Are YOU Falling Into A Retirement Trap / Be Aware
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- čas přidán 26. 08. 2024
- Retirement has many dangers from lack of planning it can have huge consequences on your quality of life. Are you falling into the retirement trap, unforeseen financial upheaval. Let us help you with these three dangers in retirement.
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Thanks to everyone who have given us positive feedback to our thumbnail this week (Norm tried extra hard), and to the positive response to the two camera angles. We had fun making this video despite the subject matter!
My biggest problem in retirement is exactly what your video is about! The ten years prior to retirement were all about saving for retirement, I’m having trouble converting from saver to spender and the years are clicking by. Thanks for the video.
Thanks for sharing!
Understand you completely @waffles1ca. I’ve worked, budgeted and saved and enjoyed success. Now, I struggle to spend it due to fears about running out of money and/or facing another economic slide.
I don't worry Social Security will run out of money in 2034 or ever. First, there are far too many seniors & disabled people dependent on Social Security for basic living expenses to cut benefits. Research shows millions would be pushed into poverty, forcing them to rely on other government programs to survive, thus outweighing any savings to taxpayers. Greater probability is raising the retirement age, removing the income tax cap so high earners pay more into the program and/or taxing investment earnings. Second, there would be a revolution like you've never seen. Retirees would be marching on Washington and camping out at their state representatives offices and homes 24/7 making a ruckus. We've paid into mandatory programs for 50 years (when we could have invested that money in the market or real estate) and there's no way we'll accept any cut in benefits.
They will do what they have done in the past, increase contributions from employees and employers and pay out less to retirees.
My wife and I have both been retired for twelve years and we struggle to spend down to a replaceable income level and I'm not even taking social security yet. We could, e.g., fly first class vs. economy, and stay at Hyatts vs. Quality Inns, but that just seems like a waste of money. As far as we're concerned, the marginal utility, increased enjoyment from upgrading, doesn't justify the price increase. What we have found, however, is that access to airport lounges (free with certain credit cards) greatly improves the flying experience.
Great point guys thanks for sharing we also enjoy airport lounges ✈️it does make the flight more enjoyable Cheers 🍷🌺🍻🙂
My wife and I have been semi retired for five years. We travel a lot mostly to Hawaii were we have family and road trips thru western US. Also, looking for airline deals to Hawaii, and stay at more reasonably priced places on the road. Thanks for sharing your story.
I love the new multiple angle shots your doing. It’s like your having a conversation with someone else and the cameraman is just floating around the room
We are glad you enjoyed it Jim , Norm enjoys learning new video techniques have a wonderful weekend Cheers 🍷🌺🍻
My husband and I just returned from a two week trip visiting the kids and grandkids in Alberta, when we visit we always rent our own car and stay in a hotel or a Airbnb, just to put you in the light of how we travel for those instances. I was pleasantly surprised our first morning going down to breakfast at the hotel that the lady who served us was in her mid 70s, I asked her if she had tried retirement and she said yes and her and her husband found it a struggle to get along together, being under each other’s feet every day so she came up with the idea to get a part-time job, not because she needed it financially, but she needed it for something to have to wake up for every morning. That was a real eye-opener for us because we live our lives similar to you guys and I can’t imagine wanting or needing to go back to work one year away from my 70th birthday.
Nice story Carolyn, thanks for sharing.
I am single so I do not have the concern of leaving a partner without sufficient funds. Both my pension and Social Security will end, when I do. Where I worked the employee if married had a choice to receive a lower pension and then, when they passed, the spouse would continue to receive the pension....at a lower amount. In order for the employee to receive a higher pension at retirement they had to get their spouse to sign off saying they knew they were giving their right to the pension away. As an older retiree I think changes won't impact me, but I do worry about the younger retirees and those who have yet to retire. Increasing the age to retire may sound good to those in power who sit on their butts (when they are working) - but what about those with very strenuous, physical jobs. How do you ask plumbers, mail carriers, contractors, police and fire etc. to work to 70?
We agree younger adults will continue to get less.
I agree 100%. At 58, it's difficult for me to put in a full day at strenuous work -- I do a lot of plumbing, HVAC, and landscaping for my business. And I am in pretty good shape. At 65 or 70? No way.
I did encounter the scenario you describe - my wife passed unexpectedly. We could have retired early and had already been practicing some slow travel around the US and into Canada.
Next year the 2nd of my 2 daughters will leave for college.
I have no debt, paid house, and not afraid to spend the money. But solo travel is not for me.
Consider yourself rich if you have a partner in crime in your retirement 😉
So sorry for your loss Ivan , we are sure it must be very hard bringing up 2 girls , we are fortunate to have each other and wish you all the best Cheers 🌺🇺🇸🙂🇨🇦
I am in a same boat. I have two kids and my husband passed unexpectedly. I still have plenty of year prior to retirement and my finances are in check but it does get lonely when it comes to traveling.
@@LK-hy5jz Hopefully you have some support around you. Women seem to be better at keeping up friendships. But I realize that doesn't change the tradgedy and loss. Our couples friends disappeared since I'm single guy now. Even some of my few guy friends disappeared since they don't know how to handle it.
There are some youtube channels that have helpful topics.
Mental health apptmts are helpful too.
Best of luck to you and your kids.
@@ivanvarykino8202 not much support. As you mentioned: friends disappeared. And my primary focus was always and is on my kids. When my husband passed they were 9 and 4. Now one is in college and second one in high school. I am pretty strong mentally and went though self healing. I am a happy person and traveling with kids mostly, staying busy. I speak Russian and English, learning Portuguese now just for fun, playing tennis, etc. Anyway. Nothing we can do and we cannot bring them back but I want to live my life as a happy and and loving person! As no one else will make me happy :) best of luck to you too.
This made me thinking...My second daughter will finish high school next year. For the last 5 years she has been my partner in crime in travelling. It seems I have to figure this out(
You two just keep getting better and better. Enjoy the topics you share with us immensely.
Thanks so much! we are glad you enjoy our videos Laurie Cheers 🌺🙂🍷
Some excellent points. Think you should always look at state support as a bonus. Very aware that this is not possible for most.
Thanks for watching 🙂
CPP is very well funded and will be strong for at least 75 years. No one should fear losing the support it provides.
Great to hear Mark Cheers 🌺🙂🍻
I do worry so I hope you are right!
Yup :) it's worth close to $600 billion so they are OK! :)
Our politicians in the US keep spending our Social Security money like it is their petty Cash account
My husband seems concerned we will run out of money but we recently visited our financial planner and she said you are covered until age 90 so go out and enjoy yourselves.
She wouldn't worry about it.😊
Nice to hear that Sandi , have a wonderful weekend Cheers 🌺🙂🍷
Even though we were proud of our financial accumen, the retirement world is mostly ignored until faced. We were grateful for professional advice, it took a load of anxiety off our shoulders.
That’s great Julie!
The key point for me is changing from Saver to Spender. I really needed to be told this. I have an injury that physio would really help but I keep saying it is too expensive as it is not covered by provincial health care. We are nearly 70 and haven't travelled the past 3 years. We sold the cottage so no longer have that huge expense either. So I have decided to start treatment and spend the money. I may also upgrade my art supplies and enjoy myself.
That sounds like a great way to use your money and improve your health Susan we wish you all the best Cheers 🌺🙂🍷
A healthy man wants a thousand things. A sick man only one.---Confucious
Wow awesome quote, thanks for sharing this with us all Alan.
Great idea to simply include a travel budget for the entire year. Thanks for your enjoyable video visits!
Thanks Jackie!
i have a busy retirement watching you tube. The busy DIYers doing work gives me a feeling of accomplishment. I walk to the park to feed the pigeons or walk to nearby timmies and sit amongst the other older men doing what I am doing. On the happy side my younger wife will retire eventually and we have money.
That is awesome! we love Timmies Boston cream our favourite glad you are enjoying your retirement Cheers 🌺🙂🍷
These are my favorite retirement topics to hear covered. Thanks for this.
Our pleasure! glad you enjoyed it Cheers 🌺🙂
"PANAMA RELOCATION TOURS! WITH JACKIE!😊🙋👍❤👈"
CPP has $575 billion as of 30 June, 2023. The fund is large enough to pay out our deferred salaries for the next 75 years. CPP is our deferred salaries. Not charity. Not funded through taxes.
So it looks at least we will be OK 👍💰
My parents (80,90)in New Zealand got nz govt superannuation- $3000/month. Dad died and govt superannuation went down to $2000/month but mum had smaller expenses too. It Covers her expenses as home is paid for and she doesn’t travel much. Nothing left over at the end of each year.
Having legal Power of Attorney in place while alive has helped as I can pay all their bills from their bank and order their food from supermarkets that gets delivered to their door.
You cover good topics, thanks!
Your very welcome Mark glad you enjoyed it Cheers 🌺🙂🍻
Good advise but people don’t want to talk about death and what’s going to happen. I find it’s very important. Thanks 😊
Your welcome Denis Cheers 🌺🙂🍻
Really important point about when one partner dies (which will happen). We've always had life insurance as it was important to us especially when we were young and had the kids to think about if anything were to happen to one of us. We took out additional insurances when we were young and to meet our changing needs and some of these will continue to provide cover for each of us into our 60s if one of us were to die prematurely, which is useful for the point you have made. I personally think whole of life term insurance policies are important financial planning tools, when you are young, fit and healthy. For this reason, we advised both of our kids to take out the maximum life term policy available to them (40 years) as soon as they turned 18 as the cost for this is ridiculously cheap (£2.88 & £3.15/month for £100k cover) when you are this age but it will provide 'some' future financial cover for their future loved ones if anything happens to them during this period. The cost of cover goes up for every year older you get, so the earlier you get this, the better to get it in my opinion. Love your very sensible and informative videos guys! :)
Totally agree when we were young and had two young children we had life insurance to cover everything, now as we are older we are self insuring Cheers 🌺🙂
CPP is fully funded for the next 70+ years. Those interested should read the report. Yes, raising the age for OAS (funded only out of general revenues) is always a possibility, and has been attempted before. Drastic changes to public pensions I don’t think will be an option politically in Canada.
I’m a single person so have very different views. Couples have long benefitted from advantageous tax measures. Income splitting and spousal RRSPs are but some of the main ones. Single people have never had access to such tax advantages. And it’s far less costly on a per person basis to live as a couple. So while I understand the economic consequences of one suddenly dealing with being single in retirement, I have to say I have no more sympathy for these folks than some of us single people who have never enjoyed the same benefits as couples to begin with. Just sayin’
I may be naive but I’ve full confidence in our public pensions.
Thanks for sharing Murray we do realize being single must be way harder Cheers 🍷🌺🙂🍻
EXACTLY THIS! I think Canadians conflate the US Social Security concerns with the CPP. Unlike in the US, the government cannot touch CPP as it is at arm's length. In the US, any party in power can borrow money to fund what they want. The payout rates for SS are much, much higher and currently they expect to run out by 2033.
Absolutely valid point about public pensions being changed. In Canada there’s no appetite for making changes of any kind even if it could or would make something better. I’m not saying I think any big ideas by politicians have the potential to make anything much better! 😂 let’s not get crazy! But in Canada,even talking about change is a non starter on almost any level.
YES! As a fellow single person, we have less money to cover the same overhead. At the very least, we should get a higher personal exemption than each person in a couple. I read in a study that it costs 30% more per person to live as a single.
@@njcanuck an article on this subject was published by Rob Carrick in the Globe this week. “Single Seniors are Subsidizing Tax Breaks Available only to Couples”
(CZcams won’t allow links.)
Thanks for telling everyone about what happens when a spouse dies with respect to CPP. No one ever told me about this, and it happened to me! Thanks for your awesome videos.
Sorry to hear that Jacquie , we wanted to talk about a topic that people might not be aware of glad you enjoy our videos🙂🌺
Thank you for discussing this difficult-to-talk-about subject! When my father passed away ten years ago, my father’s government pension went with him, and as a result my mother was under significant financial stress, and had to downsize and live with my sister (I was working overseas at the time). That event was a sobering eye-opener, and since then it has strongly influenced my family financial planning. As you say, it’s definitely something to consider and something to talk about! Love your channel!
It’s a hard truth to swallow Robert , glad you enjoy our channel have a wonderful weekend Cheers 🌺🙂🍻
In India ..we have a widow pension..and special child pension..which is half of the pension the pensioner was recieving ..it is there till her death
Thanks for sharing have a wonderful weekend Cheers 🍷 🇮🇳 🌺🇨🇦🙂
Very important issues discussed.
still budgeting 25 years retired. hard ti spend and wants decreased s lot.
Thanks for watching Cheers 🌺🙂
Such a relevant subject, My husband and I have had this conversation and created single budgets for each of us. It is good to get that out of the way! Thanks, again.
Wonderful! glad it was helpful Patsy 🌺🙂🍷
Great video! The new lighting/camera is fantastic. This made me think about the possibility of having a single income later in life....
So pleased you liked it Kathy Norm is always learning new things for our videos , yes you do need to plan ahead to make sure you will be OK Cheers 🍷🌺🙂
I think this is one of the most important videos you have done. I am single but have a severely disabled son who I want to ensure is looked after in our home if anything happens to me. I would love to retire now ( I am 61) but see the time between now and when I get to 67 as the time to stack extra savings against the time if I go first to enable him to be properly cared for. He is life limited and so he could pass away any time in which case I am fine to retire now . I often talk to friends about finances now and in retirement and it amazes me how often even if people have looked at this they base all their calculations on a double income never considering that they will sooner or later only have one income stream. Well done for highlighting this topic.
Thanks for your comment Jacqueline, one thing you might consider is if you retired now ( and you say you can ) would it give you more precious time with your son 🤔have a lovely weekend Cheers 🌺🙂
In my opinion, Early retirement is very bad idea because of many reasons: Job gives you sence of purpose and achievment, communication with friends and collegues, keeps you sharp, as you have to learn every day, in one word: keeps you intensely involved with life. Also, brings you income, so you don't have to think that much about savings and you can actually afford not only what you need. But what you want as well: need is boring, want is exciting. It does not interfere with travel, as you work part time.This approach "kills two birds with one stone"
Honestly, retirement looks really boring in a prospective. At my 60, I do not even see me retired: what is the point : I love my job, it gives my sence of satisfaction, brings income and freedom to do so many things, not counting each penny. I do not think about money while working: liberation for me. Advice: If you love your job: keep working part time!
We are all different thanks for sharing your opinion,in our case we took early retirement and see it as a whole new chapter in life . Money taken care of , starting a CZcams Channel and travelling far from boring we are way too busy LOL 😂Cheers 🌺🙂🍻
Budgeting is your friend, government isn't. The sooner we all learn this the better.
Got that right!
Awesome!
American thinking
Thanks for this video. Planning for the loss of income when a spouse dies is important. When my husband and I took our pensions we took the option (although a lower amount) where we get the same amount after one of us dies. Something to consider when taking your pension.
Great idea Dolores , we don’t have private pensions so have self financed for when the time comes that it’s needed for each other Cheers 🌺🙂
As always,you guys have brought up a subject that is so very relevant to the space of all things retirement.🤩. I am in a bit of an unusual situation having retired at 48. My wife is a bit younger than I and we had a baby born on my 43rd birthday. At 43 I restructured my entire nest egg to an income focused egg (so to speak) and at 52 now I’ve spent the last 9 years taking care of our little persons day to day requirements It’s been eye opening and awesome! We have used the income generated from my nest egg (except for rsp of course) to pay that bulk of the bills etc. my point I guess, is that all kinds of situations can be allowed for if (as you say) one gets the calculator out and really crunches those numbers! Knowing your numbers is the key to being confident and secure in retirement I would say.
you seem like a prime candidate for some type of Life Insurance.
Thanks for sharing Derek planning ahead is a great idea Cheers 🌺🙂🍻
@@markbajek2541great point! Yes,term life insurance is not to be left out of this equation!
Brilliant thumbnail... you guys are having too much fun. Awesome advice thank you. My husband is 12 years my senior hes still working at 67 wwe are thinking of both retiring next year but as I'm just 55 I will have no income or entitlement to any benefit until I'm 65 and It has honestly not occurred to me what I'd do if he passed early... we were expecting another 20 years together. Hmm time to rethink our situation.
Glad you liked it , we are having fun Jules , yes you need to sit down together and put a plan in place so you aren’t homeless !!Cheers 🌺🙂🍷
Great video as always. The first one has been a big hurdle for me. I've been retired for almost a year now in my early 50s and have struggled to spend after decades of saving. I keep reminding myself of the reality that my health will never be better than it is right now and also reminding myself of how my parents, even though they travelled a lot, did also miss out on some of their dream holidays that they simply waited too long to do and couldn't do anymore.
One benefit of being a solo retiree is I've always had to budget and save for just one person! 😄 As others have mentioned though there are survivor CPP benefits in Canada. It's not a lot, but it does exist.
There are no surviving benefits for divorced individuals though! Just a thought.
@@sjbutler2330In the US, an ex spouse can claim Social Security benefits on their former spouse’s SS if they are not remarried.
We agree Pamela it is hard to spend after saving for so long working through that one Cheers 🌺🙂
@@sjbutler2330 Yes but…divorced individuals have already severed the financial ties and so shouldn’t be including their exes incomes in their retirement income calculations unless there is a revenue stream delineated in the divorce settlement.
In France we had quite some unrest because of plans to change retirement age and pensions. I don't think a straight away cut of 40% is politcally realistic in most countries (too many retired voters ;-). But what might happen is that public pensions will be less and less ajusted to inflation (as it already has been the case partly in the past). The outcome will be about the same over time (inflation compounding over the years like interest). As a result we will have lost perhaps half or more of our purchasing power toward the end of a 35 year retirement. Makes me a bit cautious with a luxurious travel budget - keeping rather to backpacking
Thanks for sharing we had seen lots of TV coverage of the unrest in France , guess everyone is unhappy everywhere about changes and having to work longer Cheers 🍷 🇫🇷 🙂🇨🇦
While we are retired, we struggle with responsibilities in caring for older parents or at least being nearby “in case”....since the in-case stuff happens more often. We don’t have other siblings in the area who are able to reliably help out. Even those who live out of state don’t think about giving us a mental break so we can leave without worrying. When they visit, it is a last minute plan, and just a long weekend or a couple of days, so it is too late for us to get away. Our parents are 89-96 and could still live another 10 years. This is a whole new topic you can address! How to enjoy the gogo years when you cannot go. 😊
I would like to see this topic discussed too as we are in a similar position. Our parents on both sides are in their mid 90's and while still living on their own need more and more help while at the same time our own health and that of our siblings is declining.
Completely agree with these comments. Difficult to go go when you are the only child nearby to help an aging parent…
@@kristinj7173Tina and Norm addressed this briefly in a prior video, but I think it needs more in- depth examination. I was in this position for several years myself.
We don't wish to be off hand.....but our idea is this, your parents don't want you to "waste" your retirement, it's a similar situation to becoming free daycare for young grandchildren, it's often grandma who pushes herself forward. Back to your aging parents, they probably have money (resources), they probably didn't give up their early retirement for aging parents.
We believe being the quarterback for your aging parents is the role to adopt, make sure meals are provided by a service, meals on wheels, local government who provide this, or service clubs or buying from private companies who do home delivery of frozen meals.
Arrange cleaning services to take care of the housework, arrange medical care a nurse or personal care assistant to help administer drugs and clean your parents. Your parents may have the financial means to pay for these, but not be able to find the services. That's your role which once set up will run in the background. If your parents don't have the financial resources then it's a whip round from brother and sisters.
You can visit as you have when you were a young family, not everyday, doctors appointments can be scheduled by taxi or volunteer organizations.
It sounds heartless but it isn't, you only get one go at retirement, your best years of retirement will only last 10 to 15 years, your parents don't want you to miss out. Be the quarterback and organize so you can get free time!
This comment was made with the best of intentions for you!
@@ThisIsOurRetirement May we suggest that if you want to go away for 2 weeks that you let your siblings take over your home and assume the roles of caregivers. it would give them insight into what you go through, plus a small get away for them as well.
Thanks so very much Norm & Tina. These video's are awesome...!!! I am very worried about the current status of Healthcare. To get a MRI is next to impossible. wait..wait...!!! Have a great weekend.
Our pleasure!you have to work harder Terry with your doctor if you need an MRI or Cat scan but they are available! Cheers 🌺🙂
Money is all fiat. So spending it while you can and still having your health is great advice.
Thanks Jay , but it is something we still struggle with but working on it Cheers 🌺🙂🍻
Gosh this is such an important topic. As I'm single I've never thought about how loss of a partner would impact on pension income; tbh i've not even heard it discussed. For myself, you've reminded me that i must really look at making a longterm plan. I am indeed one of those 'drifters' that you mentioned. thx! gillian
Thanks for watching Gillian!
Such great advice. I definitely can relate to not being able to get into spending mode after saving for so many years. Love the new camera angle! Jo
Thanks Jo.
Your last point is excellent. Sadly, I know a few people who lost their spouses before they were 70 years old. That means the survivor could have 20-25 years at a reduced income. I think it is also important to realize that if you live into your eighties that at that point you will likely need some help with chores, transportation, possibly shopping so it may cost you more than in your seventies. Also senior residences are very expensive. Long-term care homes, which the government subsidizes, in Ontario and Quebec are only for the very old and frail.
Thanks for watching glad you enjoyed it have a wonderful weekend Cheers 🌺🙂🍷
Love your guys insight! Practical advice and you can tell you guys really care about your listeners. There also has to be a major mindset change financially when you retire, sometimes people even have to change their financial advisor to a retirement specialist!
Thanks for watching yes it’s hard to have that mindset change to be able to spend 😂😂
I think we have a bigger problem these days that supersedes the survivorship concerns. With lack of jobs offering pensions, and wages not keeping up with cost of living, people will be lucky to retire at all :(
Most people will run out of time before they run out of money. They know how much money they have but they don't know how much time they have left . So get spending on what you've always want to do . If government run out of money don't worry no one will starved to death in uk .
If you look back to the hyper inflation and high interest rates in the U.K. pensioners were dying because it was pay for heat or food, those days could come back especially with electricity costs in the U.K.
Definitely agree with taking advantage of your activity level , to travel earlier rather than later, in retirement.
We think so too Kathy have a wonderful day Cheers 🌺🙂🍷
That was another useful post guys - a survivor budget is definitely something we need to review - thanks for that!. We are in the process of working with a professional financial advisor to do just what you suggest. We are good at budgeting, perhaps too good sometimes and tend not to splurge too much. Having a professional planner take a look at what is "possible" for us is opening our eyes to what we can do with our hard earned money to enjoy our retirement more during our "best years" and still feel secure about being OK financially down the road.
Sounds like a great plan Susan we wish you well have a wonderful weekend Cheers 🌺🙂
Just a reminder if your spouse contributed to an RRSP and he passes away , you will then get all of his contributions, but you will be taxed on money you withdraw or by the RIF ( remember to have a wool)
Thanks for sharing Christina have a wonderful weekend Cheers 🙂🌺🍷
In Canada, your contributions to the CPP are based on your earnings. The standard age to start the pension is 65. However, you can start receiving it as early as age 60 or as late as age 70. If you start receiving your pension earlier, the monthly amount you'll receive will be smaller. Chimo
My biggest worry is if hubby dies first he manages our investments so I’d have to put them under management and pay fees. Also I’d get 50% of his occupational pension …. he’s tried to teach me how to manage our share basket and he really enjoys the research he does but it’s not for me. I think we’ve decided that I need to die first then he gets 50% of my occupational pension. Plus we’d lose one of the state pensions.
Maybe as we age we need to simplify our investments so each other can understand them and manage them.
@@ThisIsOurRetirement but he renews the basket of shares every quarter and this takes skill… gets rid of poor performers and replaced with shares to boost dividend income.
Very good video. We know a few people just on the Irish State Pension and when the spouse died the other spouse had only half the pension. Family had to club together to help out. One lady had to take in a lodger.
We have prepared for this as we have big Mgt Fees in our Apt. On our own we could probably meet them but to be sure we have money put aside. When you are working there are lots of little expenses you never think about. I will be 70 yrs next so I will get a Medical Card which will entitle me to free GP. But I will keep my Health Insurance because our Health Service is not great.
Thanks again.
Glad you enjoyed it Maryrose have a wonderful weekend Cheers 🍷 🇮🇪 🍻🇨🇦
I remember when Prime Minster Harper said the CPP was not written into the Charter of Rights...so yes it is best to prepare for anything.
Luckily CPP is an arms length corporation. Funded not by taxes.
Harper and co. increased the start age for OAS (and I guess GIS) to age 67. When the Liberal Party came to power, they brought it back down to age 65. Moral of the story: know what you're voting for.
Life insurance should be a stop gap for lost income. A $100,000 policy would go a long way to fill the gap, both as a monthly draw and an investment.
Yes but the older you get the more it costs Laure Cheers 🌺🙂
Excellent work. I like the two camera angle. It does up the quality of your productions but I don't mean to be negative of your previous work. It is more polished but if you revert back no problem. I'm 60 in Newcastle (UK) my wife's 62. I'm ready to go but she's not ! I've worked for a large fizzy pop company (CC) for 25 years, My wife has worked for local government for 25 years. Both in final salary pension schemes and paid extra contributions. Saved a couple of pound in the bank but I can't get her to go ! I'll keep trying. Thanks for sharing. Keep them coming
Oh dear 60 and 62 perfect time to retire , Tina found it hard to know when to retire but when we talked about it and set a date of 18 months sell the house and move she was the happy to retire . Have you had that conversation yet 🤔We wish you well 🇬🇧🍷🇨🇦
Excellent advice!! Words can't describe how helpful your videos have been as I am looking at retirement. Thank you Norm and Tina!!
Our pleasure! have a great weekend Cheers 🌺🙂🍷🍻
Vote no for side camera. Your content is already great and front shot is just fine
Thanks for your feedback 🍻
We found that it distracted from the message, a lot! Having said that, if they stick with this camera technique, we won't abandon the channel.
Just trying new things to actually grow our channel which we are very proud of 🌺
@@ThisIsOurRetirement Grow? Yer killin it. Taking over the internet ☺️
Thank you that’s very sweet it is a wish of ours that we will get the You Tube Plaque for a couple of Baby boomers 🥂LOL to prove you can do anything at any age 🌺
You are so right! I lost $30,000/yr when my husband died and no longer have his deduction for Internal Revenue tax. This has been a big adjustment!
Sorry to hear that Linda , it’s seems so wrong we are sorry for your loss take care 🇺🇸🌺🇨🇦
The social security trust will run out of money in 2034...if nothing is done prior the current tax will pay just north of 77% of expected payouts... It doesn't drop to zero.
Two major traps not mentioned: 1. longevity risk (outliving your savings) currently increasing significantly as medical science advances (think what AI will bring to medicine), 2. inflation risk whereby your nominal savings do not go anywhere near as far as you hope
Thanks for adding to the trap ! have a great weekend Cheers 🙂🌺🍻
Having healthcare at 55 helps. Here in the US your healthcare costs are on your own if you quit at 55.
Agree has to be accounted for Cheers 🙂🌺
Thanks for sharing! From CT, U.S.A. 🤗
You are so welcome! have a wonderful weekend Charles Cheers 🇺🇸🍷🍻🇨🇦
@@ThisIsOurRetirement Thank you! Enjoy.
In Canada specialy in Qc (QPP) at the current rate today we are good for another 70 years....and its still adding a little every year...you would think Canada did the same!
It has!
*_Thank you dear friends for the interesting topic! Like, with my best regards and cheers, Charoula!_* 😍😍
Thanks for visiting
Couldn’t agree more. Most of our friends don’t understand that they have live now.
Thanks Michael, your friends need to live every day!
It is inevitable that as people's healthy life expectancy increases while society's senior population increases at the same time, retirement age will increase. I still remember in 1980s "Freedom 55" TV commercials were quite common. Now this has disappeared completely for decades. Good thing Norm has put that to practice.
Yes Freedom 55 was a great advertising campaign, retirement age will likely go back to where it started at 70 years old in Germany. (See our quiz on our community page).
Greetings from Ottawa, this is Felipe & Paula and we love your videos 😄. Where are you planning to stay in Portugal next winter? We spent a month at Praia da Rocha in Portimão and loved it, but it was spring time. Praia da Rocha is beautiful and has lots os bars, restaurants, cafes and all. I bet you are looking forward to getting back to Portugal, aren’t you?
Not sure yet Paula possibly two or three places as we might go for two months this year , did you stay at an Air bandb or hotel did you rent a car or use trains and buses 🤔Cheers 🇵🇹🍷🌺🇨🇦
Another great video guys! Thanks for looking out for your fellow Canadians
Our pleasure! have a great weekend John Cheers 🙂🍻
I like the new angles n this video.
Thanks Mark Cheers 🍻
Your video is spot on as usual! I work at the Area Agency on Aging in Florida, where people go to apply for government programs to help pay for expenses. Life insurance helps if one person passes. A bigger concern is the Social Security fund.
Thanks for watching Kathy have a wonderful weekend Cheers 🇺🇸🍷🌺🙂🇨🇦
This has been very helpful and has got me thinking about the financial impacts of losing CPP and OAS, in the event of my spouse's death. I will discuss it at my next meeting with our financial advisor to run some numbers. Thank you both very kindly.
You are very welcome Nikki Cheers 🌺🙂🍷
You will not “lose” your partner’s CPP.
You will GAIN half of it, up to your max.
If you are like the couple in the video, both receiving the max, you may very well not need it due to other sources
It is really hard to plan for every contingency, but if you do your best I believe that it usually works out, but it is important to have a plan so you don't panic when times get rough.
Very true 🌺🙂
Appreciate the tips. Also like the new camera angles. I know it's 2 cameras. Is that an auto feature, the slight zoom in for a few seconds?
~ Ben Vancouver ISLAND
Glad you like it Ben it’s not auto Norm does all the Zooms in and out himself have a wonderful weekend Cheers 🌺🙂🍻
Hi Tina and Norm :) Your fan Mary from Toronto here! :) Lots to think about! Not worried about the CPP. It's worth almost $600 billion . As for the CPP monthly payout and if/when the other spouse passes, the living one will collect widow's pension and Guarantee Income Supplement (if applicable). Can be very scary for some people !!!! Hope y'all have a GREAT WEEK everyone :) Best Mary
Lovely to hear from you Mary as always yes we don’t think CPP will disappear Cheers 🌺🙂🍷
Excellent, guys ! Enjoy the weekend !
Thanks, you too! 🙂🌺
Interesting camera angels adding to the theme: Changes and different ways of looking at issues. We think we have things reasonably well covered - allowing of the unexpected. Not knowing what lies ahead does make 'perfect' planning intricate but not impossible. I find your topics really helpful for pre-pensioners who are looking ahead, who don't always have others to ask for advice and are looking for tips, helpful advice and insights into the world of a pensioner. Also for those like us who think they have everything covered but need to keep an eye on developments surrounding investments and changes in systems. Great editing. Have a lovely Sunday hoping the sunny days haven't run out just yet. 😎👌🌺🇳🇱🙋♀🇳🇿🍷🍷
Good morning Anita ☕️ glad you enjoyed it , always nice for us all to learn new things that might help enjoy your retirement, we were experimenting with the two camera angle glad you enjoyed seeing it Cheers 🇳🇱🍷🇨🇦🙂🍷
Topic for a Future Video-Would you consider a video on the UK State Pension? The ability to contribute 16 years backwards has been extended to April of 2025 when it reverts back to topping up 6 years backwards in time. Unlike the Canadian CPP, with the UK Pension you can “buy” (top up) through the Voluntary Overseas Contribution Scheme. You may even qualify for the much lower Class 2 rate and not the more expensive Class 3 rate. It is just a matter of filling out the CF 83 form and letting the Department of Works and Pensions know that you think you are Class 2. Both my husband and I bought State Pension years and it has changed the trajectory of our financial plan. Of note, if you have less than 10 years, you get “nothing”. plan. I had 5 pension years and was on a course to get “nothing”. While you are at it, anyone in this situation could request the number for their future UK State Pension using the BR 19 form. You could get a “number” to plug in to your financial plan. You could present this topic and share this knowledge in the gracious way that you do. I know that the pension is frozen but our research and crunching the numbers showed that buying pension years was the right fit for us.
Thanks for the idea, we didn’t buy any years but probably should have. We are a little unhappy Canadian resident Brits don’t get any cost of living raises from the UK pension.
@@ThisIsOurRetirement You could consider joining the campaign to get the UK pension indexed: The Canadian Alliance of British Pensioners. It's only $25 a year.
The current push is to tie the UK-Canada trade deal to indexing our UK pensions, like they are in the US and Europe.
I've just had a further thought on this. How about interviewing the CABP Chairman, Ian Andexser?
Love your graphic on this one😊
Thank you! Cheers!
Important ideas. Thanks! Have a great day everyone!
You are so welcome! hope everyone has a wonderful weekend Rusty Cheers 🍻🙂
Re: Changing from Saver to Spender. The budget helps a ton because at that point we know we are being wise and have permission to enjoy it. I'm not saying it is easy for me, though I'm learning to see it as an investment like anything else we invest in. Ok it still doesn't sit as well even typing it..haha.
Some context though in this is that if we invest in enjoying our life, we have the return of doing so today. If we simply just save or invest it, we have no way of knowing if we will enjoy it or not. Though, we may enjoy the peace of mind of doing that for our future.
So that in itself is a little income diversification and contentment diversification in itself.
We see it as saving some, enjoying some, and giving some of it away..giving through time and money while we are alive has been so important as well and ensuring our planning is done for the future and updated ongoing. One of the things that is often missed is contentment in everyday life. We are making a trip this Thanksgiving for example to spend it with family. I made a recent trip to celebrate a graduation with a friend for his son that I had not seen in some years. Seeing my Mom in the nursing home. Saying things today and telling people how much we care about them. I had conversations with my grandparents to express my gratitude for their love and contribution in my life, same with my parents. It goes a long way for everyone!
Setting the survivor budget is a great tip. Well done and great advice, thank you!
What a great comment and so interesting thanks for sharing Have a wonderful weekend Cheers 🌺🙂☕️
this is a excellent video great information here thanks for posting
Very welcome Stephen glad you enjoyed it Cheers 🌺🙂
Thank you for your video ,I will say anyone has ten or fifteen years to 65 to retire ,it will be very difficult to save with all high prices we do live now the universe is changing for expensive very hard on those who in 40
We agree
Really, really appreciate all the advice you are passing along you two; thank you.
Our pleasure! have a great weekend Cheers 🌺🙂🍷
Great advice on planning for one partner’s demise. We did just that. I set up my government pension to keep paying my survivor benefits for up to 15 years in case I die before her. When my wife dies (she is terminally I’ll so it’s just a question of when) I will then start drawing US Social Security to replace her income so the net difference will be practically zero. Be well.
Thanks for sharing we wish you both all the best Cheers 🙂🌺🇺🇸🇨🇦
We are taking hubby's full pension monthly. So if he were to pass first I would loose his pension and his SS,a big chunk of money. So when we retired early we took a life insurance policy out on him to pay upon his death. Sounds morbid but very logical and realistic.
Sounds like a great plan Patty thanks for sharing Cheers 🇺🇸💰🇨🇦🙂
CPP is very well funded. No worries about it running out. They've run the numbers. Also, people dying before full payout- their money feeds the base fund as well.
lots of food for thought with this video....thank you guys....
Our pleasure! have a great weekend Annie Cheers 🌺🙂🍷
Hi Friends. Your recent video left me scratching my head about survivor benefits. Made me do a bit of googling. If I am correct (hope I am) there is CPP survivor benefits but not OAS survivor benefits. Any way we look at it, it won’t make us rich! Live your show. Carol & Gerry, Tamworth
Yes Gerald CPP has survivor a benefit of $332.51 but if the survivor is already receiving the maximum personal amount as we said in the video, they don’t get anything extra, the survivor benefit doesn’t pay them. Thanks for watching have a wonderful weekend Cheers 🌺🙂🍷🍻
Our pension has a choice between electing a survivor benefit (pension is diminished when the pensioner is alive but a portion continues to be paid to the survivor) or the full pension benefit (which is totally eliminated when the pensioner dies). Budgeting is so important when considering the choice one must make at retirement. Life insurance can make up all or part of the difference but one can’t wait until retirement to purchase the additional insurance. It’s a decision one must make before they are 50 y.o. in order to make the insurance affordable. One could also, on one’s own, set aside the difference between the full pension benefit and the survivor benefit each month. That would take discipline and the guarantee the pensioner doesn’t die early in retirement.
Thanks for sharing Pat have a wonderful weekend Cheers 🇺🇸🍻🇨🇦
Yes this what happens when your husband or wife dies . There is a certain amount CPP ,that you will receive , In my case I revived 83.00 dollars from my husbands CPP , I had always thought it was was 60 present , but no it is capped , depends on what I was getting from CPP . People have to think ahead ,do not depend on Government. Saving money for retirement is essential or you might have to sell your house or suddenly live a different life style in old age .
We are sorry to hear about your experience Christina, this is why we were trying to inform others about CPP. Thanks for watching and sharing your experience.
Thanks great subject, but having always been single I have always felt that I am at a disadvantage especially where the tax bracket are concerned.
Thanks for watching Barbara Cheers 🌺🙂
As always thanks for another great video. Converting from saving to spending was very difficult for my wife. It was easier for me as I was very involved in our retirement planning and had run the numbers numerous times. This allowed me to get comfortable. For the Social Security running out concern. While I believe it will survive, perhaps with reduced payment we planned as if SS would not be available. Should SS survive it adds more margin to our retirement which will be nice.
Great work Clayton, being involved in your retirement planning and understanding the numbers is very reassuring. You are right SS will increase the contributions from employees and employers and pay out less.
I'm guessing if one was concerned early enough in life about a spouse's income going away due to death it would be a good time to look into some type of Life Insurance scheme to pick up the slack. Not sure what would happen if SS decides to cut benefits by 25-40%. Right now I get pretty excited finding loose change in parking lots or on walks , I almost hyperventilate when I find folding money stuck to a bush along a trail. At 40% cut , I'd probably be searching out garbage bins for pizza crusts and looking up recipes for ants and fly larva.. .
While you have your benefits- get ahead.
You have a great sense of humor even if it is about a scary thing. I feel the same way. I have been trying to learn about what weeds are edible and even trying them out. Some are better for us than food at the store and it's free!!!
America is really messed up for those who have a spouse that needs to be in a nursing home. In order to qualify for Medicaid to pay for that care, they need to spend down to a bare minimum or pay cash, until that's gone, and at around $4000/month that can go fast. After the person dies, the government can demand payment for the Medicaid cost of nursing home care from survivors, which means many have to sell their homes. There are options that everyone in America needs to look at before any of that happens. I worked in nursing homes for many years and saw so many families lost and devastated. A lot of people choose a Trust to protect their stuff. On the positive side, I realized I am not as strong as I was at 40 and enjoying life is important right now. I don't have much money but I exercise and try to do something cheap everyday, even if it is just a walk. Life is an adventure ❤
Best of luck finding loose change on your walks@@AhJodie
It is one of those topics Mark that when you are in your 20s or 30s you don’t ever think you will get old LOL 😂let alone think of problems of being left alone Cheers 🙂🌺
Top notch video!
Thanks so much Susan glad you enjoyed it have a wonderful weekend Cheers 🌺🙂🍷
Travel for me is more than personal enjoyment. Travel must have a purpose for me with climate change facing all of us; travel is a way to stop contributing to climate change. Driving is way better than flying and electric vehicles, trains or but are good options.
Thanks for watching 🙂🌺🍷
Love you two ,and your questions, answers, and your suggestions 😀😀your videos are so helpful👍🏻
Awesome! Thank you! 🌺🙂
Excellent information - I don't think I've ever heard anyone tackle what happens to pensions when a partner passes. These were probably the hardest decisions to make prior to retirement. My spouse will receive 50% of my company pension if I go first and will switch to my SS since it pays more. I also have a life insurance policy that will more than make up the difference for him. His company pension allowed him to choose a smaller monthly payment in exchange for the pension to continue intact for me as his survivor, but no life insurance. It's a strange conversation prior to retirement - 'how're YOU feeling? Who's going first? '. Run your numbers, consider life insurance while it's still a reasonable cost, or if it's not reasonable, think about funding your own 'insurance' by putting away a sum each month for the future.
So glad you enjoyed it , we wanted to talk about it because it will happen to all couples one will go first ! and perhaps it’s easier to have the conversation when you are both healthy Cheers 🌺🙂
I agree that budgeting is paramount; plus one has to save and invest throughout his/her life to guard against outliving their money. This behavior should begin long before retirement years.
So true we agree Marie have a wonderful weekend Cheers 🌺🙂🍷
Just wanted to let you know that you saved us a thousand dollars on our Via Rail.trip from Toronto to Vancouver. By just leaving April 28 instead of May the price was significantly cheaper. Thanks!
That’s wonderful Joan is this for next year or have you just done it Cheers 🚂🌺
For next April.
Have a wonderful time 🙂🌺
Thanks for a wonderful video. Steve & I have a video on thinking about what age to take social security in America. While it's definitely a personal choice, we emphasized, for us, that if Steve waits until 70 and then dies, Sue as the survivor would get more money to live on. This is crucial as we don't have pensions and Sue's ss would be considerably lower than Steve's. We've also done some videos on retiring without pensions as it's been increasingly difficult to obtain jobs with pensions.Once we eventually retire, we too are going to have a travel budget and book trips within those limits.
Those gray divorces cause havoc don't they? They have a ton of issues with financials at stake.
I was amazed at the video today. How on earth did you shoot it? What kind of camera do you use? It was outstanding! We would love to have that ability for our videos.
Sue & Steve
Ageing Joyfully
Your welcome we filmed with two cameras then Norm blended the two footages, wanted to try something new have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🌺