Can You Live On The State Pension In Canada

[@richardpodnar5039]

Thank you for emphasizing the importance of calculating costs for living in retirement. This has often been mentioned in one way or another in your previous videos, but I am glad you bring it up once again very effectively in this episode. Your advice has helped me and my spouse to live comfortably in my new retirement. I am relieved to hear that we are, so to speak, right in the ballpark insofar as social security and investment earnings have been going for us since I took the step to leave the workforce and live life to the fullest. Best wishes to both of you always! (And please, Tina, watch your consumption of those delicious shortbread cookies. You known the old saying: "Eat it today and wear it tomorrow!")

[@ThisIsOurRetirement]

Hey Richard 👋 glad things are working well for you and your spouse, think with this pandemic 😷 we are all eating too many cookies 🍪 and drinking too much 🍷LOL😂 .Hope you are enjoying a wonderful weekend Cheers 🍷🇺🇸🇨🇦🍺

[@tehilash7292]

Lol when I read your comment 😂I was thinking how fun it is to watch Tina indulging in her cookies. Let's enjoy the party 🥳

[@ThisIsOurRetirement]

@@tehilash7292 Lovely comment thanks we are having a great time sharing our party 🎉 🍪with you 🌺

[@purpledream1045]

Hi Tina, I don’t know what does that mean take back from my husband, can you explain a little? I am appreciate that.

[@ThisIsOurRetirement]

@@purpledream1045 For example if they give you $200 , they then take the $200 back from your husband, that’s what happened to us . Had we known that I (Tina ) wouldn’t have bothered applying for it . Hope that helps 🌺

[@aaronklavekoske4696]

Watching in Beaver Dam Wisconsin USA. The world needs more people like you. I’m 55 with state pension ready to make the leap. 👍👍👍😎

[@ThisIsOurRetirement]

Best of luck! we wish you well have a wonderful weekend Cheers 🍷🇺🇸🌺🇨🇦🍺

[@weeyummybmp7693]

i live on CPP and OAS - it is not luxury - but it pays my bills and i get by just fine. yes, there are no travel plans or luxurious shopping trips, or many restaurant visits but it is better than nothing. and before anyone jumps all over me at why i do not have savings but if you lived my life you would then understand why i only survive on this.

[@ThisIsOurRetirement]

We do too and nobody has the right to judge anyone , we hope you have a wonderful weekend Cheers 🍷🌻🍺🤗

[@cdnsilverdaddy]

you guys really do deserve at least 500k subscribers!

[@ThisIsOurRetirement]

That is so sweet we are trying really hard to get there LOL 😂Cheers 🍷🌺🍺

[@cdnsilverdaddy]

@@ThisIsOurRetirement your content is real with substance

[@ThisIsOurRetirement]

@@cdnsilverdaddy Thank you 🙂

[@2logj]

thanks Tina and Noam.For people in UK you can get the State pension statement by completing the Gateway portal and the max is £9300.00 approx for 35 years of NI contribution.If you have no mortgage then we are looking at a figure of £500 per month to service running cost for a month as follows. approx per month Council T £130,Water bill £20,Electricity and gas £130,Internet £30,Food £150, Petrol £150 for two £510 sharing the family home .It will equal £255 per couple.So this figure is leaving the couple with some more savings which can be used for travel.Moral of the story is stay together in Pension age! in my opinion one can live on state pension with some travel once a month in the UK

[@ThisIsOurRetirement]

Thanks for sharing yes it’s scary how utilities have gone up , we are fortunate that ours are included with our rent ( a big plus we didn’t realize at the time ) Cheers 🇬🇧🍷🍺🌺

[@daleboris-kane313]

You folks are wonderful. This video confused me some though because when a couple eventually becomes one person ... 50% of $2600 is 😢...

[@johngregreid1]

Your channel is quite informative. In a future video, you might want to cover what people will have if the one partner dies. We can’t assume that there will be two people always. They do boost the amount for the single person that is left.

[@cindearbuckle6074]

Hello 👋 love shortbread cookies too ! My husband and I have thankfully have no mortgage or car payments. We stayed in our home forty years and made improvements. While other people have new homes with large mortgages. Everyone needs to have a plan . Have a great week 😊

[@ThisIsOurRetirement]

That is awesome! Cinde a great plan , we too no car 🚗 payments mainly just rent and Insurance a wonderful freeing feeling Cheers 🍷🇨🇦🍺

[@jeevanjoshi1070]

It looks like a different world!! Good to know the overseas tie ups of Canada for OAS.

[@ThisIsOurRetirement]

We are grateful to get the UK pension in Canada, thanks for watching.

[@TheAmorchef]

S ingle...no savings...with cpp oas and gis plus provincial support...about 2,000 a month paying no income taxes...plus I seen to have more money now than when I worked

[@ThisIsOurRetirement]

We found that as a couple, not what we thought when we were in our fifties savings in RRSP’s

[@carolnavan4137]

Great content! Thank you. Saving hard to increase retirement plan! 4 yrs left.

[@ThisIsOurRetirement]

That’s great Carol 4 years will go really quick it took us 2 years to declutter when we sold our home LOL 😂😂have a great weekend Cheers 🍷🌺🇨🇦

[@johnnyboyvan]

Hi Tina and Norm. You two are an inspiration to me as single guy. Luckily, I have a nice teacher's pension. Your honesty is refreshing.

[@ThisIsOurRetirement]

That is awesome! glad you have a pension we didn’t 😱glad you are enjoying our videos Cheers 🍷🇨🇦🍺

[@melodymelody6589]

Don't forget to mention GIS( gaurintee income supplement ).

[@ThisIsOurRetirement]

Thanks for adding that Melody good point , we didn’t mention it as a lot of people don’t qualify for it , but if you are a low income earner yes you will get GIS have a great week Cheers 🍷🌺🙂

[@jarikinnunen1718]

It nearly same with Finland minimum pensions are. Here is house rent support with that.

[@ThisIsOurRetirement]

Good to know, rent support varies by province here in Canada.

[@susanpettit8751]

Excellent points - I think you should be sharing the shortbread though… lol

[@ThisIsOurRetirement]

If only we could 😂😂

[@mariadelosangelesquintanaf1571]

Hi Tina and Norm, glad to see you again. I can refect about what to do to have a nice time in my retirement. Thanks for sharing!!!

[@ThisIsOurRetirement]

Our pleasure! have a great weekend Maria thanks for watching Cheers 🍷🌺🙂

[@patassion]

Enjoying your videos here in BC Canada

[@ThisIsOurRetirement]

Thanks so much

[@cobyloewen3388]

Oops!! Maybe check out your terminology! 🇨🇦We’re in Canada and we don’t have states! Lol. Thanks for the info. We, in retirement, collect both private and public pensions- it’s working out fine, including regular international travel, until lately. Cost of living is factored into our private pension…which is 4.4 %…which we greatly appreciate.

[@ThisIsOurRetirement]

We needed to make it clear that it was not a Federal Government employee pension.

[@brianwhite1189]

I believe they're using state as in the government, not as in states or provinces.

[@ThisIsOurRetirement]

Thanks Brian have a wonderful weekend Cheers 🍷🇨🇦🍺

[@msbeaverhausen7226]

Thanks, Tina. Now I want some shortbread and I've none in the cupboard!!

[@ThisIsOurRetirement]

We don’t have any either now , and definitely have the craving for it Cheers 🍷🇨🇦🍺

[@deborahnicholson6206]

Do u bake T? Nothing like home baked shortbread! My favourite too. Since I found your channel its really made me focus and what we want our future to look like. Had never given it much thought before!! Our daughters university costs being finished will no doubt be our trigger to retirement. That said, the world we live in now means that a lot of her studies can be done from home with hardly any face to face. Hdmtvit such a change!!! Living thro Pandemic, we have lessened our spending greatly as we are either at work or at home!! Been a great way to save....x

[@ThisIsOurRetirement]

In the past we used to bake a lot and yes we did Shortbread , we are trying to cut down on cakes and cookies so have stopped baking , our treat is The Pastel de Nata which we buy . After paying university you can now put that money 💰 to travel for you . During the last two years as we haven’t been travelling our savings have gone up not down other than buying the trailer which is now an asset 🤔hope you are staying warm and having a nice weekend Cheers 🍷🏴󠁧󠁢󠁳󠁣󠁴󠁿🇨🇦🌺🍪

[@margaretdiscenza795]

Love you two. So fun to watch.

[@ThisIsOurRetirement]

Thank you Margaret so much , have a wonderful weekend Cheers 🍷🌺🙂

[@sudburydrone466]

👍👍✌️ I have savings and a small rrsp My wife and I both retired in October at 65. So far we have been able to get by on our CPP and OAS. We don’t travel and our home and car are paid. So on about $3000 per month at this time we can pay our bills. But inflation will rear its ugly head soon and will have to start using rrsp. Love the shows you do…

[@ThisIsOurRetirement]

We agree we happily live on our CPP and OAS , when we travel that is paid for from planned expenditure account . On our day to day basis it’s covered by government money 💰 Cheers 🍷🙂🍺

[@heatherwhittaker6169]

Thank you for your forthright approach to the realities of retirement..You are good teachers. Xx

[@ThisIsOurRetirement]

You are so welcome have a great week Heather Cheers 🍷🌺🍺

[@cathyh2086]

Thanks for sharing your info. I am a single person and took CPP at 60 so at 65 years with both CPP and OAS will only be just over 1100 which there is no way to live on that. It’s unfortunate but it will be especially hard on single seniors. I’m thankful for other investment but feel sad for so many as we should not have seniors suffering after working so many years and contributing to CPP

[@ThisIsOurRetirement]

Yes we agree Cathy thanks for making the point , have a nice weekend Cheers 🍷🌺🙂

[@cathybildson-cardoso6485]

Good info again Tina and Norm. Hope you are both doing well. Take care.

[@ThisIsOurRetirement]

Thanks Cathy glad you enjoyed it , hope you are well have a great weekend Cheers 🍷🌺🙂

[@vince8520]

that would cover a week of rent in Toronto

[@ThisIsOurRetirement]

That’s why we moved to a cheaper more peaceful town, average rent in Toronto is $1800 per month.

[@doodleacademy]

Another interesting topic...thank you for sharing 🌞

[@ThisIsOurRetirement]

You are so welcome have a wonderful weekend Cheers 🍷🌺🍺

[@kendama99]

Shortbread...yum!! I think it’s worth mentioning the GIS (Guarantee Income Supplement) for low-income people. But I definitely agree that personal savings is the key to an enjoyable retirement. Keep up the good work, guys!

[@ThisIsOurRetirement]

Totally agree!

[@resourcefulqueen]

Thank you for sharing actual numbers.🙋

[@ThisIsOurRetirement]

You are so welcome have a great week Cheers 🍷🌺🍺

[@rachelwalsh4378]

Hi Tina & Norm! Great video👍 Have a lovely weekend 🏴󠁧󠁢󠁷󠁬󠁳󠁿🍷🇨🇦🍻

[@ThisIsOurRetirement]

Thank you! You too! Rachel , glad you enjoyed it enjoy your weekend Cheers 🍷🏴󠁧󠁢󠁷󠁬󠁳󠁿🇨🇦🍺

[@paultraynorbsc627]

Thanks for sharing

[@ThisIsOurRetirement]

You bet! thanks for watching Cheers 🍷🌺🙂

[@dougdoty4718]

We have a friend who is Mexico and struggling with the not having planned for his future. He makes stuff to sell in the bars as a side hustle ( like you suggested once) and his kids fly home once a year or two years It's New for us and I bought another house so I am worried about my retirement and when to start the government pensions ( I am 61& wife 58) I just learned that I can find out from the government what my pension would be, I didn't show much income. And now retired am shocked to pay for mobile phones and internet. My business paid for that and my uniform ( clothes)car and repairs etc. Writing this reminds me of my Dad almost crying when his business was shut down ( years into his retirement)

[@ThisIsOurRetirement]

Thanks for sharing we took our CPP at 60 and OAS at 65, yes phones and Internet are expensive maybe shop around to get a better deal good luck 🙂🌺

[@MobileGameCenter1]

Big honor and glad to me to find new friends on KZbin and of course today your channel get new fan and friend for always keep going im with you any time 🤠❤🇹🇷💙💯💫😇like

[@ThisIsOurRetirement]

Thanks for watching Cheers 🍷🌺🍺

[@rtoadontheroad]

Great video and great details, thank you,

[@ThisIsOurRetirement]

Glad you liked it! have a great weekend Dennis Cheers 🍷🌺🍺

[@canpin]

Thanks for this video. Hope you share also in the future your other income streams.

[@ThisIsOurRetirement]

Thanks so much for watching

[@maureenpluthero8543]

It is nice that you give the example for a married couple however if you are single it would be almost impossible to retire on CPP and OAS alone. My CPP plus OAS is $1275 per month, which would make it hard to meet basic needs for living. Also my CPP is lower than the average because I stayed home raising the kids for 17 years. One thing women need to be sure to do if they get divorced is to apply for the CPP splitting. It is easy to apply for and can make quite a difference to your CPP income.

[@ThisIsOurRetirement]

These are good points Maureen thanks for sharing, yes it would be impossible to survive as a single person even with GIS on government payments.

[@mikedennington8856]

you are entitled to GIS which tops you up as OAS is not used when calculating the GIS amount.

[@maureenpluthero8543]

@@mikedennington8856 It would still not allow much money to live on.

[@noniesundstrom119]

My Canadian CPP & OAS amount to a grand total of $ 850 as I stayed home to raise 2 Kids & my partner & I were both self employed. Way back in the day, the self employed usually couldn’t contribute to CPP. We’re over 70 now, lived frugally, never travelled, except to our recreational property, built from repurposed & salvaged material. Partner is finally thinking about closing his shop & renting it out. We feel fortunate & hope that the next generations can retire with less worry. Thank you for your postings!

[@lawrencebraul9722]

There is an advantage to lower income folks to work until 67 or more and defer starting to collect pensions. CPP and OAS increase by 7% for every year deferred.

[@ThisIsOurRetirement]

Yes that is true, thanks for making the point very helpful.

[@seanmccann2790]

And it is indexed

[@NordicLight365]

Interesting to hear this from a Swedish perspective, since Canada and Sweden have similarities, "free" healthcare being the most important. In Sweden our National Public Pension for 2024 per month is ~ 2100 Canadian dollar (1560 US$). Most people, but definitely not everyone, have an occupational pension and/or a private one.

[@mannurandhawa5011]

Thanks for sharing great info 👍

[@ThisIsOurRetirement]

No problem 👍

[@rustykatt3870]

Thanks for taking the time to discuss this with us!

[@ThisIsOurRetirement]

Thanks so much Rusty!

[@annakoncz9413]

Thank you with sharing your story.

[@ThisIsOurRetirement]

Thanks for listening

[@richardnowacki2869]

Guys love your videos, can you add local hot spots where you live for those of us who never travel to Canada. For example state or national parks that may be in your area. I am not sure what they may call them in Canada.

[@ThisIsOurRetirement]

Hi Richard we have done videos on a lot of day trips to places near where we live and will do more this summer when we explore from our trailer in Kincardine on the Bruce Peninsula, have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🍺

[@deborahoakey3560]

Single and low income allows you to apply also for GIS if your 65 and over

[@ThisIsOurRetirement]

Yes you can and couples too and there are GST rebates and in Ontario GIS recipients can get free dental care. Thanks for sharing.

[@sancharigranddaughterofmal3178]

Regards uncleji n aunty mom....excellent presentation......regards for sharing.....always enriched......something always special..... enriched Have a nice day🌷🌷🙏

[@ThisIsOurRetirement]

So nice of you thanks for watching have a great day Cheers 🍷🇨🇦🌺

[@sancharigranddaughterofmal3178]

@@ThisIsOurRetirement my pleasure regards Most welcome always 🌷🙏

[@f.jgouda810]

Thank you for your information...I do have a lot of family ,living in Ontario.. But like a lot of the Dutch...We don't like to talk about our income..So now...I do know now a bit more about theire income..😅👍 Greetings From the city of Gouda in The Netherlands.

[@ThisIsOurRetirement]

Thanks for watching glad you enjoyed it have a wonderful day Cheers 🍷 🇳🇱 🍺🇨🇦🙂

[@f.jgouda810]

@@ThisIsOurRetirement Thank you ! Have a great day Also !🌷🌷🌷🌷🌷🍁🍁🍁🍁🍁

[@robocop581]

You didn't mention income taxes. From what I heard CPP is taxed. Not sure about OAS. So that Household CPP and OAS will be less than $2,500

[@ThisIsOurRetirement]

Yes both are taxed and GIS can start to be clawed back if your income rises. Everything is taxed apart from a TFSA.

[@PlanetImo]

I’m with you on living frugally to save up for travel! X

[@ThisIsOurRetirement]

Great saying we are with you on that , hope you are having a great weekend Cheers 🍷🏴󠁧󠁢󠁷󠁬󠁳󠁿 🍺🇨🇦🇵🇹

[@portlandsean]

Norm. You didn't seem your chipper self. Hope everything is ok? you both are doing a huge service to many people. what is CPP and OAS?

[@ThisIsOurRetirement]

Hi Sean Norm is fine thank you CPP is Canada Personal Pension and OAS is Old Age Security or SS if in the USA 🇺🇸 have a wonderful weekend Cheers 🍷🇨🇦🍺

[@garcia4062]

Hola!! Esperando sus videos, aunque en mi país las cosas son diferentes en muchas cosas y entre ellas lo legal, es un placer verlos en cada video. Gracias por compartir!

[@ThisIsOurRetirement]

Hola Garcia, Estamos muy contentos de tenerte en nuestro canal y agradecemos tu apoyo. Que tengan un buen fin de semana.

[@billyb5057]

a interesting chat about state pensions *thumbs up👍Au🌚fully watched🌞*

[@ThisIsOurRetirement]

Glad you enjoyed it Billy hope you are well and enjoying a nice weekend Cheers 🍷🇦🇺 🍺🇨🇦🌺

[@billyb5057]

@@ThisIsOurRetirement real hot here need some snow to cool off he he

[@Ruslan_Flash]

I enjoyed watching video!

[@ThisIsOurRetirement]

Glad you enjoyed have a great week Cheers 🍷🌺🍺

[@tracielillytan1530]

Wow, that’s a lot higher than the state pension in England.

[@ThisIsOurRetirement]

Not sure what the full pension is England 🏴as Norm just got not a full one as we came to Canada , the Canadian pension is pretty good and we get it at 65 which is nice Cheers 🍷🌻🍺

[@normanmayer5209]

You neglect to mention the Guaranteed Income Supplement (GIS). If someone was receiving the average CPP and had no other source of income besides OAS, they would receive about $466 per month in GIS. All told their monthly income would be about$1794. Annually about $21,500. Of course to get full OAS you need to reside in Canada for 40 years between the ages of 18 and 65.

[@ThisIsOurRetirement]

Thanks for adding that we didn’t mention GIS as it’s income related and not everyone will get it , have a wonderful weekend Cheers 🍷🇨🇦🍺

[@kmilton1593]

Thanks Norm and Tina for your great videos; this one was excellent. As a single small farmer still working at age 73, my CPP & OAS total $1,166 per month which is exactly 43% of your benefits. My last airplane ticket/holiday was Sept 1985. Am thinking my chances of flying abroad are getting slim. (At least i have your videos and youtube to see other lands). Cheers!

[@ThisIsOurRetirement]

Wow still working at 73 , have you thought of retiring that’s quite a while since you had a vacation, but if that’s not possible enjoy travelling virtually through our videos have a wonderful weekend Cheers 🍷🌺🍺

[@ken91656]

No video can replace travel. Go, see and experience life.

[@ThisIsOurRetirement]

@@ken91656 It’s a close second especially with all these Covid travel restrictions Cheers 🍷🌺🍺

[@alexandrailnyckyj7058]

Enjoy the honest explanation of reality. Important to add a comment in th effects if widowhood.. There are survivor benefits but one needs to be prepared for significant reduction in cash flow. Hence, need for savings.

[@ThisIsOurRetirement]

Very good point 🤔 thanks for sharing , through savings etc we have made provision that should and when that happens the other of us will be well looked after Cheers 🍷🌺🍺

[@pinaytravels2789]

Cpp contributions if lower less monthly income

[@ThisIsOurRetirement]

Thanks for watching have a wonderful weekend Cheers 🍷🌺🙂

[@BoldandGraceful]

Thank you both, great information!! I actually didn’t know how much CPP or oa is…great to know!!

[@gruff4036]

OAS actually higher at 642 per month if you have breathed Canada air 40 years.

[@ThisIsOurRetirement]

Our pleasure! Grace you can go to the Government websites and find out what you will get , we don’t get the full amount as we have lived here and the UK 🇬🇧. Have a wonderful week Cheers 🍷🇵🇹🌺🇨🇦🍺

[@ThisIsOurRetirement]

Thanks, we were quoting the average that’s on the Government site 🌺

[@MrWaterbugdesign]

Buy a plane ticket to SE Asia. The cost of a winter heating bill in Canada is about the same as a rent payment in most of SE Asia. And you don't have to buy a parka.

[@ThisIsOurRetirement]

Sounds like a great idea, thanks for suggesting it.

[@rudfil]

These days, the rent in any major Ontario city will eat up all your state pension unfortunately. Imagine if your a single person.

[@ThisIsOurRetirement]

That’s why we moved away from a major Ontario city to a small town, it’s so much more less expensive. Yes being single is difficult. Thanks for watching.

[@tedpark6814]

This is a great video! I am going to melt down my RRSPs some before I take my CPP. My wife and I have no debts and own the house, so we could live off of government pensions if need be, but there wouldn't be much spare money if we did that. One of the things you have to be careful of is that your income can't be too high or they'll claw back your OAS.

[@ThisIsOurRetirement]

Thank you , yes Ted always have to be aware of how much you earn and claw backs etc have a wonderful weekend Cheers 🍷🌺🍺

[@ronwhite9815]

My CDN pensions are 4 times in the country i live because of the currency exchange and my cost of living is about the same as a med size city in Canada

[@ThisIsOurRetirement]

That’s great thanks for sharing have a great weekend Cheers 🍷🌺🍺

[@monicaambs]

CPP depends on what you paid into it. I paid the maximum allowed. You would never be able to do that if you have a low income. If you have 30 years of the maximum input, you are allowed the maximum $1203.75 at age 65. If you have less than 30 points and you take it earlier than 65 then they deduct for ever month less than 65. I earned it all and get the maximum which is $1064.13 in 2019 and my OAS is $565.89 = $1630.02. You will loose .6% for ever month you take the pension early. If you take the CPP at 60 you will get 36% less than you will get if you work till 65. My only saving grace was a defined pension I earned working as an RN in a hospital. Makes my living easy.

[@ThisIsOurRetirement]

Thanks for sharing the information Monica it will be very helpful to other viewers, have a wonderful weekend Cheers 🍷🌺🇨🇦

[@maureenpluthero8543]

Another way to calculate is to find out what your break even age is. Mine was 77 so I took CPP at 60.

[@monicaambs]

@@maureenpluthero8543 I want all the amount I deserve. I am very healthy and plan to live long past 77.

[@ThisIsOurRetirement]

That’s what we looked at and both took it at 60 Cheers 🍷🌺

[@peterg.newton3257]

With no debt (which is important), IMO you need about double {80 to 100%) the "state" pension total income to have a comfortable retirement.

[@ThisIsOurRetirement]

Yes but, as we age most people buy less stuff and eat less. The additional income you describe does make life easier and more enjoyable. Thanks for sharing your thoughts.

[@peterg.newton3257]

@@ThisIsOurRetirement True but if you want to travel etc., the cushion is important to have.

[@ThisIsOurRetirement]

Yes having more allows the travel 🌍✈️

[@thebordenkw486]

It's just nice to see you guys, safe and well, no matter the topic or what you're doing. Thumbs up!

[@ThisIsOurRetirement]

Much appreciated! thanks so much we appreciate your support enjoy your weekend Cheers 🍷🌺🍺

[@carmendp6384]

There is also GAINS for some in Canada

[@ThisIsOurRetirement]

Thanks for sharing

[@kenlangille9050]

2 years later I think it would be very difficult with inflation .

[@yannip2083]

In a married couple household, if the husband is the only one going to work all his life, but the wife stays home all her life, does that mean there is only $1,328 (the husband only) for that married couple household?

[@ThisIsOurRetirement]

No the other person would get OAS Old Age Security and if their income was below $40K they could get GIS. Thanks for watching.

[@martincowie4277]

Sound word. Stash for a rainy day.

[@ThisIsOurRetirement]

Great idea we all need of those funds Cheers 🍷🌺🍺

[@tonysomewhere5920]

Hi Norm and Tina! Excellent video regarding retirement payments in Canada. Mine here in the EUA is about $100.00 more than yours. My wife still works. The life here, I think is more expensive than Canada. We are getting by okay primarily because we are free of mortgage but our HOA fee is a bit high $300+/mo because we live in a closed gated community with a club house, yard services and house painting (outside) every 5 years. I wish Portugal would impose rental controls as the rents are getting way too high there especially in Lisbon and Porto. Have a great weekend. Abracos.

[@ThisIsOurRetirement]

Great to hear from you Tony sounds like you live in a nice place , best thing we did was moving to our apartment with rent control no HOA fees . We hope to be back travelling to Portugal 🇵🇹 this winter take care have a nice weekend Cheers 🍷🇨🇦🍺🇵🇹

[@stevenhull5025]

Why pay rent??? I have just enquired of a 3 bed terrace property for sale just 35 minutes drive from Porto, Portugal. The price? Just 40,000 Euro's. Cheap as chips.

[@ThisIsOurRetirement]

@@stevenhull5025 Sounds like a great deal we wish you well Cheers 🍷🇵🇹🇨🇦🍺

[@upcycledcopycat8389]

Every retired person I know either both or one of them has a good pension. Even my kids just coming into their 40's all have pensions. Many people stay in their jobs because of pensions. Alot of companies have match contributions to self directed or company rrsp's

[@ThisIsOurRetirement]

Wow that’s great we didn’t have private pensions 🤔 so have self funded our retirement through savings and selling our house but don’t regret it one bit .Have a great weekend Cheers 🍷🇨🇦🍺

[@pudgyboypudgyboy898]

Certainly may not be a cheery wake up call for some. Like the emergency fund suggestion. Ones monthly expenses might be manageable until the car needs new tires, or a tooth breaks off and you need a crown, etc...

[@ThisIsOurRetirement]

That’s why we are saying you need some savings to pay for those , a little planning goes a long way Cheers 🍷🇨🇦🍺

[@evangelineisacsson1049]

I enjoy your informative videos. Have siblings both Canada and US in their 60s like me but all of us are not retired so im curious although i live in northern Scandinavia.

[@ThisIsOurRetirement]

We want to use our early years to travel while we have good health

[@paulpoco22]

Funny get older and get more money. One drawback with CPP is the 1st one to pass then the survivor get no more than the highest collecting spouse. Am I correct?

[@ThisIsOurRetirement]

Yes it’s funny getting more money 💰, we don’t know the answer as we are not financial advisors have a great weekend Cheers 🍷🌸🍺

[@charlene708]

I became disabled 10yrs ago which put a real wrench in my future i cannot work full time. I was a really good saver, own my own home this is my retirement, and renting a room. Had to be very creative with money. People can't believe how I live on 1256 disabiity cpp per month that's it. I buy used clothing, sometimes foodbanks, I'm only surviving. The schools system should educate young people on the importance of managing your money. I wish someone would have taught me. I learned later in life by reading educating myself a little too late though.

[@ThisIsOurRetirement]

Wow Charlene sorry to hear about your wrench , we have all had things in the past to change our lives forever guess the secret is to keep going no matter what Cheers 🍷🌺🍺

[@bob1117]

A little corrections...., in Canada some Provinces ( not "States", that is in America ) are different ie: Quebec for example is much different than let's say Ontario as far as pension. In Quebec where I am from you can get a maximum of $1650 with the supplement, Provincial and CPP . Now if you are a married you don't times it by 2, actually if you are married you will each get on average $200 less ( so, $400 per married couple) so it wouldn't be 2x1650=3300,,,no, it would be 2x1450=2900 per married couple, this would be the maximum including all supplements if you are eligible for the supplements. Married couples and common law partners get less per person than people who are single, it's stupid but that's how it is. I heard of some married couples getting divorced but actually staying together with two different addresses ( yes this is illegal, but they do it anyways ) to collect that 400$ or 4800$ annually. I'm not saying i agree with that, but apparently some do it.

[@ThisIsOurRetirement]

Thanks for sharing Bob have a wonderful weekend Cheers 🍷🌺🍺

[@rps1689]

It depends on the other spouses pension income, I figured out if my wife and I went "single" the loss benefit of being able to split our income would make us as a whole "family" income a bit less.

[@williamjsmith9877]

Another interesting video, for all us non Canucks please decipher CPP, OAS, & GIS please, like you I have spent half my working life in the UK and the rest in other parts, mostly US, I really don't get renting if you can buy, do you have homesteading in Canada, rents in the Orlando area can be 2-3K a month

[@ThisIsOurRetirement]

Hi William the reason we rent is to get rid of unexpected maintenance and expenses of home ownership, we have owned homes all our married life but moving into retirement this was the answer for us . Have a great weekend Cheers 🍷🇺🇸🇨🇦🍺🇬🇧

[@verabrunobossio2857]

Your thoughts on what's going on with cpp oas today etc possible claw backs?? Posted on U Tube..

[@ThisIsOurRetirement]

Haven’t seen this yet

[@SThakur]

Explained so well with a simple illustration of numbers, the best information without any fluff. Thank you for another great video. There is a lot young generation can learn and follow for better retirement future.

[@ThisIsOurRetirement]

Thanks for your kind words, we like to share these videos so younger people can get an idea of the future in relation to retirement. We appreciate your support, have a nice weekend.

[@rb239rtr]

A couple from Duncan BC wrote a book a few years ago- Around the World on OAS. They were a working couple who had their house, but no savings when they got to 65. THey took their CPP and OAS and did their travels. So, In your frugal life, could the CPP and OAS give you 3 months in Portugal per year?

[@maureenpluthero8543]

I wonder how they afforded this given that there are still bills to pay when you own a home. Or did they sell their home?

[@ThisIsOurRetirement]

Sounds like a good read, thanks for sharing. If you are able to save then yes but frankly we use savings to finance travel.

[@maureenpluthero8543]

I am trying to find the book, do you have a link by any chance?

[@pierceyy]

Thanks Norm and Tina! Very interesting and informative as usual. Have you ever done a video about the issues surrounding the frozen UK pension for expats in Canada?

[@ThisIsOurRetirement]

We have mentioned it in passing in a previous video.

[@stgermain1074]

I'm 60, female, in the US. My social security amount (at this rate) for me alone will be about $2500/mo. I have no debt and own my farm outright. I have $500K in savings. Right now I'm working for the health insurance, mostly. I wish we had UHC, so I could retire tomorrow. Edited to add: Homemade shortbread? I'm looking for a good recipe.

[@ThisIsOurRetirement]

Sounds like you have a great plan in place , good luck with the health insurance hope it works out , we cheated and bought the shortbread ! have a great week Cheers 🍷🇺🇸🇨🇦🍺

[@purpledream1045]

Usually not that much. My husband worked in Canada over 20 years , due to we are immigrant. Two years earlier he diagnosis the cancer and he decided retirement at 64, he’s CPP only collected $500. I never worked in Canada, I just 60, This year we only have $500 income each month, Until my husband turns 65 he only have 500+645+GIS, I don’t know how much Allowance I can apply, You said $2600 per month should both husband and the wife were working.

[@ThisIsOurRetirement]

Yes the numbers we were using is for the couple both having worked for CPP, OAS combined . Just be careful if you apply for the allowance whatever you get they take it back off your husband , we wish you both all the best 🌺🙂

[@rustykatt3870]

Hi Shanghainese in Canada. I hope you are doing well. Please consider connecting with a seniors' outreach organization or a seniors information centre in your area. Also, I appreciate Tina and Norm's information here. Doing research and getting information from others is so important. Also, is there a seniors food bank/food pantry that you can get help from? St. Vincent de Paul sometimes has food help. Best of luck to you!

[@purpledream1045]

@@rustykatt3870 Thank you for your kindness. Fortunately we have savings, we can survive until he turns 65.

[@GoingGreenMom]

The last time I checked on social security, it was only going to be about 235 dollars a month.... but I don't expect Social Security will be around by the time I would be eligible to draw anyway.

[@ThisIsOurRetirement]

Yikes that doesn’t seem very much 😱we hear that an average is around $1500🤔hopefully it will still be there for you Cheers 🍷🇺🇸🇨🇦🍺

[@GoingGreenMom]

@@ThisIsOurRetirement that probably is average, but I live in a low cost of living area and worked non-management jobs, so until they doubled unemployment in 2020 I hadn't made over 25k in a year.

[@ThisIsOurRetirement]

@@GoingGreenMom Thanks for sharing happy Sunday 🌺

[@marcleblanc6293]

Real word that should be used is survive......and with rising prices for just about everything you need to use all the resources available....food banks, thrift stores for clothes, minimize drivingnif your lucky enough to have a car, shop the clearance racks in stores etc etc. So yes you cn survive, dont know if I would call it living though.

[@ThisIsOurRetirement]

Very interesting Marc guess we need to add the price of gas ⛽️ at the pumps 😱glad we don’t drive 🚗 very far LOL 😂 Cheers 🍷🌻🍺

[@annakoncz9413]

You are very very nice couple. As a widow I got much less pension from gov. Lucky me as retired registered nurse I have also hospital pension. Otherwise it wil be hard with today's prices to live in Canada

[@ThisIsOurRetirement]

Thanks Anna, it is difficult in Canada for a single person to live on government pensions. The OMARS and HOOPP are really good pensions. Thanks so much for watching and have a nice weekend.

[@errolkinnear8636]

Hi Norm and Tina Great Video , I think it is getting alot harder for people to retire now with rent going up as well as everything else, especially if someone is thinking of relocating. Everything is fine now but could you make it on one persons income ? Best of luck in the future.

[@ThisIsOurRetirement]

Yes everything seems to be going up more these days. We can cope in the event that we became a single person because we planned and budgeted for that. Without resources it would be impossible, that’s why we sold our house to fund retirement.

[@daleboris-kane313]

​@@ThisIsOurRetirement ah yes. This relates to the comment I just added... It's a facet worth reminding people about - I think. Thanks for your lovely videos. Then again maybe Canadian rules are different? In the USA a remaining widowed person receives the higher SS of the 2 amounts (or 1.5 amounts of a suppose fits into certain categories)

[@stevenv.4659]

How about pension taxation? Thanks

[@ThisIsOurRetirement]

Keep your income low to keep taxes low

[@Charoulitsa2579]

*_Interesting topic dear friends, thanks for sharing! Like 1,600+_* 🌹🍀💗🇬🇷

[@ThisIsOurRetirement]

Thanks for watching Charoula Cheers 🍷🌻🙂

[@barbaraebner5889]

Social Security in the US is similar but I would advise anyone in the States to prepare for the Medicare payment, additional insurance to cover what they don’t pay and Rx plan. You hope your company will carry that into retirement. Some do, some don’t. I do wish you both were in your beloved Portugal. Stay well.

[@ThisIsOurRetirement]

Yes we hear people buying Medicare part b private add ones etc it does need to be considered. We would really like to be in Portugal but……….Thanks for stopping by we appreciate it. 🇺🇸🇨🇦🇵🇹

[@vipinnarula7651]

thanks, but what if have are an immigrant and have lived less than 40 years in Canada, lets say 20-25 years

[@ThisIsOurRetirement]

That is what we are we had 20 years so you would get a half pension, that’s what we get and a half pension from the UK for 20 years.

[@neilwadden1749]

Hey guys this is great. I’m a Canada living overseas. Depending on my savings at 65, I’ll be moving back to Canada. You forgot to mention GIS if you don’t receive a lot of CPP or OAS

[@ThisIsOurRetirement]

We didn’t really mention that as not everyone gets it , if you are on a low income you will get it thanks for watching Cheers 🍷🌺🍺

[@brucmar]

I f you have savings do you get less pension?If we have a little too much saved we get no government pension. Gets very tough.

[@ThisIsOurRetirement]

We are fortunate in Canada 🇨🇦 we are not means tested so even when you have savings it doesn’t effect your pension which is great . Have a great week Cheers 🍷🌺🍺

[@doconawalk9367]

Great content as always!My wife and I are entering retirement this year at ages 60 and 59 respectively. We will defer CPP and OAS until aged 70, and live on our RRSP’s until then. So many people feel that taking these pensions as soon as available makes sense and don’t realize the full tax implications. Melting down our RSPs early saves us enormous amounts of tax while accruing the benefit of CPP and OAS growth each year one defers. This makes sense for many Canadians with large RSP savings.

[@ThisIsOurRetirement]

That is awesome! sounds like a great plan Barry for you both we wish you a wonderful retirement and great weekend Cheers 🍷🇨🇦🍺

[@garykembel8144]

Especially if you can drawdown one RRSP as a RRIF and pension split! The benefits of pension splitting might make a good topic Tina and Norm

[@ddavidson5]

Hi Barry, we are doing exactly the same as you are planning--defer our CPP & OAS to age 70 and living off our retirement savings until then (18 months to go!) As you say it really helps with the tax rate on RRSP withdrawals. Our overall tax rate is just under 16% and we seem to have more spending money now than when we were working full time. We retired just as we were coming up on our 62nd birthdays (my wife and I are virtually the same age) which a bit later than you and retirement has been great, I highly recommend it. I am a big proponent of CPP deferral to age 70 (see my comment on this video I posted earlier) but if you are retiring before 65 there are some considerations. The only real caution I have around deferring your CPP when retiring before age 65 is to be sure you have enough working years such that for the 5 or 6 years of zero contributions you'll have until you hit age 65 doesn't reduce your CPP at 70 by more than you were expecting. To get your full CPP you must contribute for at least 39 years between the ages of 18 to 65, any less than those 39 years and your CPP will be reduced. If that's you it may or may not make sense to start your CPP at 60. I don't know what the calculation is but it's worth looking into. Personally that won't happen to me as I already had 39 working years with full contributions to get the maximum CPP, I suppose that's the dubious benefit of starting work at a young age. If like many you didn't start working full time until you were into your mid-20s, retiring before 65 while deferring your CPP to 70 can have an impact on your monthly CPP benefit. Just something people considering retirement before age 65 and deferring their CPP to 70 need to think about.

[@doconawalk9367]

@@ddavidson5 Thank you for sharing your experience, and excellent comments about stopping CPP contributions early. Like you, I started work at a young age, with uninterrupted contributions, so stopping at 60 is not a huge hit. This can, however be significant for some. The CRA pension calculator is useful in this regard. Glad to hear you’re enjoying your retirement, and the early withdrawal of registered funds worked out for you!

[@ThisIsOurRetirement]

@@ddavidson5 Thanks for your comment Cheers 🍷🌺🍺

[@shapeoftimes]

Thank you for this video! We are a couple 51 and 52 years old, living in Toronto and we would love to retire early to travel more. This is all very useful information.

[@ThisIsOurRetirement]

Glad it was helpful! have a great day Cheers 🍷🌺🍺

[@brassj67]

I will be similar to you both when I retire having worked half of my working life in the UK and the other half in Canada. I did pay 10 years of voluntary National Insurance contributions recently so now I have 35 full years and will be entitled to a full UK state pension.. I should have about 24 years of full CPP so I should get around 60% of CPP and OAS. I am still not relying on that though as I want to travel lots in the early years of retirement. Thanks for another great video and enjoy the rest of your weekend 😀

[@ThisIsOurRetirement]

Sounds great John to get pensions from both countries, we agree you need more money if you want to travel, when we retired at 58 and 60 in our first 5 years we travelled everywhere it was wonderful till Covid put a stop to that 😱Have a great weekend Cheers 🍷🇬🇧🍺🇨🇦

[@robbderkatz4570]

Great transparency. I retire at 49 in a few years and I find that nobody currently retired on my path offer me any solid advice or numbers. This helps a great deal.

[@ThisIsOurRetirement]

Wow Robb that’s great to be able to retire that young we wish you well Cheers 🍷🇨🇦🍺

[@nikkininedoor1480]

Thank you for today's show. It's interesting to reflect on the Canadian averages based on CPP and OAS. Thank you for all of your content about retirement, apartment living, RV recreational property and Portugal. I will be retiring sometime next year and I hope to go to Portugal to celebrate!

[@ThisIsOurRetirement]

Our pleasure! we enjoy sharing our retirement which gives us great memories for us too on KZbin Cheers 🍷🌺🍺

[@mariagouveia3774]

Thank You Tina and Norm for all the great information 🥰

[@ThisIsOurRetirement]

Our pleasure! thanks Maria for watching Cheers 🍷🌺🙂

[@davidgollop2807]

did you mention GIS ?

[@ThisIsOurRetirement]

We have in previous videos

[@davidgollop2807]

@@ThisIsOurRetirement Can you direct me to that video, I'm thinking that if all you make is 1,300 from cpp and oas that the govern. will top you up with GIS? is this true?

[@ThisIsOurRetirement]

Yes this is the video where we spoke about GIS kzbin.info/www/bejne/a5TWZpuEn76BqcU

[@pattylyman7907]

Is health insurance deducted from these programs like Medicare here in the US?

[@ThisIsOurRetirement]

No