Hi Guys, my sister and I love your videos. Wish we were 25 years younger to use your strategies. Norm, I hope you don’t mind my question. Have you seen your doctor about your nose. We’ve noticed you seem to have a redness there for some weeks now. Hopefully it’s nothing but I think it would be good to get it checked if you haven’t already. Keep up the great work. 👍😊

Map in chang.

Love you guys! Every Saturday! Love from Kamloops, BC!

m/ Zeppelin m/

The point about renting is that rents can increase rapidly sometimes astronomically dependent on location over time. Also it's possible to be evicted often with little notice with renting privately from a landlord. I think most people prefer stability in their retirement which renting doesn't provide!

Thanks for giving us these great possible pitfalls. The one I continue to ponder is whether to rent or own my home in retirement. We have a few years to decide.

Enjoy your videos and personalities. Some of us in retirement or about to retire have disabled adult children who still live with us and need our support outside of any government benefits they may qualify for. This makes for a difficult situation compared to most people who retire. Have you encountered any retirees in this situation who might have some advice to share?

Really dig Norms Led Zeppelin shirt. Rock on Norm! Thanks for these precautionary tips.

Thank you both for the video. I wanted to comment on two of your points, to give additional food for thought to your viewers. The first is your comment about inheritance. Many, many, financial planners will tell you to consider a likely inheritance as part of your financial plan for retirement. As the two of you correctly point out, this is not prudent planning, as there are no guarantees. In the final years, a falling out can happen and a change to the Will might find you on the outside looking in. I agree whole heartedly with you on this point; don't count on the money coming in, and you won't be in peril later on if you don't participate in the estate.

The point I really want to have people focus on is the downside of taking CPP early. Unless the cash flow is truly needed, put off taking the payment as long as possible. The break-even age is 74, meaning if that if you die before 74, you will have benefited more by starting to draw CPP at 60, but if you live past 74, you will earn far more money in the long run. Given that the average life expectancy in Canada is 82.66 years, MOST retirees benefit by putting off collecting CPP until at least 65. Using the average CPP payouts to look at the overall amount collected by age 84, a person who starts collecting at age 60 will receive $192k, someone who starts at age 65 will collect $240k and someone who starts at age 70 will collect $255,600. While the difference between 65 and 70 is not huge, the difference between 60 and 65 is pretty significant… $48k!

This last point is often lost on people. I have a good friend who still works full time at age 62, but he started collecting his CPP at age 60, because his brother-in-law told him it was a good idea and he trusted the wisdom of his brother-in-law, who has no financial background. As a result, he is collecting funds now that he will have to pay tax on in a higher tax bracket, because of the money he earns in his regular job. When the money is most needed, when he retires, the monthly payout will be about 40% less than it would have been if he had waited to start at age 65. So the extra little bit of money now will help them take an annual week long trip to Mexico, but they will struggle in retirement, as they will not have a lot of sources for revenue. This truly is a scenario of short term gain for long term pain.

Great video you two. Hubby has to take charge of 'our money', I am weak when you talk about those darling children/grandchildren 🤭. I am grateful to him he Keeps me on budget and we can travel. Don't you love those words 'Spring ahead" even tho it means to put our clocks forward 😉

Another problem in retirement is when your investment portfolio takes a hit in a bear market.

We are all the bank of last resort for the government. 10 years inflation writes off Covid debt. Great !

Tina and Norm, you guys are Terrific together. You complement each other Extremely well ! I am so glad you are straight up and honest and do not try to "sugar coat" things like so many Vloggers do. Thank you !

Great uncomfortable subjects covered thanks guys. 👌👌👌

Great job you two!! I enjoy your videos and watch every one to make sure we are prepared to enter the next phase of our journey, The Retirement Years, which if all goes as planned is only 4 years away. I have heard so many retirees' that have found themselves in the situations you discussed.

Great summary. One skill many adults lack is the ability to say "no" because they want to nice to everyone. That's just setting themselves up for failure later. Setting expectations early (as in the examples of buying a meal for family, co-signing, loan to family members) could go a long way

Thank you so much for putting time in making the enormously helpful and informative videos.

Tina and Norm, excellent sharing! I share your channel to my large family group whom I think will greatly benefit them (the parents i 50s and children).

I’m depending on the Lottery to fund my retirement. It should be coming in any day now. Cheers

As usual, very informative. An issue here in the Maritimes that affects many renters is the very sudden and significant increase in rents over the past few years. 40, 50, 60% in some cases, largely because of the influx of people from other Provinces seeking lower housing costs, and the pandemic allowing many to work from anywhere. Because of this we are leaning toward purchasing a condo rather than renting apartment, but we would really check out the condo Reserve Plan to make sure it was realistic.

I love your videos! You always give sound advice to consider. I agree that, whether you are lending money or a book, lend it as though it is a gift as it is never guaranteed to be returned.

Wow – lots of comments! This will probably get lost in the shuffle, but I do want to say there are times when loaning your child money can work. At least it did with me, I guess I can't speak to the newer generations. Twice I borrowed from my folks, and paid them back with interest. It made me responsible and yet it was nice they were able to help me out when I got in over my head on spending.

All very good points. Yikes on the restaurant scenario where they expect you to pay. Not looking forward to that one and fully expect it to happen!

The only people who benifit from marriage these days are the divorce attorneys, people don't need to be getting anymore its completely pointless in my opinion, i have been in a long term relationship for almost a decade and we are both extremely happy without the need for a contract with the state/government to prove our "love"

Great video,I certainly do learn alot from you guys, keep up the great work, cheers.

Hello Tina and Norm ✋Tina I like your hair ! Thanks for sharing this info. Never have or ever will co sign . Just found this out in Indiana if your retired you get a break on property taxes and if you are disabled or veteran you pay zero. Have a great week from small town in USA 🇺🇸

Excellent points..

Good advice 👍👍🇨🇦🇨🇦

My advice is to retire as soon as you can afford to. My wife retired at 67 working in the medical field since she was 18. Since retirement (5 years ago) she has been seriously ill. As I type this she is resting at home following major surgery. Enjoy life NOW as you never know how your health will be next week, next month or next year.

All this is going to be hard to say no to. But I guess sometimes, we have to.Thanks guys.

Been through a couple of loans that turned into gifts so I wouldn’t be resentful. Fortunately they were for small amounts that probably meant more to me then them.

When travelling I often stay at AirBnB. And I see so many retired people – very often ladies – who offer a room on AirBnb. Great hosts. Often Single or widowed. They know a lot about their region. They enjoy the conversations with guests plus extra income. Perhaps you could do a video. Not every retiree is in a couple situation. Many travel solo. In that regards Portugal has a lot to offer in terms of reasonnable priced hostels and AirBnb. Thanks for your great videos. I never miss one!

Hi Norm & Tina – great video! We feel the same way you do about condominiums. I know two former condo owners who had to sell their condos due to those hefty bills you spoke of and a raise in the monthly condo fee. We haven’t downsized yet but one thing we will consider for our next home, whether it’s an apartment or a house, is that it’s fully accessible. We don’t want to move from our current home and then have to move again. We hope to age in place so having a walk in shower, wider doorways to accommodate a wheelchair or walker, etc will be important for us. All those retrofits can be tough on the budget when on a fixed income. Thanks for an informative video – keep up the great work!

Was this video a subtle way off suggesting to your kids that they should start picking up the cheque? haha

It sounds like a terrible thing to say, but in my experience never trust anybody with money not even your own family.
This is from personal experience. Thanks very good advice.

Im not that close to retirement yet but I always find the info from this channel very interesting.

Great advice!

Tina and Norm, I remember when I was even a teenager my grandmother would proudly announce, "I'm on a senior's pension," when dealing even with business people and often she got a bargain and rightfully so.

This is so good. We have helped our children here and there, however, we do not volunteer help. We always talk about it as a couple and then go back to them with the answer. We make them do the homework on their financial issue before helping. We’ve told our six young adult children that when we retire we will have a drop in income so they need to figure it out.
I believe I will plan on taking Social Security at 62 because my husband is 12 years older. Also in America if I take SS it helps my son who is autistic & on disability get a higher benefit. Since I help him now this will offset those cost.
Excellent video.

Thank you, Tina and Norm. Much appreciated information as even sometimes nephews and nieces and even friends ask for a cosigner. If they try with me, I'll run to the hills.

Thank you for sharing another thoughtful and interesting topic. I always learn so much from you two ⭐

Awesome t-shirt Norm.

Thank you for the advice. When our daughter went to college we signed the parent loan for her. She graduated in 2014. She chose not to go into her field of degree. Then We discovered she was not repaying the parent loans and it was damaging our credit. So, I took over the loans and have paid more than $24,000. I’m retiring in May and will continue paying that loan for at least another year. I have to look at it as a gift or I’d be resentful. Looking back, I wish we would have thought more about our future and less about her university.