Retirement Is Not Equal - How To Have A Millionaire Retirement Fund

How to have a Millionaire retirement a career strategy you might want to share with your Grandchildren.
Your career choices can have a lasting impact on your quality of retirement. Let take a look at the options available for a great retirement fund.
#retirement #retireearly
We are members of the Amazon affiliate program, these links contain a referral code where we earn a small commission on your order, you do not pay any extra at Amazon by using our referral link. Thanks for supporting our channel.
Our Favourite Amazon finds
USB Data Blocker geni.us/BdMiD
Tina’s Magnetic Bracelet geni.us/8577jj
Smart Watch America geni.us/Q74tFBF
Air Fryer America geni.us/T3qv
2 Step Verification Key geni.us/Yubike...
Powerbank geni.us/5hRy6
Canon Lens geni.us/lQiov
Smart Wallet For Travel geni.us/aytU4z8
Our filming equipment for KZbin contain Amazon Affiliate links
Camera geni.us/wUa8drk
Camera geni.us/v3jTF
Lens geni.us/lQiov
Studio Lights geni.us/BicZ
Light Modifier geni.us/zMeFcL5
Light Modifier geni.us/ruJGz20
Microphone geni.us/XoPSHQ
Selfie Stick geni.us/MkfqBK
✅ Subscribe to see our new videos www.youtube.co...
Try Audible Plus Get Up To 2 Free Books amzn.to/3WIap3Y
Kindle Unlimited amzn.to/3YJYBAc
Amazon Prime 30 day free trail amzn.to/3hObvg2
NORM & TINA'S MOST POPULAR KZbin VIDEOS
What shocked Us Living In Canada | Moving From The U.K.
• WHAT SHOCKED US ABOUT ...
What Shocked Us First Trip To America - UK Canadians
• What Shocked Us First ...
Things We Wished We Knew Before Retirement
• Things We Wished We Kn...
Average Net Worth Of Retirees At 65 - How Do You Compare
• Average Net Worth Of R...
How Much Is Winter In The Algarve Portugal - We Show You
• How Much Is Winter In ...
All Photographs and Video Clips are the copyright and owned by ©This Is Our Retirement and cannot be used without permission.
✅ Subscribe to see our new videos www.youtube.co...
🎬 Watch our latest video here / markmaker3
#This_Is_Our_Retirement
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.

[@Jane-xt4lu]

I think it matters less what strategy you use and more that you become aware that you really will be 65 some day. I couldn't conceive of that possibility until it slowly dawned as I moved into my early 40's. I was fortunate, I had to make some choices and began to think about how my actions might affect my retirement. Plus, I love planning and spreadsheets! I used a bit of all 3 approaches: small pension, RRSP cushion for whatever comes, and downsizing my home. But I am and always will be frugal, an old-fashioned value I guess.

[@ThisIsOurRetirement]

Wow so true Jane ( Tina used to think that only old people retired LOL 😂😂) being aware that we hopefully will get to 65 one day is brilliantly put ! have a wonderful weekend Cheers 🍷🙂💜🍺

[@casmithc2]

Norm looks SMART in Plaid. But, I prefer him in one of his musical T-Shirts!

[@keame1312]

Have a 'government job'. Healthcare. We worked really hard during the height of COVID. Canada. Hope people remember that. Thanks for the video and lesson for those just starting out in their careers.

[@ThisIsOurRetirement]

We think that the Health care industry were amazing during Covid , totally overwhelmed and overworked during this time and certainly deserve their pensions. For people starting out in their career definitely a government job is well worth looking at . Cheers 🍷🌺🙂

[@johnnyboyvan]

My pension as a teacher is nice, but I contributed 11k per year. I felt a tad poorer than my friends, but now I will benefit in the long run...hopefully. TSFAs are the best 👌 to live a decent life. 😮

[@ThisIsOurRetirement]

That great Johnny and you got great holidays ( mentioning that to our grandchildren) , we agree TFSAs are wonderful Cheers 🍷🌺🙂🍺

[@markbajek2541]

Instead of summers off you can enjoy the entire year off

[@sandray7609]

20% is standard. Those without DB or pensions paid more. And I got a measly 4 weeks off year at a very senior level

[@paulronan1792]

Sound thinking, agree 100%. I wish more attention was given to singles in Canada. One income, similar expenses, one OAS/CPP… being single is a HUGE disadvantage in Canada for retirement.

[@honnorjustice]

I’ve worked in both sectors, private and government. Each has their advantages and disadvantages. The key is to spend less in the working years and save more. Gone are the old defined benefit plans. I have one from the private sector that is far superior to the government plan based on my contributions. I enjoy listening to your perspective. All good advice.

[@ThisIsOurRetirement]

So glad you enjoy our videos have a wonderful weekend Cheers 🍷🍺💜🙂🌺

[@Goldgto]

From my perspective: I’ve worked for municipal governments most of my life….the most you can receive from working class pensions are 48-50 % of your highest 5 years of earnings provided you make the mandatory 30 years of service. Most no longer provide health care gap insurance if you retire early(or at least anything that moves the chains). Special class service (police, fire, judges, politicians etc etc) is where the pensions pay dramatically different with retirement after 20 years with a much higher payout s(60-70% of high five). Teachers are another subject as they can vary wildly. Of course there are MANY variations by state etc. But I can assure you the average WORKING class state or local pension recipient is not getting rich. In fact, according to there own statistics, very few make the 30 year mark. These pensions typically don’t really start to excel until you’ve reached 20 years of service and only marginally good until you hit 30 years.

[@ThisIsOurRetirement]

Thanks for sharing Mike have a wonderful weekend Cheers 🍷🌺🍺🙂

[@iniabellepaz445]

Hi Tina and Norm, thank you for the tips… things to talk about with our children that are about to start College! Always enjoy your videos! Stay well.

[@nrs6956]

Important to learn to distinguish between "wants and needs." This distinguishes escapes many. It helps to live a life of lower expectations.

[@ThisIsOurRetirement]

Being content and happy brings financial benefits. Thanks for your comment.

[@sjwitts1]

Thanks!

[@ThisIsOurRetirement]

Thanks so much Stephen Cheers 🍷🍺

[@denisep.98]

Tina DOES look fantastic in purple! 💜 Life, whether retired or not, is never equal. It is all about choices we make, and opportunities we maximize (or not). I agree with you, government pensions appear to be pretty lucrative in the long run. Alas, no govt pension for me. So, I am more an expense-watcher. 🙂 Still counting my blessings!

[@ThisIsOurRetirement]

Thanks so much Denise 💜and we agree life before retired or not is not equal and yes we all makes choices we are very similar to you have a wonderful weekend Cheers 🍷💜🌺🙂

[@robinmanser]

Pensions are part of total compensation when working for public or private companies. I beleive you can "double dip" with CPP and OAS if you take your government pension and still work.

[@ThisIsOurRetirement]

Just have to watch out for clawbacks if you earn too much money 💰 Cheers 🍷🌺🙂💜

[@melvano4014]

I never thought that a decision I made at 17 would result in such a windfall though 2 pensions. Definitely a blessing

[@ThisIsOurRetirement]

Glad you made a good decision Cheers 🍷🌺🙂

[@melvano4014]

@@ThisIsOurRetirement thanks! Not sure how I got so fortunate as I was blessed with a job I loved, saved 6 lives and hopefully had a positive impact on thousands more.

[@eac381]

Love your videos. I think I have watched them all. I'm 56 and a gov employee looking to retire in the next few years. I have worked in both the private and public and regardless of which you spend your career, the key is to put a significant amount away for your retirement from a young age. Government employees have it taken right off their pay before they see it (approximately 10% for me) and you are the perfect example of how to retire comfortably from the private sector. Despite what a lot of people think, there are no free rides without putting in the work

[@ThisIsOurRetirement]

So glad you have enjoyed all our videos Robert we are glad we put our plan in place for our retirement and it has worked great for us as we are enjoying a lovely retirement. We wish you a wonderful retirement in the next few years Cheers 🍷🙂🌺🍺

[@RetiredLovingIt]

@Robert Collins you will love retirement! Sounds like you have prepared wisely for retirement

[@eac381]

@@RetiredLovingIt I really hope so! Do you ever feel like you've done enough? lol

[@nonnasstitchingloungewithr7281]

I have a defined pension and just retired. I think that people don't understand that for 37 years, my employer (a provincial agency) took 9% of my pay off the top. It was a big shock when i went from Temporary to a Full Time employee back in the 80's, but I am glad now! Yes, the organization generally matches it, which makes it more lucrative, but it's not just "luck"!

[@RetiredLovingIt]

@@nonnasstitchingloungewithr7281 Happy Retirement! You’re right, good retirement doesn’t just happen! They are years in the making. Enjoy!

[@connieandbobdavidson1202]

You make good points, however, keep in mind government pensions are not free. 12% of every pay was deducted. The 70% is only after 35 years service, it is 2% times years of service to max of 35 years. Benefits are only to age 65. These are negotiated instead of pay increases. I remember when I started I was making $10,000 per year, and those working at Chrysler, American Motors, Kodak etc. could make over 4X that amount with pay and overtime. I was envious then, just as non-public sector workers are envious now.

[@ThisIsOurRetirement]

Thanks for watching guys great topic for discussion have a wonderful weekend Cheers 🍷🙂💜🍺🌺

[@carolnavan4137]

I worked for a municipal government for a short few years. Let me tell you, those pensions are expensive. I paid over $300 every 2 weeks into the DB pension fund and the municipality paid a small amount over that. Lots of people quit, because they couldn’t afford to have that much deducted from their net pay and afford to raise their family. Yes, they are great on the retirement end, but not so great in the working years. Can’t speak to the federal or provincial pensions as they are all different.

[@ThisIsOurRetirement]

Thanks Carol for sharing that as always we are just having a discussion about pensions that are obviously very different, have a wonderful weekend Cheers 🍷🇨🇦🍺🙂🌺

[@ariefraiser140]

$650/month or $7,800/year is what's being deducted. If people can't stomach putting aside $650/month for retirement whether it's for a pension or a retirement account then they likely will never be able to retire or they will be retiring on just the state pension and a little bit of savings.

[@carolnavan4137]

@@ariefraiser140 a lot of municipal employees where I was (not a large city) are at or just above minimum wage. Pool and arena workers for example. And there are a lot of them. Joining the pension is mandatory for all full time employees. Some just could not afford a pension plus their rent. I was the pension administrator and heard all the reasons. Some were very valid! Everyone’s circumstances are different.

[@annethall]

I'm in U.S. and have a pension but I never had to put any $ into it. It was based on how many years I put into the job.

[@teresateresa8933]

You were probably entitled to retire at age 55 which gives you 25 - 30 years collecting. You will have rec’d what you put into it in the first 5 - 7 years collecting.

[@darrylmcleman6456]

CHEERS FROM HERE! There was a commercial fisherman who retired to take tourists out sportsfishing and he did that till age 96.He had neighbours and friends as volunteer deck hands and even drove his little car till the end.Co-incedently he too was English!

[@ThisIsOurRetirement]

What a wonderful story Darryl thanks for sharing have a wonderful weekend Cheers 🍷🌺🍺

[@dancurran8977]

Thanks for the video. I know a lady who is making more in retirement from her pensions than when she was working. She is a triple dipper!

[@ThisIsOurRetirement]

Yikes 😱 good for her guess she is definitely enjoying her retirement Dan have a wonderful weekend Cheers 🍷🙂🌺🍺

[@deagol43]

I have been a subscriber to your program for some time, and enjoy your relaxed, down-to-earth 'visits.' I watched the episode (?) where you discussed a friend's generosity, wherein he offered his Daily Driver to his granddaughter. The whole program was interesting, but your remarks about staying in your home vs. downsizing were especially pertinent to me. My wife and I recently celebrated our fifty-fourth anniversary, and we had been discussing our futures in our home. Unfortunately, Audrey's previously minor heart condition was amplified by the recent COVID issue, and she passed in early April. Since that time, I have been sorting through the half-century's accumulation of common goods. Deciding what belongings to pass on to family and friends and what to send to a thrift store is a seemingly endless task: I am continuously finding some item or other which is, or may be, of special meaning to her memory. I have never considered myself to be very sentimental about things, but the prospect of leaving a home of more than a half-century, plus the consequences of passing on, or disposing of a shockingly wide variety, has brought my activities to a standstill more than once. I'd like to mention your choice of location for the current portion of your life. I live in Western Canada, in Calgary, but my maternal grandmother was from southern Ontario, and lived in Goderich, possibly for most of her younger years. After attending Normal School, she taught school (and lived) on the Six Nations Reserve, where she stayed in the Chief's home. I believe that region of Ontario resembles much of England's countryside, made more apparent by the naming, by early settlers. of much of the region.

[@ThisIsOurRetirement]

So sorry to hear of your Audrey’s passing it must be a very difficult time for you we wish you well , we do enjoy living in Southern Ontario and Goderich is a lovely place . Hope you take care of yourself 🌺

[@deagol43]

@@ThisIsOurRetirement Thank you for such a prompt reply. I really didn't expect anything at all. It renews my faith that KZbin is more than a collection of hucksters and haters!

[@cindearbuckle6074]

I was fortunate to receive a small pension from a job I worked the last seventeen years . The union contract with the company fazed that out for new hires. That leaves them with only 401 . With the high cost of living I don’t know how the families are able to save much. Appreciate your time and video on all these topics. Small town USA 🇺🇸 have a great week ❤

[@Dutchy-1168]

Good thing you got that for those last 17 years ‼️🇨🇦🇺🇸

[@ThisIsOurRetirement]

That’s great Cinde 17 years is definitely worth having , we hope you are having a wonderful weekend Cheers 🇺🇸🍷🇨🇦💜🍺🙂

[@RetiredLovingIt]

You guys are so color coordinated. You look great! You are correct, not everyone’s retirement is the same. Some of us still have to watch our money carefully like we always have.

[@ThisIsOurRetirement]

Thanks so much , yes there are big differences out there in retirement have a wonderful weekend Cheers 🇺🇸🍷💜🌺🇨🇦

[@bonniebrown1305]

Thank you for this lovely video! We never had jobs with benefits or a pension plan. We live frugally,, and years ago we bought a vacation income property which will soon be paid off. There is hope for a decent retirement for those not blessed with a government pension plan, just have to think outside the box!

[@ThisIsOurRetirement]

That’s so true Bonnie , just need to be more creative but it makes for a great interesting video to discuss on our channel . Have a wonderful weekend Cheers 🍷🌺💜🍺

[@petermorris3665]

How true is that! I was in the Royal Air Force in the UK for 16 years that paid out a (Non contributory) pension when I left at the age of 38. I've calculated that, to get the equivalent pension at aged 60, I only have to work for my current private-sector employer for 128 years.......

[@ThisIsOurRetirement]

That’s great Peter that your service in the RAF has paid you well Cheers 🇬🇧🍷🇨🇦🍺🌺

[@freedomlife3623]

Just remember those are all tax dollars every tax payer paid into it. Enjoy your retirement.

[@52CA]

I’ve been saying this for yrs. All pensioners are basically millionaires. Finally a channel that has come out and said this.

[@ThisIsOurRetirement]

Glad you enjoyed our video have a great weekend Cheers 🍷🌺🙂🍺

[@lindad6223]

retiring as soon as I can hand off this project... 6 months to go. 🤞 I'll be 62 in a month, so a bit early. 44 years working - paying into US Social Security. (survivor's benefit now, my own, increased, later ) 30ish years of deferred income, not invested as well as it should have been... too many years fragmented with different employers and the ensuing tracking problems. Should have moved to a self managed account years ago. 14 years government work, with a decent high 3, keeping my medical plan and paying off the mortgage with resulting very low expenses are going to be the key for me. The pension combination makes a huge difference - I really would have had to save a few million to have the equivalent income. Thanks for continuing to share options for folks... especially about consuming less, investing a little now, paying off debt... and passing on hard earned wisdom to the young'uns!

[@ThisIsOurRetirement]

Not long now Linda 62 a great age to retire we wish you all the best , glad you enjoy our videos have a wonderful weekend Cheers 🇺🇸🍷💜🌺🙂

[@macdaddymgiarc]

Great video again and thanks to you both! As someone with a public sector DB plan with hopes to retire at 55, I agree with your first section of the video. Keep two things in mind - I paid a lot of my salary into 'my' portion of the annual contribution for the pension. Yes, the company paid too, but it is a good deal of cash out of your annual income. Also, tend to make about 20% LESS than comparable public sector jobs. So I took less 'immediate' money knowing that when I hit 55, I would have the guarantee of cash for life. This model is not for everyone. Without a doubt, the most important thing you said in your video is minimize consumption. Being alive is great, all that other 'stuff' is just 'stuff'. Focus your cash on experiences and people and less on owning things or spending on frivolous things. Work is not easy, but if we work hard for 30 years and save well, we should all be able to afford a retirement with lots of life ahead of us. Cheers from snowy Hamilton.

[@ThisIsOurRetirement]

What a great comment yes consumption can be a huge problem and can ruin your retirement if you are not careful, very snowy with us too ☃️have a great weekend Cheers 🍷🌺🙂🍺

[@dobiechic]

My husband’s company put the max RRSP amount in for employees every year. Not as good as a monthly pension paid out in retirement but over the years it grew into a sizable sum and we did not have to save that money ourselves. Our plan is to eventually sell our home but for now; we’ve been doing ok on CPP and dividend income from our stocks. Can’t wait to go back to Portugal in September! Thanks for another great video!

[@ThisIsOurRetirement]

Glad you enjoyed it and have a great time in Portugal 🇵🇹, selling our home worked great for us Cheers 🍷🌺🇵🇹🇨🇦

[@nilagetter1705]

I have told our grandchildren you will regret not saving, but never regret saving! We saved the maximum in our pre-tax account and I still work part time. Saving really helps retirement!

[@ThisIsOurRetirement]

Great advice to your grandchildren Nila have a wonderful weekend Cheers 🍷🌺💜🙂

[@landeeld9596]

That all sounds great and probably is great for people of my age (67) but things are changing. We never had any pensions and self funded a comfortable retirement.

[@ThisIsOurRetirement]

Totally agree we didn’t either had our own plan and it’s worked out great Lande 🙂🍷🌺🍺

[@monicaambs]

Norm & Tina I watched Adam at Parallel Wealth on KZbin explain when you would us the TFSA instead of the RRSP. If you make less than $55,000.0 per year then the TFSA is best. But if you make more and contribute to the RRSP and you invest the income tax return in the TFSA then your way ahead. He actually shows a spread sheet. I contributed from age 57 to 65. Have a small amount in RRSP ($45,000.00) and I was risk averse so never made much on them. And my Hospital pension is good. But when I retired and later decided to pay off the house, and get a minimum part-time job I got “clawed back” on my OAS by a rise in taxes. For ever $1000.00 you make over the maximum allowed ($79,845.00) they tax you 15% of the difference between the OAS clawback threshold amount and your actual income.

[@ThisIsOurRetirement]

We have always mentioned that if you are in a lower income bracket to just fund the TFSA Monica, yes if you start to start to earn over the limit you will get your OAS clawed back have a wonderful weekend Cheers 🍷🙂🌺🍺

[@mattscotttravels]

You're not wrong about government pensions. I was medically discharged in 2021 (RCMP) after 24 years and honestly have more take home money each month than when I was working. Rather be healthier than I am but am thankful for the good pension and benefits.

[@ThisIsOurRetirement]

Sorry to hear you were medically discharged! The pension benefits are significant. Thanks Matthew for watching.

[@guenthermichaels5303]

Bingo. Your best video. I agree with everything. I've been telling young people this for years. I have 2 sisters. Both teachers. Married to Teachers, and retired at young age. And a brother a retired career military and then worked for Defence contractor. RRSP is a bit of a gift for Govt. Consider, that you are taxed as income with no consideration for inflation. For example any stock you bought in 2018 has to be worth 18% more to be same value as when you bought it. Yet you are taxed on this imaginery gain. Public pensions are indexed. The only gift you get from Govt. is your home and tfsa, where gains are tax free. Perhaps instead of an RRSP, buy a better home in the best neighbourhoods. Or don't get married and own 2 homes or a vacation cottage. There certainly seems to be a marriage penalty in this country. All the best, kind regards from yyz

[@ThisIsOurRetirement]

Glad you enjoyed it have a wonderful week Cheers 🙂🌺🍷🍺

[@sudburydrone466]

My grandson got a job at a steel company in Hamilton I’m very happy for him. Good benefits and pension 👍👍✌️

[@ThisIsOurRetirement]

Awesome!

[@monicaambs]

Hospital pensions are not free. You must contribute a large amount of your income to it. Yes the hospital does contribute an equal amount. But not everyone wants to do the hard, stressful job of an RN. The living and dying and suffering of humans is no easy job. Try it if you don’t believe me. It takes a special kind of person to be a good RN.

[@ThisIsOurRetirement]

Totally agree it must be very difficult a lot of the time being an nurse and we salute them as to be very caring even though in Covid it must of been overwhelming and they were stretched to the limits . Have a wonderful weekend Cheers 🍷🙂🌺

[@figgerhead]

What do you mean hospital contribute an equal amount. It is the TAXPAYOR who contributes not the hospital. When are you going to learn that public servants get the highest pensions in the country. The people who do no rely on government dollars for their living money are stuck paying the freight.

[@saveourplanet4204]

The health care plan for federal government retirement has a monthly fee 200 to 300 per month. Thanks for another great video!

[@ThisIsOurRetirement]

Guess there is always a price to pay 💰, in the USA 🇺🇸 that would be reasonable Cheers 🍷🇺🇸🇨🇦🌺💜

[@scribbler60]

Sundays in this household always start with coffee and Norm and Tina! There has been some discussion about government pensions, how government jobs are easy, pensions are gold-plated, etc etc. Well, before I retired I worked in the private sector (banking and finance), and also did some contract work with the Federal government. (Note: in Canada, Federal contract workers aren't unionized and do not qualify for the Federal government pension.) After having worked in and seen both systems - public and private - up close and personal, I can say from personal experience that the incompetence, ineptitude, favouritism, nepotism, waste, and mismanagement in the private sector *far far* surpassed what I saw in the public sector. It's just that the private sector can hide it. The public sector can't.

[@ThisIsOurRetirement]

Well that is wonderful that you start Sundays by ☕️ coffee with us there is no big answer to the retirement solution but it’s great to talk about it Cheers 🍷🙂🌺🍺

[@barbararoberts4471]

You two are such an adorable couple. I enjoy your talks and sound advice. I will be giving my grandchildren suggestions about government jobs and perks. Thank you

[@ThisIsOurRetirement]

Wonderful Barbara we just wanted to share ideas

[@barbbouma4838]

I just really enjoy your personalities. You give such wonderful suggestions and takes on subjects like retirement that I appreciate. I am so glad that you both decided to have this channel. Thank you both!!!

[@paulhunter6652]

Hi Norm and Tina: You two look fabulous today! My OMERS pension has helped us out tremendously. We do purchase our MROO(municipal retirees of Ontario)health/dental/travel benefits at around $375 a month. We come out several thousand dollars ahead of what we spend on an annual basis. Now days a lot of government health plans in retirement are being eliminated. I am glad that I had the foresight when younger to get municipal employment with the school board and city. We were out test driving new Subarus today. Our lifestyle has not changed in fact it has improved and we are probably spending more money. The clock is ticking. Have a fantastic weekend and stay warm. Cheers!

[@ThisIsOurRetirement]

Thanks Paul actually love this purple colour 💜 we too are enjoying our retirement yes the clock is ticking and we all need to enjoy each day as it comes , Our Canadian train 🚂 trip video is coming out next Saturday it was amazing Cheers 🍷💜🍺🙂

[@mereniecrosby7120]

Two of my kids have taken my advice and gotten into the school boards. The unions ensure good wages and benefits and they get the pension. Sure you wait for full time status but it's worth it.

[@ThisIsOurRetirement]

Wonderful Merenie glad they listened to Mom have a great weekend Cheers 🍷🌺🙂💜🍺

[@paulpoco22]

With a DB Pension say at 59, you could use up all your RRSPs/TSFAs for the 6 years before 65, then at 65 might be making more with DB Pension, 2 x CPP, 2 x OAS and maybe you still have some RRSP left because during the 6 years you each try and stay in the lowest tax bracket.

[@paulc1352]

When I retired from a government job in the US i got 70 % of my income. My health care was $2000 a month until I reached 65 and went on medicare.

[@ThisIsOurRetirement]

Health care is brutal Paul, we are glad you have a great pension.

[@sandrawebster1083]

I am very fortunate to have been contributing to a defined benefit pension plan in the private sector that no longer exists for newer employees the have defined contribution. I’m looking forward to retiring in 2 years🥰

[@ThisIsOurRetirement]

That’s great Sandra thanks for sharing 2 years will go pretty quickly Cheers 🍷🙂💜

[@iany2448]

My daughter's first university summer job was with provincial government. Afterward she decided working for government was not her cup of tea. On the other hand, a friend of hers followed both her parents' footstep and entered civil service after university. They pursued different careers and both are happy.

[@ThisIsOurRetirement]

As long as she is happy that’s great we have some family in government and others not , not everyone will choose the same path to follow Ian Cheers 🍷🌺💜🙂

[@pensacola321]

The happiest retirees that I know are those with guaranteed income. And government pensions are the best. One thing that this old American did smartly was retiring from the Army Reserves. I get a modest COLA protected pension, excellent medical benefits, and some other perks. Most us companies simply do not offer generous retirement benefits.

[@ThisIsOurRetirement]

Definitely having pensions and guaranteed income from various ways does help for a happy retirement Cheers 🇺🇸🍷🇨🇦🍺

[@wendybakker504]

Looking great Tina and Norm. Thanks for another great video. 🎉

[@ThisIsOurRetirement]

Our pleasure! have a great weekend Cheers 🍷🌺🍺💜

[@reebeeable]

As a State of Minnesota 34 year employee my pension is 43% of my income, no health care. I contributed about 6% of my income to the pension fund. It’s great but out cost of living raise is capped so just 1% this year. Inflation prevents a great risk but fortunately I have savings too and expect to get US Social Security at age 70.

[@ThisIsOurRetirement]

Thanks for sharing enjoy your weekend Cheers 🍷🍺🌺🇺🇸🇨🇦

[@murraytown4]

No. Not all retirements are created equal. This should surprise no one because for good or ill, life was never equal before retirement either. Retirement isn’t necessarily an equalizer. Most often those who went to school, studied hard and then worked hard, saved and lived within their means do OK or better, barring any catastrophic life event. I think most Canadians have the tools to succeed, provided they apply themselves. This is not the case everywhere in the world.

[@ThisIsOurRetirement]

Totally agree Murray guess we all face decisions in our lives and through those choices it can steer you into a good or bad retirement. Have a great weekend Cheers 🍷🙂🍺

[@freedomlife3623]

That’s why I love Canada, my chosen country to immigrate to.

[@royberger2259]

Next time it's 1974 I'll apply for that government job. Thanks for the tip.

[@ThisIsOurRetirement]

Back to the future 😀😀

[@desiv1170]

Closer to 50% for a retired State employee in Oregon. The numbers get swayed because there are some people who do get more than that, but not most State employees... When we ran the math, my wife and I are looking at 50%, which is why we also have some IRAs we started... Also, Oregon has changed their retirement plan several times and there is no more pension anymore. For new State employees, the plan is basically a 401k type of plan. I think in most places, even in State government, in the US, pensions are going away..

[@ThisIsOurRetirement]

Thanks for sharing have a wonderful weekend Cheers 🇺🇸🍷🌺🍺🙂🇨🇦

[@rickpatterson4495]

Yep, back in 1982 pension went away, then you had to take some of your wage's to put into a 401, but we never got a wage increase. I mention to my grandkids get a government job, get paid better for same job as in the private sector, and get all those government benefits. (higher pay, more days off, pension's)

[@ThisIsOurRetirement]

Good advice to your grandchildren Rick we agree have a wonderful week Cheers 🍷🙂🍺

[@qq2441]

So true about gov pensions...a friend is retired from Ontario gov with fully indexed pension plan and full health benefits included! Doesn't get much better.

[@ThisIsOurRetirement]

That does sound pretty good Cheers 🍷🙂🌺

[@libbyannstew8775]

The Ontario government defined benefit pension plans are a thing of the past. In order to be eligible for the benefits package when you retire now the years of service have to be at least 20 now so it’s a very different landscape.

[@ThisIsOurRetirement]

A lot of people enter these jobs out of university so they easily get the 20 years plus have a wonderful weekend Cheers 🍷🌺🍺

[@mamaebbie7326]

I have a government pension and am fortunate as newer government employees' programs are not as robust as the ones we older folks have. Please note though that government employees do not have comparable salaries to their private counterparts. Also, many government employees in the US are not entitled to Social Security.

[@ThisIsOurRetirement]

Thanks for sharing Nancy we were just discussing generally the different pensions out there have a great weekend Cheers 🇺🇸🇨🇦💜🍷🙂

[@grandpa_eric]

Hello again👋 Tina & Norm! Your Saturday videos are highly anticipated and enjoyed. Thank you! My comment is, when we lived in The Villages Florida, most Villagers we met had a pension from gov’t jobs as military, law enforcement, teachers or administrators. And with a pension, and personal savings til retirement, are able to afford the lifestyle. Many who worked for private corporations had 401K, now reduced to 201Ks as the saying goes, as faltering economic conditions take their toll in the USA. If you know somebody, and a fortunate to get a gov’t job, ride it to the end.

[@ThisIsOurRetirement]

Thanks for sharing Eric always lovely to hear from you , agree if you can get one of those pensions go for it , good advice for the grandchildren Cheers 🇺🇸🍷💜🍺🌺🙂

[@RetiredLovingIt]

@Grandpa Eric we have friend who live at The Villages and love it!

[@Northern_Squirrel]

Hi Tina and Norm, this is a fascinating subject and I find it very interesting that some believe people with DB pension won the lottery for life comparing average DB pension to those fortunate enough to get 70K per year. Let me share our prospective and numbers. I have been working in the private sector for almost 30 years and “fortunate” enough to be part of DB pension as it was offered at the time of hiring. However, employer stopped this program almost 10 years ago and all new hires are part of DC plan. What’s worse, personal/employer contribution to DB stopped several years ago and I will get a small pension of 27% of my current salary at retirement and I lost majority of my RRSP contribution room due to pension adjustment. The absolute worst part is the pension is not indexed to inflation. My wife’s DB is roughly 38% of salary but adjusted to inflation. Honestly, I wish my plan was not DB since the beginning. The earning potential and wages are higher in the private sector than public. Have a great week.

[@ThisIsOurRetirement]

Glad you enjoyed our discussion today have a wonderful weekend Cheers 🍷🌺🙂🍺

[@charleswhite7035]

Many younger workers don't understand how a pension works. They can't comprehend working 30 years for an organization. I worked 35 years in government and retired with a full pension. My home is paid off and now I am free to do whatever I want. I recently visited Lisbon, Porto and the Algarve. Retirement is wonderful when you don't have to worry about finances.

[@4nshale]

That is exactly right. I have had younger people think that they will work for the government a few years and get a full pension. Here you can't even qualify to after 5 years of service. Then, the money is still tied to the amount of years of service.

[@ariefraiser140]

How would most younger workers understand how a pension works when it's not available to most young workers? Why would they care how it works?

[@johnrogers6616]

Yes, you are correct, but donr be smug, not everyone is in your position.

[@ThisIsOurRetirement]

Sounds like you are enjoying a great retirement Charles we love visiting Portugal 🇵🇹 too have a great weekend Cheers 🍷🇵🇹🇨🇦🌺

[@RetiredLovingIt]

@charles white we agree many don’t understand pensions

[@jasonkatada1583]

Great video. Retired fireman with 28yrs with a nice pension for life. 70% of high 3 yrs and free medical for life. Enjoying life 🤙

[@ThisIsOurRetirement]

Awesome Jason, you deserve it! ❤️

[@gordthompson824]

Your correct on some of this. I have DB pension which pays well. However i paid 15k per year into the plan so it should have paid well. There are no Benefits , i had to buy separately. Also your contributions reduce your amt that you can contribute to your RRSP. Not quite as roses as would you would think . Love the channel .

[@ThisIsOurRetirement]

We realize that you have to contribute Gord but in the long run it would give a good retirement, we pay Dental 🦷 and any extra health needed not covered as we go have a great weekend Cheers 🍷🌺🙂💜

[@manbtm1]

I agree totally, worked for the federal government for 36 years, it was a great but very busy job, but retired at age 55 and they are correct , you get basically 70% of your pension. Now you have to remember that you contribute 7% of your pay every day from day one towards it so it is most definitely partially funded by yourself, but the government obviously joins in with you. I could’ve made a lot money in the private sector doing the same job years ago but I wanted the stability of a direct benefit pension after I retired and I am so glad I did considering what the world is like now. It pays to think about this when you’re in your 20s and stick to your plan

[@ThisIsOurRetirement]

That’s part of the secret to think ahead when you enter the workplace choices have consequences Cheers 🍷🙂🌺🍺

[@yvettefluehr493]

I (fortunately) worked for a company with a pension. When I retired the young new hires were offered a matching 401k(US). No longer offered a “pension”.

[@ThisIsOurRetirement]

Thanks for sharing Yvette have a wonderful weekend Cheers 🍷🙂🌺

[@AhJodie]

These things should be taught in school, because many people have no idea about any of this. I didn't. It just happens that I got a government job that had a pension after working a certain number of years. There is so much push to buy, buy, buy and a lot of people don't realize that they are probably going to get old and will need money. I think it is just a shame that some people have low paying jobs and can not retire because they won't have enough, or if they need to, are living on poverty level.

[@ThisIsOurRetirement]

Well said Jodie we totally agree with you have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🙂🍺💜

[@eddiee2558]

I appreciate your videos. Thank you for your opinion. The government pensions you’re talking about may be from Canada? I retired a couple of years ago after working local government for 30+ years in California. I get only 43% so it’s nowhere near the 70+% you talked about. People hired after 1990 saw their pension % reduced dramatically. In addition to paying over $800/month for the pension, I contributed $15,000/ year into a 457 retirement account. So it’s a combination of smart spending and investing while you’re working that will make a difference. Thank you for your videos

[@ThisIsOurRetirement]

We understand these government pensions are encouraged to contribute to , glad you enjoy our videos Eddie Cheers 🇺🇸🍷💜🇨🇦🍺

[@deborahnicholson6053]

Its something that’s very much on our minds currently. The cost of living crisis in UK and how bleak things look right now have given me the push to return to full time work , back to working for NHS. I’m thankful I have a good pension from my banking career of 30 years but it’s still a worry to not be confident that it’s enough. Good advice, work hard while you are able, pay off debt asap and reduce consumer spending. X

[@ThisIsOurRetirement]

Sorry to hear that you have to return to full time work Deborah we thought you had decided to retire 🤔, we are hearing that the cost of living has and is greatly going up with you especially utilities. We were fortunate when we first rented 7 years ago our utilities are included we didn’t know at that time was a blessing that has turned out to be . Hope you are having a nice weekend Spring is on its way and longer days Cheers 🍷🏴󠁧󠁢󠁳󠁣󠁴󠁿🌺🙂💜🇨🇦

[@deborahnicholson6053]

Here in UK, things are difficult that’s true. In last week’s budget the Chancellor is on a mission to get mums back to work and early retirees too!!

[@IamaDutch-Kiwi]

This is such an interesting topic: Retirement! Not just to face up to the financial side of things but also the change in life style, the dreamt of possibilities of travel and enjoying ones twilight years. Well, not so much twilight 🤩 More like when the sun might just shine a bit more for some. I think this topic would fit in well within the educational curriculum of health and well being and also the financial aspect in Mathematics, learning to budget, how does money work etc. Call me old fashioned if you like ( retired teacher speaking). We have a saying in Dutch: Jong geleerd- oud gedaan: Learnt while young - practiced once an adult. Well that's roughly translated. Like most lessons in life, start early. With manners, a healthy lifestyle, caring for the environment and budgeting. It can be fun, challenging and in the long term, rewarding. Love the information you share, the ideas you mention and the challenges you throw at those heading into retirement. The retirement age int he Netherlands has been set at 67 - we are working our way up to that in stages. It isn't fair to say, due to the increase in the grey population, the pension funds aren't adequate and that we, who are now reaping our rewards, are causing a shortage for the younger generation. I didn't start in Education straight away, but I did start work early. Needs were high and finances low. No lengthy education tract for me till much later. With my dreams of traveling in retirement, assuming I would make it that far. Many don't and won't. Now the youth start work at an older age as they follow a longer learning road, and take time off to discover themselves and the world. Therefor starting far later with their contribution to the pension funds and having discovered the world at large before retirement. Anyway, that's my wee thought on the matter. Have a great Sunday. I did watch yesterday but ran out of time to comment. See you next week. 👍🇳🇱🙋‍♀🇳🇿🙏🍷😎

[@ThisIsOurRetirement]

Like the saying Anita of what you learn while you are young can take you through life when making decisions and choices. Have no idea why they don’t teach money 💰 financial and even retirement when kids are still in High school . It seems to a lot of of people a big shock coming up to retirement but would of been easier if more saving steps etc started earlier in Life . Hope you are having a great weekend we have had snow ⛄️ but the sun is shining now Cheers 🍷🇳🇱💜🇨🇦🌺🙂

[@IamaDutch-Kiwi]

@@ThisIsOurRetirement Oh snow, I hope it's the last for a while - say till next winter 😍! April could prove me wrong- but for now it is spring here 😎. Having a quiet indoor day- despite the sunshine. Catching up on editing and posting. Running way behind because I am one of those pensionados who doesn't sit still 🤪! Have a great week. 👋

[@RetirementbyDesign26]

As for the clawback, same in the US 🇺🇸 I’ll receive a government pension and no social security benefits. I’ll have 30 years in the system though. I imagine those with less time will get some social security benefits

[@ThisIsOurRetirement]

Many rely on SS as their only income in retirement, it’s good to hear that you will have a good pension. Thanks for watching. 🇺🇸🇨🇦

[@pensacola321]

Financial success in retirement is much more about cash flow than about net worth. I always tell young folks ( if they'll listen) to always study retirement benefits when taking a job. And always consider a government job for the pension.

[@ddavidson5]

I second your observation that "success in retirement is much more about cash flow than about net worth". The way I put it when I talk to people is: "Financial success in your working years is about building assets. Financial success in retirement is about cash flow." At retirement many don't or can't make the switch in thinking and do everything they can to maintain their assets as they did when they were working rather than spending down those assets enjoying their retirement. It's a common occurrence among retirees and quite honestly it is a big shift going from a lifetime of living below your means and saving for the future to spending those savings. In reality, when you are retired, that future you were saving for is now.

[@ThisIsOurRetirement]

Agree Vp you do need cash flow that makes for a happy retirement have a great weekend Cheers 🍷🌺🙂🍺

[@ThisIsOurRetirement]

You know it is a very big thing to switch from savings to spending but we are trying hard , just came back from doing The Canadian Train 🚂 trip from Toronto to Vancouver and it was amazing , have a wonderful weekend Cheers 🍷🌺🙂🍺

[@miriamdavis1481]

It can be worse that having to work when you'd rather be retired. I have a relative who made good money when he was working but he didn't save. Then in his late 50s he was forcibly retired because of medical reasons. So he has so savings and cannot work. I'm very fond of him, but even he admits that his situation is entirely of his own making. Most of us, if we're lucky, will get old, and we probably won't be lucky enough to win the lottery. As Tina and Norm have demonstrated, we have to PLAN.

[@ThisIsOurRetirement]

Thanks for sharing Miriam yes having a plan for retirement does really help Cheers 🍷🙂🌺

[@vistahawk1688]

My suggestions to our grand kids are to study for jobs that in high demand and pay well. Fortunately my son and daughter followed my advice.

[@ThisIsOurRetirement]

That’s great but the pressure to spend on stuff is so strong for the younger generation, employer based pension schemes enforce savings. Thanks for your response we appreciate it.

[@freedomlife3623]

Hope you also advise to find work they have passion for. 30 years of working in a field or career you don’t like is a soul crushing journey.

[@TheAngela2C]

Great idea guys about promoting millionire retirement fund for grandkids: never too early... you just have to know how to present a subject, so will not get bored quickly. I am bying Lego toys related to hospital/ medical jobs, so they started dreaming about being a doctor at the age of 4 🙂 In this situation they will never be worried about retirement plans. Thumbs up for curly hair back! 👍Both of you look great today :-)

[@ThisIsOurRetirement]

Our Granddaughter loves Lego Angela, they are at Legoland Michigan now!

[@brucenicholls213]

Retirement is wonderful for some ! Clearly you are speaking for yourself !

[@ThisIsOurRetirement]

We don’t have any pensions other than old age, we have worked hard to achieve a vision of retirement that we wished for.

[@briansaunders9654]

It's funny you chose this topic because it's a discussion my husband I have had many times. We came to the conclusion that working that 9 to 5 for our entire lives would have killed us. We went to welfare and asked for help to get to Alberta where all the jobs were in 1975. I was 6 month pregnant so my husband got the job and we found a cheap place to rent. We were 22 and 23 What this taught us is life is what you make it. Through most of our working life my husband was self employed. It gave us the ability to travel and to buy those homes that no one else wanted. Every home we have owned has been the worst on the street .By buying the fixer, we built tax free equity. In years my husband made good money we topped up our rrsp. In years that were lean we didn't contribute. If I have a regret it was lack of planning before we retired as we are good savers but not good spenders

[@ThisIsOurRetirement]

What a wonderful story Carolyn, thanks so much for sharing it with us. Spending after years of savings is difficult, just needs more practice 😂😂

[@larrycanada2100]

Low wage workers in Canada are better off not saving too much (it would be too difficult to do anyway). The 3 main government pensions are CPP, OAS and for low wage workers, the GIS. If your family income is under $40K from OAS and CPP, you can earn another $14K in GIS. However, if you have savings that is earning interest or dividends, this will reduce or perhaps eliminate the GIS. The best thing to do is keep working full time until you are 65 and you and your spouse can earn about $50K from government pensions. Also, no debt when you retire.

[@ThisIsOurRetirement]

Thanks for sharing Larry only other thing to consider is your health does change from 60 -65 and you might not have the same energy etc have a great weekend Cheers 🍷🌺🙂

[@marymarymillidweeb2661]

After raising children and driving a school bus for 17 years I finally made a leap into a provincial transit job. I will have been there just over 11 years and I'll be 67 when I'm cashing out. The pension is quite small but praise God it's better than nothing. Think I'll talk to my grand boys about working for some level of gov't.

[@ThisIsOurRetirement]

Thanks for sharing Mary have a wonderful weekend Cheers 🍷🙂🌺💜

[@AGhostInTheMachine]

The U.S. federal pension is more like 30% of the worker's former income after about 30yrs on the job, not 75%. It's poverty level income unless the person has saved/invested.

[@ThisIsOurRetirement]

Thanks fo4 sharing Theo have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🙂🍺

[@AnnMitt]

Entirely different retirement when you have a pension. Unfortunately for me, I worked 35 years in a large medical system that didn't have a pension. So, my small 403B and Social Security is basically my retirement. I live a frugal life, so everything should be OK.

[@ThisIsOurRetirement]

Yes we agree Ann very different if there is a pension or not , thanks for watching and have a wonderful weekend Cheers 🍷🇺🇸🇨🇦💜🙂

[@kathyjones3681]

Love your channel & I've followed for a long time. You've prompted me to think hard about my retirement options. I'm 58 but planning to work until 70 (as long as I stay healthy). I love my job and have made very good money for the last 8 and will going forward but there's no pension. Retiring on a single income is an entirely different prospect (especially with no pension). I would appreciate it if you'd revisit the financial implications of retiring on a single income in Canada...unfortunately it's not a rosy for single people.

[@ThisIsOurRetirement]

Thanks for the suggestion Kathy, it’s hard for us to do that as we are a couple have a wonderful week Cheers 🍷🙂🌺💜

[@fredherald4236]

Hello! Just a quick note; enjoy all of your videos of course, but just wanted to mention that one of the keystones of your retirement plan involving renting has to do with your province/Ontario, having rent control. My province, Alberta, does NOT have rent control; creates quite a different scenario especially now with inflation spilling out from groceries to rental costs and all consumables in life. I know that Norm mentioned that if you folks didn't live "in Canada' you would have bought a much smaller property, in the absence of rent control. I'm just concerned that other Cdns as well may not be aware that most provinces do NOT have rent control. Thanks for the videos though; truly do enjoy them!

[@ThisIsOurRetirement]

Thanks for sharing Fred yes not all provinces have rent control , but there is always the option to move , we moved 7 hours away to find a place to retire to have a great week Cheers 🍷🌺🇨🇦🙂

[@pattyk8594]

Thank you for this video. I like your presentation style. Yes, agree any job that pays a pension at retirement is worth its weight in gold.

[@ThisIsOurRetirement]

Your welcome Patty have a wonderful weekend Cheers 🍷🌺💜🙂

[@jennyjenny3531]

public service pension in Canada is about 40% of pre-retirement income

[@ThisIsOurRetirement]

Thanks for watching Jenny have a wonderful weekend Cheers 🍷🙂💜

[@frankalexander5401]

I quadruple dip: US Army (O6-Colonel), CALPERS (California Public Employees Retirement System), US Social Security, 403b, 401k PLUS I still work full time for a health insurance company at an executive level. Both of my homes are fully paid off and currently on vacation in Japan (flew first class from San Francisco to Haneda-Japan). I think I earned my retirement benefits because I worked non-stop in my younger years and still continue to work at the age of 75!!! My wife and I continue to live very, very modestly; to see us on the streets, you would think we had nothing saved for retirement. All the money, outside of expenses, that I earn goes into mutual funds which will be inherited by our kid after we pass. He will be a trust fund kid worth 8 figures!!

[@ThisIsOurRetirement]

Thanks for sharing Frank enjoy your vacation in Japan 🇯🇵 Cheers 🇺🇸🍷🇨🇦🍺🙂

[@kenmcclow8963]

I think some pensions are better than others. I have seen several examples which include Detroit I think where people worked for decades and then when the city had trouble after years of shrinking, they decided to cut pensions, even on people that were already retired. I think there may be some issues in the future with some pensions that unions managed where the people in the union worked for many different companies. I haven't paid close attention, so it may have been resolved. I think a federal pension is the safest. My company decided to freeze the pension about halfway through my career, so while I will still get it, it will not be something I could live on without my 401k and social security and other savings. The Canadian TFSA sounds exactly like the US Roth IRA and I wish they had those when I started working. I like the idea of paying the tax going in and tax free coming out instead of pre tax going in and taxed coming out like the 401k and IRA

[@ThisIsOurRetirement]

Thanks for watching Ken have a wonderful weekend Cheers 🇺🇸🍷🇨🇦💜🌺🙂

[@mozerm]

I think it's important to know yourself and to be honest with yourself regarding what kind of saver you are. If you're financially disciplined and will live within your means, not give in to lifestyle inflation, and save 10-15% of your gross starting as soon as you enter the workforce then you don't need a government pension. However, if that isn't you, then you're best to be honest about that and get a government job straight out of university so your retirement is automated for you.

[@ThisIsOurRetirement]

Two very good points there Matt have a great week Cheers 🍷🙂🍺

[@jimbertrand2499]

So true that government defined benefit DB pensions are worth a LOT if you can stay healthy and live to a ripe old age!🤗☘️

[@ThisIsOurRetirement]

So true Jim…..nice profile photo! 👍🎸

[@dougdoty4718]

Yes retirement is Not always the same! Claw back is a great thing: IT means that you planned for your future. I personally believe that savings for your self is better than working for the government.( My reason is often government employees are not happy at work.) Get a job you enjoy: Bonas Get a job you love: early retirement Get a job you Hate: every day you have to go to HELL Again a great video for discussion, thanks

[@ThisIsOurRetirement]

You are very welcome great topic for discussion Doug have a wonderful weekend Cheers 🍷🙂🌺🍺

[@33Jenesis]

I was fortunate to live in a rent control rental for 30 years (nice landlord didn’t raise me yearly). I was able to live within my 5th year’s income until I retired. I was saving into retirement savings (max out and $4k department match) and into cash savings. I can take early retirement because pretax and after tax savings even though my pension is not big. I hope I don’t have to touch my retirement savings until the mandatory age of 72.

[@ThisIsOurRetirement]

Thanks for sharing Jenesis have a wonderful weekend Cheers 🍷🌺🙂🍺

[@whatsup3270]

Here in the states the big issue on this is taxation of those retirements or not. When us regular private sector employee were earning our retirement through private savings we were to pay tax on the private savings withdraws. So if the plan was say matching the withdraw to the SS check as in $30,000 social security pension and a $30,000 withdraw then the loss to taxes was ($30,000- $13,000)x 10% or $1,700 per year. Now after nefarious laws the new calculation is (( ssa pension $30,000 x 50%) + savings withdraw $30,000) - $13,000 x >10%= or $3,200+ per year. Btw a million dollars of government pension here is $50,000/year for the typical female and $58,000/yr for the male retiree if they first

[@ThisIsOurRetirement]

Thanks for sharing have a wonderful weekend Cheers 🇺🇸🍷💜🌺🍺

[@michaelalberts4699]

Here in Connecticut, we’ve had to reduce our defined benefit state pensions because of the cost; state employees need to contribute more for a smaller pension. Municipal pensions will be reduced as well.

[@ThisIsOurRetirement]

This is a sign of the times Michael!

[@13noman1]

I guess I must be one of the "lucky" retirees (US both a Federal and then a smaller state pension) -- even though it covers no where near 70% of my pre-retirement income. A point of clarification on government pensions: like major corporations (think GM), there's a large "tail" expense to pensions so they've been re-jiggered over the years. In my parents' day (in the US) a federal pension was pretty darn good. By the time I hit the scene it was called "FERS" and was composed of 3 legs: a smaller pension component, Social Security and a 401k -- still pretty good especially in this day of vanishing defined benefit plans. What many seem to forget, however, is the usually lower pay and more austere working conditions in many gov't jobs. In many ways, the better retirement situation is "pre-paid". Worse, despite having paid in and earned these pensions, the current US Congress is routinely eying ways to renege on these and Social Security. I agree with you that it IS good while you have it but in my case (and others), it was a long range strategic plan that's now paying off.

[@ThisIsOurRetirement]

We are glad your long range strategic plan like ours has paid off Cheers 🇺🇸🍷🇨🇦💜🙂

[@dianeosgood6594]

Many big companies that used to have pensions are now eliminating them this past year for new employees. They will still have them for existing employees, but all new employees will not have them. My husband had a great pension plan and then about 20 yrs ago they decreased the payout by more than 50%. When he retired the payout was half it would have been. But, he waited until 70 this past summer to collect SS, so is getting that too. But, the pension puts income level puts him into getting SS income taxed now. Pension is also taxable.

[@ThisIsOurRetirement]

Yes Diane, The pensions are under attack and decreasing over time, it’s such a shame. Thanks for your comment.

[@teresaf221]

Your suggestion of selling your home and having those funds for retirement is so good. Many friends I have hang on to those homes and have no money to do what they would like to do. Home equity is their piggy bank but they won’t break it open.

[@ThisIsOurRetirement]

That’s very interesting Teresa thanks , we are so glad we sold have a wonderful weekend Cheers 🍷🌺🙂

[@sandray7609]

Yep my mother is house poor and will be till the day she dies. In her 90s

[@monicaambs]

@@sandray7609 If she is like me, she intends it to be an inheritance to her child. I intend for all I have to be given to my only child. I received nothing as my parents were broke when they passed. I wanted to leave something behind and not spend it all. I am going to travel and do other things though. But I am not spending it all.

[@sandray7609]

@Monica Ambs yes that is the point, but at what sacrifice? She is being a martyr and didn't enjoy the final years of her life. And as her child, I get to hear about it. She could have sold her home and lived off dividends or interest in a more favorable environment- renting- and share some of her money now to see her kids and grandkids enjoy it. It's sentimental attachment that does it.

[@monicaambs]

@@sandray7609 I am not suffering in any way. I am having a good time and you’ll never hear me complain. But I do feel sorry for your Mom. I am 69 and in very good health. I plan to continue dancing, traveling and laughing it up till they throw earth in my face. 🤣

[@williamjones4456]

Hi Tina and Norm, I think before you get your pensions it's best to spend your rrsp at your lowest taxable income rate. Then collect 8% increase until your 70 .maybe not for everyone, but this is working for us. Thanks again for the great video. Bill

[@ThisIsOurRetirement]

Thanks for sharing your idea William , the sad point is all the people who don’t reach 70 ! never get to spend the government pension at all . Tinas brother past away at 52 and we have other friends and family that did make 65 . Enjoy your weekend Cheers 🍷🌺🙂🍺

[@ddavidson5]

@@ThisIsOurRetirement Government or not, DB pension plans are like that, those that benefit the most are those that live the longest. Die young and a DB plan probably wasn't the best plan for you, if only you could say with certainty ahead of time. On the other hand if you are dead will it really matter to you how much you got out of the pension?

[@williamjones4456]

@@ddavidson5 my life insurance guy asked me when I was going to die so he could write me the best policy. Life is a gamble, enjoy the ride. Bill

[@monicaambs]

Hi Bill Andrew from Wealth Simple has a KZbin video I watched that describes what you talked about. He showed a spread sheet that showed the advantages.

[@dividenddepot]

Love the videos, great basic information that can help anyone. Looking forward to my retirement in a couple of years and planning in spending some time in Portugal as well.

[@ThisIsOurRetirement]

Great to hear! we wish you a very happy retirement Todd Cheers 🍷🌺🙂

[@dividenddepot]

@@ThisIsOurRetirement Did you get back to Portugal this winter?

[@ThisIsOurRetirement]

Not this year we had some medical issues that needed attention Todd, hopefully next year Cheers 🍺🙂

[@dividenddepot]

@@ThisIsOurRetirement Hopefully all is well. Where do you find the car rental deals and rental accommodations. Any unique websites you use?

[@dividenddepot]

@@ThisIsOurRetirement Probably know the answer but is it warm enough to enjoy an outdoor pool during the winter months? I'm guessing no unless it's a heated pool.

[@tonysomewhere5920]

I didn't get the memo about purple.😢 Now you know where your tax dollars go. The privileged lives good while the others lives on bread and water.😮 Once I met a retired priest in his late 70's early 80's working as a cashier in one of the parks here in FL. I met a lot of other people in the same situation. Is not that they did not save. They just couldn't because of family and household expenses. Also, some didn't have a basic financial knowledge. Happy Spring 🌼🌱 day on this coming Monday. TTFN.

[@ThisIsOurRetirement]

Isn’t Purple a wonderful happy Spring colour Tony we love it ( not normally a colour Tina wears ) Thanks for a nice comment have a wonderful weekend Cheers 🍷🙂💜

[@theneverendingjourneyoflif1482]

A government pension is forced saving. They pay for it monthly and it's a huge impact/reduction on their monthly income. Health and Dental even after retirement require a monthly premium also. No freebies!

[@ThisIsOurRetirement]

There is no blanket policy on government pensions and benefits because they all vary widely, depending on Federal, State, Provisional, Municipality, Military etc. Another factor is job level and how senior in the organization you are. Thanks for sharing your thoughts.

[@JBoy340a]

The government job my friends worked paid OK, but they were not nearly as lucrative as the private sector which had things like stock options, etc. These private sector jobs had less job security but much higher potential rewards than working for a government entity.

[@ThisIsOurRetirement]

Yes we agree…….but the pensions are far better as most private sector companies started reducing or scrapping defined pension benefits. Thanks for watching and commenting.

[@tommills6123]

Regarding your house sale and apartment acquisition strategy… A friend had a question and I told him I’d ask…How would you address the social changes from separate home to neighbors beside you or below or above? Creating noise levels and “crying babies” and cars starting up at various time. Some adaptation involved? Any other social adaptation?

[@keame1312]

Great question. Would like to know the answer too.

[@ThisIsOurRetirement]

You can tell your friend Tom that our apartments are made of concrete each one is it’s own unit so we hardly ever hear anything from others . Our building is probably 70% over the age of 50 so no big party goers LOL 😂. We never hear cars 🚗 ( we certainly did when we had a house we heard all our neighbours ) we are multiple floors up from our underground parking so don’t hear cars . Socially it’s wonderful as you meet others in the elevator or going to the mail , was great during Covid if we had been in our house we wouldn’t of seen anyone. It took us about 6 months to get used to the change but the advantages of apartment living far out way any disadvantage.Have a wonderful weekend Cheers 🍷🌺🍺🙂

[@ThisIsOurRetirement]

Hope our answer was helpful to you too Cheers 🍷🍺🙂

[@tommills6123]

So with some research, the best can be had in this change. Thx for the response… Cheers 😁

[@williamjones4456]

We bought a condo in a mature neighborhood. Mostly retired people, but some working couples. The adjustment for me was the loss of the BBQ. The gain was like minded people, with a social network. I know it's a big jump, but it's worth the leap. Trust your judgment. Bill

[@barbiec4312]

Start saving young people! I tell all young people the same thing.

[@ThisIsOurRetirement]

Great advice we agree Barbie have a wonderful day Cheers 🍷🙂🌺

[@ThisIsOurRetirement]

Great advice Barbie!

[@michaell6580]

Keep surviving!!! You both bring me a smile when I watch you guys.

[@ThisIsOurRetirement]

Thanks Michael glad you enjoy them Cheers 🍷🙂🍺🌺

[@martik778]

Without any DB or other pension a couple will get about 40k average CPP/OAS/GIS or 50k max CPP/OAS at age 65. Income at age 65 is tax free up to 52k. If your house is paid off and you have no debt you can have a great retirement with this much income and a little savings for emergencies. With the CPP enhancements these amount could increase to well over 60k once fully implemented.. If you save 10% of your income, you can largely replicate the government pension with an annuity. ie: 1M will pay ~60k for life at age 65.

[@ThisIsOurRetirement]

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