My plan was to sell my property and rent for the rest of my days but I can't afford to sell in 2024. There's nothing to rent at a price I could pay. Neither is there anything to rent in which I would want to live. Greedflation rules right now.
Why don't you rent out your property, you should get more than before due to higher rents then use the rental income to rent a place for yourself instead
@@afriendabroad2083 I don't rent my home because the taxed rental income and dealing costs would leave insufficient profit to pay rent on anything fit for human habitation.
@gordthompson824 Reverse mortgage costs have gone up, but different options for reverse mortgage are not bad idea. Took class and there is one with set interest rate, I am still trying to determine if you take out the reverse mortgage and then decide to pay it off or down with IRA money, does that interest accrued you paid off with IRA money let you write off huge interest cost so no taxes on IRA withdrawal? Needs to be well above your $28,000 standard deduction, though to make that strategy worthwhile. Will take more classes and do more research on tax consequences.
Who is that young beatnik Tina is hanging with? Nice day there. Enjoy the rest of your time in sunny Portugal. Back here in Maine it was warm yesterday, but I don't think even 6C compares well with temperatures in Portugal. I look at my house a bit differently. I don't owe anything on it, so it is a comparatively cheap place to live. Maintaining my house costs about $750/month for the house (property tax, maintenance and utilities) which is is much cheaper than renting. I have been in this house for 25 years, so even if I factor in the purchase price and all of the maintenance over those 25 years I am still ahead compared to renting for that time period. Yes I could sell the house and get a sizeable chunk of cash even after federal taxes, but I doubt that money would allow me to rent a comparable place in terms of location particularly if there is a market down turn. That said, everyone is different, so do what is best for you. Yes, food prices are definitely up, but food remains one of our smallest costs. We seldom eat out (not at all since Covid) so that is a big factor in our food costs. The rise in interest rates has pushed the returns on our saving way up which has much more than offset the impact of inflation on our living costs. That said, we live quite frugally, by choice which is a big factor.
Yes, but the vast majority of low skilled workers in such places are exactly as they have historically been... minors.Minors who should be using this introductory level job for said purpose. Same with Canadian saturation of union industries which drive cost of everything up from the negotiated highjacking which results in exorbitant cost on anything sourced domestically. PS. 30% coming your way on ALL goods and services via LNDP Apr.1 carbon tax(4th increment).
Living in the Netherlands and having been in Germany, France the UK, Australia and now in New `Zealand these past 12 months I have to say- the story is the same everywhere. Every country I've visited has 'bad economic news' on air and in the papers. differences in proces all over though in some countries the rise wasn't as high everywhere. It was very affordable to eat out in France and Germany. In the Netherlands restaurant meals have increased quite a bit as has a coffee and a wine r beer. Yet restaurants are still fully booked. Groceries have risen everywhere. House prises rose, leveled and settled almost simultaneously globally. Mortgage rates went up causing much ado on the housing market. Rentals rose and were/are hard to come by. I guess we will bite the bullet, hold our breath and wait for the tide to turn ( again). Enjoy Portugal. Happy Easter 🐣. 🇳🇱🙋♀🇳🇿🥝 😎
@@marilynrybak9154 I have a Yankee Pot Roast recipe that goes very quickly between two humans and our dog. Cost is around 25 bucks, and we eat for two nights.
Hi from Malaysia. Just turned 61 and retired a year ago. Have been following your programme for quite a while and am really happy that I am generally doing what you guys are doing in planning for retirement. Best regards
Great to see you both looking so well. Your annual escape to Portugal really does you good. Making good investments is a great way to subsidize your expenses. Enjoy the rest of your stay in Portugal and safe trip home when you return to Canada.😊
Working until full retirement age is best way to maximize Social Security benefit. In USA your mortgage interest rate can be set for the term you took it out, 15 or 30 yrs. So, holding your home while in retirement is most secure way to control cost of housing in USA. Most counties in USA have a property tax break for over 65 owners. Most places in USA have no rent control, so renting cost can go up a lot. Interest rates are up, so cash savings finally get a decent return. Stock market investments have good return last few years. But you never know if we'll have a "correction." Best to have both cash savings and stock market savings and a home you own for security in USA. Surprised Canada still allows loan cost to change over time on homes.. They should change that, it's not fair and likely will cause foreclosures.
Actually the housing market, surprisingly,is starting to move up , they are Selling on an average of three to four days , I am enjoying retirement and I'm planning on keeping my house forever
I like the inflation hedge that our house provides, so we have kept it. We had right sized to a.small bungalow years ago and it still works for us. YMMV.
Good morning Tina and Norm. 😊 Thanks for talking about this important subject of inflation and the unstable economy. Simply put, there’s just not enough money coming in to pay for essentials. It creates fearfulness, anxiety frustration, and insecurity. Living on CPP plus OAS isn’t working! Especially, if you’re a single or widowed person with monthly expenses. After paying the rent you’re left with about $300 to pay for food and meds.😔 🤷♀️ Saving money and living frugally before old age and retirement is fundamentally important any time, but, it is so true in today’s economy. Earning dividends that cover your expenses is smart. I guess the “trick” is knowing what to invest in. 🌟 Clock’s “spring” forward tonight! ⏰ Enjoy your week. 😊 🌷Sam
Where's all this money coming from, just watching news record spring breakers! In Florida. Concerts sold out, cruises sailing at capacity, roads and restaurants packed here, i don't get it!
When I was younger I would listen to older people talk about “back in my day “ and now I’ve become them. I paid less than a dollar for gas, and I could get a couple burgers for a dollar, and cars only cost an arm instead of an arm and a leg. I marveled at my aunt and uncle’s super low mortgage payment, but now my mortgage for my entire house is less than rent for a tiny apartment with no outside space or kitchen. We have just gone through a period of increased inflation and now wages are starting to catch up. Although since I retired my pension doesn’t increase, but social security will when I’m older and my dividends will now. I remember how my parents complained about when interest rates went down and their investment income went down because they were in interest earning cash investments. Since cash hasn’t made any return for the last decade all my investments are not in cash, but some should be since I can now get better than 5% risk free
Thanks again for another very informative and very relevant video, especially for those of us living here in Canada. Indeed we are living in a bubble and I think things are going to change sooner than later with regards to that. In exactly the fashion you have explained with high interest = less demand. Or better said fewer people can afford to buy a house nowadays=less demand. Sometimes you just got to listen to the music , as the great Steve Miller said... "hoo hoo Take the money and Run" ;))
Warm greetings from Scotland. Really enjoy your content, especially your Algarve ones. You two are the loveliest couple and have a wonderful chemistry together. Best wishes to you both
Hey guys hope all is well. Eating out in Canada is cost prohibited now. Case in point gf and I had Burger King for first time in couple years. $35 for 2 whoppers, fries and drinks! Took her parents to Montana's last month, $170 for the 4 of us. No alcohol. Time to consider other options. Cheers.
Just sold my house & bought a condo. Mortgage, debt free and extra $$ in bank invested. A big change. I question if I should have sold the house as values I think will rise. Interest rates holding. Good video. THX
Depends on where you are in Canada. Yes, the housing market is a bit deflated but there are some areas and some price points starting to pick up...on the other hand shrinkflation is everywhere. You're correct about that.
Shrinkflation has been ongoing for at least the past 3-4 years. They keep the same package but make the portions smaller and now with inflation, the price is higher. Our Federal government can be blamed for the inflation since it's caused by printing money that can't be backed.
Prices have increased 4% a year over the last 50 years. That Big Mac meal you purchased in 1974 for 2 bucks has now increased to $14. This is exactly the price it is at. You don’t see Boomers complaining about how unfortunate it is, that the home they purchased in 1974 for 60K, is now worth a million dollars?
I bought in scarborough next to toronto a small frame one bed house with basement for 32k in 1975 and on visiting canada recently was amazed it was being sold for 1 million !
Eating fast food by choice in retirement is already poor judgement! Certainly at places like McDonalds, it is pretty crappy food. In Europe it is even worse since good fresh food is affordable.
Hi Norm and Tina. You are so right , things are so expensive and frankly I don't know how newlywed couples survive without some assistance. Personally, I have a vacation home in Arizona that I will be selling very soon ,as soon as Jerome Powell starts cutting the prime. BTW Mortgage prime states side is close to 8 percent !and it costs more to insure the house in Arizona than the one in Burlington Ontario. Very lucky , going on holidays in August to the UK, and if the banks keep increasing their dividends and the share prices bump up a wee bit, will be so fortunate . Thanks so much for the Saturday video, take care guys !!
@@ThisIsOurRetirement A Canadian snowbird currently in the desert, near Yuma, AZ. Be prepared for anything from beautiful sunny days, to windy, cold, rainy days from late December to now, early March and a bit longer. Bring your winter wear and your summer wear.
My home is Maui, Hawaii and prices here for food and housing is out of control. Young families are moving to other States. Rental prices for a 300 sq.ft studio are between $1500 and $2500/mth USD. The average home price now is 1.25 mill USD and this is a simple 1200 sq.ft, (no basements here). I think about selling my home (that has 2 rentals which helps with my retirement..and I've kept rates low because I have great tenants on fixed incomes), because it is nearly 100 years old and needs work, but wouldn't be able to buy a comparable property at these prices even if I sold for $1 million. A dozen eggs $8.99 USD. A hamburger from a takeout place, $15 USD or more. I've stopped eating out.
I gave up McDonalds for about 6 months. I recently went while out running errands all day. It was awful and not worth the $8. I never noticed how salty the food was before.
Norm!, love your new look, beard and moustache! 👍 Hi Tina, good to see you too! I just once a while get a burger and fries if I have a coupon or if there is a special. Other than that, no way! 😟
So agree all fast food places are over charging while they can. I find when we travel we have to go to grocery stores and pick up lunch meat and buns to eat which are better anyway. I hope this is not a long term scenario otherwise we will be out of money in a few years. The world is going crazy. Great video.
I appreciate the common sense approach of your videos, with all sorts of stories and issues that are relatable to many people. Greetings from Vancouver Island :) Thanks for your work.
Senior citizens should not have to be worrying about where to get cheaper food. Perhaps, there should be a discount card for senior citizens where they can get discounts or reduced fixed price meals, if they wish to order take away or dine out anywhere.
Thank you for calling out the folks responsible -- greedy companies who are making record profits. As long as our demand is steady, they won't bring down prices 😞
I hope you're young. Inflation is due to unrestrained govt spending and Treasury having to issue debt to cover it. That devalues the currency aka inflation. When the debt is backed by nothing but unenforced promises there is nothing to slow down the rate of debt issuance meaning inflation. Companies are like people, they are the users of currency. It's govt policy that controls the value of currency. Visit Venezuela or Cuba. Weak and few corporations, strong government and hyper inflation from irresponsible fiscal policy. Take your time. You have decades to figure it out.
@@drewodessa2483 Yeah, senior citizen here, who has heard over and over how our debt will crush our children's future, but I only hear this when Republicans lose the presidency. Then they immediately start yelling about debt and how we can't pass an infrastructure bill or do any investment that actually goes out into the economy and builds it up. High prices are found in a few places, not everywhere, and that's due to corporate greed. Inflation was a problem all over the world after Covid, and the U.S. fared way better than most countries even though we did massive investments in our country, so your theory is not borne out.
@@drewodessa2483So true, do you ever really remember anything coming down in price? Sure we can get some ups and downs just like the stock market but fiscal policy has basically ruined everything and now the debt is like a runaway train at least in the U.S. Government is not our friend, they pretty much use the public as their slush fund . Every business is forced to raise their prices as the value of dollars continues to slowly evaporate and all their costs just like everyone else's continue to go up. I don't see how we can reset at this point, I pray my kids can make it through their lives and everyone else
"Rent-controlled" properties are very hard to find. Perhaps it is cheaper to keep living in one's mortgage-free home, than go out and pay outrageous apartment rents? How well will bank stocks do with half the mortgages in arrears or needing to be "re-negotiated"? So i sold three of my Canadian bank stocks and only have Royal Bank shares, oils, and pipelines (for better or worse, who knows, but i think usa banks might go lower and wonder if they will drag Canadian banks a bit lower). I expect grim low income this year. Cheers to all.
Hi Norm and Tina! It looks like a beautiful day where you are today. Just returned from an amazing trip to Cuba. Rented a pink 1963 Ford fair-lane convertible and we saw the Bruno Vista Social Club again! House prices will continue to go up in our area so it depends where you live. Rent has also increased by 30 percent. It is still cheaper to live in our house vs renting at $3000 a month. We will be entering the rental market down the road. Where to next? That is the question. Cheers!
Sounds great! we have been to Cuba 🇨🇺 4 or 5 times and enjoyed it , secret to a rental Paul is find one with rent control and the sooner you enter the market the better off you are price wise for your future we love it 🍷🙂🍻
@@ThisIsOurRetirement We have added all your criteria for a rental property along with our own list. We are in no immediate rush for the rental market and in the drivers seat. Enjoy the great weather!
To sell your house and then rent makes sense with the proviso you can access a rent controlled apartment which i believe is quite difficult in Canada ?
Norm, no glasses and the goatee makes you look much younger. My husband and I were looking to take a long walk and grab a sandwich (we live in Northern California), a simple tuna salad sandwich was $17. Too high priced for my retirement lifestyle.
Why in the world would you as a senior/junior want to eat fast food in Portugal or anywhere else? I think that you need to think about going elsewhere in Portugal for the winter. Costs are much better near Peniche, Consolacoa, Ericera and the temperature is not that much different than the Algarve. We have done that for the last few years and have enjoyed our economical stays.
In Ottawa, at least, what you can rent is cheaper than what you can buy. We plan to sell our house and rent for a while and decide the next steps. Our house is paid off and the money we can make from that capital covers rent in nice downtown townhouse or a luxurious apartment.
G,day Tina & Norm, I must say you are both looking fit and well!! ( Must be the retirement!!). The cost of living problem, and housing affordability is not just in Canada, but in every western counrty, particularly the English speaking world. I live in Adelaide, South Australia, same problem. Ah! Globalism, is,nt it great????
Howdy Tina, Norm, Excellent topic & points you made. I was not aware of homes being financially surrendered. Very scary. That's certainly going to add to tge homeless situation.😢 ~ Ben Vancouver ISLAND
It isn't true, that's why. The rate is less than .20% of all mortgages are in arrears. We were far worse in 2009 at 0.43%. That doesn't mean there aren't potential troubles ahead this year for some people but there isn't an abundance of foreclosures. I am also in BC where you are and if any place is going to be impacted by foreclosures its here.
McDonald’s? Seniors would be better off staying away from fast food or fat food as I call it. Interest rates, when my dad retired he could get 10% on a GIC, he and my mom had a great retirement because of that. Bonus my mom cooked so no fast food. Note when you use the word “apparently “ it’s likely a rumour . House prices are very stable where we live.
When your retired you shouldn't worry about money, only about if you've retired to late and you wont have enough time to enjoy what you like doing. Let the workers do the worrying.
IMO.. i see my paid off house as a "lifestyle choice"not an investment. I'm in Northern Ontario, anything south of North Bay is unaffordable with apt rents at/above $2k mth.
Eating out anywhere has gotten expensive! We eat at home as much as possible. We got very lucky and downsized right before interest rates shot up in 2021. We built a new home so expensive maintenance will be years away. I retired in 2021 also. We've been able to keep our expenses down and are so thankful we aren't renting or trying to buy a home now. Our home value has risen 35 percent and rent is much more expensive in our area.
I come from a working class family who lived paycheck to paycheck in a rental. I was one of only 3 people in my family purchase houses. I put my son through university and I am going to leave my house to him when I die.
Health statistics tells one the western diet is causing a multitude of health issues. If one wants to splash out on fast foods, processed foods and all those "dead" foods lining the supermarket shelves then expect to eventually become a health statistic. At age 70 I was diagnosed with hypertension and pre diabetes. After some research I changed my diet and cut out all grains, sugar, processed food, vegetable seed oil, fruit (sugar) and vegetables (oxalates). I was 88.7kgs and now at 71 I am down to 76.2kgs. My "love handles" have disappeared and so has my protruding stomach. In a typical week my food bill is just 32GBP and consist of 15 eggs, chicken thighs, 1kg braising steak (chuck), 3 tins of sardines in water, lambs liver, 20% fat ground beef, bacon, goat cheese, butter, salt and daily, 2 litres of water. I sleep more soundly, I feel better and I look better. McDonalds cook burgers in seed oil (and so do the majority of restaurants). Heated seed oils are high in Omega 6 fats which has been proven to promote inflammation. Good luck with your next Big Mac.
A very timely topic, thanks for discussing some of the dynamics. I'm coming up on retirement next year and have some real evaluations to do regarding real estate and business issues. I am fortunate to have done reasonably well but the future is somewhat unknown for many people due to rising costs and high interest rates. After COVID it seems to be increasingly difficult to get things done in CANADA. People are retiring and others just don't seem to want to "perform for the money" or don't have a helpful outlook. As an older person I see that there are many parallels to the mid '70s when as a wise WWII veteran said, "You pays your money and takes your chances!" Good topic for more discussion I'm sure.
Track what you spend today to live your lifestyle; each and every month. Do you want to maintain that lifestyle or eliminate some elements from it? That is how much $$ you need in retirement. Look at what you can invest in and if those investments will provide the $$ you need. If so, you are all set. If not, you either sacrifice part of your lifestyle or continue to work. As an example, when I retired, I knew I didn't want to set foot onto another jet in my life so eliminated those costs.
Norm's beard makes him look dangerous! 🙂Home valuations are ridiculous to outrages! The biggest issue I have is where do I go, not so much the selling of my home. I have a average valued home for Urban Alberta. Townhomes or Condominiums are a horror show of poor quality construction. Rental or seniors complex are thru the roof expensive. anywhere from $3K to $10K a month +. Smaller Centers offer a more attractive options, but you drive a considerable distance to go anywhere. (that is not a problem now but what the future holds is another story) I would like to make these decisions while I can, before you can't anymore! There are seniors that are challenged financially, my heart does go out to those feeling financial pain. many do not have that problem. There are many that did work hard, planned and invested for the glorious day of retirement. I don't really know how that happened other than a blessing from God. Bigger issues of health and mobility are the scary stuff, I just give thanks every day for the joys of breathing and walking. Thanks again for another great video. love the views of Portugal, and your stories of daily travels and images about the region. Cheers. p.s. subject matter on the varied and complex issues surrounding retirement, truly great.
Rent control seems a bit Orwellian to me. The landlords should be able to set their rents as they see fit. It’s their investment. Imagine if the government limited your investment gains to 2%. I’m not trying to hate on you, I am glad you are seeing some advantage to it. I just don’t see how that is a sustainable business model for the country as a whole…
Hi Tina&Norm ,I must say Norm that facial hear suits you and Tina girl you are glowing. I agree with everything you have said, here in las vagas food was one of the cheapest things the casino's use to use these big cheap buffets to bring in the crowds, not anymore ,wallmart I use to love shopping there for their prices not anymore, I really don't know what the solution is because to sell and rent is not suitable rigth now.In Las Vegas there is no rent control a 1 bedroom stars at 1500 ,so you are damn if you do and damn if you don't. Norm could you please do a video on how to invest to get the high return because here the intrest rates are still low for CD's thank you have a blessed day.
As our bodies age, we can't continue the sins of our youth sans negative repercussion. As a fact; better to spend more on quality nutrition as opposed to empty calories/harmful crap. *P.S. I have a bowl of potato chips to my side as I type this.😮
I didn't recognized you with the facial hair. I legit thought who is the young man substituting for the husband. It took a minute to register it was you!
Paid l4 cdn in Mexico.....main issues are the pathetic ,, Canadian dollar and economy.... Canadian GDP and govt mismanagement are the issues..and productivity is pathetic too.. it all factors in 😮😮😮
In America inflation is caused primarily by bad government policy that have forced all businesses to raise their prices, IMO. Love the show! Voting for Norm to keep the beard!
I'm in Ontario as well and someone told me 40 years ago to always renew your mortgage around the US election to get the cheapest rate. That holds true today. So much market instability around the election it gets scarier the older I get. FYI, I haven't noticed housing prices coming down at all or I'll say not enough to make a difference to buyers or the market. It's very sad to see housing prices get so out of hand for the younger people. The days of being pleased with squeezing every single cent out of a house sale are over far as I'm concerned. All we are doing is tightening the screws on the younger people trying to experience a life like we had. I couldn't be happy getting a million dollars for my home when I know it's at the expense of a way of life for younger hard working families.
The younger generation have no patience and feel entitled to get their just rewards today. I was born at a time period when all the baby boomers had the jobs, all the baby boomers had the houses and apartments. It took me 40 years of working before I could afford my own house in a suburb of Toronto. I never thought I'd be able to afford one but everything fell into place ... it just took a lot of time.
Always nice to see my fav couple. Heard clanging of the little train going round. Love Albufeira. Like I said last time, the beard makes you look more handsome. Tina don’t leave him al9nebtoo long
My plan was to sell my property and rent for the rest of my days but I can't afford to sell in 2024. There's nothing to rent at a price I could pay. Neither is there anything to rent in which I would want to live. Greedflation rules right now.
Why don't you rent out your property, you should get more than before due to higher rents then use the rental income to rent a place for yourself instead
@@afriendabroad2083 I don't rent my home because the taxed rental income and dealing costs would leave insufficient profit to pay rent on anything fit for human habitation.
Keep the house , reverse mortgage for all the funds you need.
@gordthompson824 Reverse mortgage costs have gone up, but different options for reverse mortgage are not bad idea. Took class and there is one with set interest rate, I am still trying to determine if you take out the reverse mortgage and then decide to pay it off or down with IRA money, does that interest accrued you paid off with IRA money let you write off huge interest cost so no taxes on IRA withdrawal? Needs to be well above your $28,000 standard deduction, though to make that strategy worthwhile. Will take more classes and do more research on tax consequences.
LEAVE THE USA! Move to a place where your USD goes 2 to 3 times further. Don't suffer the AM radio brainwash crowd.
Who is that young beatnik Tina is hanging with?
Nice day there. Enjoy the rest of your time in sunny Portugal. Back here in Maine it was warm yesterday, but I don't think even 6C compares well with temperatures in Portugal.
I look at my house a bit differently. I don't owe anything on it, so it is a comparatively cheap place to live. Maintaining my house costs about $750/month for the house (property tax, maintenance and utilities) which is is much cheaper than renting. I have been in this house for 25 years, so even if I factor in the purchase price and all of the maintenance over those 25 years I am still ahead compared to renting for that time period. Yes I could sell the house and get a sizeable chunk of cash even after federal taxes, but I doubt that money would allow me to rent a comparable place in terms of location particularly if there is a market down turn. That said, everyone is different, so do what is best for you.
Yes, food prices are definitely up, but food remains one of our smallest costs. We seldom eat out (not at all since Covid) so that is a big factor in our food costs. The rise in interest rates has pushed the returns on our saving way up which has much more than offset the impact of inflation on our living costs. That said, we live quite frugally, by choice which is a big factor.
Norm's beard looks really good on him!
I agree. It is a nice addition
Rocking the beard!
Makes him look younger!
Losing out on McDonald's and fast food is a win for seniors.
I am 73 and seldom eat FF. Maybe just when on the road.
Overpriced unhealthy krap.
I’m with you. Fast food is not my friend.
McDonalds is kinda of gross tasting as well as become super expensive.
It is sometimes refered to as...luge food.😮@@jandmvideos9051
It's a good LAXATIVE! Bye Bye MiraLAX colonoscopy prep.
Love the beard Norm. It really suits you and makes you look younger. Thanks for today's insight.
I know! How does that even WORK? Growing mine out makes me look older. PIZZLE!
Norm the facial hair is spot on. Took ten years off.
After hearing that he'll never shaveagain.
Yup! 2 medium meals at McD’s last week were $18.12. And it took 10 minutes. No need to revisit.
Minus $15.00 for laxatives. At least it tasted better.
A big reasons why FF prices have increased is the recent increases in minimum wage in an attempt to provide FF workers with a livable wage.
Yes, but the vast majority of low skilled workers in such places are exactly as they have historically been... minors.Minors who should be using this introductory level job for said purpose.
Same with Canadian saturation of union industries which drive cost of everything up from the negotiated highjacking which results in exorbitant cost on anything sourced domestically.
PS. 30% coming your way on ALL goods and services via LNDP Apr.1 carbon tax(4th increment).
Unfortunately, in the US, many adults hold these jobs which do not provide them with a liveable wage.
Living in the Netherlands and having been in Germany, France the UK, Australia and now in New `Zealand these past 12 months I have to say- the story is the same everywhere. Every country I've visited has 'bad economic news' on air and in the papers. differences in proces all over though in some countries the rise wasn't as high everywhere. It was very affordable to eat out in France and Germany. In the Netherlands restaurant meals have increased quite a bit as has a coffee and a wine r beer. Yet restaurants are still fully booked. Groceries have risen everywhere. House prises rose, leveled and settled almost simultaneously globally. Mortgage rates went up causing much ado on the housing market. Rentals rose and were/are hard to come by. I guess we will bite the bullet, hold our breath and wait for the tide to turn ( again). Enjoy Portugal. Happy Easter 🐣. 🇳🇱🙋♀🇳🇿🥝 😎
Thanks Anita you pretty much summed up everything perfectly, enjoy your time in NZ and Happy Easter 🇳🇿🐣🇨🇦
Thanks Tina & Norm! You have multi-generational fans here. My 93 year old mom and myself. Smooth 😊travels home and look forward to your next!
Our pleasure! thanks so much Lauren say hi to your mum 🍷🙂
My Portuguese mother always says if you want to eat well and healthy eat at home ! 😂
Tudu bem!
We mostly eat at home. Rarely do we eat out unless we are invited to someone’s house for dinner!
@@marilynrybak9154 I have a Yankee Pot Roast recipe that goes very quickly between two humans and our dog. Cost is around 25 bucks, and we eat for two nights.
Hi from Malaysia. Just turned 61 and retired a year ago. Have been following your programme for quite a while and am really happy that I am generally doing what you guys are doing in planning for retirement. Best regards
Great to see you both looking so well. Your annual escape to Portugal really does you good. Making good investments is a great way to subsidize your expenses. Enjoy the rest of your stay in Portugal and safe trip home when you return to Canada.😊
Working until full retirement age is best way to maximize Social Security benefit. In USA your mortgage interest rate can be set for the term you took it out, 15 or 30 yrs. So, holding your home while in retirement is most secure way to control cost of housing in USA. Most counties in USA have a property tax break for over 65 owners. Most places in USA have no rent control, so renting cost can go up a lot. Interest rates are up, so cash savings finally get a decent return. Stock market investments have good return last few years. But you never know if we'll have a "correction." Best to have both cash savings and stock market savings and a home you own for security in USA. Surprised Canada still allows loan cost to change over time on homes.. They should change that, it's not fair and likely will cause foreclosures.
Actually the housing market, surprisingly,is starting to move up , they are Selling on an average of three to four days , I am enjoying retirement and I'm planning on keeping my house forever
I like the inflation hedge that our house provides, so we have kept it. We had right sized to a.small bungalow years ago and it still works for us. YMMV.
Good morning Tina and Norm. 😊
Thanks for talking about this important subject of inflation and the unstable economy.
Simply put, there’s just not enough money coming in to pay for essentials.
It creates fearfulness, anxiety frustration, and insecurity.
Living on CPP plus OAS isn’t working! Especially, if you’re a single or widowed person with monthly expenses. After paying the rent you’re left with about $300 to pay for food and meds.😔 🤷♀️
Saving money and living frugally before old age and retirement is fundamentally important any time, but, it is so true in today’s economy.
Earning dividends that cover your expenses is smart. I guess the “trick” is knowing what to invest in. 🌟
Clock’s “spring” forward tonight! ⏰
Enjoy your week. 😊
🌷Sam
Where's all this money coming from, just watching news record spring breakers! In Florida. Concerts sold out, cruises sailing at capacity, roads and restaurants packed here, i don't get it!
Where is money from? I believe people are going crazy now. They forgot how to stay home and enjoy quiet time!
When I was younger I would listen to older people talk about “back in my day “ and now I’ve become them. I paid less than a dollar for gas, and I could get a couple burgers for a dollar, and cars only cost an arm instead of an arm and a leg. I marveled at my aunt and uncle’s super low mortgage payment, but now my mortgage for my entire house is less than rent for a tiny apartment with no outside space or kitchen.
We have just gone through a period of increased inflation and now wages are starting to catch up. Although since I retired my pension doesn’t increase, but social security will when I’m older and my dividends will now. I remember how my parents complained about when interest rates went down and their investment income went down because they were in interest earning cash investments. Since cash hasn’t made any return for the last decade all my investments are not in cash, but some should be since I can now get better than 5% risk free
Thanks again for another very informative and very relevant video, especially for those of us living here in Canada. Indeed we are living in a bubble and I think things are going to change sooner than later with regards to that. In exactly the fashion you have explained with high interest = less demand. Or better said fewer people can afford to buy a house nowadays=less demand. Sometimes you just got to listen to the music , as the great Steve Miller said... "hoo hoo Take the money and Run" ;))
Warm greetings from Scotland. Really enjoy your content, especially your Algarve ones. You two are the loveliest couple and have a wonderful chemistry together. Best wishes to you both
Greetings Norm & Tina. Many Thanks for this great information. I love Norm's Beard. Looks very nice on him. Handsome lad...!!
Glad you enjoyed it have a great weekend Terry 🙂
Hey guys hope all is well. Eating out in Canada is cost prohibited now. Case in point gf and I had Burger King for first time in couple years. $35 for 2 whoppers, fries and drinks! Took her parents to Montana's last month, $170 for the 4 of us. No alcohol. Time to consider other options. Cheers.
You should be looking for coupons. Fast food outlets issue these coupons almost every week or so. Great dscount. But eating at home is healthier
Just sold my house & bought a condo. Mortgage, debt free and extra $$ in bank invested. A big change. I question if I should have sold the house as values I think will rise. Interest rates holding. Good video. THX
I look forward to your videos, but none posted yet on a Saturday. Hope you guys are just busy and ok.
Here in the states- my husband and I never eat fast food. We do not eat any ultra-processed food. We only eat whole real food cooked at home!
Depends on where you are in Canada. Yes, the housing market is a bit deflated but there are some areas and some price points starting to pick up...on the other hand shrinkflation is everywhere. You're correct about that.
Shrinkflation has been ongoing for at least the past 3-4 years. They keep the same package but make the portions smaller and now with inflation, the price is higher. Our Federal government can be blamed for the inflation since it's caused by printing money that can't be backed.
Prices have increased 4% a year over the last 50 years. That Big Mac meal you purchased in 1974 for 2 bucks has now increased to $14. This is exactly the price it is at. You don’t see Boomers complaining about how unfortunate it is, that the home they purchased in 1974 for 60K, is now worth a million dollars?
I bought in scarborough next to toronto a small frame one bed house with basement for 32k in 1975 and on visiting canada recently was amazed it was being sold for 1 million !
Thanks. Gd point. Too easily forgotten
Another great video. And so true.
Eating fast food by choice in retirement is already poor judgement!
Certainly at places like McDonalds, it is pretty crappy food. In Europe it is even worse since good fresh food is affordable.
Hi Norm and Tina. You are so right , things are so expensive and frankly I don't know how newlywed couples survive without some assistance. Personally, I have a vacation home in Arizona that I will be selling very soon ,as soon as Jerome Powell starts cutting the prime. BTW Mortgage prime states side is close to 8 percent !and it costs more to insure the house in Arizona than the one in Burlington Ontario. Very lucky , going on holidays in August to the UK, and if the banks keep increasing their dividends and the share prices bump up a wee bit, will be so fortunate . Thanks so much for the Saturday video, take care guys !!
We have often thought of going to Arizona Stephen , it is on our bucket list , enjoy your weekend Cheers 🍷🇨🇦🍻
@@ThisIsOurRetirement A Canadian snowbird currently in the desert, near Yuma, AZ. Be prepared for anything from beautiful sunny days, to windy, cold, rainy days from late December to now, early March and a bit longer. Bring your winter wear and your summer wear.
My home is Maui, Hawaii and prices here for food and housing is out of control. Young families are moving to other States. Rental prices for a 300 sq.ft studio are between $1500 and $2500/mth USD. The average home price now is 1.25 mill USD and this is a simple 1200 sq.ft, (no basements here). I think about selling my home (that has 2 rentals which helps with my retirement..and I've kept rates low because I have great tenants on fixed incomes), because it is nearly 100 years old and needs work, but wouldn't be able to buy a comparable property at these prices even if I sold for $1 million. A dozen eggs $8.99 USD. A hamburger from a takeout place, $15 USD or more. I've stopped eating out.
Yes, McDonald’s prices here have skyrocketed. Food is one of our biggest expenses
.25 cent small coffees at the franchises around Elkhart, Napannee indiana.
Looking good you two. Another great video.
I gave up McDonalds for about 6 months. I recently went while out running errands all day. It was awful and not worth the $8. I never noticed how salty the food was before.
Guess you get used to it till you have a break 😂
Plus, McD's puts sugar on everything - it keeps you hungry. Good thing you gave them up.
Norm!, love your new look, beard and moustache! 👍
Hi Tina, good to see you too! I just once a while get a burger and fries if I have a coupon or if there is a special. Other than that, no way! 😟
So agree all fast food places are over charging while they can. I find when we travel we have to go to grocery stores and pick up lunch meat and buns to eat which are better anyway. I hope this is not a long term scenario otherwise we will be out of money in a few years. The world is going crazy. Great video.
The 9% increase you both received this year on your CPP and OAS cheques will easy pay for the increased cost of a meal at McDonalds.
I appreciate the common sense approach of your videos, with all sorts of stories and issues that are relatable to many people.
Greetings from Vancouver Island :) Thanks for your work.
Mar 16/23 Can't find your post, video?
• Hope your Alright. Didn't get hurt, I'll.
~ Ben Y Vancouver ISLAND
Wendy's is cheaper than McDonald's and better food. For seniors citizens.
Senior citizens should not have to be worrying about where to get cheaper food. Perhaps, there should be a discount card for senior citizens where they can get discounts or reduced fixed price meals, if they wish to order take away or dine out anywhere.
Norm &Tina- love your videos and your great personalities. Stay well! Art New Jersey
Thank you for calling out the folks responsible -- greedy companies who are making record profits. As long as our demand is steady, they won't bring down prices 😞
I hope you're young. Inflation is due to unrestrained govt spending and Treasury having to issue debt to cover it. That devalues the currency aka inflation. When the debt is backed by nothing but unenforced promises there is nothing to slow down the rate of debt issuance meaning inflation. Companies are like people, they are the users of currency. It's govt policy that controls the value of currency. Visit Venezuela or Cuba. Weak and few corporations, strong government and hyper inflation from irresponsible fiscal policy. Take your time. You have decades to figure it out.
@@drewodessa2483 Yeah, senior citizen here, who has heard over and over how our debt will crush our children's future, but I only hear this when Republicans lose the presidency. Then they immediately start yelling about debt and how we can't pass an infrastructure bill or do any investment that actually goes out into the economy and builds it up. High prices are found in a few places, not everywhere, and that's due to corporate greed. Inflation was a problem all over the world after Covid, and the U.S. fared way better than most countries even though we did massive investments in our country, so your theory is not borne out.
@@drewodessa2483So true, do you ever really remember anything coming down in price? Sure we can get some ups and downs just like the stock market but fiscal policy has basically ruined everything and now the debt is like a runaway train at least in the U.S. Government is not our friend, they pretty much use the public as their slush fund . Every business is forced to raise their prices as the value of dollars continues to slowly evaporate and all their costs just like everyone else's continue to go up. I don't see how we can reset at this point, I pray my kids can make it through their lives and everyone else
Love the goatee! Youthful look!
"Rent-controlled" properties are very hard to find.
Perhaps it is cheaper to keep living in one's mortgage-free home, than go out and pay outrageous apartment rents? How well will bank stocks do with half the mortgages in arrears or needing to be "re-negotiated"? So i sold three of my Canadian bank stocks and only have Royal Bank shares, oils, and pipelines (for better or worse, who knows, but i think usa banks might go lower and wonder if they will drag Canadian banks a bit lower).
I expect grim low income this year. Cheers to all.
I retired at 35 years old last year 2023. Retired as soon as possible there is no guarantee you going to live until 65 years.
Hi Norm and Tina! It looks like a beautiful day where you are today. Just returned from an amazing trip to Cuba. Rented a pink 1963 Ford fair-lane convertible and we saw the Bruno Vista Social Club again!
House prices will continue to go up in our area so it depends where you live. Rent has also increased by 30 percent. It is still cheaper to live in our house vs renting at $3000 a month. We will be entering the rental market down the road. Where to next? That is the question. Cheers!
Sounds great! we have been to Cuba 🇨🇺 4 or 5 times and enjoyed it , secret to a rental Paul is find one with rent control and the sooner you enter the market the better off you are price wise for your future we love it 🍷🙂🍻
@@ThisIsOurRetirement We have added all your criteria for a rental property along with our own list. We are in no immediate rush for the rental market and in the drivers seat. Enjoy the great weather!
To sell your house and then rent makes sense with the proviso you can access a rent controlled apartment which i believe is quite difficult in Canada ?
There are plenty available with rent control John 🍻🙂
Norm, no glasses and the goatee makes you look much younger. My husband and I were looking to take a long walk and grab a sandwich (we live in Northern California), a simple tuna salad sandwich was $17. Too high priced for my retirement lifestyle.
Why in the world would you as a senior/junior want to eat fast food in Portugal or anywhere else? I think that you need to think about going elsewhere in Portugal for the winter. Costs are much better near Peniche, Consolacoa, Ericera and the temperature is not that much different than the Algarve. We have done that for the last few years and have enjoyed our economical stays.
In Ottawa, at least, what you can rent is cheaper than what you can buy. We plan to sell our house and rent for a while and decide the next steps. Our house is paid off and the money we can make from that capital covers rent in nice downtown townhouse or a luxurious apartment.
Make sure you get a rent controlled apartment otherwise you are subject to the whims of the owner.
My Dad had me a little late and he should be retired but the economy won’t let him.
What would be the best route, Stock,a business or what.
G,day Tina & Norm, I must say you are both looking fit and well!! ( Must be the retirement!!). The cost of living problem, and housing affordability is not just in Canada, but in every western counrty, particularly the English speaking world. I live in Adelaide, South Australia, same problem. Ah! Globalism, is,nt it great????
Howdy Tina, Norm,
Excellent topic & points you made. I was not aware of homes being financially surrendered. Very scary.
That's certainly going to add to tge homeless situation.😢
~ Ben Vancouver ISLAND
It isn't true, that's why. The rate is less than .20% of all mortgages are in arrears. We were far worse in 2009 at 0.43%. That doesn't mean there aren't potential troubles ahead this year for some people but there isn't an abundance of foreclosures. I am also in BC where you are and if any place is going to be impacted by foreclosures its here.
Norm, the facial hair looks awesome. Good look for you.
Looking good guys. Love the new look Norm! Cheers!!!
McDonald’s? Seniors would be better off staying away from fast food or fat food as I call it. Interest rates, when my dad retired he could get 10% on a GIC, he and my mom had a great retirement because of that. Bonus my mom cooked so no fast food. Note when you use the word “apparently “ it’s likely a rumour . House prices are very stable where we live.
When your retired you shouldn't worry about money, only about if you've retired to late and you wont have enough time to enjoy what you like doing. Let the workers do the worrying.
IMO.. i see my paid off house as a "lifestyle choice"not an investment. I'm in Northern Ontario, anything south of North Bay is unaffordable with apt rents at/above $2k mth.
Eating out anywhere has gotten expensive! We eat at home as much as possible.
We got very lucky and downsized right before interest rates shot up in 2021. We built a new home so expensive maintenance will be years away. I retired in 2021 also. We've been able to keep our expenses down and are so thankful we aren't renting or trying to buy a home now. Our home value has risen 35 percent and rent is much more expensive in our area.
nniccee -- you 2 are enjoying the outdoor sun --- you deserve it....
I come from a working class family who lived paycheck to paycheck in a rental. I was one of only 3 people in my family purchase houses. I put my son through university and I am going to leave my house to him when I die.
Thanks!
Great to hear from you Stephen, thanks so much!
Really rockin' that goatee, Norm!
Looks beautiful there, thanks for all the advice & knowledge you share as you go. That goatee looks AWESOME Norm - Keep it! 😊
Thanks 👍
Always enjoy your videos and value your input, Norm and Tina. Your lifestyle certainly agrees with you both! Greetings from the motherland 😊🇬🇧
Stopped at McDonald's in Canada 2 large fries over 10 dollars...the last time I will ever go back
McDonald's cost more in the US. I don't like it but fast food isn't worth attempting anymore.
Norm, the new look is fantastic. You look younger too! Oh, nice video as well.
Cool, thanks 🙂
Health statistics tells one the western diet is causing a multitude of health issues. If one wants to splash out on fast foods, processed foods and all those "dead" foods lining the supermarket shelves then expect to eventually become a health statistic. At age 70 I was diagnosed with hypertension and pre diabetes. After some research I changed my diet and cut out all grains, sugar, processed food, vegetable seed oil, fruit (sugar) and vegetables (oxalates). I was 88.7kgs and now at 71 I am down to 76.2kgs. My "love handles" have disappeared and so has my protruding stomach. In a typical week my food bill is just 32GBP and consist of 15 eggs, chicken thighs, 1kg braising steak (chuck), 3 tins of sardines in water, lambs liver, 20% fat ground beef, bacon, goat cheese, butter, salt and daily, 2 litres of water. I sleep more soundly, I feel better and I look better. McDonalds cook burgers in seed oil (and so do the majority of restaurants). Heated seed oils are high in Omega 6 fats which has been proven to promote inflammation. Good luck with your next Big Mac.
McDonald’s don’t use oil to cook their burgers
A very timely topic, thanks for discussing some of the dynamics. I'm coming up on retirement next year and have some real evaluations to do regarding real estate and business issues. I am fortunate to have done reasonably well but the future is somewhat unknown for many people due to rising costs and high interest rates. After COVID it seems to be increasingly difficult to get things done in CANADA. People are retiring and others just don't seem to want to "perform for the money" or don't have a helpful outlook. As an older person I see that there are many parallels to the mid '70s
when as a wise WWII veteran said, "You pays your money and takes your chances!"
Good topic for more discussion I'm sure.
Track what you spend today to live your lifestyle; each and every month. Do you want to maintain that lifestyle or eliminate some elements from it? That is how much $$ you need in retirement. Look at what you can invest in and if those investments will provide the $$ you need. If so, you are all set. If not, you either sacrifice part of your lifestyle or continue to work. As an example, when I retired, I knew I didn't want to set foot onto another jet in my life so eliminated those costs.
Looks like beautiful weather your way!
Hey! I didn't even recognize that it was Norm at first! He looks so much younger with that beard and cap! Go Tina, Go Tina! ❤
Thanks Jan !
Norm's beard makes him look dangerous! 🙂Home valuations are ridiculous to outrages! The biggest issue I have is where do I go, not so much the selling of my home. I have a average valued home for Urban Alberta. Townhomes or Condominiums are a horror show of poor quality construction. Rental or seniors complex are thru the roof expensive. anywhere from $3K to $10K a month +. Smaller Centers offer a more attractive options, but you drive a considerable distance to go anywhere. (that is not a problem now but what the future holds is another story) I would like to make these decisions while I can, before you can't anymore! There are seniors that are challenged financially, my heart does go out to those feeling financial pain. many do not have that problem. There are many that did work hard, planned and invested for the glorious day of retirement. I don't really know how that happened other than a blessing from God. Bigger issues of health and mobility are the scary stuff, I just give thanks every day for the joys of breathing and walking. Thanks again for another great video. love the views of Portugal, and your stories of daily travels and images about the region. Cheers. p.s. subject matter on the varied and complex issues surrounding retirement, truly great.
Always look for your newest videos,always most relevant topics😊
Looking at the Community section, it looks like Tina and Norm are on the move, it's a travel day? Hope all goes well on your journey back:)
Yes! Thank you!🙂
Rent control seems a bit Orwellian to me. The landlords should be able to set their rents as they see fit. It’s their investment. Imagine if the government limited your investment gains to 2%.
I’m not trying to hate on you, I am glad you are seeing some advantage to it. I just don’t see how that is a sustainable business model for the country as a whole…
I honestly don't get it. When I grow my grey goatee, I am told I look older. But Norm looks younger. Looking good old chap. Enjoy the vacay you two.
Thank you 🙂
Hi Tina&Norm ,I must say Norm that facial hear suits you and Tina girl you are glowing. I agree with everything you have said, here in las vagas food was one of the cheapest things the casino's use to use these big cheap buffets to bring in the crowds, not anymore ,wallmart I use to love shopping there for their prices not anymore, I really don't know what the solution is because to sell and rent is not suitable rigth now.In Las Vegas there is no rent control a 1 bedroom stars at 1500 ,so you are damn if you do and damn if you don't. Norm could you please do a video on how to invest to get the high return because here the intrest rates are still low for CD's thank you have a blessed day.
Love the new facial hair, Norm!
As our bodies age, we can't continue the sins of our youth sans negative repercussion.
As a fact; better to spend more on quality nutrition as opposed to empty calories/harmful crap.
*P.S. I have a bowl of potato chips to my side as I type this.😮
😂😂
I didn't recognized you with the facial hair. I legit thought who is the young man substituting for the husband. It took a minute to register it was you!
Had everybody forgotten about inflation in 80’s? Gosh, why everyone’s memory is so short? Old age or just ignorrance?
Yup! History repeats itself!
Paid l4 cdn in Mexico.....main issues are the pathetic ,, Canadian dollar and economy.... Canadian GDP and govt mismanagement are the issues..and productivity is pathetic too.. it all factors in 😮😮😮
In America inflation is caused primarily by bad government policy that have forced all businesses to raise their prices, IMO. Love the show! Voting for Norm to keep the beard!
Hey Norm you look great with your mustache and beard
Norm the beard suits you so well!
I'm in Ontario as well and someone told me 40 years ago to always renew your mortgage around the US election to get the cheapest rate. That holds true today. So much market instability around the election it gets scarier the older I get.
FYI, I haven't noticed housing prices coming down at all or I'll say not enough to make a difference to buyers or the market. It's very sad to see housing prices get so out of hand for the younger people. The days of being pleased with squeezing every single cent out of a house sale are over far as I'm concerned. All we are doing is tightening the screws on the younger people trying to experience a life like we had. I couldn't be happy getting a million dollars for my home when I know it's at the expense of a way of life for younger hard working families.
The younger generation have no patience and feel entitled to get their just rewards today. I was born at a time period when all the baby boomers had the jobs, all the baby boomers had the houses and apartments. It took me 40 years of working before I could afford my own house in a suburb of Toronto. I never thought I'd be able to afford one but everything fell into place ... it just took a lot of time.
Looks like you're doing well, though. Great.
Really enjoy your channel….informative and interesting…thanks for sharing
Good discussion guys.
Stay safe
I am waiting on your next UA-cam episode. Where are you guys? Too busy having fun to post??
We put a post on the community page new video this week Kathy 🍷🙂
Wow, Norm. Looking years younger with that goatie. I wish it was that easy for us girls to look instantly younger 😂😂
Always nice to see my fav couple. Heard clanging of the little train going round. Love Albufeira. Like I said last time, the beard makes you look more handsome. Tina don’t leave him al9nebtoo long
Sadly missing out on some
Amazing snow days back home
Your new look suits you Norm, looks almost pretty good :)
Interesting topic - very interested in knowing the site or source for the comment regarding foreclosures in Canada
Look it up yourself. Why does anyone need to spoon feed you?
. I N F L A T I O N (you got it)
Loved that beard Norm! It really suits you!
When interest is low, savings hardly generates any income. When interest is high, inflation is also high. It is a no-win situation.
Tina, who is the goatee sporting man talking with you? Surely he's not Norm.😂😊