I remember a couple of sayings that summed this up quite well. The first was to check your diary for the day after you die and the other was to stick your fist in a bucket of water and the hole it leaves when you pull your hand out is the hole you will leave your job when you go. The last place I worked was producing very high value product and we were very good at it. Plenty of people said that they could never get rid of us yadda yadda yadda. One day a toe cutter turned up and gave us a few months to move everything out and that the place was closing down. Probably about a century of history, jobs, skills and generations of workers gone at the stroke of a pen. Such is life.
It always does. I matter who we are or where we work! 😀. Actually- when retiring and you have a good succession plan in place and staff are well trained- if all goes smoothly- it means you’ve done a great job!
I have previously commented on one of your videos regarding how important health is in retirement. My wife has been diagnosed with splenic marginal zone lymphoma which is a rare form of cancer. She is undergoing round 3 of treatment.There is 6 months of treatments. My wife is an ex travel agent and we had planned many trips that have been cancelled due to her illness. Norm you are an inspiration hearing that you have also had lymphoma and recovered well and you and Tina are living your best life. My birthday is today. I have turned 63 and my wife is 61. I hope in the future we can do the same as you guys when my wife in feeling well enough for us to again travel.
Hi Tina & Norm. Long time subscriber, first time commenting. I retired at 50 and the aspect I struggled with was loss of identity. I started looking at rocks aged 7 and grew up to become well-known & successful industrial geologist. Lots of publications and my own textbook. People were astonished when I retired early because I appeared to be living the dream. I did it because the stress and sedentary nature of my Director level job was making me progressively fatter and unhappier. 1st year of retirement lost 25% of my body weight and increased my life expectancy by 20 years. I noticed that when I told people I was retired they would disengage, feeling that there was nothing to talk about. My solution was to set myself up a not-for-profit independent researcher and angel investor in geological research. I was a geologist as a child, as a student, as a worker and now that I’m ‘retired’, I’m still a geologist, and that’s what I now tell people when I meet them. After all, the rocks never went away! I think there is scope of many retirees to maintain aspects of their work identity, just by shifting the focus.
Thanks Jeremy for a very thoughtful comment, we are pleased you have continued on with your passion, Norm has with photography, like you starting as a young boy. We wish you a great retirement and congratulations on making changes to your health.
Yup. Our financial advisor did this for us. After our visit where he asked, "Why aren't you two retired yet?" We went for a cocktail and gave our notices. Never looked back!
Excellent points. This week I met with a former coworker who desperately wants to retire next year at 55 but is scared to take the plunge. I gave her a list of expenses that greatly decrease when you retire such as you can get rid of the second vehicle, less gas and car insurance and car payments, no need of a work wardrobe or new clothes, you can save a fortune cooking meals at home and no need to stock up on groceries that often go rotten because you have no time or energy to cook. You can shop for groceries only as needed and grab the fresh meats and produce that get marked down 50% after the weekend. I retired at 57 and have no regrets. People often under estimate the financial costs related to working.
I experienced observing too many people who waited to do what they wanted til they retired and then their health tanked and they weren’t able to do the things they planned to do. Worse, they died before they were able to realize their dreams. Thankfully, that was one thing I was able to learn from others! Don’t postpone your retirement thinking you need huge wealth in order to retire. Your investments keep working for you in your retirement, even though you don’t have a pay check per se coming in, you will have enuf!! My experience has been the same as Tina and Norm. I am thankful for your experience and your info! Thank you for your honesty and openness!
I recently turned 72. A dozen years ago I cleaned up my diet, lost weight, I go to the gym and am quite healthy. You guys are also healthy, and have money set aside, and that is all good. I have had to care give my parents for a long stretch, and several other close family members who suffered from Obesity, Diabetes, Lung Cancer to name a few. Several others had dental issues that they could not possibly afford to pay for on their very limited income, and suffered a lot of pain. As several other people who commented here, your health is everything! I have known people who were extremely well off financially but never even made it to retirement age. Money can't buy everything. Without your health, we have nothing.
Myth 4: Yes, you are exactly right. The company can and will continue without you. The graveyard is full of irreplaceable people. Thanks for your thoughtful opinions.
I would say that about a year after you leave your job only a handful will remember that you EVER worked there and a year after that almost no one. I was having this discussion with someone whose job was being outsourced and she was being packaged out. She was so concerned about the company saying "I've been here for 15 years doing this job and people wont know what to do when I am gone, they have no idea". I gently suggested it probably wasn't something to worry about and I reminded her of a 25 year employee, one of her coworkers and a senior person in her department, that went through the same thing only a year or so earlier. She herself was shocked that she had forgotten all about him, his role, and his long dedication to the company. That put things into perspective for her. The reality is that once you are gone the company and even your close colleagues move on without you with barely a thought.
I retired 15 years ago at age 63. While I am still active, I agree that it is a downhill slide, a the slide got greased between 77 and 78! My husband and I have taken much of your advice to heart and so appreciate the guidance you have shared on your channel. While we still have a great sense of adventure and love to travel it does become more daunting with age. All I can say is do all you can in those “go-go” years because time does take its toll as we age no matter how hard that is to accept.
Norman, I didn't realize you had dealt with such a serious illness! My husband had a cousin to lymphoma called multiple myeloma. Unfortunately he didn't survive past 8 years but even that was a miracle.. I'm so glad you made it through and you've remained healthy❤ P,S. I think when you go through something like cancer or other serious illness as you have much more of an appreciation of the time you have left.. I think you're doing a wonderful job to encourage people to enjoy their senior ears, and as soon as possible.
You are both real and honest which makes you so enjoyable to watch.I also think I usually wind up learning something new or at least hear a new perspective on retirement related things. Thanks for another great video.
Hi Tina and Norm, "Many a true word is spoken in jest." I sincerly hope that you do not think that you are "the two idots on UA-cam!" as Norm joked in this video. My wife and I have learned so much from your videos. They set us rethinking many of the traps that you alert to (like continuing to work instead of retiriring while you still have mobility) and have precipitated action on our behalf, and I am sure by many others who have viewed your videos. We think that the reason that your videos strike a cord with us is that you are speaking from relevant experience (at least relevant to us....) with no agenda other than making the most of retirement. Many thanks for taking the time and effort to share your experiences and thoughts.
One of the lessons I learned from other retirees when it came to retiring, was 'you can't buy the years back'. I've been retired now for 1.5 years, and I run out of time everyday. I'm very busy and time flies by. Thank you for all your ideas, suggestions and valid reasons to retire.
I've been watching you for a couple of years now - and I have 6 working days to retirement! I've really enjoyed your content and observations on retirement and I will continue to watch as I enter this new part of my life. Thank you both, Tina and Norm, and best wishes from me (English and retiring in Austria).
Very good summary of retirement. You are really on point with all 7 myths and my spouse and I had many conversations on all of the points you brought up. We are pretty much living a similar experience in retirement as you both and had many of the same concerns, which turned out to be unfounded. One point that was extremely important to us before retirement was to have no debt, which took away a lot of the fear of running out of money. Enjoyed this video and I enjoy a lot of your content. Keep it up. BTW .. I retired and took CPP at 60. My father (his health was good) waited to take his at 70 and passed away at 73. I swore that wasn't going to happen to me.
Thank you so much, we agree on entering retirement debt free, it's another stress point along with working. It just felt right to us to take the money at 60, no regrets!
I'm very guilty of doing one more year - this is my second year of it, albeit part time. I'm finally going to call it a day next summer at 59. I have been told be friends who gave retured that you will know when its time- and it now feels time. Thanks for the videos
My husband is 65 and I'm about to turn 61. We spoke with an insurance advisor to learn what our costs would be if my husband retired since I won't be able to get Medicare for four more years, and we found it would be just under $12,000 per year for a BRONZE plan -- the lowest level from the least expensive carrier -- for me here in NJ. The cost is daunting. It's hard to know what to do, especially with the nut back in office for another four years. Anywho, thanks for another great video! But ... where's the rock band t-shirt???
We can’t really understand the amount you have to pay 💰 for medical , it does seem a shame that he could retire at 65 but you are still working for 4 more years .That is time you could spend together 🇺🇸🙂🇨🇦
@@ThisIsOurRetirement Yes, it' crazy, and the incoming president doesn't like the Affordable Care Act, so those rates could be much higher once he's in, or I may not qualify for a plan at all. Even if we knew for sure it would be that amount each year, we could at least put it in our budget. But not knowing makes it impossible to plan effectively. Anyway, sorry to vent!
You both are so right been retired 4 years at 60 I can tell the difference opposed to four years ago still have energy but the older the lesser energy, and the older you get the less you feel like doing you keep extra money It’s not more important than my health and happiness 😊
I love your toothache analogy it's a brilliant description of how retirment has gone for me, i retired at 60 and that was bearly soon enough looking back if i knew what i know now i would have retired 5 years sooner.
Running out of money is a HUGE fear for retirees...but not unfounded, given that food, housing, and other items' inflation have increased soooooo much during the last 5 or 6 years. Items' cost double often. No one saw that coming. So.....the fear is founded and not irrational. ✨😊✨
Regarding Myth # 1 on needing $1 million or more to retire, the most egregious example I recall was Suse Ormond and Kevin O'Leary claiming you needed '$5 million minimum' to retire. Really showcases how the uber wealthy are completely out of touch with the common folks. $5 million in savings: for a modest 5% rate of return, that would yield $250,000 a year! I could retire in Manhattan or San Francisco with that amount! 😀
Totally agree with you. The starting point is what you will SPEND. Then go to a Fee Only Financial Planner and run the numbers. I did it and it gives incredible peace of mind knowing that my wife and I are going to be just fine. My wife and I will take CPP at 70.
Hi Tina & Norm, Greetings from Costa del Sol, Spain. Excellent points! The earliest you can claim social security in the US is at age 62. Since Medicare starts at age 65, you have to buy an expensive health insurance for three years until you are eligible for medicare if you decide to retire at age 62. Medical expense is a big item for some people in retirement, including myself (you are lucky in Canada/UK with your public health programme). Having said that, I retired in 2020 when COVID hit and then waited for my wife toretiret. She retired beginning of 2023 and we never regretted.
Husband and I are 58 now and have been retired travellers for 3.5 years. We sold our business and home in Niagara, ON and bought a campervan and a condo in Mexico 😱 and have travelled the world and now housesit internationally, have a UA-cam channel, film content for our previous profession and rent out our condo when we aren't using it. We are engaged, excited every morning and we haven't even collected our CPP yet! Like you, a serious illness was a bit of a wake up call. Best take the call, reduce your expenses so that you have freedom and live while you can. 🙏🎉☺
Now, I’ve watched the entire vid and am moved to a supplemental comment. I was diagnosed with lymphoma two months ago at 60…and am still processing it. Prior to this, it was CPP at 70 for me. I’ve a bridge benefit to 65 and private resources from 65 to 70, so really don’t need the money. With my diagnosis I am now reconsidering CPP at 65. I’m seeing my financial advisor next month. The problem is with CPP at 65 I’ll have too much money and too much to pay in taxes. Thank you for sharing, I hope I do as well as Norm seems to be. I do try to take care of myself.
I love ❤️ you two. Your observations are so accurate, but now I have more money 💰 than ever. Mind you, a Defined Benefit pension was key for me. 😊 Retired at 57 and time is flying. I am almost 60 now.
I enjoy your channel. We are mostly retired, my wife works two days a week, one from home and can work while traveling. 1. We waited to take SS at the full age. 2 Have a reasonable amount of savings . 3 Our working years yield an above average SS for us. 4. Satisfied a lot of our travel bug before retirement. Probably could have stopped working earlier, but fortunately we enjoyed our jobs. We are satisfied with our position. One financial focus was survivor income (when one SS is gone).
Thank you for following us on UA-cam, you have done well in your retirement planning. The SS survivor is an important area to tackle that too many ignore. Congratulations on being aware.
Retired at 62, just turned 64. Inspiration from watching you two was one of the things that gave me the confidence. Took CPP at 60. Mom passed at 57, one never knows how long is left. My money, I’ll take it as early as possible! Retirement life is great.
So true that the thought of something is scarier than the actual thing in real time. Thanks for that reminder. It applies to nearly all worrisome ideas.
Thank you for sharing your thoughts as post-retirement UA-cam stars! Always enjoy how your videos are like friends having a cup of tea chatting and sharing stories.
This was your best video! I retired 2 weeks ago at 61.5 years old and struggled with all of these. Thanks so much for reminding me why I finally took the plunge.
Revenue streams are far more important than total value. We have seven - one deferred comp - two state retirements - two social security - two IRAs. We now take home more than we did when working.
The two hardest factors in the US are the 1) high cost of healthcare, especially out of pocket expenses not covered by insurance or Medicare and 2) looming reductions in Social Security benefits, expected to be 20-30% by 2034. For those of us over 65 without assets and investments, not knowing what will happen to mandatory government programs we paid into for 50 years is a major worry.
Yes Linda we are very aware of your challenges of healthcare and really feel bad for you, we do get universal healthcare but at a crippling rate of tax. Wishing you well for the future.
Retired on my 54th birthday in the UK and everything you have mentioned is so true. Balance has increased quite considerably these past 2 years, but always worried about a c30% correction in the markets😱. Have built a buffer and working to the 4% rule as a guide. My biggest worry is the UK government and how their decisions can change the impact on your planning overnight! Loving your channel 💚
Thanks Dominic, yes government policy is something of a looming cloud, hopefully it wont change our retirement for the worse. As we age we reduce the about of capital in equities, so have a balance that could survive a correction.
Your best one yet highlighting time and health and new identity after work is the most important. COVID taught me that when you are stuck at home spending only the very basics you accumulate money quickly. My parents spent last years of their lives pretty housebound and never had the chance to fully enjoy the money they earned over a lifetime. Spend it while you can and don’t feel guilty for a second.
Health is wealth Tina and Norm. I retired at 61 due to health and mobility issues and am diabetic. I would have worked a couple years more. I am so thankful to be free from working every day. It's like a gift from above. Coffee time is whenever you like, and NO bosses to bug you! Its great! My only regret is that I'm not able to travel due to health issues. Have a great day! ☕🍷🌟
The comment that you made on spending down your retirement funds, is a very real fact. I have been retired for 5 yrs, although the first 3 yrs. were spent dodging the pandemic, I am amazed at how much money I have. But, when I look at everything, I realize that I don't have the same work expenses that I did, which were a lot, and also, I don't have a car payment, or a mortgage payment anymore. That in itself amounts to a lot of extra income that I think people don't take into consideration, along with the compounding interest from their investments, which when you initially did your calculations were never added in. Also, in retirement, you don't buy as much overall, because you simply don't need as much. From many yrs of working and purchasing items, you have everything that you need in your daily life.
Norm and Tina you make many good points, but people always talk about travel as if you have to wait until retirement to do so. I worked until 65 with no regrets and went on vacation to Europe almost every year since I was 50. If you are working when you are older you probably have accumulated a alot of vacation time and the money to go places.
So true! I’ve traveled for many years and still work. I will not need to travel nearly as much when I retire because of this. Use your vacation! Don’t worry about spending as you’re still working. 😊
Norm and I share a beachy vision. I retired 2.5 years ago with considerably less than 1M and have been quite comfortable ever since. No pension, and have not yet taken CPP. Despite having done more than our share to support the local economy, our investments have also grown. Every time we meet with our advisor, he tells us we need to spend more.
@ trust me, we are trying - we’ve bought new furniture and a big(ger) screen TV, did a full kitchen Reno, complete front and back yard landscaping, bought a new RV to replace our 20-year-old one and near new F250 to tow it with! Now turning our attention to multiple travel destinations as well as more house renovations.
This is a great video with such important topics. I have been struggling with how much money can I spend without worrying about not having enough. At what age is it ok for the principle amount to start going down without having to stress about it. I am the same as you, my net worth has gone up quite a bit since I retired 7 years ago. Even after buying a new car and adding a sunroom at the cottage this year my net worth has still gone up since I checked in January.
That is fantastic Maureen, let’s hope it continues. At some point we will all have to start spending down the principal, that’s where folks talk about the 4% rule (4% withdrawal annually). Good luck.
Love you guys. Could you please provide a critique of your Punta Can't trip you recently took. Thinking of going there and value your input tremendously, thankyou from Ontario.😊
You guys are awesome! I was basically forced to retire at 48 (5years ago) due to health issues. I only had about 200k saved from 35 years of working. Seems like a tiny sum for 35 years,but from investing it all,it has grown and I get around 5k a month in income. It has worked for me because my wife is younger and still working at a job she loves. I think you guys are right to point out that folks can retire on much less than ‘experts’ say.
In the US, Medicare starts at 65. If you retire early, then you need to pay out of pocket for health insurance. ACA can be very expensive. Some can do Cobra but it's limited to 18 months in most states.
@@ThisIsOurRetirement If I could ask you, Do you feel some seniors (60's and 70's) are in a way forced to continue to work due to the fact they are helping their adult children and grandchildren? Maybe some have moved back home again? Maybe, these boomers are making 6 figures and their children are barely surviving on $50k a year. Do you know if this is a thing in Canada or just in the US. I know of 5 at my work (all men) they will never retire due to still raising their adult children. I wonder if its about ego that they are the Hero Dad or hero Grand dad or they are pressured into this way of life. All 5 are making $200k a year and all are over 75. This subject might be too sensitive for a video. I just wonder if you have an opinion or know of Canadians that do this.
My father and mother had some assets and a 30 year pension from the mining company. They talked about RVing for years but they would instead work for a while at Renabie Gold Mines in Canada. At 60 he had lots of money but he felt dizzy. At the funeral people remarked how hard he fought the brain tumors. My wife and I packed it in in our late 50's and the money flow is building with investments . It's people first, money second and things third Suzie Ormon said and if you keep it in that order then you'll be smiling and happy like this couple above.
Another great video. You make good comments on these myths. Had to laugh at some of them, especially Number 4, about being indispensable to the company. 🤣 You did a lot of good planning about the money before you retired. Well done! Glad you're enjoying life, traveling a lot. All the best and carry on!
Your best point always, is that we have our best health now. I too retired early and it was at your encouragement! I'm surprised to hear you don't have in access of a million $.
Hi Norm and Tina: Taking CPP and OAS early at 60 and 65 is smart! Jamaica was great but got sick and almost died. In the hospital now. Take care. Cheers!
@@ThisIsOurRetirement Made it back to Canada. Out now but life will be a little different recovering and staying healthy. I never miss your videos even in the hospital! 😂❤
Thank you both for another great video! I renewed my employment contract to March 31, 2025. You have inspired me to make that my final contract - the organization is having difficulty filling my position but I have decided that they will need to deal with that not me. Plus my husband was diagnosed with cancer and we did some soul searching and decided there a many things we want to do in life - travel, spend time with family, and grow our own food. Health and family are our priorities - and travel of course 🙂
The sculpture was made by a friend of ours , and a group of our friends bought it for our Anniversary we love it ❤️the artist no longer makes it sorry 🙂🌺
Ahhh, found your first response. Thank you for taking the time to do so. My husband wanted to buy one for me. Downsizing to a new condo in 2 weeks. It would have been perfect. Your friends have great taste!
All good thoughts and advice. Maybe my retirement was easier as when in my 20's I backpacked for 2 years through Europe/Egypt did it on a shoestring, picking up odd jobs here and there. Plus when I finally had a working life I was "resourced" 3 times by companies who treated their employes like .. well you know what! So I became an independent consultant, did well but one day realized the organizations I did contracts for were as usless as the companies I was employee of, so I packed it in. You have to ask yourself how much do I need to live on. Oh the CPP thing I took at 65 (even though I was still self employed) because yes you can defer it but you never make up the lost money from the deferral years.
Hi Tina & Norm good to see you both another great video it’s definitely in the planning hope you are both well time to go on holiday 😂 Regards. C Barker
Health, not wealth. We recently completed a retirement plan and were told any work we do after next year we are volunteering. It is still hard to wrap my head around the fear of running out of money
Hi Norm and Tina, would you mind doing a video on what you invest in? Just curious to see… Are you DIY investors? Those kinds of questions. Love your videos.
Hey Guys, about your myths busting.... Health: depending on what you do with it :-) I know a lot of people (some of them my patients whos health in their 70 ties is better than when they were in 50 ties: exercise, healty eating do those things to you. Actually longer years of woring in job of your chosen field do that as well. In my 60ties I dont even consider early retirement as I just love my job. and... After I stopped refined carbs and seed oils cold turkey and doing Ketovore my health is getting only better.
I appreciate the concerns you outlined. I am concerned about some of those very topics, and I trust you both to provide honest answers and directions. Thank you both so much. Tina, I love your shirt today!
Hi Tina and Norm, I love your vidieos, Thanks for making them and putting out very useful topics to help us all understand our paths ahead. I'm not retired yet, but I'm close and maybe will retire at a similar age to when you guys retired (60 or 61). I find your Videos very useful for understanding all the aspects to retirment. I do have a subject that maybe you have done before, but I couldn't find it and it revolves aroung a Health and Dental care plan, do you pay into such plans for yourselves? If not how do you plan for this potentially large bill that may/would occur when you get older?
We don’t pay into a health or dental plan, we were paying dental and optical out of pocket as self insured. Recently our government has passed a dental bill that pays for seniors and low income Canadians, so now we are insured. Health of course is universal here in Canada and we get prescriptions mostly paid by the government (tax payers).
I am turning 60 in less than a week and retiring in April. I am looking forward to my next new job. RETIREMENT. I hear it's the best damn job you can get. Looking forward to sailing and traveling.
All very good points! Generally speaking, CPP + OAS + GIS (if necessary) provides sufficient financial resources for retirement if one has access to affordable housing but not much savings. If one has some RRSP savings, it would make things much easier to manage.
Great myth-busting Norm & Tina! ❤ My wife and I certainly agree with you on this one for sure. She retired from teaching in June at the end of the school year, having just turned 58.🎉 I had been retired for a couple of years already. We are still full of adventure and curiosity and have lots of the energy and health necessary for travel or whatever else tickles our fancy. 🎉🎉 The earlier you can manage to successfully retire, the better!- Mike from Ottawa 🍻🥂🛫🛳️🏖️❤ Ps. Have you ever taken a river-cruise like down the Danube or Rhine?
Also since you have a presence on UA-cam now maybe talk about the pitfalls of a huge RRIF at passing.I know of one estate that got dinged over half a Mil. A little bit of planning and listening to friends (like me)could have saved his kids hundreds of thousands.
Hi Craig, we do a net worth video quite often, we do not share actual numbers but rather percentage growth or losses. Our latest net worth video ua-cam.com/video/2MGDbjnhuXM/v-deo.html
You guys have a very nice channel. I agree very much with this video. You're such a cute couple. I enjoy watching you speak. Obtw im 11 years in retirement, moved to Thailand and traveling around the world about 3 or 4 months per year. And my net worth still grows... but i just cant pay for business class. I just cant :( 😞
Hi David, thanks for your kind words 👍 We are selective with business class, mainly transatlantic overnight flights, it's worth it to us! Give it a try 😂😂
Health issues can really impact the decision to start social insurance. I never intended to start social security or CPP before I turned 70. Then on my 64th birthday I got a diagnosis of leukemia/lymphoma with a 50% prognosis that treatment would work. So I immediately started both my social security and CPP just to be sure that I would get something from the programs. I also started my pensions. Of course the treatment worked, but at the time I didn't know if I would see 65.
Many people are lucky and receive big total retirement payments of over $2,000/month. May they have a great retirement. I am not in that league: my "old age" and "canada pension plan" total $633.77/month ($500 USD/month). And I have no RRSPs. So Norm, you are darned right I am "engaging in the myth of putting off retirement". Am still self-employed at 76, and no dreams thereto! But for those of you making bigger money, or having good savings, Norm and Tina are right: GO FOR IT !
Wow that doesn’t sound a lot , it seems very low we only get half pensions here as we worked in the UK 🇬🇧 but get a UK pension too .Sorry to hear you have to keep working 🙂
I was a valued employee and the day I left work, the company carried on fine without me. That's the reality.
Totally agree people don’t realize this 🍻🙂
I remember a couple of sayings that summed this up quite well.
The first was to check your diary for the day after you die and the other was to stick your fist in a bucket of water and the hole it leaves when you pull your hand out is the hole you will leave your job when you go.
The last place I worked was producing very high value product and we were very good at it.
Plenty of people said that they could never get rid of us yadda yadda yadda.
One day a toe cutter turned up and gave us a few months to move everything out and that the place was closing down.
Probably about a century of history, jobs, skills and generations of workers gone at the stroke of a pen.
Such is life.
It always does. I matter who we are or where we work! 😀. Actually- when retiring and you have a good succession plan in place and staff are well trained- if all goes smoothly- it means you’ve done a great job!
You are.
Exactly, right. I was the creator and founder of my company of 34 years in the day. I sold it and walked out. The company managed to go on.
Read it ,learn it and live it …no truer words have been written
I have previously commented on one of your videos regarding how important health is in retirement. My wife has been diagnosed with splenic marginal zone lymphoma which is a rare form of cancer. She is undergoing round 3 of treatment.There is 6 months of treatments. My wife is an ex travel agent and we had planned many trips that have been cancelled due to her illness. Norm you are an inspiration hearing that you have also had lymphoma and recovered well and you and Tina are living your best life. My birthday is today. I have turned 63 and my wife is 61. I hope in the future we can do the same as you guys when my wife in feeling well enough for us to again travel.
We sent our prayers to you both and hope for a good outcome thank you for sharing 🌺
i have just 7 yrs left till retirement and i have just paid off all my debts this week so happy and relived
That’s a great plan Debbie you are on the countdown to a great new chapter of your life 🙂🌺🍷
Congratulations Debbie! Save up and put the boogie man at arms length, it's worth it.
Hi Tina & Norm. Long time subscriber, first time commenting. I retired at 50 and the aspect I struggled with was loss of identity. I started looking at rocks aged 7 and grew up to become well-known & successful industrial geologist. Lots of publications and my own textbook. People were astonished when I retired early because I appeared to be living the dream. I did it because the stress and sedentary nature of my Director level job was making me progressively fatter and unhappier. 1st year of retirement lost 25% of my body weight and increased my life expectancy by 20 years. I noticed that when I told people I was retired they would disengage, feeling that there was nothing to talk about. My solution was to set myself up a not-for-profit independent researcher and angel investor in geological research. I was a geologist as a child, as a student, as a worker and now that I’m ‘retired’, I’m still a geologist, and that’s what I now tell people when I meet them. After all, the rocks never went away! I think there is scope of many retirees to maintain aspects of their work identity, just by shifting the focus.
Thanks Jeremy for a very thoughtful comment, we are pleased you have continued on with your passion, Norm has with photography, like you starting as a young boy. We wish you a great retirement and congratulations on making changes to your health.
Yup. Our financial advisor did this for us. After our visit where he asked, "Why aren't you two retired yet?" We went for a cocktail and gave our notices. Never looked back!
That is too funny Patty Cheers 🍹🍸🙂
Excellent points. This week I met with a former coworker who desperately wants to retire next year at 55 but is scared to take the plunge. I gave her a list of expenses that greatly decrease when you retire such as you can get rid of the second vehicle, less gas and car insurance and car payments, no need of a work wardrobe or new clothes, you can save a fortune cooking meals at home and no need to stock up on groceries that often go rotten because you have no time or energy to cook. You can shop for groceries only as needed and grab the fresh meats and produce that get marked down 50% after the weekend. I retired at 57 and have no regrets. People often under estimate the financial costs related to working.
Great comment thanks for taking the time to share your thoughts.
I experienced observing too many people who waited to do what they wanted til they retired and then their health tanked and they weren’t able to do the things they planned to do. Worse, they died before they were able to realize their dreams. Thankfully, that was one thing I was able to learn from others! Don’t postpone your retirement thinking you need huge wealth in order to retire. Your investments keep working for you in your retirement, even though you don’t have a pay check per se coming in, you will have enuf!! My experience has been the same as Tina and Norm. I am thankful for your experience and your info! Thank you for your honesty and openness!
So glad we have so much in common Cheers 🍻🙂🍷🌺
I recently turned 72. A dozen years ago I cleaned up my diet, lost weight, I go to the gym and am quite healthy. You guys are also healthy, and have money set aside, and that is all good. I have had to care give my parents for a long stretch, and several other close family members who suffered from Obesity, Diabetes, Lung Cancer to name a few. Several others had dental issues that they could not possibly afford to pay for on their very limited income, and suffered a lot of pain. As several other people who commented here, your health is everything! I have known people who were extremely well off financially but never even made it to retirement age. Money can't buy everything. Without your health, we have nothing.
So true Nelson, thanks for your comment.
Myth 4: Yes, you are exactly right. The company can and will continue without you. The graveyard is full of irreplaceable people. Thanks for your thoughtful opinions.
Sontrue!
I would say that about a year after you leave your job only a handful will remember that you EVER worked there and a year after that almost no one.
I was having this discussion with someone whose job was being outsourced and she was being packaged out. She was so concerned about the company saying "I've been here for 15 years doing this job and people wont know what to do when I am gone, they have no idea". I gently suggested it probably wasn't something to worry about and I reminded her of a 25 year employee, one of her coworkers and a senior person in her department, that went through the same thing only a year or so earlier. She herself was shocked that she had forgotten all about him, his role, and his long dedication to the company. That put things into perspective for her. The reality is that once you are gone the company and even your close colleagues move on without you with barely a thought.
I retired 15 years ago at age 63. While I am still active, I agree that it is a downhill slide, a the slide got greased between 77 and 78! My husband and I have taken much of your advice to heart and so appreciate the guidance you have shared on your channel. While we still have a great sense of adventure and love to travel it does become more daunting with age. All I can say is do all you can in those “go-go” years because time does take its toll as we age no matter how hard that is to accept.
Thanks so much for your kind words, they mean a lot to us.
Norman, I didn't realize you had dealt with such a serious illness! My husband had a cousin to lymphoma called multiple myeloma. Unfortunately he didn't survive past 8 years but even that was a miracle.. I'm so glad you made it through and you've remained healthy❤
P,S. I think when you go through something like cancer or other serious illness as you have much more of an appreciation of the time you have left.. I think you're doing a wonderful job to encourage people to enjoy their senior ears, and as soon as possible.
Thanks so much Savannah
I retired yesterday, thanks for your channel
Your very welcome congratulations 🥳 on your retirement Cheers and Merry Christmas 🙂🎄🍻🍷
You are both real and honest which makes you so enjoyable to watch.I also think I usually wind up learning something new or at least hear a new perspective on retirement related things. Thanks for another great video.
Our pleasure! 🙂
Hi Tina and Norm,
"Many a true word is spoken in jest." I sincerly hope that you do not think that you are "the two idots on UA-cam!" as Norm joked in this video. My wife and I have learned so much from your videos. They set us rethinking many of the traps that you alert to (like continuing to work instead of retiriring while you still have mobility) and have precipitated action on our behalf, and I am sure by many others who have viewed your videos.
We think that the reason that your videos strike a cord with us is that you are speaking from relevant experience (at least relevant to us....) with no agenda other than making the most of retirement.
Many thanks for taking the time and effort to share your experiences and thoughts.
We were looking for a joke, sorry. We are glad to have helped you in your retirement journey.
One of the lessons I learned from other retirees when it came to retiring, was 'you can't buy the years back'. I've been retired now for 1.5 years, and I run out of time everyday. I'm very busy and time flies by. Thank you for all your ideas, suggestions and valid reasons to retire.
Your very welcome 🍻🙂🌺
I've been watching you for a couple of years now - and I have 6 working days to retirement! I've really enjoyed your content and observations on retirement and I will continue to watch as I enter this new part of my life. Thank you both, Tina and Norm, and best wishes from me (English and retiring in Austria).
Wow congratulations Deanna! welcome to the “retirement club”, we wish you every happiness.
@@ThisIsOurRetirement Thank you!
I really like you people and the open and honest way of telling both the pros and cons of retirement. God bless you both.
Thanks so much Happy New Year 🥳🥂
@ThisIsOurRetirement Happy New Year to both of you 💗 as well
Very good summary of retirement. You are really on point with all 7 myths and my spouse and I had many conversations on all of the points you brought up.
We are pretty much living a similar experience in retirement as you both and had many of the same concerns, which turned out to be unfounded.
One point that was extremely important to us before retirement was to have no debt, which took away a lot of the fear of running out of money.
Enjoyed this video and I enjoy a lot of your content. Keep it up. BTW .. I retired and took CPP at 60. My father (his health was good) waited to take his at 70 and passed away at 73. I swore that wasn't going to happen to me.
Thank you so much, we agree on entering retirement debt free, it's another stress point along with working. It just felt right to us to take the money at 60, no regrets!
I'm very guilty of doing one more year - this is my second year of it, albeit part time. I'm finally going to call it a day next summer at 59. I have been told be friends who gave retured that you will know when its time- and it now feels time. Thanks for the videos
Thanks Rob, we wish you good luck and a happy retirement, you have earned it!
My husband is 65 and I'm about to turn 61. We spoke with an insurance advisor to learn what our costs would be if my husband retired since I won't be able to get Medicare for four more years, and we found it would be just under $12,000 per year for a BRONZE plan -- the lowest level from the least expensive carrier -- for me here in NJ. The cost is daunting. It's hard to know what to do, especially with the nut back in office for another four years. Anywho, thanks for another great video! But ... where's the rock band t-shirt???
We can’t really understand the amount you have to pay 💰 for medical , it does seem a shame that he could retire at 65 but you are still working for 4 more years .That is time you could spend together 🇺🇸🙂🇨🇦
@@ThisIsOurRetirement Yes, it' crazy, and the incoming president doesn't like the Affordable Care Act, so those rates could be much higher once he's in, or I may not qualify for a plan at all. Even if we knew for sure it would be that amount each year, we could at least put it in our budget. But not knowing makes it impossible to plan effectively. Anyway, sorry to vent!
You both are so right been retired 4 years at 60 I can tell the difference opposed to four years ago still have energy but the older the lesser energy, and the older you get the less you feel like doing you keep extra money It’s not more important than my health and happiness 😊
I love your toothache analogy it's a brilliant description of how retirment has gone for me, i retired at 60 and that was bearly soon enough looking back if i knew what i know now i would have retired 5 years sooner.
Thanks!
Norm & Tina: I absolutely love your videos - so candid and genuine! Thank you both for your inspiration.
Thank you Andrew, you are very kind!
Running out of money is a HUGE fear for retirees...but not unfounded, given that food, housing, and other items' inflation have increased soooooo much during the last 5 or 6 years. Items' cost double often. No one saw that coming. So.....the fear is founded and not irrational. ✨😊✨
True but we have seen prices coming down and our inflation rate is falling.
Regarding Myth # 1 on needing $1 million or more to retire, the most egregious example I recall was Suse Ormond and Kevin O'Leary claiming you needed '$5 million minimum' to retire. Really showcases how the uber wealthy are completely out of touch with the common folks.
$5 million in savings: for a modest 5% rate of return, that would yield $250,000 a year! I could retire in Manhattan or San Francisco with that amount! 😀
It is crazy!! This is why we keep advancing our lower cost approach to retirement. Thanks for sharing this.
So true lol
Totally agree with you. The starting point is what you will SPEND. Then go to a Fee Only Financial Planner and run the numbers. I did it and it gives incredible peace of mind knowing that my wife and I are going to be just fine. My wife and I will take CPP at 70.
That’s a great plan Robert , due to Norms illness we took it at 60 and happy we did 🙂🍻
That makes sense that you took CPP early in part due to Norm’s prior cancer scare.
Hi Tina & Norm, Greetings from Costa del Sol, Spain. Excellent points! The earliest you can claim social security in the US is at age 62. Since Medicare starts at age 65, you have to buy an expensive health insurance for three years until you are eligible for medicare if you decide to retire at age 62. Medical expense is a big item for some people in retirement, including myself (you are lucky in Canada/UK with your public health programme). Having said that, I retired in 2020 when COVID hit and then waited for my wife toretiret. She retired beginning of 2023 and we never regretted.
Have a wonderful time in Spain 🇪🇸 enjoy your time and retirement relaxing together Cheers 🍻🙂🍷
Husband and I are 58 now and have been retired travellers for 3.5 years. We sold our business and home in Niagara, ON and bought a campervan and a condo in Mexico 😱 and have travelled the world and now housesit internationally, have a UA-cam channel, film content for our previous profession and rent out our condo when we aren't using it. We are engaged, excited every morning and we haven't even collected our CPP yet! Like you, a serious illness was a bit of a wake up call. Best take the call, reduce your expenses so that you have freedom and live while you can. 🙏🎉☺
Glad you are enjoying your retirement Cheers 🇲🇽🍷🍻🇨🇦
Now, I’ve watched the entire vid and am moved to a supplemental comment.
I was diagnosed with lymphoma two months ago at 60…and am still processing it.
Prior to this, it was CPP at 70 for me. I’ve a bridge benefit to 65 and private resources from 65 to 70, so really don’t need the money. With my diagnosis I am now reconsidering CPP at 65. I’m seeing my financial advisor next month. The problem is with CPP at 65 I’ll have too much money and too much to pay in taxes.
Thank you for sharing, I hope I do as well as Norm seems to be. I do try to take care of myself.
We do wish you the very best!
I love ❤️ you two. Your observations are so accurate, but now I have more money 💰 than ever. Mind you, a Defined Benefit pension was key for me. 😊 Retired at 57 and time is flying. I am almost 60 now.
Awesome Johnny!
I enjoy your channel. We are mostly retired, my wife works two days a week, one from home and can work while traveling. 1. We waited to take SS at the full age. 2 Have a reasonable amount of savings . 3 Our working years yield an above average SS for us. 4. Satisfied a lot of our travel bug before retirement. Probably could have stopped working earlier, but fortunately we enjoyed our jobs. We are satisfied with our position. One financial focus was survivor income (when one SS is gone).
Thank you for following us on UA-cam, you have done well in your retirement planning. The SS survivor is an important area to tackle that too many ignore. Congratulations on being aware.
We took Social Security as early as we could. Invested it in S&P 500! Turned out great.
Same for us Bob!
The winning combo.
Retired at 62, just turned 64. Inspiration from watching you two was one of the things that gave me the confidence. Took CPP at 60. Mom passed at 57, one never knows how long is left. My money, I’ll take it as early as possible! Retirement life is great.
That’s wonderful Carol and yes retirement is wonderful so happy for you 🌺🙂
Thank you for all these always good & sensible advices. Happy holidays 🌲🍷🍷🙏
You are so welcome! Happy Holidays to you too Monica 🍷🎅🙂🎄
So true that the thought of something is scarier than the actual thing in real time. Thanks for that reminder. It applies to nearly all worrisome ideas.
You are so welcome!
Thank you for sharing your thoughts as post-retirement UA-cam stars! Always enjoy how your videos are like friends having a cup of tea chatting and sharing stories.
You are so welcome! we are having a blast Jackie doing You Tube can’t wait till we get the plaque at 100k to share with you all Cheers 🙂🌺🍷
This was your best video! I retired 2 weeks ago at 61.5 years old and struggled with all of these. Thanks so much for reminding me why I finally took the plunge.
Glad that we could connect over this video, good luck with your retirement.
Revenue streams are far more important than total value. We have seven - one deferred comp - two state retirements - two social security - two IRAs. We now take home more than we did when working.
The two hardest factors in the US are the 1) high cost of healthcare, especially out of pocket expenses not covered by insurance or Medicare and 2) looming reductions in Social Security benefits, expected to be 20-30% by 2034. For those of us over 65 without assets and investments, not knowing what will happen to mandatory government programs we paid into for 50 years is a major worry.
Yes Linda we are very aware of your challenges of healthcare and really feel bad for you, we do get universal healthcare but at a crippling rate of tax. Wishing you well for the future.
Retired on my 54th birthday in the UK and everything you have mentioned is so true.
Balance has increased quite considerably these past 2 years, but always worried about a c30% correction in the markets😱. Have built a buffer and working to the 4% rule as a guide. My biggest worry is the UK government and how their decisions can change the impact on your planning overnight! Loving your channel 💚
Thanks Dominic, yes government policy is something of a looming cloud, hopefully it wont change our retirement for the worse. As we age we reduce the about of capital in equities, so have a balance that could survive a correction.
Your best one yet highlighting time and health and new identity after work is the most important. COVID taught me that when you are stuck at home spending only the very basics you accumulate money quickly. My parents spent last years of their lives pretty housebound and never had the chance to fully enjoy the money they earned over a lifetime. Spend it while you can and don’t feel guilty for a second.
Thanks for a great comment Geoffery glad you enjoy our videos 🙂☕️
I am very glad that you guys returned to the roots of your channel
Very interesting and very clarifying
More to come! glad you enjoy our videos 🍻🙂
Greetings love your show. I Will retire in two years at 55.Looking forward to that.Happy investing/stacking.
Wonderful!
Health is wealth Tina and Norm. I retired at 61 due to health and mobility issues and am diabetic. I would have worked a couple years more. I am so thankful to be free from working every day. It's like a gift from above. Coffee time is whenever you like, and NO bosses to bug you! Its great! My only regret is that I'm not able to travel due to health issues. Have a great day! ☕🍷🌟
We are sorry to hear about your health issues, we are sure giving up work has helped relieve the work stress.
The comment that you made on spending down your retirement funds, is a very real fact. I have been retired for 5 yrs, although the first 3 yrs. were spent dodging the pandemic, I am amazed at how much money I have. But, when I look at everything, I realize that I don't have the same work expenses that I did, which were a lot, and also, I don't have a car payment, or a mortgage payment anymore. That in itself amounts to a lot of extra income that I think people don't take into consideration, along with the compounding interest from their investments, which when you initially did your calculations were never added in.
Also, in retirement, you don't buy as much overall, because you simply don't need as much. From many yrs of working and purchasing items, you have everything that you need in your daily life.
Thanks for sharing 🌺🙂
Norm and Tina you make many good points, but people always talk about travel as if you have to wait until retirement to do so.
I worked until 65 with no regrets and went on vacation to Europe almost every year since I was 50.
If you are working when you are older you probably have accumulated a alot of vacation time and the money to go places.
Yes we also went on trips before retiring, great river cruise 🚢, and a wonderful trip to China were some of them Cheers 🌺🙂🍷
So true! I’ve traveled for many years and still work. I will not need to travel nearly as much when I retire because of this. Use your vacation! Don’t worry about spending as you’re still working. 😊
Norm and I share a beachy vision. I retired 2.5 years ago with considerably less than 1M and have been quite comfortable ever since. No pension, and have not yet taken CPP. Despite having done more than our share to support the local economy, our investments have also grown. Every time we meet with our advisor, he tells us we need to spend more.
That’s the hardest Wayne shifting mindset from savings to Spending but try it we are starting to enjoy it Cheers 🍻🙂
@ trust me, we are trying - we’ve bought new furniture and a big(ger) screen TV, did a full kitchen Reno, complete front and back yard landscaping, bought a new RV to replace our 20-year-old one and near new F250 to tow it with! Now turning our attention to multiple travel destinations as well as more house renovations.
This is a great video with such important topics. I have been struggling with how much money can I spend without worrying about not having enough. At what age is it ok for the principle amount to start going down without having to stress about it. I am the same as you, my net worth has gone up quite a bit since I retired 7 years ago. Even after buying a new car and adding a sunroom at the cottage this year my net worth has still gone up since I checked in January.
That is fantastic Maureen, let’s hope it continues. At some point we will all have to start spending down the principal, that’s where folks talk about the 4% rule (4% withdrawal annually). Good luck.
I think I got healthier (mentally, emotionally, and physically) the day I retired. I don’t miss that career one bit. Retirement is the best!
We totally agree Sandra 🌺🙂
I agree! Happier and more relaxed!
Another great and informative episode
LOVED this video! Thanks so much! 2 more years of work left for my hubby and I, God willing!🙏🏼😀
Thanks so much Lynda 🤞
Hi Norm & Tina, Always glad to see your videos. Budgets are the key.
Thanks Paul, we agree about budgets.
Love you guys. Could you please provide a critique of your Punta Can't trip you recently took. Thinking of going there and value your input tremendously, thankyou from Ontario.😊
👍
You guys are awesome! I was basically forced to retire at 48 (5years ago) due to health issues. I only had about 200k saved from 35 years of working. Seems like a tiny sum for 35 years,but from investing it all,it has grown and I get around 5k a month in income. It has worked for me because my wife is younger and still working at a job she loves. I think you guys are right to point out that folks can retire on much less than ‘experts’ say.
In the US, Medicare starts at 65. If you retire early, then you need to pay out of pocket for health insurance. ACA can be very expensive. Some can do Cobra but it's limited to 18 months in most states.
Yes we are sure it’s an expense that you have to budget for to be able to retire 🇺🇸🙂🇨🇦
@@ThisIsOurRetirement If I could ask you, Do you feel some seniors (60's and 70's) are in a way forced to continue to work due to the fact they are helping their adult children and grandchildren? Maybe some have moved back home again? Maybe, these boomers are making 6 figures and their children are barely surviving on $50k a year. Do you know if this is a thing in Canada or just in the US. I know of 5 at my work (all men) they will never retire due to still raising their adult children. I wonder if its about ego that they are the Hero Dad or hero Grand dad or they are pressured into this way of life. All 5 are making $200k a year and all are over 75. This subject might be too sensitive for a video. I just wonder if you have an opinion or know of Canadians that do this.
It doesn’t seem to be something we are aware of, both our children are doing well in their careers.
So right about not waiting.
We are glad we retired early highly recommend it 🙂🌺🍷
My father and mother had some assets and a 30 year pension from the mining company. They talked about RVing for years but they would instead work for a while at Renabie Gold Mines in Canada. At 60 he had lots of money but he felt dizzy. At the funeral people remarked how hard he fought the brain tumors. My wife and I packed it in in our late 50's and the money flow is building with investments .
It's people first, money second and things third Suzie Ormon said and if you keep it in that order then you'll be smiling and happy like this couple above.
Thanks for sharing this.
Thanks, Norm and Tina. I'm almost ready to pull the plug, and I greatly appreciate your experiences and thoughts.
Our pleasure! as Nike says just do it 😂😂retirement is wonderful 🙂
Another great video. You make good comments on these myths. Had to laugh at some of them, especially Number 4, about being indispensable to the company. 🤣
You did a lot of good planning about the money before you retired. Well done!
Glad you're enjoying life, traveling a lot. All the best and carry on!
Glad you enjoyed it
I'm so glad it's working out for you guys! I think once I start collecting SS I'll feel comfortable to retire : )
We hope you take the chance Paul , we were 58 and 61 and have never looked back 🇺🇸🙂🇨🇦
Your best point always, is that we have our best health now. I too retired early and it was at your encouragement! I'm surprised to hear you don't have in access of a million $.
Yes health is #1, we are glad you were able to retire!
Always simple and to the point! We appreciate both of you…do you recommend any particular credit card that you use for travel?
Not really we use BMO Mastercard because our travel insurance is on that card so covers us for all our trips up to 31 days Cheers 🍻🙂
Hi Norm and Tina: Taking CPP and OAS early at 60 and 65 is smart! Jamaica was great but got sick and almost died. In the hospital now. Take care. Cheers!
OMG Paul thats awful so sorry to hear that are you in hospital in Jamaica 🇯🇲 or back in Canada 🇨🇦 🌺
@@ThisIsOurRetirement Made it back to Canada. Out now but life will be a little different recovering and staying healthy. I never miss your videos even in the hospital! 😂❤
Take Care Paul we wish you a speedy recovery ❤️🩹 and thanks for watching our videos 🙂
Absolutely love your channel and learn loads from your channel.
Glad you enjoy it!
I agree 100 percent on all topics ! Great advice!
Dennis
Glad you enjoyed it! Cheers Dennis 🍻🙂
Thank you both for another great video! I renewed my employment contract to March 31, 2025. You have inspired me to make that my final contract - the organization is having difficulty filling my position but I have decided that they will need to deal with that not me. Plus my husband was diagnosed with cancer and we did some soul searching and decided there a many things we want to do in life - travel, spend time with family, and grow our own food. Health and family are our priorities - and travel of course 🙂
So glad you have a plan in place and sorry to hear your husband has Cancer yes that changes priorities in life our thoughts are with you 🤗❤️
Time together and having less stress (therefore more health) are the important things. Budgets can be shaped to fit this. ✨😊✨ All the best to us all.
Very true Rusty!
Great points guys! We’re a lot alike in our thinking
Thanks!
Great reminders for us all!!
Always a delight to watch. Please, please, where did you purchase that amazing Canada Goose over Tina's shoulder? Thanks
The sculpture was made by a friend of ours , and a group of our friends bought it for our Anniversary we love it ❤️the artist no longer makes it sorry 🙂🌺
Ahhh, found your first response. Thank you for taking the time to do so. My husband wanted to buy one for me. Downsizing to a new condo in 2 weeks. It would have been perfect. Your friends have great taste!
You guys are great! I'm 6 months from my date May of '25, cold feet at 58 years old...I can do it and you 2 help. Thank you very much.
You can do it! We will be here.
Norm and Tina, thank you so much for sharing your knowledge and wisdom, I greatly appreciate you both. ❤😊
Our pleasure! Thanks Linda 🙂🌺
The one thing I've never had a problem with? Spending money! I'm extremely good at that 🤣
😂😂
Great video. I couldn’t agree more
Glad you enjoyed it thanks for watching 🍻🙂🌺🍷
Great video topics!!
All very relatable.
I’m 1.25 yrs away from retiring 🎉
I’m paying attention 😊
That's the most important informing yourself, good luck!
All good thoughts and advice. Maybe my retirement was easier as when in my 20's I backpacked for 2 years through Europe/Egypt did it on a shoestring, picking up odd jobs here and there. Plus when I finally had a working life I was "resourced" 3 times by companies who treated their employes like .. well you know what! So I became an independent consultant, did well but one day realized the organizations I did contracts for were as usless as the companies I was employee of, so I packed it in. You have to ask yourself how much do I need to live on. Oh the CPP thing I took at 65 (even though I was still self employed) because yes you can defer it but you never make up the lost money from the deferral years.
Thanks for sharing 🍻🙂
Hi Tina & Norm good to see you both another great video it’s definitely in the planning hope you are both well time to go on holiday 😂
Regards. C Barker
Hello Christopher, we hope all is going well with you.
Health, not wealth. We recently completed a retirement plan and were told any work we do after next year we are volunteering. It is still hard to wrap my head around the fear of running out of money
We overcome these fears by doing a net worth statement and have confidence in knowing our numbers.
Hi Norm and Tina, would you mind doing a video on what you invest in? Just curious to see… Are you DIY investors? Those kinds of questions. Love your videos.
Yes we are diy investors and just amateurs
I have heard that before,"they need me"i find that so funny,i told my friend that he was only important in his own mind when he said that LOL.
So true!
Hey Guys, about your myths busting.... Health: depending on what you do with it :-) I know a lot of people (some of them my patients whos health in their 70 ties is better than when they were in 50 ties: exercise, healty eating do those things to you. Actually longer years of woring in job of your chosen field do that as well. In my 60ties I dont even consider early retirement as I just love my job.
and... After I stopped refined carbs and seed oils cold turkey and doing Ketovore my health is getting only better.
It's great that some retirees really push themselves into an active healthy lifestyle.
I appreciate the concerns you outlined. I am concerned about some of those very topics, and I trust you both to provide honest answers and directions. Thank you both so much. Tina, I love your shirt today!
Our pleasure! one of my favourite shirts Teri when it gets cooler 🙂🌺🍷
Loved it!
Hi Tina and Norm, I love your vidieos, Thanks for making them and putting out very useful topics to help us all understand our paths ahead. I'm not retired yet, but I'm close and maybe will retire at a similar age to when you guys retired (60 or 61). I find your Videos very useful for understanding all the aspects to retirment. I do have a subject that maybe you have done before, but I couldn't find it and it revolves aroung a Health and Dental care plan, do you pay into such plans for yourselves? If not how do you plan for this potentially large bill that may/would occur when you get older?
We don’t pay into a health or dental plan, we were paying dental and optical out of pocket as self insured. Recently our government has passed a dental bill that pays for seniors and low income Canadians, so now we are insured. Health of course is universal here in Canada and we get prescriptions mostly paid by the government (tax payers).
Oh my ... you folks are so right. ❤
Thank you 🙂
I am turning 60 in less than a week and retiring in April. I am looking forward to my next new job. RETIREMENT. I hear it's the best damn job you can get. Looking forward to sailing and traveling.
Not only the best job the best chapter of your life we just love it Happy Birthday 🥳 Cheers 🍻🙂
It really is the best job to have.
All very good points! Generally speaking, CPP + OAS + GIS (if necessary) provides sufficient financial resources for retirement if one has access to affordable housing but not much savings. If one has some RRSP savings, it would make things much easier to manage.
Thank you for pointing this out.
Yes we agree
Don't forget TFSAS!!!
Great advice
Thank you 🙂🌺
Really enjoy your channel and was wondering if you do your own investing with stocks and mutual funds?
Yes we do our own investing in stocks, we don’t buy mutual funds. Maybe explore ETF’s
Great myth-busting Norm & Tina! ❤ My wife and I certainly agree with you on this one for sure. She retired from teaching in June at the end of the school year, having just turned 58.🎉 I had been retired for a couple of years already. We are still full of adventure and curiosity and have lots of the energy and health necessary for travel or whatever else tickles our fancy. 🎉🎉 The earlier you can manage to successfully retire, the better!- Mike from Ottawa 🍻🥂🛫🛳️🏖️❤
Ps. Have you ever taken a river-cruise like down the Danube or Rhine?
Hi Mike, great to hear from you! It must be great now that you are both retired, have many more happy travels!
@@ThisIsOurRetirement 🍻
Yes we have done the Danube River cruise 🚢 from Budapest to Prague included hotel stays at both places it was awesome 🙂🍻
Also since you have a presence on UA-cam now maybe talk about the pitfalls of a huge RRIF at passing.I know of one estate that got dinged over half a Mil. A little bit of planning and listening to friends (like me)could have saved his kids hundreds of thousands.
Thanks for the suggestion John
Some people do run out of money when they retire. They don't budget or an financial emergency happens or medical bills.
It is true and very sad.
GOT THIS!!! CHEERS FROM HERE!
Thanks Darryl
If I might add a suggestion, please do as others do and offer a financial update? Then people can relate with what their reality is?
Thanks,Craig.
Hi Craig, we do a net worth video quite often, we do not share actual numbers but rather percentage growth or losses. Our latest net worth video ua-cam.com/video/2MGDbjnhuXM/v-deo.html
You guys have a very nice channel. I agree very much with this video. You're such a cute couple. I enjoy watching you speak. Obtw im 11 years in retirement, moved to Thailand and traveling around the world about 3 or 4 months per year. And my net worth still grows... but i just cant pay for business class. I just cant :( 😞
Hi David, thanks for your kind words 👍 We are selective with business class, mainly transatlantic overnight flights, it's worth it to us! Give it a try 😂😂
Health issues can really impact the decision to start social insurance. I never intended to start social security or CPP before I turned 70. Then on my 64th birthday I got a diagnosis of leukemia/lymphoma with a 50% prognosis that treatment would work. So I immediately started both my social security and CPP just to be sure that I would get something from the programs. I also started my pensions. Of course the treatment worked, but at the time I didn't know if I would see 65.
@todddunn945. Congratulations to you! I was in the same boat at 62. So I took the money and am running!
We can so understand how you felt Todd us too , at the time any illness prognosis is totally overwhelming so glad you came through it ok Cheers 🍻🙂
We hope you are well Patty Take Care 🌺🍷
@@ThisIsOurRetirement I am glad Norm got through it too. Sounds like he had something similar.
With respect to deferring retirement, time has value as well. Money is clearly important, but it’s not all about money.
We totally agree we have always said it’s not about the money , health and time is probably more important Brian 🍻🙂
I'm proud to say I am Retired
We are too Cheers 🍻🙂🌺🍷
Many people are lucky and receive big total retirement payments of over $2,000/month. May they have a great retirement.
I am not in that league: my "old age" and "canada pension plan" total $633.77/month ($500 USD/month). And I have no RRSPs.
So Norm, you are darned right I am "engaging in the myth of putting off retirement". Am still self-employed at 76, and no dreams thereto!
But for those of you making bigger money, or having good savings, Norm and Tina are right: GO FOR IT !
Wow that doesn’t sound a lot , it seems very low we only get half pensions here as we worked in the UK 🇬🇧 but get a UK pension too .Sorry to hear you have to keep working 🙂
Something not right. Oldd age security alone is 800/month. And you get guaranteed income supplement to bring your annual income to above 20k
Great and timely video!
Glad you liked it! Cheers 🌺🙂