be burdened with my existing (but quickly diminishing) debt. Anyway, after the first of next year I will reassess where I am and set a retirement date. The challenge at the time will be sticking to that date and not saying “just 6 more months” or “if I work just two additional years I can buy a vacation home in Italy”. It’s just really hard letting go of a good income in a job/career that I enjoy even though I’m wanting to start the next phase of my life and have the time to pursue various interests (time that I don’t have now).
Thanks for sharing we wish you well with your plans and glad our videos are helping you Cheers 🍷🌺🙂☕️