Retirement The Biggest Life Changing Event Of your life, are you retiring in 2024, here are 4 questions you need to answer to ensure a smooth worry free retirement without fear.
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Don’t Retire Until You Answer These 4 Questions
Retirement is a major life transition that should not be taken lightly. It is a time when individuals have the opportunity to reflect on their accomplishments, embrace new possibilities, and define what their future will look like. However, before jumping into the realm of retirement, there are four crucial questions that need to be answered.
1. What is your financial situation?
One of the key aspects of retirement planning is understanding your financial standing. It involves evaluating the amount of savings you have, the expenses you anticipate, and the lifestyle you desire during retirement. By having a clear understanding of your financial situation, you can determine if you are financially ready to retire or if there are adjustments you need to make. Consulting with a financial advisor can be helpful in this process to ensure you are making informed decisions about your retirement.
2. What are your retirement goals?
Retirement is not just about ceasing work; it is an opportunity to pursue new passions and goals. Take some time to consider what makes you happy and what you want to achieve during retirement. It could be traveling, engaging in hobbies, volunteering, or even starting a new business. Having a clear vision of your retirement goals allows you to make concrete plans and ensures that you enter retirement with purpose and meaning.
3. How will retirement impact your social life?
For many people, work serves as a major source of social interaction and connection. Retiring can result in a significant change in your social life, and it is essential to consider how this transition will impact you. Will you lose touch with colleagues and friends? How will you replace that social interaction? Consider joining clubs or organizations that align with your interests, attending community events, or strengthening relationships with family and friends. By actively addressing your social needs, you can ensure a fulfilling and socially active retirement.
4. What will your retirement routine look like?
Without the structured routine of work, retirement can feel aimless and unproductive if not properly planned. Consider how you will structure your days and weeks. Will you follow a specific schedule, or will you choose to live a more spontaneous life? Think about how you will incorporate activities that bring you joy, whether it be pursuing a hobby, dedicating time to fitness, or engaging in continuous learning. Having a routine in retirement provides a sense of purpose and helps maintain a healthy and active lifestyle.
In conclusion, retirement is a significant milestone that requires careful consideration. By answering these four essential questions, you can ensure a smoother transition into retirement that aligns with your financial situation, goals, social needs, and desired routine. Remember, retirement is not just about leaving the workforce; it’s about embracing new possibilities and creating a meaningful, happy life for yourself in this new chapter.
So, don’t retire until you have answered these four critical questions and have a clear plan for your retirement journey.
It is re-assuring to listen these details from Tina and Norm who have gone through them.
I just discovered your channel today, and you are filling a void in my life! So many retirement channels are “theoretical”, or even done by younger
People who are years from retirement! I do appreciate their information, of course, for planning purposes. But, you and a couple others are actually retired, and have similar financial circumstances to us, so your information is immediately applicable! I have been retired and for a year and my wife will retire next year. So I’m busy preparing for when she is home, too. I have one question today…I listened to your video about retiring on $300,000, so I question is, when you speak of “dollars”, are you speaking of Canadian dollars? If so, I’ll know to translate to US dollars (and mean that your $300,000 video is right in line with where we are in US$!
Hi Tina and Norm 🙂 Your fan Mary here from Toronto,ON here! FABULOUS video!!! There are some people who seriously can't handle retiring .. they think "what am I going to do all day?" HA! There's lots to do. I love listening to all of your "experience(s). They resonate so well with your audience. And you are right… My husband is surprised now (he's been retired since Dec 2022) how busy his day is. Thank you so much for another awesome video!!! PS. Did I hear right? You guys moved 6 hours away from your house that you sold? YIKES.. Can you say where you used to live? Now.. I have to watch Saturday's video. It's been a busy week. Have a beautiful rest of your week. Blessings Mary 🙂
Unless you have an unlimited final salary pension…. the big dilemma with retirement is …. 'How long will I live'…. A really harsh question that we don't know the answer to. In fact we probably don't want to know… My dad is nearly 93, and I was astonished when I found out how much he had squirreled away in cash 'for a rainy day'. I told him 'NOW' is the rainy day dad….. too late really…. The other extreme is running out of money while you are still active. It is a toughie…So many variables.. you just have to take a view and build in some contingency. And I agree about retirement being for you. I am spending a lot of time looking after my very elderly parents, which at first seemed natural, but I am now beginning to realise these are my precious early retirement years being taken up in a way I am not enjoying… it sounds harsh, but I am getting to resent it, and the same can go for 'babysitting'. These are precious years. don't let others assume you have 'spare' time they can take. It is yours to enjoy, not theirs!
Hi Tina and Norm. I really enjoy your videos. My husband and I have been retired for about a year and a half. Your retirement videos helped us make the decision to retire. We're finding ways to save money all the time and would like to share them. We live in Ontario and are taking advantage of the Ontario Electricity Support Program. It's a supplement towards our monthly electricity bill. Also we use Ontario's Senior Dental Care Program. Hope this information can reach other retirees and be of help. Keep making video, we really look forward to them.
I am 75 and live in California. Still work for the largest health insurance company in California making a ton of money. I have health benefits from my employer PLUS I have Veterans Administration (VA) health benefits PLUS “TriCare” (military health benefits) PLUS MediCare benefits (Part A). I served 34 years in the U.S. Army and a combat tour to Iraq and EARNED these benefits. I am sick and tired of hearing about the lack of healthcare benefits for people who did not put time in the military or never earned their health benefits. As far as health, I can easily bench press 160 pounds and still pass the APFT (Army Physical Fitness Test) for my gender and age. My Dad was a Staff Sargent (E6) in the US ARMY during WW2; he use to repeat this at the dinner: “Prior proper planning prevents piss poor performance!” I planned early in my life for retirement!” Life is good!!
First of all, thank you for doing this video. I have been waiting for you to talk about the health care option. I live in the US so health care is indeed the elephant in the room. Employer extended healthcare costs range from 750 to 1800 per month for single and two people, respectively. Now i have to say this is for high deductible insurance but with very good coverage including dental and eye care and med prescription. I have been told i can get from open market with a little bit less. The question is are the quality doctors available for the open market option? The other option is to get a part time job that you like and fund for insurance until 65 but not taking social security assuming every other of the subjects you talked about are in place and support the retirement plan. But at least the part time job is not the full time rat race.
Great questions Tina and Norm! I’m retired but my husband is not yet. We own a weekend home and our long time home. The costs of maintaining both properties are really rising. I’m struggling to convince my husband that we need to develop a financial plan to decide how we are going to continue with both homes going forward. If we sell our long time home, it will help pay off the mortgage on the weekend place. However the costs for maintaining the weekend property as a place to live are very unpredictable and I’m not sure it’s a good place for us to live as we get older. Your check list will really help me convince him to have a better plan for our mutual retirement. Thanks for all the education you provide to us. ❤
Health care was the largest bulletin point for us. After speaking with insurance brokers, we can leverage ACA and with what we will show as income will get it for 50 to 200 a month. Actually when we get to medicare, we will pay more than on ACA most years. All the other points we have covered. We stay active and have to cut short the things and travel we like because of work. The reason for retiring early is so we can spend more time doing those things we love. We are not home bodies.
Hello from upstate NY! I have to say this might be the most valuable video for me since I have been following…would like to retire in 3 years from now at 59 but that is still not close enough for U.S. Social Security to kick in. My house will be paid for by then but still have to budget for taxes! We will need to sit down and calculate as you say! Thanks again, you two are awesome and so very calm and caring!
I have planned to retire in 6 years. I really enjoy your videos!! Your advice is so helpful. I also live in Ontario and can so relate to wake up, skip breakfast and zoom!!! Being a nurse, I know that without good health your life is drastically diminished. I am trying my best but I so look forward to being able to do yoga, swim, hike and travel. I also plan to go on as many medical missions as I can to help out in other countries. Thanks for all of the helpful and practical tips.
I love you two, but didn't want to watch this video, because I retired last year and thought you might tell me something I should have done Before I retired, hahahaha. I budgeted and have enough, but it is tight. I forget about some little things like yearly license plate renewal, yearly payment to google photos, etc, and almost right away stopped Amazon prime and other subscriptions. My utility bill went up $100/month and I am on the budget plan which takes an average and charges that each month… but the cost of fuel and electricity went up, not usage! Insurance in USA is complicated with Medicare part A, B, all the way down to part M or so…. so, I found a group that help for free online to get the best prices….. I highly recommend people to do some research and get the best deal you can with the best care for you. We all know food went up, but I changed some things I used to eat, and that works ok, I also learned a lot about forging for wild foods, lol. As far as filling up time, I think I spent almost the whole first year doing not much of anything, simply enjoying that I didn't have to go to work! I have begun to do a few things more now, like exercising, and learning new things, art and even some cheap traveling. Thank you both, Tina's eyes simply glow whenever she smiles, so beautiful and loving, and Norm you are so pleasant and attractive to watch too!
Hey Norm, I use to have a shirt like that but then I got a job. Seriously, my wife and I love your videos, thanks for all your advice, recommendations and suggestions. Stay safe and take care of each other please.
Here in, the USA we have no dental of eye care cvoverages either. I was forced out of a job at 65 when my employer died of Covid-19 and I had hoped to work until 70. I am 68 as I write this. I am a former nurse and I decided if I had to work it would be part-time and it would be fun (to me). I walk dogs on weekdays Monday to Friday from about 10 AM or so until 1:30 PM. Good exercise and I am paid for the privilege of going to the dogs!
I do cat sits also when people have vacations for a week or so. I just go in and check on things and feed the cats. It is a lovely way to keep active, and enjoy the pets. I am also paying for medications that are extrememly costly becuase I went into AFib in November 2019 after getting "the virus", before we knew what it was actually . I have been taking medications since then, two are very inexpensive and one is $1500.00 for 90 days of tablets! I am working to fight inflation and to pay for the medication, so far so good. I do not want to touch my emergency fund too much and I do collect social security now as well, I have a 401K and an IRA as well but no pension and I own my home so that is a plus as well. Sometimes here in the USA Employers do not want to hire older workers, regardless of skill set, and they find ways to pressure older employees out of their jobs. We get very little help in the way of enforcement here and it is actually hard for someone over 55 to get another job if they lose the one that they have. I am lucky that I was 65. My Health insurance was Medicare since I was 65 as well. I am debt free except for the grocery bill and small expenses.
I don't struggle to answer the question about what I would like to do in retirement. The only question left remaining is how much good health I will have left.
I hope to learn to play guitar after I retire. It is something that I have wanted to do for a long time.
Healthcare here in Georgia is affordable if you can control your income levels. We retired at 58, so insurance was a big concern. Because we have a diverse portfolio, we can keep our reported income low. We pay $175 a month for our coverage.
We travel extensively. We live on a farm. We volunteer at a local pregnancy center. We have an adopted daughter, so it's a passion of ours. We have 2 dogs that are certified therapy dogs. We visit retirement homes, assisted living, hospice, hospitals, and military bases. The young soldiers LOVE being able to love on our dogs because many of them left their pets at home when they enlisted.
We watch YouTube videos to learn new things and reinforce good things. We are retired, "wealthy," and we are still watching retirement and money videos.
Good information, thanks! I am American, 2 years to full retirement age. I can answer all of these questions now and am eagerly anticipating not having to work 40 hours per week. I plan to travel the first year and move to an area with lower housing costs. I've worked long enough and at high enough of a salary to get a decent social security amount. And have some savings. I have so many hobbies that I think I'll be quite a busy retiree.
Hi T&N and thanks… for making all these video's. What I like about them is the reassurance especially last year when I officially retired as my needs were mostly emotional. As some have mentioned, you work your whole life and no one talks about the mental preparation for stopping. My best lessons came from my parents and funny enough it was – don't fall into the same mistakes they made! I don't see myself as old, much the contrary, I took up mountain biking, back to weight training, trips always include physical activity and I plan on taking on educational goals. I may return working but more in a mentoring role and… don't plan on slowing down or having physical limitation but, I'm also not in denial. My advise is to set your bar high and keep busy.
So glad that I have a lifetime public pension that pays me about 85% of my final salary. Retired at 58. Add that to our Social Security that we just started at 62 and retired life in great. The elimination of the ACA subsidy cliff until at least 2025 allows us to have healthcare with a low monthly premium until we are eligible for Medicare.
Another great video. Hello from Idaho.
Dennis
Is that one of your ' going to church ' shirts Norm ?
Many of our “ couple” friends have lost their spouses and did not figure the cost of that additional income loss in their retirement plan. They also realized that they should have had their own friends and activities that include non couples as well. Many friends feel like” third wheels” at our get togethers. We don’t feel that way but they have mentioned that they feel uncomfortable being alone.
Thank you both for your topics and wise advice. We've been retired for 12 years (Tina says: "times flies" and she's right). Your 4 questions cover the most important aspects of retirement … and #4, although last on your list, is extremely important. I've known people who retired at 55 and didn't know what to do with themselves. Tina's suggestion of revisiting "old passions" is something to consider. We should do things that make us happy. It's our time. Thanks again !
I think it might be a good idea to turn off the cable once retired. This would help some avoid becoming a coach potato and forces one to think creatively how to spend their time. If that’s a temptation try it.
I so appreciate this channel. We are still trying to sell our business, hubby is 66 and I am 65. Now hubby has been diagnosed with glaucoma so we are already facing health challenges- I'm having to do all the driving & anything that involves details, i.e., paperwork, etc. Your channel has been very helpful in allaying a lot of my fears!
I need alot of $ keep on working..
Sir and Madam what do you think is the best age to retire and why?
Lots of great advice Tina and Norm. I am in the UK so health care is with NHS, so free at the point of use, but, NHS is on its knees, long waiting lists etc. So I am ‘self insuring’ by working on my health and fitness, run, bike, swim, eat sensibly, cut down on the booze and keep mentally busy. Worth reading Outlive by Peter Attia, can be heavy going but lots of advice on increasing your health span. Keep up the great videos.
Great advice as usual .I really enjoy their videos and i continue to learn something new each week it seems .Just this morning i sat down and went over the budget for the first time since probably January , There were a few changes ,but once i looked it over and assessed it all a calmness came over me and i became relaxed .I retired at 55 after 25 years working at FedEx .The truth was they owned me and my time for 45 plus hours per week .I downsized and moved to a nice area here in North Eastern Arizona with just a couple thousand people after living in a large city , it has a lovely climate ,lower cost of living ,is spotless and crime free , there is a very competent doctor within walking distance and you can make an appointment for the next business day if anything is bothering you .If you come into this with minimal or no debt ,are willing to adapt and downsize a little ,believe me you wont miss anything you had beforehand . Just keep things simple and live in moderation when it comes to all things ,you will be amazed at the quality of life you can have .I dont have a massive pension at all and social security is still a couple years away , so medical insurance has been next to nothing for the past 5 years and will continue to be until Medicare kicks in .I travel some when i like , and concentrate more on health then ever before .If you just stay calm and plan it out slowly and wisely you will know when the time is correct and you are not going to regret your decesion ..Its a better life then the grind was ..good luck ..peace ..
I am so grateful I found your channel on you tube. You are both trail blazers! I am 55 and retirement is definitely on my mind. I plan to retire in 3-5 years. I am looking forward to being able to explore some of my interests and travel, as well as have time to really take care of myself. I can relate about what you shared about not having time or just feeling exhausted when you were working.
workout how much money you will need , than Double it !
Inflation is Going to Get you , IMHO .