Thanks for watching our video we do appreciate your support, we have a playlist of other videos related to this one here: ua-cam.com/play/PLwerz80Ddyn3X9rv8ISWloqdUS5x_4zWR.html&si=t5OnZ4-acxJYDply
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
We do one expensive holiday per year and one less expensive one (usually a month in the heat to escape winter). We live in a wonderful area where the rest of our time is spent going to lakes, provincial parks, or short road trips. Love my house and yard, so summers gardening are special. The expensive holidays are usually exotic locations that are either private or small group tours (absolutely no more than ten).and we have never regretted any of these trips. In the Caribbean right now, our cheap trip, enjoying walks on the beach, cooking great food and embracing the warmth. Soon time to prep for the pricy holiday…private guided tour of Egypt and a small group tour in Morocco.. This has always been our plan and it’s so fun to reap the benefits of our planning.
One of your best videos yet. Great advice. My wife and I are in the first six months of retirement and find ourselves facing many of these spending decisions. Always enjoy your commentary.
Social Contact is the most important thing to do even if it is just small talk with a neighbor, someone walking their dog as they love to talk about their dogs or a cashier somewhere. I find it is easier than I thought and gives me a mental boost reminding me I am not invisible:)
I like to say I did everything wrong.. too much advice..bought a forclosed house.. now sold everything rent and have a budget for travel. I am all about slow cheaper travel...biggest fear is dementia..good realistic topic thank you
Well done you! For selling up and making a big decision to free up some cash and do what you want to do (Many Don’t), You deserve to enjoy what you’ve worked all your life for, hope you keep in good health
My wife and I bought a Hot Tub one time on the spur at the Toronto Sportsman show. I happen to like hot water and she likes hot water and the guy said it was easy to take care of and it ONLY costs a dollar a day in hydro. Loved it but the real cost is 3 bucks a day and a ton of work. In the end we sold it and bought a horse because the farmer said............
Really good advice, as usual, guys. 100% agree that, when you first retire, you should take it slow and acclimatize to your new budget and schedule. It is a good time to make a "To Do" list of things you need to review: like your will(s), the beneficiaries on your bank and investment accounts, updating that password book or wallet and let's not forget - decluttering your storage area of the things that no longer serve you. Still working on that last one! Lol!
Glad you enjoyed it Susan decluttering is huge !! and a gift to your children, we are still doing it after 10 years in the apartment and many goes at it Cheers 🍷🙂🌺
I bought a book on amazon - called = Now That I am Dead ( or really really sick) - it has all my information - re passwords, insurance details, banking, funeral arrangements, insurances etc etc - took awhile to get it all filled out but told both my daughters where they could access all the infoirmation and feel so good about it is all written down . Excellent advice Tina and Norm and hope others will all do the same.
Yep. Everyone we go on a trip. Update and fill out all banking, all investments, passwords, accounts, emails & phone numbers of people that can help our daughter. I also write letters to the family on how much we love them. You just never know.
All good points Norm and Tina. Thanks for taking the time to point them out. I'm sure many people retire without ever thinking these things through (I have talked with many friends about some of them they didn't think of). Cheers!
Norm and Tina, great video, as always. I agree that your video quality is top-notch. We so appreciate and enjoy your videos always. My husband and I (age 65 and 66 3/4) finally got around to meeting with our lawyer and drawing up our will about three years ago, including a trust, and also our MPOA ( Medical Power of Attorney.) MPOA is just as important as the will and trust! We also decided to meet with our local funeral home/mortuary and pre-paid for our death/funeral/cremation expenses. We do not have children, and we felt it was important to have all of these arrangements handled ahead of time.
I believe each province covers what happens to your estate if you die without a will, and I am pretty sure in Canada the money does not go to the Government unless you have absolutely no family members.
Re helping adult children, I agree with you. If there was an emergency, absolutely. We have three children we put through college and they are doing very well. They have zero college debt where their peers are often burdened.
I've been the executor 4 times for family members. My mother was not considering having a will....she thought that was money wasted....I offered her to pay for it as a gift. I am so glad I did. It would have been so complicated without a will . My experience it is way better off to have a will with a lawyer or here in the province of Québec with a notary. This is the best thing you can do for the people you left behind. Don't postpone this it is important. A video on the topic with experts would be a good idea.Thanks for sharing your experience on retirement.❤
Not to subsidize adult children makes perfect sense both for self financial wellbeing and for training them to be independent. However, at the same time, it is also prudent not to wait until the end to pass family wealth to them. Children in their 30s certainly would get better use out of inheritance than in their 60s.
More good advice. Had to laugh about expensive vacations; think we both violated that one. Yet, if we have the money to afford it, take the holiday. Am in my first six months of retirement. Haven't bought anything extravagant. My 3 week holiday to Ireland was in budget. Enjoy your short holiday to the Caribbean!
Thank you for the wise advice. I agree that everyone should have a will. However in the US your estate does not automatically go to the government if you do not have a will. Depending on the state you live in it will be divided between your spouse and children via set formula. If you don't have them it'll be split between your siblings then your cousins etc.
Love your advice. Lots of things we seniors need to do to get our affairs in order. We certainly have the time to do so. The effort to do so now is a fraction of the work if will take later.
There’s a difference between the fashion and doing the job , hats off to you for doing a really dangerous and hard job Tina just liked the shirt Cheers Robert 🍻😂
I retired just this year, moved from Ontario to Lisbon, but am very excited to move to Tavira in January . Looking forward to buying a few pieces of furniture. It has been a real learning experience trying to slow down after running a home and business. Love your videos, keeps me on track.
As my first year of retirement comes to a close (having worked for 54 years) I have done a quick review and analysis of my spending. One item in particular stands out - coffee (or in my case Tea) shops and going out for my lunch with my wonderful wife of 50 years - individually the £20 and £60 isn’t very much but boy does it add up over a year. One outrageous suggestion for cutting back was to cut out the wine at lunch - I would rather cut the food out! Have to rush now - another bottle to open.
Thanks for the solid advice - we are retiring in March, we’ve bought ourselves a lovely used BMW motorcycle and our aim is to tour this beautiful country that we are so proud to live in on it. We’ve also budgeted the same amount as yourselves for our special ‘big’ holidays, like the UK to visit family. So roll on March 👍🏻. Your apartment looks lovely by the way. Cheers 🇨🇦
Lots of good advice, thank you. We’ve just come home after a week in the Canaries, met a man in our hotel who is 89 and still travelling, he was accompanied by his daughter and son in law but had been out walking most days, so hopefully we don’t all need to right off travel in our 70s. 😊 Best advice you didn’t include was to work on your health and fitness.
We have done lots of videos about working on your health and fitness and walking is one of the best cheapest things you can do , gets fresh air and meet others too .Cheers Arnold 🙂☕️🍻
We were ready to sell our cottage and use the money to travel. After really thinking about this, we realized spending time at our cottage with family and friends is more important than any vacation we could ever take.
We faced the same decision about our trailer which is on a residential site at a lovely campground in a beautiful area we decided to keep it too Sandra , There is room for both Cheers 🙂☕️
I am 68 retired 6 months. In retirement we have been spending about the same as before retirement so very frugal. After 6 months with the holidays coming and seeing our investments grow 9% after withdrawals we feel like we should spend a little more. This spending a little more could get carried away over time. Thanks for your video warning us about lifestyle creep.
It does take a bit of time to adjust in retirement and moving from saving to spending is actually very hard congratulations 🥳 on being in the retired club 🍻
Wills are important for complex estates, especially with blended families. My parents and in-laws died without wills - but they laid out beneficiaries in all their accounts and for their personal property. By their passing they owned no real estate - but that also was inheritable outside of a will, outside of probate. Too often wills and probate are a racket for estate attorneys; yet sometimes wills make sense.
I agree about not bailing adult children out of every problem. One exception is a serious illness such as when my husband was diagnosed with cancer and because of his treatment, we both were unable to work for a year or longer, and we had been laid off during that time as well. If my father hadn't been able to help us, I doubt we could have kept our home and kept our credit rating in good standing. We were extremely grateful and it was totally unexpected as well. Thankfully he had moved out of the US and was living very cheaply. Besides that he had a decent retirement funds.
I have no children as I am divorced. It is so important to have social contact and I am careful about my spending because people sometimes max out on their credit cards. You have given some very good tips here and I really appreciate all you share. 😊❤
re; will, a notary is cheaper than a lawyer if you want some help with the will. If there is no will, everything will be much more complicated, taking years of stress and financial costs that will make your heirs wish you had taken an afternoon and gotten the will taken care of. It will be more than 100 hours worth of time to sort out your estate, even a modest one, and up to 20,000. in lawyer and gov't fees if there is no will and your spouse or children will have to deal with this at a very difficult time for them.
Some good advice there imo. There will be plenty of people who have never had a lump sum available to them and will think that even relatively modest amounts are a lot of money. I saw it when there were redundancies at work and people jumped at them for that reason when they really weren't that much when compared to what they were earning. Also some who have been broke all their lives seem to be have brains wired to being broke and will just spend whatever they get. The wedding thing with kids is a bit of a bugbear for me tbh. If they need financial help for it then they can't afford what they're planning and should either work harder to get the money or adjust their expectations. In my view money on weddings is just wasted a lot of the time and let's face it, numbers say they likely won't stay married in the long term anyway. This going to other countries and expecting everyone to just go because it's a wedding is rather ridiculous imo as well. One thing I would add is to not assume that things will always be as they have been and to have some backup funds or plans if things change in time.
If you pass without a will your money only goes to the government if you have zero surviving descendants. There are provincial acts in each province that govern this situation. What happens is generally this: 1. spouse and no children: The spouse receives the entire estate 2. Spouse and children: The spouse receives the first $300,000, and the remainder is split equally between the spouse and children 3. No spouse or children: The estate is split equally between the parents, or to the sole surviving parent 4. No spouse, children, or parents: The estate is split equally between the siblings, or to the deceased sibling's children if they are deceased 5. No spouse, children, parents, or siblings: The estate is split equally between the deceased's grandparents, or to their descendants if they are deceased
I’ve been delaying my retirement so that I can do luxury travel. I’ve had some great trips the last few years and am planning a major trip to So America as a retirement gift to myself (to be paid for while I’m still working). But I’m almost 64 and am getting tired but fortunately am still in good health - so I’m ready to retire and focus on the next part of my life. My “big” decision will be whether in retirement to take one trip a year but make it the type of trip to which I’ve grown accustomed or to take several budget trips. I’ll probably choose the latter.
I help my children by giving them shares rather than cash. They would get these when I die anyway, and I figure giving them stock that continue to grow gives them experience in understanding how equity markets work, understand business operations, and how all of this leads to an understanding of good versus bad stocks.
We recently updated our Wills and set up Trusts in this respect and also at the same time, we set up Powers of Attorney for each of us for health and financial. It wasn't cheap (about £1400 for everything - a basic Will is £295 in the UK) but now that its done, we have that peace of mind that we don't have to worry about any more. No one knows what's around the corner, so if you have been thinking about it, please don't keep putting it off
Good advice. I am still struggling to find a list of charities in Alberta where I am from: hence, no will. The passwords are all mixed up, have yet to write that out. Procrastination is actually a bad habit, but fulfilling. You guys blow 17,000 on a special cruise, and I blow more than that amount in the stock market. Yikes.
Since you menioned possible loss of your memory & faculties - you can (at least here in the UK) set up a 'Power of Attorney' with say an adult child - to make decisions for you if you are deemed (by a doctor - not them) to have decisions made for you. You should have 2 in fact - one for health concerns and one for controlling you finances.
I'm not against helping relatives.. every time I get a "missed call" from an area code of a relative my mind immediately goes to "Is that from a jail someplace and how much bail money does a relative need this time."?
We are guilty of putting the will off. The issue is that we simply can't think of what we want to do with our money. The actual drafting of the will isn't an issue since my wife is a retired lawyer and can certainly put together a valid will.
Having a current Will is certainly good, but everyone should also have current Powers of Attorney, one for financial matters and one for personal care. We don’t want to think about it, but any of us can become physically or mentally incapacitated or seriously injured and incapacitated at any time and not be able to make critical medical decisions for ourselves. You need someone you trust to be your Power of Attorney to make these decisions for you if you cannot. Cheers, Marie-Louise
A health power of attorney is not an official document in many provinces or states, while many doctors will act on it, there is no legal directive to allow it.
One has to be careful about listening to retirees "rachetting/bragging" about travel plans and past travels. Tina and Norm are NOT racheting/bragging. Not everyone can afford it and with inflation, we never know how expensive things can get. Ageism is rampant in the workplace and we may get laid off sooner than we think. Made to retire. More than one couple has closed the curtains, put on the dvd players and saved $$$. Just saying.... Good luck to us all ✨😊✨.
Only comment on passwords, never keep them on your computer, that is the first place a hacker will look. Spent 47 years in IT and can't think of how many times I had to tell people not to do this.
Well done 👍 I rather teach my daughter to fish than give her a fish. 🤔😉 As the saying goes.😊 A will can be better than nothing. They say wills are cheap to make but expensive to enforce. Due to probate costs and lawyers fees. At least here in the US. 💰 There's a number of books on setting up trusts. One would be Living trusts for everyone. By Ronald Sharp. A good listen on audible. Do your research to see if it makes sense for you. 💪
As a senior, you can call your local Office of Senior Resources or similar agency and get your will and all the other legal paperwork done for free. That's what my husband and I did earlier this year. Great advice as always! Stay well!
If you don't have a will at death, your money doesn't go to the government. It goes to the surviving spouse, then to the kids, then to relatives. If there is absolutely nobody to give the money to, the money could then end up in a governments hands.
What about taking care of elder parents? I see many many people in their mid 50s subsidizing parents in their late 70s early 80s.that don't have the means to take care of themselves due to several factors, no pension, gray divorce, no house, bad financial decisions, etc.
Thanks for watching our video we do appreciate your support, we have a playlist of other videos related to this one here: ua-cam.com/play/PLwerz80Ddyn3X9rv8ISWloqdUS5x_4zWR.html&si=t5OnZ4-acxJYDply
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
We do one expensive holiday per year and one less expensive one (usually a month in the heat to escape winter). We live in a wonderful area where the rest of our time is spent going to lakes, provincial parks, or short road trips. Love my house and yard, so summers gardening are special. The expensive holidays are usually exotic locations that are either private or small group tours (absolutely no more than ten).and we have never regretted any of these trips. In the Caribbean right now, our cheap trip, enjoying walks on the beach, cooking great food and embracing the warmth. Soon time to prep for the pricy holiday…private guided tour of Egypt and a small group tour in Morocco.. This has always been our plan and it’s so fun to reap the benefits of our planning.
Sounds like a great plan
Do you mind me asking what travel agency you use?
One of your best videos yet. Great advice. My wife and I are in the first six months of retirement and find ourselves facing many of these spending decisions. Always enjoy your commentary.
Glad you enjoyed it Jamie and yes in those first 6 months there are lots of decisions to make we wish you all the best 🍻🙂
Loving Tina’s Canadian tuxedo!
It’s awesome fashion 😂😂
@@ThisIsOurRetirement It is 😊.
Social Contact is the most important thing to do even if it is just small talk with a neighbor, someone walking their dog as they love to talk about their dogs or a cashier somewhere. I find it is easier than I thought and gives me a mental boost reminding me I am not invisible:)
Totally agree with you 🍻🙂
I like to say I did everything wrong.. too much advice..bought a forclosed house.. now sold everything rent and have a budget for travel. I am all about slow cheaper travel...biggest fear is dementia..good realistic topic thank you
Well done you! For selling up and making a big decision to free up some cash and do what you want to do (Many Don’t),
You deserve to enjoy what you’ve worked all your life for, hope you keep in good health
enjoying your video . yes to many holidays can be expensive indeed. yes to be social is important
Absolutely!! 🍻🙂
My wife and I bought a Hot Tub one time on the spur at the Toronto Sportsman show. I happen to like hot water and she likes hot water and the guy said it was easy to take care of and it ONLY costs a dollar a day in hydro. Loved it but the real cost is 3 bucks a day and a ton of work. In the end we sold it and bought a horse because the farmer said............
Lol❤
Thought you we’re going to say Joshua you were always getting in hot water 🍻🙂
Thank you for your advice. It is very sound.
You are welcome! Cheers Cathy 🍷🙂🌺
Really good advice, as usual, guys. 100% agree that, when you first retire, you should take it slow and acclimatize to your new budget and schedule. It is a good time to make a "To Do" list of things you need to review: like your will(s), the beneficiaries on your bank and investment accounts, updating that password book or wallet and let's not forget - decluttering your storage area of the things that no longer serve you. Still working on that last one! Lol!
Glad you enjoyed it Susan decluttering is huge !! and a gift to your children, we are still doing it after 10 years in the apartment and many goes at it Cheers 🍷🙂🌺
I bought a book on amazon - called = Now That I am Dead ( or really really sick) - it has all my information - re passwords, insurance details, banking, funeral arrangements, insurances etc etc - took awhile to get it all filled out but told both my daughters where they could access all the infoirmation and feel so good about it is all written down . Excellent advice Tina and Norm and hope others will all do the same.
Wow what a great idea maybe we should buy that book too thanks for sharing Heather 🍷🙂
On my vision board for 2025!
Yep. Everyone we go on a trip. Update and fill out all banking, all investments, passwords, accounts, emails & phone numbers of people that can help our daughter. I also write letters to the family on how much we love them. You just never know.
Great ideas Cynthia 🌺🙂
Great topic....every one needs a will
Yet so many don’t Tina’s brother included! 🙂🍷
All good points Norm and Tina. Thanks for taking the time to point them out. I'm sure many people retire without ever thinking these things through (I have talked with many friends about some of them they didn't think of). Cheers!
You are so welcome 🙂🌺🍻
Norm and Tina, great video, as always. I agree that your video quality is top-notch. We so appreciate and enjoy your videos always. My husband and I (age 65 and 66 3/4) finally got around to meeting with our lawyer and drawing up our will about three years ago, including a trust, and also our MPOA ( Medical Power of Attorney.) MPOA is just as important as the will and trust! We also decided to meet with our local funeral home/mortuary and pre-paid for our death/funeral/cremation expenses. We do not have children, and we felt it was important to have all of these arrangements handled ahead of time.
That’s great we too have prepaid for our funeral / cremation services it does feel good to know that it is done in advance 🙂🌺
I believe each province covers what happens to your estate if you die without a will, and I am pretty sure in Canada the money does not go to the Government unless you have absolutely no family members.
It is a really involved process and quite expensive
Thank u so much for your good advice so enjoy your videos
You are so welcome glad you enjoy them Cindy 🙂🍷🌺
Hi Norm and Tina: All good points. On the mend and back at the gym. Stay warm. Cheers!
Good to hear Paul wishing you well, speeding recovery.
Great advice !! Thank you for the videos.
Your very welcome Ben 🍻🙂
Your video picture quality is really good!
Thank you Dan we appreciate that we are trying really hard to do nice videos Cheers 🍻🙂
Re helping adult children, I agree with you. If there was an emergency, absolutely. We have three children we put through college and they are doing very well. They have zero college debt where their peers are often burdened.
We seem very similar Cheers 🍻🙂🍷
I've been the executor 4 times for family members. My mother was not considering having a will....she thought that was money wasted....I offered her to pay for it as a gift. I am so glad I did. It would have been so complicated without a will . My experience it is way better off to have a will with a lawyer or here in the province of Québec with a notary. This is the best thing you can do for the people you left behind. Don't postpone this it is important. A video on the topic with experts would be a good idea.Thanks for sharing your experience on retirement.❤
It really is a better way having a will
Not to subsidize adult children makes perfect sense both for self financial wellbeing and for training them to be independent. However, at the same time, it is also prudent not to wait until the end to pass family wealth to them. Children in their 30s certainly would get better use out of inheritance than in their 60s.
it is an important question to address
More good advice. Had to laugh about expensive vacations; think we both violated that one. Yet, if we have the money to afford it, take the holiday.
Am in my first six months of retirement. Haven't bought anything extravagant. My 3 week holiday to Ireland was in budget.
Enjoy your short holiday to the Caribbean!
Thank you Ireland 🇮🇪 is on our list too , trying to find a good land deal to take Cheers 🙂✈️🚢🍷
Thank you for the wise advice. I agree that everyone should have a will. However in the US your estate does not automatically go to the government if you do not have a will. Depending on the state you live in it will be divided between your spouse and children via set formula. If you don't have them it'll be split between your siblings then your cousins etc.
Thanks for sharing 🇺🇸🍻🇨🇦
Love your advice. Lots of things we seniors need to do to get our affairs in order. We certainly have the time to do so. The effort to do so now is a fraction of the work if will take later.
Yes we do thanks for watching 🍻🙂🍷
Great video. Thank you.
You are welcome!🙂🍻🍷
Great advice!! 🇨🇦🙏🏼
Glad you think so! 🍷🙂
I have been a real lumberjack. It was very dangerous but high paying.
There’s a difference between the fashion and doing the job , hats off to you for doing a really dangerous and hard job Tina just liked the shirt Cheers Robert 🍻😂
I retired just this year, moved from Ontario to Lisbon, but am very excited to move to Tavira in January . Looking forward to buying a few pieces of furniture. It has been a real learning experience trying to slow down after running a home and business. Love your videos, keeps me on track.
Sounds great! wishing you all the best we did enjoy our stay in Tavira🍷 🇵🇹 🍻🇨🇦
As my first year of retirement comes to a close (having worked for 54 years) I have done a quick review and analysis of my spending. One item in particular stands out - coffee (or in my case Tea) shops and going out for my lunch with my wonderful wife of 50 years - individually the £20 and £60 isn’t very much but boy does it add up over a year. One outrageous suggestion for cutting back was to cut out the wine at lunch - I would rather cut the food out! Have to rush now - another bottle to open.
Thanks for sharing! but the main thing is you are enjoying great time together which you can’t get back Cheers 🇬🇧🍷🙂🇨🇦☕️
Thanks for the solid advice - we are retiring in March, we’ve bought ourselves a lovely used BMW motorcycle and our aim is to tour this beautiful country that we are so proud to live in on it. We’ve also budgeted the same amount as yourselves for our special ‘big’ holidays, like the UK to visit family. So roll on March 👍🏻. Your apartment looks lovely by the way. Cheers 🇨🇦
Thanks for sharing you are on the countdown to retirement and we wish you all the best Cheers 🍻🙂
Lots of good advice, thank you. We’ve just come home after a week in the Canaries, met a man in our hotel who is 89 and still travelling, he was accompanied by his daughter and son in law but had been out walking most days, so hopefully we don’t all need to right off travel in our 70s. 😊
Best advice you didn’t include was to work on your health and fitness.
We have done lots of videos about working on your health and fitness and walking is one of the best cheapest things you can do , gets fresh air and meet others too .Cheers Arnold 🙂☕️🍻
We were ready to sell our cottage and use the money to travel. After really thinking about this, we realized spending time at our cottage with family and friends is more important than any vacation we could ever take.
We faced the same decision about our trailer which is on a residential site at a lovely campground in a beautiful area we decided to keep it too Sandra , There is room for both Cheers 🙂☕️
I am 68 retired 6 months.
In retirement we have been spending about the same as before retirement so very frugal.
After 6 months with the holidays coming and seeing our investments grow 9% after withdrawals we feel like we should spend a little more.
This spending a little more could get carried away over time.
Thanks for your video warning us about lifestyle creep.
It does take a bit of time to adjust in retirement and moving from saving to spending is actually very hard congratulations 🥳 on being in the retired club 🍻
Wills are important for complex estates, especially with blended families. My parents and in-laws died without wills - but they laid out beneficiaries in all their accounts and for their personal property. By their passing they owned no real estate - but that also was inheritable outside of a will, outside of probate. Too often wills and probate are a racket for estate attorneys; yet sometimes wills make sense.
Thanks for sharing very interesting generally having a will is a good idea even if you have named beneficiaries John Cheers 🍻🙂
Estate attorneys make a lot more money is there is not a will.
I agree about not bailing adult children out of every problem. One exception is a serious illness such as when my husband was diagnosed with cancer and because of his treatment, we both were unable to work for a year or longer, and we had been laid off during that time as well. If my father hadn't been able to help us, I doubt we could have kept our home and kept our credit rating in good standing. We were extremely grateful and it was totally unexpected as well. Thankfully he had moved out of the US and was living very cheaply. Besides that he had a decent retirement funds.
Thanks for sharing your experience
I have no children as I am divorced. It is so important to have social contact and I am careful about my spending because people sometimes max out on their credit cards. You have given some very good tips here and I really appreciate all you share. 😊❤
Thanks for watching Linda Cheers 🙂🍷🌺
Awesome accents, you guys just sound vastly more intelligent than us in the USA. Smart not to stack major purchases with major life events.
Thanks for your kind words and for watching our video.
I finally did a Will before leaving Canada last month. Peace of mind at last.
Sounds good 👍
Hi Tina & Norm some more great advice have a wonderful Christmas take care .
Regards. C Barker
Same to you Christopher Merry Christmas 🇬🇧🎅🇨🇦🎄🍻
Great topics!
Thank you
Hey Tina, I use to have a shirt like that but then I got a job. LOL....Thanks for the video.
I love my shirt Mike and remember being retired is the best job ever Cheers 🍻🙂
re; will, a notary is cheaper than a lawyer if you want some help with the will. If there is no will, everything will be much more complicated, taking years of stress and financial costs that will make your heirs wish you had taken an afternoon and gotten the will taken care of. It will be more than 100 hours worth of time to sort out your estate, even a modest one, and up to 20,000. in lawyer and gov't fees if there is no will and your spouse or children will have to deal with this at a very difficult time for them.
Thanks for sharing Catherine 🙂☕️
Some good advice there imo.
There will be plenty of people who have never had a lump sum available to them and will think that even relatively modest amounts are a lot of money. I saw it when there were redundancies at work and people jumped at them for that reason when they really weren't that much when compared to what they were earning.
Also some who have been broke all their lives seem to be have brains wired to being broke and will just spend whatever they get.
The wedding thing with kids is a bit of a bugbear for me tbh.
If they need financial help for it then they can't afford what they're planning and should either work harder to get the money or adjust their expectations.
In my view money on weddings is just wasted a lot of the time and let's face it, numbers say they likely won't stay married in the long term anyway.
This going to other countries and expecting everyone to just go because it's a wedding is rather ridiculous imo as well.
One thing I would add is to not assume that things will always be as they have been and to have some backup funds or plans if things change in time.
A great comment and factor in the average divorce rate and it seems futile to speak so much on weddings, thanks for your perspective.
If you pass without a will your money only goes to the government if you have zero surviving descendants. There are provincial acts in each province that govern this situation. What happens is generally this: 1. spouse and no children: The spouse receives the entire estate
2. Spouse and children: The spouse receives the first $300,000, and the remainder is split equally between the spouse and children
3. No spouse or children: The estate is split equally between the parents, or to the sole surviving parent
4. No spouse, children, or parents: The estate is split equally between the siblings, or to the deceased sibling's children if they are deceased
5. No spouse, children, parents, or siblings: The estate is split equally between the deceased's grandparents, or to their descendants if they are deceased
It takes along time and incurs many fees
Thanks guys! ❤
Our pleasure! 🙂🌺
Great advice guys. Thank you both! 😊
Our pleasure glad you enjoyed it Cheers 🇮🇪🍻🍷🇨🇦
I’ve been delaying my retirement so that I can do luxury travel. I’ve had some great trips the last few years and am planning a major trip to So America as a retirement gift to myself (to be paid for while I’m still working). But I’m almost 64 and am getting tired but fortunately am still in good health - so I’m ready to retire and focus on the next part of my life. My “big” decision will be whether in retirement to take one trip a year but make it the type of trip to which I’ve grown accustomed or to take several budget trips. I’ll probably choose the latter.
Hard choice but we think for us cheaper trips is giving us more variety and more memories Cheers ✈️🚢🇨🇦🍷🙂🌺
Great video as always. Your both great. Just so you know, in my part of the USA, wills are about $1000. My wife and I still had one drawn up.
That is awesome! thanks for watching guess wills cost more in different places Cheers 🇺🇸🍻🇨🇦🙂
Always wise to live within your means ‼️‼️🇨🇦🇨🇦
Yes it is 👍🙂
Good points guys!
Thanks guys 🇺🇸☕️🇨🇦
I help my children by giving them shares rather than cash. They would get these when I die anyway, and I figure giving them stock that continue to grow gives them experience in understanding how equity markets work, understand business operations, and how all of this leads to an understanding of good versus bad stocks.
Sounds like a great idea 🙂
Your apartment looks beautiful! I especially like the massive television behind you 😅😅
Thank you, we do enjoy watching movies
We recently updated our Wills and set up Trusts in this respect and also at the same time, we set up Powers of Attorney for each of us for health and financial. It wasn't cheap (about £1400 for everything - a basic Will is £295 in the UK) but now that its done, we have that peace of mind that we don't have to worry about any more. No one knows what's around the corner, so if you have been thinking about it, please don't keep putting it off
That’s awesome Mike we have also prepaid our funeral / Cremation services as well Cheers 🇬🇧🍻🇨🇦
@ThisIsOurRetirement very clever thing to do and not something your loved ones have to worry about 👍
Old school yes right them down,we are getting older,you never know,let the right people know where they are.
Thanks John lots of us still do things the old school way 🍻🙂
Good advice. I am still struggling to find a list of charities in Alberta where I am from: hence, no will.
The passwords are all mixed up, have yet to write that out. Procrastination is actually a bad habit, but fulfilling.
You guys blow 17,000 on a special cruise, and I blow more than that amount in the stock market. Yikes.
Thanks for watching sometimes decisions are hard 🤔
Since you menioned possible loss of your memory & faculties - you can (at least here in the UK) set up a 'Power of Attorney' with say an adult child - to make decisions for you if you are deemed (by a doctor - not them) to have decisions made for you. You should have 2 in fact - one for health concerns and one for controlling you finances.
Thanks for sharing sounds a very good idea 🙂🇬🇧🇨🇦
7 wishes is an excellent document for planning one’s end of life wishes.
Thanks Pat!
That's a Madoc Dinner shirt Tina..........lol
Thank you 🍷🙂
I'm not against helping relatives.. every time I get a "missed call" from an area code of a relative my mind immediately goes to "Is that from a jail someplace and how much bail money does a relative need this time."?
Mark, a family of criminals 😂😂
please be careful about grandparent scams
Will go to probate,close relatives will be notified,but a will is better obviously.
Good video! Be careful though: holographic wills are NOT valid in BC and PEI…
That’s very interesting apparently all provinces except those two Cheers 🍻🙂
We are guilty of putting the will off. The issue is that we simply can't think of what we want to do with our money. The actual drafting of the will isn't an issue since my wife is a retired lawyer and can certainly put together a valid will.
A will doesn't cut it. I don't know if you're in the US or not but if you are, and you own any property such as a house, you need a living trust
You should take legal advice
Have a Frank discussion
@@mikeberg5003 The value of a living trust is that it allows you to avoid probate. When we are gone we won't care about probate.
@@todddunn945 If you own a home and live in a state that has probate court. Your heirs will get screwed.
Local Lawyer in Ontario: $600 for a will
Ouch
Your next major purchase should be a decent sized TV to replace that portable :)
😂😂😂
It’s a shame we can’t afford a bigger TV 📺 than our portable John😂🍻😂🍻
Cheers Murray 🍻😂🍻😂
Another great show! The passwords are getting challenging for me too and then I keep getting notices it should be changed.
I like the size of their tv. Mines the same.
Having a current Will is certainly good, but everyone should also have current Powers of Attorney, one for financial matters and one for personal care. We don’t want to think about it, but any of us can become physically or mentally incapacitated or seriously injured and incapacitated at any time and not be able to make critical medical decisions for ourselves. You need someone you trust to be your Power of Attorney to make these decisions for you if you cannot. Cheers, Marie-Louise
A health power of attorney is not an official document in many provinces or states, while many doctors will act on it, there is no legal directive to allow it.
Don't die with just a will, get a trust to so your beneficiaries avoid expensive probate court.
Thanks for sharing 🙂☕️
One has to be careful about listening to retirees "rachetting/bragging" about travel plans and past travels. Tina and Norm are NOT racheting/bragging. Not everyone can afford it and with inflation, we never know how expensive things can get. Ageism is rampant in the workplace and we may get laid off sooner than we think. Made to retire. More than one couple has closed the curtains, put on the dvd players and saved $$$. Just saying.... Good luck to us all ✨😊✨.
We worked hard all our working life , did without a lot to put a plan in place to enjoy our retirement together 🙂
Only comment on passwords, never keep them on your computer, that is the first place a hacker will look. Spent 47 years in IT and can't think of how many times I had to tell people not to do this.
Thanks for sharing 🍻🙂
Well done 👍
I rather teach my daughter to fish than give her a fish. 🤔😉 As the saying goes.😊
A will can be better than nothing. They say wills are cheap to make but expensive to enforce. Due to probate costs and lawyers fees. At least here in the US. 💰
There's a number of books on setting up trusts. One would be Living trusts for everyone. By Ronald Sharp. A good listen on audible. Do your research to see if it makes sense for you. 💪
Very true!
Greetings! What’s the best way to get to Faro this March from Seattle with a 6 day stop in Lisbon! If you can or can’t advise, that’s ok! Thanks
Probably TAP airlines from Boston
As a senior, you can call your local Office of Senior Resources or similar agency and get your will and all the other legal paperwork done for free. That's what my husband and I did earlier this year. Great advice as always! Stay well!
That's a good idea! are you in the 🇺🇸 USA or Canada 🇨🇦 Diane we will look into this 🙂🌺
Defer large purchases
Expensive Travel
Helping adult children
Password/ wills
You got it 🙂👍
I see you also watch the Tina and Norm show in your spare time
Yes we do great memories for us 🍻🙂🍷
Where there’s a will ….. there’s a Relative 😁😁
Too funny 😂
If you don't have a will at death, your money doesn't go to the government. It goes to the surviving spouse, then to the kids, then to relatives. If there is absolutely nobody to give the money to, the money could then end up in a governments hands.
True but it is a very time consuming process with fees and court procedures. It also relies on beneficiaries to make a claim.
👍👍✌️…. Good post. Hey people don’t forget to subscribe. Let push them over 100,000
Thank you for caring 😀😀👍👍
❤❤❤❤❤❤
🙂🌺
Didn't you actually catch COVID on that expensive smaller "post-covid" cruise?
Yes we did ! so that idea back fired Norm was sick for 4-5 days , took the shine off the cruise 🚢🙂
❤🤍❤👌👍🌲🌲🌲🍀🍀🍀🌍🌎🌏
Great topic as always, a question, when support your kids with some money, do you ask then to pay you back?
We have never asked any of my wife's adult kids for payback. If they're in a bind we help them althought it's rare these days.
Awesome
No, it’s always a gift, they probably will never pay it back, so don’t damage your relationship.
Worst ad timing ever. Just as you were saying how cruising was too expensive an ad for a cruise line interrupted you.
😂😂
Those will statistics give me anxiety for others...Only 32% of Americans plan on dying, you know!😟
Interesting isn’t it 🇺🇸🇬🇧🇨🇦🙂
What about taking care of elder parents? I see many many people in their mid 50s subsidizing parents in their late 70s early 80s.that don't have the means to take care of themselves due to several factors, no pension, gray divorce, no house, bad financial decisions, etc.
Thank you for airing obviously a very big topic 🙂
watching too much you tube is my danger
Just make sure you keep watching us Grant Cheers 🍻😂