How Will Your Spouse Survive Your Passing Financially
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- Опубліковано 20 вер 2024
- Retire to something, not out of something, having a plan and purpose in retirement is the difference to happiness or despair. Essential Retirement ACTION PLAN is to help the surviving partner. How will your spouse survive your passing financially.
How to flourish in retirement is pretty simple and common sense. We outline a plan for you, What to Do in Retirement Activities That Will Create A Fun and Fulfilling Retirement, Also vital information to share with your partner.
Be aware and understand that you are retiring into something, not out of something.
If you enjoyed the video please subscribe, like and turn on notifications, thank you ❤️
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We are both 85, Every day is a gift! Getup and enjoy it!
Totally agree Bob ☕️🙂
The succession plan is so important, especially if you are doing self-directed investing. We are trying to address this as it's the best way to go to keep fees low (and I Iove doing it). My spouse still works full-time but I've scheduled it as the number one learning project for her future retirement!😄 In all honesty, I'm pretty sure she's absorbed alot due to my constant rambling.
We agree very important to share a succession plan Cheers 🌺🙂
IM 64,my wife is 63,both retired,have a large reserve cash fund,dont worry about market downturns.
Very true, downturns bounce back very quickly these days.
I used to have my granddaughter join zoom meetings at work for my teams. I worked with so many people from around the world, it was fun hearing about their lives, seeing pictures of where they lived and vacationed, and we even traded recipes which would be used on a "India night" or "Ireland night", etc. She now knows more about the world than the average kid. On walks in the yard, I would say, let's see what we can find to eat out here! And we would have a pleasant lunch of salad featuring plantain and other plants we found that were edible (organic yard). Other times it would be what would we do if the electricity went out? How to cook food? What would happen if we had no house? What can we do? It was just a way to get her to see the world of resources (they do a unit in school every year) and know that she is not powerless. And we had a lot of fun. Now they have moved away and I hardly ever see them. I like the postcard/letter idea.
I love the idea of sending the Grands a post card from travels!
Ours love ❤️ getting them Lisa 🙂
Great tips and advices. Many Thanks Norm & Tina
Glad it was helpful!
Thanks so much for another great video.
Thanks for watching!
The action plan is excellent advice. In 2002, my husband passed away. He was 57. I knew, but not really, about our investments. I did some research and selected a financial advisor to work with, and for me, it was a very good decision. I don’t have children, but I have great nieces and nephews in the area. We connect with video chats and occasional outings.
That's a great list! My wife and I are early risers and one trick is to get out early in the summer to walk before it gets too hot. I agree with the excuses as it is easy to come up with a reason not to exercise. We recently retired and moved to a community in Cambridge where a lot of older people say how they used to walk further before health problems ensued. Doing things for fun is also great advice and it doesn't have to be that expensive. We also enjoy visiting the small towns of Ontario and return to the ones that we really enjoy on occasion. Cheers!
Sounds great 🍻🙂
Hi, as always great tips. Thank you.
You are so welcome! 🌺
We spend time with our grandchildren (intentionally). Today, we had a back to school pool party cook-out at our house for the grandchildren! We had so much fun! And, I am positive we made memories that will last forever. 😊
Sounds great! 🌺🙂
For all your listeners Tina and Norm . I had no idea who EQ bank was I looked them up and they have CDIC
Yes, it's safe to put money into EQ Bank. EQ Bank is a trade name of Equitable Bank, which is a member of the Canada Deposit Insurance Corporation (CDIC). This means deposits are insured up to $100,000 per insured category, providing a level of security for your funds.Aug 2, 2024
Yes they do thanks for sharing Andrea 🌺🙂🍷
It sounds similar to Neo Bank. Online banking, working out of Calgary, I believe it originated in England
I have my stocks in pipelines and wine and real estate trusts. Great dividends. If there is a big drop you still get the dividends. And gold and silver, the hard real stuff.
And once again thanks for the video you guys. You’re pointing out things that should be common sense to people, but likely isn’t. I know a lot of stuff that you say makes me stop and think. So I really appreciate that. Thanks, and take care. And keep these videos coming.
Most of my retirement income is my pension. Otherwise, de-risking is the way to go, as is account simplification and stopping to chase the next best thing (and reviewing fees).
Walk AND lift.
Hello! Thanks again for your video. My husband and I really need to get a book so we can each write down all of our accounts, log in names and passwords. We need to ensure everything is done granted and in order. We haven’t done this, yet- but realize we really need to set aside time to just do it!
That is an important detail to think about. For us I have all our passwords in a locked document and only a couple of weeks ago I took our daughter (and executor) through where everything is and what our different accounts are for. She now has the password to access the locked master document. She took her own cryptic notes to reference when the time comes and she's called on. Most important is that you have to be absolutely sure that whoever you give this information to that you can without any doubt 100% trust them with everything you own (and we do). There are cases where a close relative took advantage of the access they had.
I am the “advisor” in our relationship. There’s an “If I Die” thumb drive that I update monthly with everything my spouse will need should I pass.
That’s a great very sensible idea James 🍻🙂
Thanks for the thumb drive tip, will be easier than trying to find it on One Drive.
Oh what a great idea!
Your guys are the friggin best❤❤😂😂😂😂🎉🎉🎉😊
Thank you we appreciate your support 🌺🙂
Work out to UA-cam videos (for seniors) like we do every day- walking and toning, Pilates, weights. We also take a long walk every day in different locations. We are feeling great.
Sounds great! 🙂🌺
A will ..is critical...and check the beneficiaries on everything
Yes it is Maryjoan and it’s amazing how many people don’t have one 🤔🌺
And for your TFSA...make sure your spouse is listed as SUCCESSOR HOLDER, not just beneficiary. Most people are not aware of this important difference.
@@Pmjay00YES! My husband found out about this last year and we switched to successor holder.
you are correct it is hard to find time to do a lot of this while still working! I don't want to do it halfway!
Thanks for watching Monalisa 🙂🌺
I wish it was easier to get excited about these important topics. You have inspired me to review my plan describing finances should I die first.
So many new ideas! Thank you for sharing.
You are so welcome! Cheers Eva 🍷🌺🙂
Great video, thanks for your research/work to bring them to us!
Wow! You covered some Great Stuff. I appreciate the points on;
• Exercise, we're walking
• Postcards to Grands. Brilliant never thought of it. Will work it into next trip.
• EQ bank again great tip. We just moved a chunk over from RBC. Now RBC wants to match but for years have only given us a .1/4 %
I feel I,ve been scammed.
Thank goodness for competition.
~ Ben Y, Vancouver ISLAND
Hi Ben, good to hear from you today, we are glad you enjoyed the video. Have a great weekend!
Good information to think about.
Thanks for watching 🌺🙂
Great advice!
Thank you! 💚
Very nice recommendations. Thanks
I love all of your advice. It's very practical and helpful. If you see that gentleman again walking with a cane, you may want to suggest that he try a Rollator which is a walker with three or four wheels. They're very helpful to keep people steady on their feet and he may be able to walk a lot more if he's using one of those instead of a cane.
And if you live in Ontario, OHIP will cover 75% of the cost of a mobility walker, and you will have to pay for the remaining 25%. This is such a great benefit for seniors.
Thanks 🇺🇸🌺🇨🇦
Great talk guys! We agree with all points!
Well, since you asked so nicely ( and I like you and your content), I have now subscribed. 😊
Thank you so much 😊
Amen! Great video! 😃🇨🇦🙏🏼
Glad you enjoyed it!🌺🙂
I do my walk every day! You are not unwise to think twice about going in the extreme heat! CHEERS from HERE!!!
Cheers Darryl 🍻🙂
Asset allocation ETF’s are a game changer. Worldwide diversification that is rebalanced for you. You choose how much exposure you want invested in stocks. Choices include 20, 40, 60, 80, 100 percent in equities (stock). The big players in Canada are Vanguard and Blackrock (iShares).
Only ETF's, stay away from mutual funds,Questrade is best online brokerage ,only use banks for simple acc.,nothing else!
I've been an EQ customers for a few years (I like their longer term GIC rates).....but I have never heard of their Notice Account! MUCH better rates than 3 or 6 month GIC rates and much better than their typical 2.5% savings rate....thanks for the heads up! Account is open and cash has been moved! It IS money I plan on using in the sorter term but I'm of the mindset that "every dollar has to be doing something for me....".....I'll take 4.5% over 2.5% any day...
We thought that too Jim , but just received an email that the rate will change in September not sure what that will be 🍻🙂
Hi Tina & Norm some more good advice keep the good work up where are you of to next .
Regards. Christopher Barker
Thank you, Christopher, have a nice weekend.
Great video ,there are redeemable GICs at all big banks
Great ideas, especially Number 2 and Number 5. Carry on!
Thank you 🌺🙂
@@ThisIsOurRetirement As for mailing postcards to your grandchildren while on holiday, my grandmother did that in the 1960's. She would take a cruise to southern Europe, going to Portugal, Spain and Italy; she would mail postcards to all the grandchildren and buy us inexpensive gifts such a knitted cap or something made of wood. I had forgotten this until you mentioned the idea in your video. "Thanks for the Memories"!
Your welcome 🌺
Tina and Norm, love your channel, watch all the time. EQ Bank - great for interest but their mobile app and website are flaky as hell! Anyone else on this channel experiencing problems with the mobile app where it signs you in and all you get is server not responding at the top of the screen and you are unable to access any features?
Hi Steve we don’t use app but the main website will log you out for no reason while doing multiple things
Yes, that happens on the website to me as well. Frustrating. Thanks for the reply.
I have had no problems at all for almost 5 years,there online bank is simple,very easy to navigate!
@@JohnHobbs-o3z My phone just got upgraded to Android 14 and the mobile app started to work. There is some issue apparently with Android 13 and the EQ mobile app where it considers it to be a side loaded app and it will not function. As far as the website goes there are times where it still crashes when selecting different functions, but it looks like you can get around that by returning to the dashboard after each 'action' to select your next function. EQ Bank is great for interest though!!!
When my parents died they left me nothing..no debt either. They worked hard spent wisely and enjoyed life fully right the end we travelled together all over the world. I was so happy they said to me- "there will be nothing left." For the life of me I couldn't figure why they might think I'd expect anything. The little that remained when dad died was earmarked for the church..they didn't get much..may be 1000 dollars. Probably more like 500. Of course we never had much dad being an artist, we lived simply but happily. They paid my way through school to the graduate level and took great care of me while alive. They were awesome ..and NO grandchild babysitting..we just all hung out whenever we could. If I couldn't afford child care or didn't have a partner willing to take on 50% of child care...I shouldn't be having children...according to my mom. 🤣- I'm 64 now looking at retirement. This next bit will be a blast I'm sure.
Thanks so much Christine for sharing your story, your parents taught you well. We do hope your retirement will be a blast!
Thanks for another insightful video. Curious what your back up plan is in the event you get renovicted? Would you guys consider investing in precious metals in case we have higher inflation that may eat at your purchasing power and negate interest earned at eq bank? Do you guys consider inflation risk in our near future and how to protect against that risk? One last note, i wad told stretching in addition to exercise will keep the mind and body sharper for longer
We keep cash as part of a balanced portfolio, equity investments beat inflation. EQ and all other banks will reduce savings interest rates because of an impending rate cut.
@@ThisIsOurRetirement yes indeed the stock market indexes have certainly kept up with inflation but who knows if that trend will continue indefinitely
The data suggests it will, but the older you get the more you have to adjust your asset allocation
Have you guys considered the RV living lifestyle so you can travel alot and live fairly cheaply compared to renting?
Yes……not for us
@@ThisIsOurRetirement I suspect if you ever get renovicted, heaven forbid, I am sure you have a back up plan such as possibly moving to the maritimes? Just curious cause my wife and I still reside in the nation's capital where you used to live. I am retiring in 2 years from the feds, and am trying to determine where to live once we sell our home. Ottawa is getting too expensive. Just curious if you know if more affordable communities in Canada that also offer diversity and quality of life. I don't suppose you guys ever considered Quebec due to language barrier and nonsensical policies? One thing I am aware of is that renters tend to have more rights in Quebec than so called greedy landlords. 😁Thanks!
Renoviction is not an issue with large rental companies, buildings within our development are up to 25 years old, still no renovictions
Eq notice savings accounts are going to be dropping there rates in September. They sent out an email yesterday.
Yes they are we got the email too , we filmed this a couple of weeks ago but in reality probably all rates will be going down James 🍻🙂
@@ThisIsOurRetirement True, but this is where a GIC might be better than the Notice account as the rate is granted. EQ can change their Notice interest rate at any time.
I do think the Notice account is a fantastic innovation but it is not a substitute for a long term GIC
4.25-30 day acc.
EQ has sent notice that rates on the Notice accounts are decreasing in September.
Yes we received that
Who do you use for travel. Insurance? We are in Barrie, ON. Thank you.
We bought an annual plan from BMO MasterCard “Total travel and medical protection”, we have had this plan for around 20 years.
Thank you very much for letting us know!
EQ will be dropping there interest rates base on what the Bank of Canada sets. :(
Every bank will
@@ThisIsOurRetirement of course!
Love the advice and your stories together! #couplegoals
Thanks so much!!🇺🇸🙂🇨🇦
Love EQ Bank. I use it for all my savings and GIC’S.
We love EQ too thanks for watching Cheers 🍻🙂
I used to love EQ, but I'd take Motive Financial today.
@@ryanm7171 never heard of it. I’ll most definitely check it out… thanks
So do I.
Could you talk about nursing care and cost, no policy yet at 80 are there any hints
Yep, health is no 1. I can't tell you how many elderly neighbors I've seen either slowly decline or have some traumatic event (falls, strokes, heart issues) good one day , bad prognosis the next., then you're wearing black with a lot of other people wearing black. use it while you got it.
I live very close to my Grandchildren matter fact I watch the two younger ones While Mom and Dad work I use to before I retired never had enough time to spend with them because I always worked before I retired but Now I am having a wonderful time with them I have a 5 and a 8 year old I watch a few hours a day in the summer But school opens next week I enjoyed them so much now am not saying they didn’t get on my nerves sometimes but I love them so much I wouldn’t change it for anything 😂let’s just say when they went home in the evening I was happy 😆 but when I don’t see them I miss them 😊
So true Mark 🍻🙂
Can you do a video on using your cell phone in Europe as a Canadian? What do you do for text/data? Bell charges $16 a day.
Tomorrow is not promised
Very true 🌺
One thing to note....the EQ Notice savings accounts look really good, but can't be held in a registered account. So no TFSA, RRSP.
That’s very true it’s an account in addition to those two Cheers 🍻🙂🌺
@@ThisIsOurRetirement Yes, when I have the TFSAs maxed, I will use the EQ notice account!
Well , no kidding!
Bonds have a cruel historical record which is that they usually don't pay a lot of interest, and by the time they finally mature in five or ten or twenty years then you get your principal back in devalued dollars! ETFs performed pretty good the first years as people got in to them in large numbers, but if you look at recent market quotes it seems that they don't necessarily go up the same amount as the blue chip stocks that are in the ETF! I prefer to own the dividend-paying stocks that i choose (not someone else chooses). Am quite surprised that Royal Bank (the only bank stock i have left) has done so well recently
(despite all the market-bust predictions by the experts). I think the danger we face from here on is possible hyper-inflation (meaning dollar devaluation).
All the Canadian banks were doing well, then many lost share value CIBC and BNS, we own BMO and RBC, we agree RBC has done very well and the dividend is great we bought it 15 years ago.
ETF's still way better than Mutual Funds,especially bank ones.
Unrelated comment...
A new documentary video was released today on UA-cam called "Wild Canada - Nature's Untamed Beauty." It's from the channel called Free Documentary Nature.
Just thought you and your subscribers might enjoy it.
Move it … or you’ll lose it…. I need to exercise more!
Another epic video! Thank you!
Our pleasure! glad you enjoyed it Jacquie 🌺🙂🍷
Exercise ! ride down in the lift ! what's wrong with the stairs.
We do that sometimes too William 🍻🙂
Hi, Tina and Norm! We love your channel! This may not be the right place to ask this question, but I’m wondering if you can help? You talk a lot about travel insurance, and rightfully so. Do you know of anything available in the United States? I would like to purchase a 1 year plan for my spouse and me. Do you have any recommendations or know who I might contact? Thank you!
Being in Canada 🇨🇦 we buy an annual policy with our credit card , you could start looking at AAA 🇺🇸they offer single and annual trip policies maybe some of our viewers might be able to suggest other places Cheers 🇺🇸🍻🇨🇦🍷
@@ThisIsOurRetirement thank you! We’ve had AAA for a number of years and actually used them for some trip planning last year. I’d completely forgotten about their services. Thanks again!
I see my grandson three to four times per week. Saw my granddaughter this morning
That's awesome we are happy for you 🌺🙂
Very good topics. Exactly what we are doing investment wise. We are making joint investment decisions, but all the research is done by me, I just run it by my wife for her to be up-to-date and sign off 😅.I made a list of all the bank and investment accounts with all the passwords, etc. Besides my wife, something happened to us, our kids have that information available. Also I have walked every morning for the last 5 years, no excuses. Walking takes priority over anything else that needs to be done during the day. And of course, as you said, communication with a grandkid, - having her over every time we can, talking to her in the morning, before her school or camp. She calls us or we call her, and we just talk about random stuff. :) And of course, spoiling her is our job! 😊 I'm known for buying her good walking sneakers for walking with us and for school, even when she doesn't need new ones. And chocolate... Funny how retirees have so much in common
We do seem to have a lot in common, thanks for sharing have a great weekend Cheers 🍻🌺🙂🍻
The topics you choose to talk about are right on spot. Hopefully people looking to retire or already in retirement will benefit from your reviews. Cheers@@ThisIsOurRetirement
Thank you 🤗
Seems like your videos are being targeted by scammers lately. How do you deal with them? I have reported a few of them.
We try and catch them and block them but there are a lot , thanks for helping and reporting them Carol 🌺🍷🙂
i would like to exercise but my wife she has doubts . I told her use it or lose it. But she always has a headache. So I looked around town and found a massage place the ladies are friendly and like Tina i really enjoy it.