Think it's gonna be the biggest mistakes in retirement - Oh wow that sounds really interesting
- But before we do that if you're new to the channel - We are Tina and Norm and we would love you to
subscribe and press that button and give us a thumbs up - It really helps us find a wider YouTube
audience so Tina what's number 1- I think the biggest thing is don't leave it too long to retire
- There is this misconception that life is over as soon as you retire and
there's nothing good to happen but it's quite the opposite isn't it - It is in fact we are
finding it is absolutely amazing we are doing so much more now and it's interesting and it's
for ourselves isn't it - And it's just not that joke about how did we ever find time to go to work it's
you're able to redefine yourself for yourself and not wear a label that an
employer has attached to you so this is one of the few times in your life that you can be yourself
- And it's great isn't it we're loving it - So don't leave it too long till you retire because you only
have so much good health (yeah), and you don't want to squander that in somebody else's employment - No
because that's the one thing hey Norm you just can't buy time can you - You can't so what do you
have for point number 2 Tina biggest mistakes in retirement - And that is don't leave all your money
in a high street bank savings account or checking account they pay such low interest I think they're
like 0.25% or something aren't they Norm - That's right so you're actually losing money when you
factor in inflation so yeah it's a great temptation just to leave it in a safe bank
that you've known all your life but you need to earn some money from that and so we're suggesting
have some money in cash by all means and then invest in some other higher income vehicles
like bonds or GIC's and that's what we would recommend - Which is great and if you look Norm to
the service fees that they charge you at the bank you could end up actually losing money couldn't
you - You could - One of the biggest mistakes in retirement Norm is for people not to overpay
in their RRSP - And the reason for that Tina is if you're a middle to low income person
the tax relief that you get paying into the RRSP should be the benefit of a high income
tax person because when in retirement you're hoping to be in a lower tax bracket but if
you're in that middle area there isn't much advantage to it so that's why we like the TFSA's
because the money is tax-free when you draw it out one of the big mistakes is not knowing what
the government pension's going to be you're so concentrated on saving for your own retirement
a lot of people don't realize how much money they would get from the government and Tina
how would you go about finding out before you retire how much you're going to get
- So in our case because we are living in Canada we would go on to Service Canada website and you
can go on there and it's amazing you can find out everything you're going to get from your
CPP to your OAS the information is all there - And we do believe that the UK and the USA
also have these calculators where you can go on and find out what your pensions in
those countries are going to be so that's a huge mistake if you know how much you're going to be
getting then perhaps you don't need to be saving as much and you could look towards reducing debt
perhaps - Well it just helps to have that knowledge doesn't it Norm because we actually
didn't realize how much money we were going to get did we - So that was a pleasant surprise
Tina you found some secret money in Canada from the government what was that - Yes I did
so we have found out that if one of you has a partner who is 65 which Norm is
and they get OAS and GIS the other one me who is between 60 and 64 and I'm 64 can get an allowance
hey Norm - Now we don't really know how much that is but we have applied for it - Yeah we've filled
the papers in we've sent it off so fingers crossed - But one thing that we really just wanted to make
this point is that it's not well known and well publicized in Canada and it was just something
that we came across as we were doing research for these financial videos so if you want to know more
about the allowance and you fit the description in age that we've described then go online and
do some searching and there's free money - It is and we hope you qualify and we're very excited
- We thought we would come down to this beautiful tranquil little fountain at the trailer park Tina
and perhaps you might be hearing the water in the background as we tell you about another
big retirement mistake - Well sometimes you can think you want something to happen for example
we were planning to do a certain river cruise for our 40th wedding anniversary
and what happened was 2 years prior to we had this idea we were going to go on this great
river cruise for our 40th but we actually saw the opportunity 2 years before then so
it was then our 38th anniversary - But the deal was just too good to pass up so we thought
let's do it now let's not wait because we might wait to our 40th anniversary and
who knows we might not have been able to have - Gone or we might not have had the health to do it
so we took it didn't we - We did - And we had an amazing memory of a fantastic river cruise didn't
we - And we went down the Danube and it was just spectacular - Yes it was beautiful - And while we were
on that cruise we found out that certain times of the year they can't do the cruise because of
either flooding or they drop the water levels too much - That's true - We just did it we had our anniversary
2 years early and we're just saying to you (yeah) maybe consider the same for yourself if something
well we hope you enjoyed our take on some of the mistakes that you could make in retirement
we've certainly done a couple of them so we would really like to thank you for watching
- And we hope that everybody is staying safe - And keeping well and until the next time bye bye, bye