Are You Making These Costly Retirement Mistakes?

Don't ruin your retirement with these costly retirement mistakes, many are good intention ideas that do have consequences. Let's go through some of the most popular and easily avoided costly retirement mistakes we all make. Are You Making These Costly Retirement Mistakes?
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WE ARE NOT FINANCIAL OR INSURANCE ADVISORS, WE ARE NOT QUALIFIED TO GIVE FINANCIAL AND INSURANCE ADVICE, THIS VIDEO IS FOR INFORMATION AND ENTERTAINMENT PURPOSES ONLY. PLEASE SEEK OUT PROFESSIONAL FINANCIAL AND INSURANCE ADVICE BEFORE MAKING ANY INVESTMENT DECISIONS AND PURCHASING INSURANCE.

[@dgs8011]

My dad's money is his money. He deserves to enjoy every penny and to have every penny available for his care. Counting on inheritance, IMHO, is the height of an entitlement mindset. My parents gave me more than I could ever repay. I only wish Mom had lived longer to enjoy more of the nest egg she and Dad worked for.

[@ThisIsOurRetirement]

What a lovely comment and so sorry that your mom didn’t get to enjoy what they both worked for 🌺

[@denisep.98]

100%!! ❤

[@lindadorman2869]

My costliest mistake is not investing when I was younger. I didn't know how and was too cheap to pay a financial planner to help me learn. Now I realize the benefit of compound interest requires consistency over time but it's too late. The best I can do is keep my money in a high yield savings account earning 5.25% or maybe a CD. They should make financial investing a required course in school!

[@ThisIsOurRetirement]

We agree Linda 🇺🇸👍🇨🇦

[@user-mp2of5gv3z]

Never too late to start investing, Linda. You won’t have the huge advantage of 40 or more years of compounding, but you still want your money to outpace inflation. Equities will help you do that

[@Alex-he1ve]

It's not good, assuming you are in US. The 5.25% is not forever. Investing is never late, why not invest in dividend/covered calls ETFs ( in US or in Canada) with 8%-10% return? Just do your research and try.

[@lindadorman2869]

If your grown children need to move back home, they should pay you rent to cover the added cost of food and other expenses. It will still be a lot less than what they would pay living somewhere else. And there should probably be a time limit on how long they stay - 3 months, 6 months, one year...

[@ThisIsOurRetirement]

It’s a hard one to work out Linda but we do agree with you 🌺

[@pintsizestories196]

My sister's mother-in-law, who always promised her son a good inheritance, changed her will a few months before she died, and he got nothing. Quite a shock for her son. Totally agree to never count on inheritances.

[@ThisIsOurRetirement]

It’s not are rare as you think when this happens very sad 😢🌺

[@hogtownbiker3560]

People get weird with money. We were supposed to get inheritance divided 3 ways. Mother decided to divorce terminal dad and turned out my brother got half and my sister and I split the other. And not rare more like the norm unfortunately.

[@sct4040]

Elder abuse is real, I would contest the will.

[@annberquist7101]

@@pintsizestories196 That’s a sad story. Perhaps she had a touch of dementia which caused her to make an irrational decision. Hard to say.

[@ThisIsOurRetirement]

Unfortunately doing that can be a very expensive and legal nightmare to go down 🌺

[@DanaLuvsNature]

We live well in Calif on $1700 a mo in a 950 foot cabin on 9 acres. YET that's without food. All we get is $1700 a month social security. The only reason we retired is because he painted all his life, so is on a breathing assist, probably not to live that many yrs. I was born with eye disabilities so are now at the point driving is difficult so I didn't renew my license. I drive but only on the backroads to the health food store, gas/station mini mart, or the church which is just down the street.. I drive Sat in winter at 4pm to go to the Warming Shelter where I volunteer. It is that place and the endless organic eggs bestowed upon me as a volunteer cooking the morning breakfast, that has saved us.

[@Jane5720]

It’s illegal to drive without a drivers license 😮

[@Savannah-ed4rv]

​@@Jane5720yes I was just going to say that😮

[@DanaLuvsNature]

@@Jane5720 You are SO Smart!!

[@pattylyman7907]

The paying for grown children from meals to room and board is so true. So many of our kids actually earn more money than we do!!

[@ThisIsOurRetirement]

It’s very different if they are going through divorce or other issues and we like you are here to help them 🌺🙂

[@pattylyman7907]

@@ThisIsOurRetirement So agree, but even then there needs to be a very deep conversation about how long our " help" will be and what expectations there are. So many times the perimeters and expectations aren't discussed which leads to bad feelings.

[@ThisIsOurRetirement]

This is a really hard one Patty we agree but also life is short and we don’t have a 🔮 crystal ball for the future ❤️

[@GaryNaples]

The house holding it’s owner hostage…Many people in The States are learning this now. Homes are sold as/on P.I.T.I.(Principal, Interest, Taxes and Insurance). They don’t mention increasing costs, repairs, capital expenditures etc etc. The important things in life are free… Another excellent video Thank You

[@ThisIsOurRetirement]

Glad you enjoyed it Gary Cheers 🍻🙂

[@jboughtin7522]

I am actually spending my first year in retirement doing a lot of home upkeep that I just didn't have the time and energy to do when I was employed. It feel good to get on top of these things.

[@ThisIsOurRetirement]

That’s awesome 👏🙂

[@annberquist7101]

So glad you brought up the issue of NOT co-signing on a loan for a child or grandchild. You can get yourself in a world of hurt if they stop making payments, and you are left on the hook. Thanks Tina and Norm for another great video.

[@ThisIsOurRetirement]

Your very welcome thanks for watching Ann 🌺🙂🍷

[@brianbee]

Hello from St John's Newfoundland. I'm retiring in 2 years at 60 and I'm leaning towards selling my house and rent.I've had people agree with me and disagree with me and they are both right. Thank you for the very common sense advice.

[@ThisIsOurRetirement]

Thanks for watching Brian it worked for us Cheers 🍻🙂

[@Alex-he1ve]

As you can see so far 14 likes

[@plarlee1]

I so enjoy your comments especially about co-signing. I have always told my children that if you can't afford the item on your own you can't afford it. The only time I would ever consider co-signing if it was a medical emergency.

[@ThisIsOurRetirement]

Good point thanks for adding that 🙂🌺

[@NorthernLibrarian]

Having a child move back can work out if you make the rules clear from the start. Our son would love to live on his own and did for a while in a cheaper community but 4 years ago had to move back here for an excellent job opportunity. However rents in the Toronto area for a single person just aren't doable at present. So he moved into our finished basement. He pays us rent and pays for his own food. He also does the lawn cutting and snow shovelling so we have been able to cancel those services. When we travel we know that the cats are fed, the mail picked up and the house lived in. The only restaurant meals we pay for are their birthday dinners. We did learn the hard way that they do pick pricey things so next time their will be a no lobster policy in place. Normally we all get separate bills. With my own mom we take turns paying for lunch.

[@ThisIsOurRetirement]

Sounds like a great solution

[@laurie3085]

I’m going to wait to 70 for my social security. I really want the 7-8% fixed. Luckily working as nurse for 29 years and will have a pension. Thanks for your videos Tina & Norm!

[@ThisIsOurRetirement]

Your welcome 🇺🇸🌺🇨🇦

[@Alex-he1ve]

Depends on your life expectancy, which is unknown. There are many ways to invest and earn 8%-10% ans lucky you - you have a pension. Again, do you need all these money at 70?

[@laurie3085]

@@Alex-he1ve I forgot to add ultimately decision based on my health. I hope to live to 90 and just turned 60. When I do the math it makes sense (if healthy to wait).

[@margaretgraham5880]

Saw Genesis for the first time in 1974 with Peter Gabriel 🤟

[@ThisIsOurRetirement]

Awesome 👏🎸🌺

[@brianrose2487]

Sweet! Very lucky!

[@johnparsons3454]

I'm a musician and still keep playing when I don't need the money. We don't spend enough. A lifetime of scrimping and saving makes it hard to let the purse strings go....

[@ThisIsOurRetirement]

We so know how you feel , we are working on this 🌺🙂

[@ddavidson5]

@@johnparsons3454 I think the number one challenge of retirees is transitioning from decades of "saving for the future" when that future you were saving for actually arrives. You'd think it would be easy to start spending but old habits die hard. I try and tell myself "If I didn't save it so I could spend it then why did I save it?" That works sometimes.

[@prmm218]

But aren’t you glad you did?😉(scrimp and save)

[@ddavidson5]

Old habits die hard that's for sure. I hope you are able to use the money you saved for retirement enjoying your actual retirement.

[@Jane5720]

Same

[@carolinap4150]

Tina, Norm. I love the vibe with which you approach these topics, with no sugar coating, straight into it. . Really nice of you to share your experiences and thoughts about the retirement topics. thank you.

[@ThisIsOurRetirement]

Your very welcome Carolin 🌺🍷❤️

[@tonylevine2716]

I know everyone’s situation is different but almost everyone takes SS at 62, very few at 67, and very very few at 70. Most people take SS at 62 because they need it and many are still working. In your 60s, you are in your go/go yrs. When u get near 70, you are now in your slow/go yrs, and then enter your no/go yrs. And you may be nearing death. If you don’t need it, take it at 62 and invest it as you will come out better in the long run.

[@ThisIsOurRetirement]

Sounds like a great plan 🇺🇸👍🇨🇦

[@Jane5720]

I’m going to be 64 and I have not taken Social Security yet, for a variety of reasons, everybody has their own situation. I don’t plan on taking mine at least another year till I’m 65 and then maybe beyond not sure I don’t need the money right now so I will be taking Survivor benefits off of my deceased ex-husband, Social Security, larger than mine.

[@tonylevine2716]

@@Jane5720 Understand, but you can’t outlive the $$ and now you are entering your slow/go and no/go years where you may not be able to enjoy it. Good luck!

[@lindadorman2869]

Happiest day of my life...selling the money pit of a house. No more property taxes, maintenance, repairs, upgrades, insurance and so much more. Now I rent and make one phone call. And my rent hasn't gone up since I moved in 6 years ago. Woo-hoo!

[@ThisIsOurRetirement]

Totally agree Linda the best feeling ever 👏🤩

[@oldbloke204]

Sounds like you got lucky because if you lived here in Australia your rent would likely have doubled or more over the same time or you would have had to move at some point. Over the same period here our property has likely increased in value 4-500k which is tax free if we decide to sell. Also we can supply some of our basic needs such as water, fruit/vegies and firewood. Living in a nice property in a very popular tourist town also means that we don't feel the need to waste a lot of money going to other places on holidays. I guess we're all different but the idea of living in a box surrounded by other people just doesn't do it for me.

[@prmm218]

Good for you! I often think that owning a home is the opposite of what renters used to say….”rent to own”…….when you buy a home you are actually “owning to rent” or paying rent for what you own!😅

[@TheAngela2C]

Linda, how much did you spend on rent for 6 years? At least a hundred thousand? Do you think you would spend more on taxes, insurance and repair? Price on my house doubled over the last 10 years and for all this time I spent 50 thousand for all mentioned above If I would rent I would spend at least 250. 000 for very moderate apartment So, where the money pit?

[@oldbloke204]

@@prmm218 And yet so many seem to say that they sell to free up the equity they've built up in their home to do whatever? Renters never get any equity and I doubt that many would be able to afford to save anything if their rent is now as much as it is in many places.

[@donnaallgaier-lamberti3933]

Bear in mind that you were fortunate to have a two income family not all of have that. In the US we are told that taking it at our maximum retirement age is best to do so. We did this-my husband took his SS at age 62 and now at age 79 he has been drawing it for quite a long time now. Many of us could simply not pay our bills and survive if we did not take SS at the first available age. I was unable to work or draw benefits due to health issues so we had to live on only one income so drawing his SS was necessary.

[@andreagraham296]

Great Video, appreciate the advice.

[@ThisIsOurRetirement]

Glad it was helpful! thanks for watching Andrea 🌺🙂

[@rudfil]

Adult children who come back to live with thier parents should pay something to their parents to cover some of the bills.

[@ThisIsOurRetirement]

We agree 🌺🙂

[@MariaSantos-fw8vu]

Agree 💯

[@mygoodlife204]

My daughter got married, husband moved in with us as rent is just so high. We share a kitchen but they've got their own fridge and grocery cupboard. I cook for everyone twice a week. They pay rent, which covers utilities and a little bit extra. So it works for us while they build their careers and finances.

[@Tony99949]

Thanks you guys for yet another great video. I did get a kick out of it as it was all so true. Thanks again and keep those videos coming.

[@terryevp4084]

Another top-notch video. Great information and really appreciate your tips. You both are awesome...!!! Thank you Norm & Tina.

[@ThisIsOurRetirement]

Thanks so much and for watching Terry🍻🙂

[@DanaLuvsNature]

How we cover Food: I say free but know at the church, we bring food sometimes. It costs us very little. We must pull our weight. Since volunteering an average of over 4 hrs a week, well over, we get the Tuesday Organic Meal at the Community Center, for free ✹ Free Weekly Tue Organic Meal- Choice of 3 dishes prepared by two Chefs who own a Catering Company. It's delicious! ✹ Free Weekly Sun Church Meal- ✹ Free Produce Swap. We grow produce in abundance, about 7 items so trade with others. Last week we left with 1 bunch of Red beets, 2 bunches of Kale, A dozen free range eggs, and we ate lunch there which we usually do. Can't count on it, the two folks who cook have to want to trade. They always say yes. We also make homemade Maple Syrup and Homemade Blackberry Jam, and offer our Home-made Dog Food to trade. These meals aren't really free. We volunteer at the Community Center in winter doing 14 hr shifts for 4.5 months a year. That's well over 4 hrs week of volunteering required for the Free weekly organic meal. And because I cook breakfast, the food bank gives me a ton of just expired or about to expire eggs. I hate to waste them so boil them up, put them in our ice box at home. Daily we freeze ice using the solar panels or generator which keeps things frozen for 24hrs. Longer in winter. Since we grow FOR FREE and in abudnance sweet potatoes (3 varieites of potatoes) Green beans (pole/bush beans) garlic, onions, ginger+ herbs. The dog food is 17 ounces of cooked egg so about 60% meat based with 40% is the rest. I buy some rice to add to it. We visit the ocean 1-2x a year, collect free sea shells to ground down to powder to add calcium. We sell the dog food giving us $250 or so per month to pay to supplement our 20 hens food (they eat mainly compost w/worms, bugs, etc) and we buy groceries with that $250 We will not be able to grow much of our food and trade as we age... so we'll start RMD's at age 72. We ride E-bikes most places, most of the year. We drive a 2020 Chevy Bolt E-Car & gas pick up, sometimes. We drive very little since it takes about 10 min to get anywhere around here and we hit two-three birds with one stone going into town.Our. outdoor kitchen & bath/shower preserves the indoors. Plenty hobby farmers like us who grow certain items in abundance, and grow them well, mainly to trade. Just as we do. , We can almost rely upon the veges we consume, as we are sorta all friends trying to just cover our own food. . We have 8 Apple Trees and 5 mandarin trees on the property. Grapes & Blackberries abound here certain times of the year. We also go food foraging for items we turn into tea or juice.. Local honey is great in our ice tea in summer. We host a Xmas Faire at the Community Center too. Proceeds help cover the weekly organic meals. We get free punctured flour & salt from the food bank, they tend to remember to give it to us. Main ingredients in play dough. We collect Xmas tins at the thrift store for a quarter so sell these at the Xmas Faire for $5 each. I cook the play dough at the Center while on shift in November. It provides us about $150 for xmas. Also the food bank always gives the volunteers an extra turkey, if possible even though I do not volunteer with them. I don't volunteer at the free Thanksgiving dinner but do collect the carcases to boil up for broth for my dog food. Church, cycling, gardening & volunteering is our entire life. And a few weekend tent vacations to the ocean. We have many Christian friends who come over to the house to can food, do a bible study, eat dinner, whatever. A few are very close friends. We are blessed

[@susanacton5007]

Took our CPP early too Norm - like you and Tina. No regrets - we too were dealing with a health issue and downsized, from a family home into a townhouse Condo in a 55+ community. Living in a turnkey home allows us to travel and watch other folks shovel our snow and cut our grass - loving it!!

[@ThisIsOurRetirement]

Isn’t it wonderful having Gardeners Susan we just love ❤️ it too Cheers 🌺🙂

[@JulieMacKay-cd9hp]

We did it too. Rental works for us

[@ThisIsOurRetirement]

That’s awesome 👏 isn’t it wonderful Julie 🥂

[@shawnasmith3046]

Great advice

[@ThisIsOurRetirement]

Thanks Shawn 🍻🙂

[@nicobass1966]

Thank you

[@ThisIsOurRetirement]

You're welcome 🙂

[@sylviamacdonald9256]

Love your videos

[@ThisIsOurRetirement]

Thank you 🌺🙂

[@kristinpayne1825]

I thought about buying a smaller house, but with the prices like they are it is better to stay where I am for now. When I can’t take care of it, I will get an apartment. Love your videos!

[@ThisIsOurRetirement]

Sounds a great plan Kristin 🌺🙂

[@ronnieyong]

Words of wisdoms shared. I can relate to so many of the points. Thanks so much.

[@ThisIsOurRetirement]

You are so welcome 🍻🙂

[@babstude]

My wife and I fortunately don’t have any retirement mistakes because we are still 3 yrs out from retirement. Love, love, love your vids Tina and Norm. We are taking notes! ❤

[@ThisIsOurRetirement]

Love that! 🙂

[@pcsteve6072]

Enjoyed the light hearted commentary...

[@ThisIsOurRetirement]

Thank you 🌺🙂

[@CanadianQueen.]

Hello again from Saint John NB. I truly appreciate you both. ❤

[@ThisIsOurRetirement]

Our pleasure! thanks for watching Cheers 🌺🙂

[@todddunn945]

Well you can have the adult children who move back in do the home maintenance. That may change how they feel about moving back in. Not having children solves a lot of those problems.

[@Bob-yh7ir]

Not retired yet. Soon ! As usual, great points.Told our parents, spend your money. We are fine. The kids moving back in comment was funny. yes they can eat !! When our daughter moved out, it was like getting a raise. That first year we had 4500 less spending across the board from being empty nesters. Also agree with do not loan family money. It's a gift if you give some. We have worked hard to find people and build relationships that are contractors and landscaping. So when there's something I cannot get to or don't want to do, we have people who are timely and affordable. Have a guy doing the grass cutting so when we take off for a month or 2 at a time, the yard doesn't become a jungle. Hope to have them around for a while. We didn't buy too much house. It's about 1100 Sq feet. So upkeep is easier as well as heating and cooling does not break the bank. Don't think downsizing would benefit us until way later in life. Cheers !

[@ThisIsOurRetirement]

It’s great Bob that you have considered all these points and have a plan in place!

[@debbiewood7718]

Down sizing the house is very important. It does protect your investment from deteriorating, and ma,es is less traumatic if you need to move into assisted living. I have friends that are downsizing from their house of 40 years to a bedroom in a senior's living complex. It is more difficult then it needed to be.

[@loramuer9314]

As far as SS is concerned it is a smaller amount for a long period or a larger amount for a shorter time so it pretty much evens out.I’m not going to take the chance that I’m going to live to be ninety.

[@libbyannstew8775]

Happy Sunday Norm & Tina; great points in this video especially the one about gifting money to children. I agree wholeheartedly. Once it’s been gifted, stand back and the kids will do with it what they will. I also don’t understand how parents can have their adult children move back in with them (or never move out) yet they don’t ask them contribute something financially to the household.

[@ThisIsOurRetirement]

Enjoy your weekend Libbyann 🌺🙂🍷

[@ceparksromanceharps]

Another enjoyable video. Thanks for the valuable information. I retired last Friday afternoon from my 40 year electrical engineering career. No big plans yet. Yes; I feel like the house owns me; will be catching up on the yard work; will start getting the home repairs done over the next few months. Happy Independence Day! Carry on!

[@ThisIsOurRetirement]

Congratulations 🥳 on your retirement that’s wonderful 🌺🙂

[@carolc4173]

These are all questions/concerns that we continue to ask ourselves. And the answer may change over the years as to if it's truly a mistake or not - but we need to continue to ask ourselves to be sure we are still making the right decisions. My parents were wonderful when I had some finance needs, and I paid them back with a low interest - and that still makes me proud. But I realize that can go so poorly. No co-signing, but they loaned me the cash I needed for bailout. I SO want to retire - but my financial advisor keeps telling me when I am retiring TO something, and not just wanting to retire to do nothing. Thanks for all your videos, they are motivating and informative.

[@ThisIsOurRetirement]

Have a great weekend 🌺🙂

[@Savannah-ed4rv]

A friend and former co-worker of mine co-signed on an auto loan for a childhood friend she had known for 50 years probably and the woman never made one payment to the car. So not only did they have to find a way to get out of that, their life long friendship was destroyed! So money definitely can come between people in relationships and sometimes it's never repaired.

[@ThisIsOurRetirement]

That’s so true money and friendship don’t mix 🇺🇸🙂🇨🇦

[@christopherbarker976]

Hi Tina & Norm some very good tips and well worth reminding people of . Regards. Christopher Barker

[@ThisIsOurRetirement]

Thanks Christopher!

[@Savannah-ed4rv]

I was expecting a video last night or today I guess? Looks like you came out with an earlier one this week lol. I always look forward to seeing you and your advice and of course your t-shirts😂

[@ThisIsOurRetirement]

Thank you for looking yes it came out earlier , we appreciate your support in watching our videos Cheers 🇺🇸🌺🇨🇦

[@kimc555]

In terms of meals out with adult family members. If parents invite their adult kids out to dinner, don’t make any assumptions. Just as adult kids shouldn’t assume the parents will pay, don’t assume the adult kids can even afford to go out. Sometimes better to suggest meeting for coffee somewhere with whole family. Then everyone gets their own order and it’s cost efficient as well.

[@ThisIsOurRetirement]

Thanks for sharing 🙂🌺

[@user-cm8ns1rj6z]

I took CPP at 60 as a couple of guys kicked-the-bucket before collecting at 65. The school system teaches us to be good little worker tax payers till 65. I'd rather have the $$ in my pocket than taking the chance.

[@ThisIsOurRetirement]

We agree!

[@LK-hy5jz]

Miss you both! Once a week is not enough, I want more of Tina and Norm! Thank you both! ❤ I am not yet retired but trying to raise kids to be responsible adults. I have a good job and they can have anything they want but they don’t :) they only have what they need. I left my country when I was 21 and was making back then more than my mom. There is no inheritance and I never expected it as whatever my mom will leave it will be my sister’s. I am good with that. I have everything I need. And I always tell my kids: I wish you enough!

[@ThisIsOurRetirement]

Hopefully you will still love us and watch us once a week thank you for your support Cheers 🌺🙂

[@LK-hy5jz]

@@ThisIsOurRetirement you have my word! How can I not watch you guys! You are the best couple that still in love and happy! You give many folks hope and greatest advice for free that is surely a blessing these days. Thank you from my heart. ❤️

[@ThisIsOurRetirement]

❤️

[@rkw2917]

I view home ownership as a huge liability in old age, gave it up years ago My apartment is large enough to live in comfortably, but small enough to easily maintain (and tell any potential visiting relatives that they'll have to stay in a hotel)

[@ThisIsOurRetirement]

Wonderful, we do offer to pay the hotel cost.

[@murraytown4]

@@ThisIsOurRetirementoffering to pay hotel costs? WOW. Not me!

[@karlmitchell1428]

Great show, great tips, and I’m loving the Genesis T.. glad I could encourage you to get one too. LOL

[@ThisIsOurRetirement]

Glad you are enjoying your t Shirt 🙂☕️

[@dominic8218]

Is social security not an actuarial calculation. You take at 70 and you get more a month, but if you take at 60 you have 10 years money already in your pocket? 👍🏻

[@Alex-he1ve]

You do not need as much money at 70-75 as you need at 62.

[@ThisIsOurRetirement]

Guess that’s how we looked at taking CPP at 60 we have had the money 💰 either invested it or enjoyed spending it 🌺🙂

[@dominic8218]

@@Alex-he1ve I was thinking is it not worth having the money to enjoy when you’re younger with hopefully more energy and better health?

[@Gurkha9]

I felt that the house became a ball and chain. I wanted to be free from it and that reality will soon come to fruition after years of fixing up and emptying. In the home stretch now. Nice t-shirt btw!!!

[@ThisIsOurRetirement]

Wishing you all the best 🍻🙂

[@cindysheppard8653]

So true about trying to get someone to show up. We are doing Swedish death cleaning in preparation to sell our home. I'm quite ready, waiting for rents to hopefully crash!

[@ThisIsOurRetirement]

Try to find a place with rent control if you can Cindy 🌺🙂

[@susiem94]

Greetings from Wash.,DC. I enjoy your posts.

[@ThisIsOurRetirement]

Awesome! Thank you! 🇺🇸🌺🇨🇦

[@44lgarden]

Great video as always. I retired early at 60 with a healthy cash balance that we intended to use for a few years before tapping into my retirement savings but as you said there are always these unexpected expenses that can chew into that. If I was to offer any advise it's to plan for the unexpected in the early years as that will have the largest impact in savings overall.

[@ThisIsOurRetirement]

Thanks for sharing and watching Cheers 🍻🌺🙂

[@JJ-mk7yq]

With regards to counting on an inheritance: “Love many, Trust few. And always paddle your own canoe.” My parents’ nest egg was swindled from my siblings and I by our deadbeat brother. Glad I have a govt pension to take care of myself in retirement. Keep up the great videos Tina and Norm! 🙌

[@ThisIsOurRetirement]

We know how you feel the same thing happened to us 🌺🙂

[@OurRetireEarlyJourney]

"change the door locks" 😂 Keep it up you two! We always look forward to watching your content.

[@ThisIsOurRetirement]

Thank you both for watching we appreciate it Cheers 🇺🇸🌺🇨🇦

[@marilynrybak9154]

Yes- leaving all of the junk for my sons to go through. Lol. That made me laugh. Thank you. I’m not really going to do that (on purpose!).

[@sct4040]

I took my SS at 63, could have done so earlier if not for the exorbitantly high cost of medical insurance. I was on Cobra and ACA for 2 years before medicare and it was $1,299 a month. 😮

[@ThisIsOurRetirement]

Thanks for watching 🇺🇸🌺🇨🇦

[@hogtownbiker3560]

Delaying CPP gets you around 42% a month more and 38% more for OAS. I am looking at it as risk mitigation if I live a long time. Nothing like something that is indexed and guaranteed. Keeping house for now but I imagine some point will sell.

[@ThisIsOurRetirement]

Thanks for sharing 🍻🙂

[@jeremy1350]

Hi Tina and Norm. How was your anniversary ?? When I was much younger, and my first car came along, and my father CO-Signed the loan, life was not easy for me. I was coming out of the closet, secretly. My father threw me out of the family home, and I had become a raging alcoholic like he was, in my twenties. The stories and advice I was fed from the get go, were counterintuitive, and harmful to my well being. Suffice to say, what little money I had been making went to fund my alcoholism and little else. I blame myself for these mistakes. Given the circumstances, had someone come and "corrected" my trajectory, things might have tuned out better, but they did not. In the end, the car was repossessed, and my father paid out to get it released. (I justified it as payback - for his abuses) for a long time in early sobriety. But it was my responsibility. And I failed that responsibility. But being thrown onto the street, I had no concept of proper bill paying, because it wasn't something I was taught, by my parents or in school, per se. I was a good employee as a kid all through high school. I made good money, but most of that money was taken for the house. And when I moved out, I did not have a pot to piss in. And my eyes were bigger than my budget allowed, another HUGE mistake. My father vowed to me that he would never fund any further education or monetary funding because I was the family mistake, which only added to my misery. it was a sick train of thought, but I thought to myself, well, that Bastard needs to pay, and pay he will. And he did. If your kid has issues with substance abuse or does not know the value of money or how to budget or pay their bills accordingly, then they need to learn, but not by process of failure. Kids were never taught to budget, nor check book accounting, yes I could grocery shop, and I was given money to do that. But it was not my money to use. Paying rent and bills was a huge failure for me. Which is why I agree with the No Cosign Rule ...

[@ThisIsOurRetirement]

We had a great evening

[@steves3234]

I grew up with no parents so never had that thought.

[@ThisIsOurRetirement]

Sorry to hear that Steve 🌺

[@rustydog1236]

Wow... I always paid for my parents on vacations, dinner out, never ever asked parents for money. Who are these children?

[@murraytown4]

Entitled Millennials.

[@sagewellness4801]

Great video! I took my CPP out early as well. I don't need it at this time so have been investing it. I am retiring in Sept and hubby next year. We have two years to downsize and sell our home. It is starting to cost too much for the up keep. Haven't decided where we are going yet but have options. Thanks for sharing your tips 😀

[@ThisIsOurRetirement]

Thank you we have lots of videos that might give you ideas , when the house is costing too much it’s time to sell 🌺🙂

[@kathyoliva6966]

Love your videos thank you 🙏 ❤️🥰🇺🇸🇺🇸🇺🇸

[@ThisIsOurRetirement]

Thank you Kathy👍💕

[@Jfhelwig]

Yay Genesis

[@ThisIsOurRetirement]

Too cool 🎸🍻🍷

[@livhuff2854]

Not a costly mistake but rather a wise choice is to prepay your funeral costs so your kids don't have to be responsible for those costs

[@ThisIsOurRetirement]

Totally agree we did that last year it actually feels good to know that it’s taken care of 🙂

[@derekcox6531]

My wife’s parents did this as well. Dad passed recently and I can confirm that,yes,it really does make a positive difference. We were able to focus on remembering dad and supporting mom. It was really a load off in a difficult time.

[@gardenlevel7385]

Thank you for mentioning this. My dad did this for us and it was so lovely to be able to focus on the things that mattered when he died. He thought of absolutely everything.

[@murraytown4]

@@ThisIsOurRetirementhow about a separate video on pre-planning funeral services? I’m going through this now. Just bought a plot and am looking at designing a stone and final services. I’m ‘ONLY’ 60.

[@irenedonohue1406]

Where can I find the video that you did on this?​@@ThisIsOurRetirement

[@Alejandro-ut4up]

I typically pay for my adult children when we go to a restaurant but occasionally when I don't feel so inclined I suggest a fun alternative...credit card roulette. Basically everyone throws down a credit card/debit card in a pile and then we ask the serving staff to pick one and that is who pays. Its all fun and games until someone gets the big bill, lol. Nice thing is none of my kids knows when I am going to suggest my favorite game of chance so they are generally less inclined to order very expensive meals :)

[@ThisIsOurRetirement]

Sounds like a great idea thanks for sharing 🍻🙂

[@LK-hy5jz]

So funny!! I will use your charade when my kids are able to do it. 😂

[@mygoodlife204]

We pay for the meals and the adult kids split the drinks bill. Or we tell them how much we're prepared to pay and anything extra they split amongst the 4 kids and spouses

[@maureenpluthero8543]

Regarding taking CPP early, you need to do a break even analysis to see if it is worth waiting. When I did .the calculation my break even was 78. Also consider if you take it early and don't need it you can always save it and earn interest. Totally agree about lending money and cosigning. I also agree with selling the house. I found it to be a large amount of money to keep locked up in one investment. Interesting that since selling my condo and paying rent for two years my net worth has not gone down at all.

[@ThisIsOurRetirement]

Great comment Maureen thank you 🌺🙂

[@ddavidson5]

Different strokes for different folks but I think the whole "break even analysis" doesn't accomplish much and is just a distraction. For me it's more about knowing that no matter what happens I will have a guaranteed and indexed income for as long as I live (which seems like something to maximize to me). This allows me to spend my retirement savings enjoying my actual retirement secure in the knowledge I will always have enough to get by on for as long as I live no matter what happens. If I die early and don't "break even" then I figure I'll have a bigger problem than how much I was able to squeeze out of CPP.

[@annegormely6003]

We foolishly had our daughter and her husband stay with us for over a year. Not only does your food bill go up but every utility. Our bills tripled with these to. We then lent them money from the 401K. Costly move that is difficult to overcome.

[@ThisIsOurRetirement]

We are sorry to hear that Anne we all try our best to help our children 🇺🇸🌺🇨🇦🤗

[@williamjones4456]

Genesis trick of the tail 197? Massey hall toronto, 2007 bom field. Both great events. Good thoughts, I'm looking for a single senior cruise to Iceland. I'm building an offgrid log cabin about an hour from Halifax ,but I need a Vacation from my retirement. I hope you still upload noon o Saturday. But it's a pleasant surprise on a Thursday. Your videos have given me food for thought in the scary planning stages preretirement. Like they say you don't know what you don't know. It's worked out well for me. Thanks again Bill

[@ThisIsOurRetirement]

Looks like our Thursday will replace our Saturday Princess cruises are doing a cruise to Iceland 🇮🇸, we loved visiting there hope you get to go 🌺🙂

[@paulhunter6652]

Hi Norm and Tina: I was lucky to see Genesis a couple of times. I like your videos coming out different days of the week! Cheers.

[@ThisIsOurRetirement]

Thanks Paul 🍻🙂

[@TheAngela2C]

When “ your house owns you” it is at least mutual :-)))) Unlike when landlord owns you totally. Your parents were right: it really is “throwing money away”

[@ThisIsOurRetirement]

Owning a home is the most expensive form of residential expense

[@TheAngela2C]

@@ThisIsOurRetirementI strongly disagree. Owning a home compared to to renting is much less expensive and of course much safer and convenient Also it is an excellent investment i have mentioned numbers before, in my situation living in my home saved me tons if money not mentioning living in a comfort of your home If I want to get equity from home when I am old i will probably just remortgage it

[@lindaeliis8239]

@@TheAngela2C Good luck remortgaging when you are retired. Once retired, it is very difficult to get a mortgage.

[@Jane5720]

I have mixed feelings on this, I have a big house for just myself and my daughter and it’s really twice as much as we actually need but I absolutely love it and spent three years redoing the yard which I absolutely love now so it’s pretty hard to leaveand live on top of other people are all around other people hire out the yardwork. I don’t have that. I don’t know. I do have mixed feelings how much longer I want to stay.

[@LK-hy5jz]

It is an interesting dilemma. If I do the math: my mortgage is paid off. The only expenses are taxes, insurance and bills. In my location taxes and insurance: 4500 dollars a year. Bills are small and I have to pay them when renting apartment anyway. 4500/12= 375. Maintenance and landscaping: let’s add another 500 a month (even so it is not that much for now). So, it comes to 875 dollars a month. Forgot HOA. So total is 1k a month. The house is 4/3 with a backyard. Where I have a bird feeder and guests visiting every day/ deer, possums, raccoons :) Renting apartment: one bedroom in my area will cost 1700. Plus I have no idea what neighbors I will have. I did rent when I was younger and it was a nightmare dealing with people playing a loud music or having arguments, etc. Dilemma!!

[@EmteeTeee]

Hi Tina and Norm :) Your fan Mary from Toronto, ON !!! Fantastic video. Oye :) lots of things to do with $$$$$. PS. My husband is a HUGE Genesis fan.

[@ThisIsOurRetirement]

Hey Mary, hope you are enjoying the summer weather, Genesis is a great band!

[@bruceprentice6441]

Taking the CPP later is a good idea if you expect your income to be lower later. For my wife and I, taking CPP would only increase our taxable earnings, and we would just be passing the CPP money off into income tax. Everyone needs to truly analyze their own situation.

[@ThisIsOurRetirement]

Thanks for sharing, this is a personal analysis that needs context

[@anachiodo4819]

Yes, I mentioned to my husband Giant Tiger got a new shipment. He picked up 5 new t-shirts. lol

[@ThisIsOurRetirement]

That’s awesome Ana 👏

[@ThisIsOurRetirement]

That’s Awesome Ana 👏

[@kmilton1593]

1. Agree 100%: never ever co-sign. 2. Home-cooked meals are better and have less germs than restaurant meals. (Walk behind your restaurants at their back door: staff spitting, smoking, zoned-out.) (After they go to the toilet, then they make your salad and meals!! Inspiring?) 3. Don't be a slave to monthly renting: keep the old house; it is debt free and only costs you insurance, taxes, and not much maintenance. Lots of tradesmen around; mine come within a week. 4. I took my CPP at age 63 but should have taken it at 60, because it is such a pleasure to get a monthly payment sent to my bank, even if it is not much!

[@johnballard6725]

I emigrated to Canada and worked for 4 years in the 70s at low level jobs and my pensions is 60 VAD much better than nothing !

[@johnballard6725]

VAD = CAD

[@ThisIsOurRetirement]

Totally agree with you except number 3 , we had a morgage free home that also came with unexpected maintenance and expenses now we just have a monthly rent and they fix everything complete with Gardeners, pool,gym indoor underground parking life is good 🙂🌺

[@carolnavan4137]

When my adult son suggests a meal out these days, he always pays. As the person who had paid at restaurants most of his life, it felt very weird at first allowing him to pay without arguing about it 😂 Now a comfort level has been reached with it. But if he buys dinner one evening, I always invite them out for breakfast or lunch soon, my treat. I took my CPP early, no regrets. All that money padded my savings and allowed me to retire at 62. Biggest mistake has not yet been made, but seriously considering buying a convertible to drive in the summers! It will be a used model and paid for in cash, but pretty sure I will be getting a sports car! 😂 and there will be zero regrets!

[@christinee8353]

I bought that sports car convertible in my younger years...while I enjoyed it, I found that it was either too hot (especially in a traffic jam) or too cold to drive with the top down and then had two cars to take care of (the other one for the winter driving here in Canada). Why not just rent one for a few days every year when you are travelling or when you know the weather will be nice?

[@chrisjeanneret5091]

Regarding estate issues, be wary if financial advisors start suggesting joint accounts or beneficiary designations because of probate issues. My mother was clear about the division of her estate because of a larger gift to one sibling to help during a divorce. As the executor I found the changes to the accounts added some complications, although it did reduce some fees. In a more complex estate such changes could be very problematic. On a lighter note, my parents were lucky to be able to find reliable help with lawn cutting and driveway ploughing, although my mother would complain that they somehow got grass clippings up onto the deck. Always had a laugh about that one.

[@ThisIsOurRetirement]

Have a great weekend 🍻🙂

[@davidchilton4301]

The house is a tricky issue. I would probably just sell it but it is my wife's source of security and houses her beloved piano. We are renting it to our daughter (on extremely favorable terms) and another young woman to help defer expenses, but the carrying costs of even a paid off house are surprisingly high.

[@ThisIsOurRetirement]

At least you have trusted tenants, the carrying costs as you say David are surprisingly high, which a lot of people don’t see.

[@ddavidson5]

Wow Norm, taking CPP early a mistake!?! I remember you and I had a long back and forth comment exchange a few years ago when ultimately we agreed to disagree. It's interesting how your thoughts on this have evolved though of course it's an individual decision and everyone is different. For better or worse we deferred both CPP & OAS to age 70 (started last year) and, combined, our CPP & OAS comes to a little over 63K/year guaranteed and indexed. With us not having work pensions that income-for-life security brings us peace of mind. We did sell our house last year and moved to a very nice 55+ condo close by. It's a big change but it was time, as you say the managing and maintenance of a house is on-going that only gets more difficult as you get older. With the condo the management and maintenance is professionally handled and it's something I don't have to worry about. It's another peace of mind thing I guess. One mistake can be waiting too long to move/downsize. You can end up getting stuck in your house because moving becomes too overwhelming to even contemplate. I can say that after almost 40 years in our family home it was hard enough to move when we did never mind if we were 5 or 10 years older.

[@ThisIsOurRetirement]

Actually David we are still happy taking CPP at 60 we have either saved it or spent it on trips . Glad you moved and are happy in your new place and so agree the longer you go in not downsizing and moving the harder it is to do it . As you get older even the thought of moving as you say is overwhelming so glad we did it at 58 and 60 😂Cheers 🍻🌺🍷🙂

[@ddavidson5]

@@ThisIsOurRetirement Of course you decided to take CPP when you did, and even if you wanted to you can't change your mind now, but either early or deferred is not an out and out mistake just different strategies. I sometimes think that taking it early is focusing on how soon could you die and taking it later is focusing on how long you could live (which is a subtly different perspective). Unfortunately both are unknown when you have to decide.

[@ThisIsOurRetirement]

We were just playing devils advocate with the SS & CPP deferral comment 😂😂

[@maryjoan4128]

Also important if you lend money to your children or family members, and have not put it into your will, when the trustees arrive to divvy up the inheritances, its important to remember its a legal document you cannot decide to punish so and so,,, for unpaid loans,,, this can cause a lot of family conflict..., and often destroys relationships,, so if you plan to lend money and are serious about it,, remember to be fair to other children or family members, when preparing your will.... and document it~

[@ThisIsOurRetirement]

We have always treated our children equal if we give to one we give to the other at the same time 🌺

[@iniabellepaz445]

Hi Tina and Norm, thank you for sharing great tips!

[@ThisIsOurRetirement]

Our pleasure! thanks for watching 🌺🙂

[@coldcoq1]

I agree with your comments Norm on co-signing. However, in today's world the kids might need some down payment money to get that house they can afford in today's costly market. Gifting the money out sounds nice but what about the siblings? Shouldn't they get the same amount to avoid family squabbles? My suggestion is to loan them the money once you confirm they can afford the place. Next get the Promissory note signed both by your son or daughter AND their spouse and charge them the going rate. Finally (and most importantly) put a 2nd mortgage on the place. You will never regret it. If they don't pay make them sell, and if they won't...foreclose. I could tell you a long story about how my parents left out the last item (a legal registered mortgage) and how it ended in a lousy retirement for them and drove a wedge into our family but you get the picture.

[@ThisIsOurRetirement]

We do give the other child money if we give it to the other one. We have done the promissory note and it didn’t work. If you want to help give the money.

[@murraytown4]

I think a good trade off is OAS at 65 and CPP at 70. The OAS delay is less generous. On spending money treating others…I am doing the opposite. I’m pushing back, without saying NO, I’m on a pension. YOU pay your fair share. You are still earning a salary. I have ZERO guilt doing so. I’m just ‘volunteering’ to pay much less.

[@suebee1540]

I cosigned 30k for my daughter's consolidation loan. I understood it to include her car payment, but i was wrong. Also she told me when she got her accident settlement she would pay it off. She didn't. I have had to make 6 payments in 2 years. In 2 years it has only gone down 5k. Another thing she told me was she was going to make extra payments. Again, Not. Never again. I took someone's advice and started my CPP at 64 while still working. I have invested it so far, but in retrospect I would not do that again.

[@ThisIsOurRetirement]

Sorry to hear the co signing went wrong , we took CPP at 60 and don’t regret it Cheers 🙂🌺🍷

[@BudgieBob]

Norm & Tina, you live in a nice rent controlled apartment. I’m curious if you had a regular apartment subject to large rent increases each year if you would still feel the same about renting? At least with a paid off home you can dodge large rent increases as well as save for big expenses down the road such as a new roof.

[@ThisIsOurRetirement]

When we made the decision to rent we didn’t know about rent control, we were happy to go along with the increase s.Being free from a mortgage free home with no unexpected maintenance and expenses is so amazing and so hard to explain it’s just wonderful 🙂🌺

[@oldbloke204]

Where we live rents are going through the roof and rental supply is very low with people having to move and/or face huge rental cost increases. 2 of my mates are in that boat. 1 sold most of his gear expecting to have to move and stresses about it every year and the other one has had to move into a property he can barely afford. Not something I would be interested in on a fixed income in my later years but I suppose if you could guarantee that you weren't going to get turfed out and can afford the rent then maybe it's an option for some.

[@lindaeliis8239]

Renting is a beautiful thing. I think about doing this often. With time, the rent is reasonable since in Ontario they have rent control. CPP and OAS goes up more than rent.

[@BudgieBob]

@@lindaeliis8239 In my opinion, rent control is the game changer. Without it, I'm more comfortable owning.

[@libbyannstew8775]

@@lindaeliis8239Not all rental units are protected by rent control so you have to be careful when you sign a lease.

[@roehamptontenants6311]

Norm and Tina, even the scriptures seem to recommend what you have learned at the University called Life 🙂

[@ThisIsOurRetirement]

Thank you 🙂🌺

[@doloresmorelli460]

I made the mistake of co-signing for a niece and now I’m finding that she is not paying the monthly payments on time. So I’m paying it! I will never co-sign again!

[@ThisIsOurRetirement]

So sorry to hear that 🌺

[@grahamlewis6777]

Hi Norm. Is there a Genesis Wonderland album I don't know about?!

[@ThisIsOurRetirement]

Genesis In Wonderland is a rerelease of From Genesis To Revelation, with additional tracks and packaged in an Alice In Wonderland tin 1993.

[@grahamlewis6777]

@@ThisIsOurRetirement cool.. will give it a listen

[@priebecl]

Best decision was to move 6 blocks into a house that is one level. That also means if I pull out the snow blower one day I might get payback. The worst use of funds so far is the purchase of a small rv. It is fun to use with small groups but seldom done

[@ThisIsOurRetirement]

RV’s can be costly, hopefully you can convince your friends to do more trips.

[@derekcox6531]

Co-signing is a hard no. Don’t do it! For sure,give a sum of $ if you can afford it to help a relative,if you are happy to do so,but never co-sign a loan! It’s just misery waiting to happen.

[@ThisIsOurRetirement]

We so agree Derek 🍻🙂

[@donnyg6595]

There is no Genesis album called Wonderland

[@ThisIsOurRetirement]

Definitely is released 1993 🎸🍻

[@Wwjdixyou]

What is CPP?

[@ThisIsOurRetirement]

Canadian Pension plan🌺

[@Wwjdixyou]

I’ve been divorced for two years after 33 years of marriage. I will receive maybe $400 from his pension plan. Could you tell me when and what are the rules to receiving that? I was told that you can’t take your pension plan unless you take your Social Security too, but I’m gonna have to go to age 67 to receive a higher Social Security. But I’m struggling and would love to be able to start drawling from the pension plan

[@ThisIsOurRetirement]

Sorry we don’t know the answer , and can’t give Financial advice perhaps another viewer might be able to help 🌺

[@pensacola321]

Is it the 4th of July in Canada, too? 😅

[@ThisIsOurRetirement]

No we were first on July 1st 😂😂🇺🇸🇨🇦🍻

[@CitizenTurtleIsland]

If you take that question literally, it's funny! My calendar definitely shows that it's the 4th of July. Happy Independence Day to you and all Americans. (They had a celebration at the American Embassy, here in Ottawa, Canada. I heard your Ambassador to Canada on the local radio station this morning, a good guy.)

[@ThisIsOurRetirement]

Too funny 🇺🇸🍻🇨🇦

[@deborahanthony3401]

I see so many people dieing in their 60s and 70s. So it is a gamble to wait to take CPP etc. You may get nothing at all.

[@ThisIsOurRetirement]

Guess that’s why we decided to take it at 60 Deborah Cheers 🌺🙂🍷

[@fasteddy-fd3kr]

Taxes. Rich governments should not tax seniors.

[@ThisIsOurRetirement]

That would be nice 🙂

[@MartinJones92]

Some great advice here! Norm, if you like Genesis, have you discovered Marillion yet? :)

[@ThisIsOurRetirement]

No not yet 🎸

[@bluetocop]

buying an RV trailer big mistake, buying the car I always wanted big mistake , CPP early put invested in TFSA dividend investing is NOT a mistake

[@ThisIsOurRetirement]

Thanks for sharing a great lesson learned for others 🍻🌺🙂

[@williamjsmith9877]

My costly mistake was not buyng more of the villas on my sub when all the Brits threw in the towel a few years ago, House go down in price, thats a new one.

[@ThisIsOurRetirement]

Guess we all live and learn William 🙂🌺

[@oldbloke204]

No house price decreases where we are and in fact the complete opposite. Never thought I would see the day that house prices would be what they are around us but here we are. We get pamphlets in the mailbox every month or so showing what properties in the are have gone for and it's quite scary really imo. 3 of the 6 towns listed around us had price growth of 20% or more and the lowest was 8% but growth there had been higher in past years.

[@roehamptontenants6311]

You are right. Never create dependency. Some scriptures say when you get old, try and cut ties or people will hang on to you in the name of l.o.v.e. There is now one famous You Tube case where the daughters will NOT allow their mother to die by praying and asking various church groups to pray for a miracle. As a result, the poor mother, who has stage IV brain cancer, has 'died' several times and is brought back to suffer some more. You guessed right, the mother brought in the money for the business and the daughters got attached. For those curious, the four stages of life are: 1. The student (brahmacari) 2. The householder (grihastha), 3. The hermit (vanaprastha) 4. The renouncer (sannyasin)

[@dimitristsagdis7340]

Take it early and invest it. Probably you'll make more than the delayed increase.

[@ThisIsOurRetirement]

That’s what we thought too 🙂

[@BoninBrighton]

What’s going to be costly is having to move from the UK to Australia what with Visas and tax implications for moving our pensions downunder….

[@ThisIsOurRetirement]

You did mention you were looking at that Bonnie so are you going ahead with that now , we wish you all the best 🇦🇺🇬🇧🇨🇦❤️

[@BoninBrighton]

@@ThisIsOurRetirement we’ve spent 3 mths researching the costs etc and we now need a financial advisor so will arrange that for next time we’re in Perth which is Xmas. We can get an Aged Parent Visa 864 at 67 with bridging visa BVA however huge fees to buy property as a foreigner so renting is the only option for 12-15 years until the 864 visa is granted.

[@ThisIsOurRetirement]

Good luck 🌺