Average Income Of Retirees At 65
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- Опубликовано: 31 май 2024
- What is the median income of retirees aged 65 -74 during the first decade of retirement. Are you earning enough for a comfortable retirement and have you several sources of income. How do you stack up compared to the average income of retirees from Canada, America and the UK.
Have you got different sources of income from government old age pensions, social security and investment income.
We have researched the numbers from Canada, America and England and in this video we share with you what the average and median incomes are for our viewers. We have a few surprises also as we compare the various income levels of retired households.
Also we share the average spending habits of retirees in their first decade of retirement, with some surprises that reveal the different statistics.
This video is not meant to give financial advice, it is purely for entertainment purposes.
#retirement #retireearly #this_is_our_retirement
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Here is a link to our Net Worth video that goes along with this video. ruclips.net/video/Ks8oxqBXIKs/видео.html
hahahha - just buy discount rock n roll t- shirt at a discount .......lol - and Tina : not going anywhere.....- I find alot of expenses .......how come people have to pay ssooo much for those things --- I wish if it was for medical care or something like health or holidays : that would have made more sense to me.....
@@keepcreationprocess Thanks for watching Joe Cheers 🍷🌺🙂
Please keep helping people!! Much love and thanks to you both.
Your very welcome 🌺
Hi Tina and Norm! Another great video! Thank you!
Our pleasure! have a great weekend Darcell Cheers 🍷🌺🙂
Thank you for your interesting videos!
Glad you like them! 🍷🌺
Thanks for sharing these numbers. My wife and I are right at the bow wave of the baby boomers and I caught the beginning of the private industry pensions changing to 401K plans. So we lucked out to have our individual social security, my small pension and our respective 401K savings. We did kick in extra savings into our 401K plans in our 50's. We have been conservative managing our finances since early in our marriage and always managed to have some savings for investment rather than spending on toys or trips. We fully funded our girls public university education to avoid taking on heavy student debts. We count our blessings living comfortable retirement lives in southern CA keeping busy volunteering, play some golf, stay out of the way of COVID-19 bugs
and resume travel when it is over and Europe turning peaceful again. Keep up the interesting videos. If you ever run low on ideas for videos, you might consider recruiting fellow retirees in your global travels to talk about their local interesting stuff. Cheers.
Thanks Kenneth for sharing your situation, it sounds very comfortable, we also helped our children through university. Thanks for the suggestion about interviewing fellow retirees, very interesting.
very nice to watch
Happy Weeknd and big like my dear couple, very good job👍 🍻💕💯🙏
Thank you! You too! Cheers Edu 🍷 🇪🇸 🌺🇨🇦
Thank you for doing these videos.
Glad you like them! have a great weekend Arlene Cheers 🍷🌺🙂
Thanks always interesting and informative 🎩🌹
Glad you enjoyed it
More great info! Thanks!
Thanks Brian
Very interesting video thank you!
Glad you enjoyed it!
Very informative video Norm and Tina, thank you for sharing.
Our pleasure! 🌺
Thank you for giving me the peace of mind for retirement less than 10 years away. Love your 👕 Norm, it complements Tina’s top.
We do try and coordinate thanks for your kind comment.
The unenlightened still call it 'Saturday'; we call it 'Norm and Tina Day'. We look forward to the great content - educational and entertaining! Thanks for sharing.
Love that! that’s so sweet Bridget glad you enjoy our videos we appreciate yours and everyone’s support Cheers 🌺🍷🙂
That’s hilarious. My husband and I call each other Norm and Tina. Not our real names!
Excellent show, very informative. Food for thought…🍻🍷Mike from Ottawa
Thanks Mike glad you enjoyed it have a wonderful weekend Cheers ☕️👍🍻🍷
Just left a sour comment so I’ve come back with a sweeter. I watch you videos each week after my walk with my sister in law. I look forward to it and have learned plenty from your discussions. Thank you.
Thanks Marianne, your comment was fine.
Great content. Love these kind of videos.
More to come Carol!
I just love you both! I’m so very glad I came across your channel. Interesting content you produce for all of us! Thank you from MT 🤠
Our pleasure! thanks for watching and welcome to our channel Lisa have a wonderful week Cheers 🍷🇺🇸🇨🇦🌺
I am happy with my income but when you are a single person, you shoulder all the expenses. So that is an issue. Many people seem to have to work to supplement. OAP or whatever they call it now, and CPP are really not a lot to live on, unless you have a work pension. They claw back your OAP if you make a certain amount and penalize you for your last year of work. I lost mine because I got a severance. Don’t know if I will get it back at some point. I think if you are old, you should get that pension. I bet all the retired politicians get theirs. However, if you have no extra pensions, just the two standard pensions will not really be enough.
This unfortunately seems to be what happens Hallie when you earn over a certain amount it gets clawed back thanks for your comment Cheers 🍷🌺🙂
The OAS is clawbacked completely at $125,000….if your making nearly that much, you need not worry about a $6000 clawback.
Well, I got a severance payment that brought my last year of income up to 125 ish. I put as much as I could in RRSPs but I had maxed mine out yearly, so there was little room. I built a baby barn and did some stuff around my home. But I had never made that before. I lost my OAP for almost two years. I just get OAP, CPP and a modest work pension so I have taken a drop of about 50% in income on my previous years work income. So nowhere near 125 these days. That was a one off. More like 50K. Yes, that is a good income and I have no debts but I pay all my own expenses. My modest house still needs heat and electrics, I have a cell and internet (Bell, so you can guess). Groceries, gas, pet expenses. I also give 10 times the national average for my age group to charity. I think the idea of a clawback is not always fair. I know a woman who is just surviving and got a clawback. There is no way she makes 125k. I gave her money to pay her vet bill and buried her pet for her. We pay into pensions the best we can so we can survive comfortably in our older age. Rents are rising..inflation is climbing but gives no clear picture of wheat the real cost of living is. We all are trying to reduce expenses.
I always love checking out your videos, there's a wealth of knowledge here, thanks for sharing all that you know with us, Love and blessings always ❤️🙏🏽😘💐
You are so welcome thank you 😀😀
Hi Tina & Norm good to have the comparison have a good weekend and keep the good work up 😊🥂👍
Regards. Christopher Barker
Thanks so much have a wonderful weekend Christopher Cheers 🍷🙂🌺🍺
Good video, thanks
Glad you liked it! Happy Sunday 🌺🍷🙂
Whoa, whoa, 60K a year median income at 65?.. that seems awfully high.
This is for each household El , hope you have a great weekend Cheers 🍷🌺🙂
Ahh, maybe I missed that. Thnx. In unrelated news, I can’t believe Mattea Roach missed last night’s final Jeopardy question:
Q: Often called Blackpool’s Bonnie & Clyde, this couple fled to Canada and became internet sensations.
Such an easy answer.
Hi Terry from the Uk here . Great video. I am one of the lucky ones and have an occupational pension. I don’t know how anyone can survive here in the UK with just the state pension, which for me is just over £700 every four weeks.Also the cost of living here has sky rocketed.I also have my own small side hustles, but have to balance this out earning money and living my life .
Here is one that will shock you. I own a 13 room house in the mountains on 2 acres, all paid for, truck paid for, free well water, low electric. All my bills everything including food and healthcare is under a thousand dollars a month.
It’s sounds like a wonderful life have a great weekend Cheers 🍷🇺🇸🇨🇦🌺
finished the video... one of several of yours that i have watched. decided to subscribe. I have a buddy making a couple of hundred thousand a year, but won't retire until 70 as he is always in debt, despite a gift of an expensive house about age 30. some people just spend spend spend. as far as travel goes, i did that when younger and said to my wife when i was 40, we have the money, health and time, let's travel. so we did a lot for 2 years when i had sold my business and was trying to figure out my next career. Now it looks like even a better decision due to her poor health she cannot travel. (she spent two months a year travelling in her younger years.) My idea of good fun is hopping on my bicycle for a 2 to 4 hour ride. airport travel is soooo awful now, and I am tired of the long car drive sort of travel. Had a good train trip once though and a week long cruise on a small MV Aurora Explorer delivering goods to communities and fish farms up the BC coast.
sounds like you both are enjoying your retirement! except for my poor wife's health so am I. Yep I track expenses and have a conservative budget... but there is a lot of wiggle room when medical/dental bills etc come up. Contentment is in the head.
No estate is required...helped daughter when she needed it. Our final nest egg is a middle class home ina great neighbourhood. housing is crazy expensive in Canada now (but coming down with higher interest rates). sorry for the novel...hope someone found this interesting.
Thanks for subscribing and welcome to our channel , yes we agree some folk just can’t stop spending 😱then wonder why they don’t have the money 💰 to retire 🤔have a wonderful weekend Cheers 🍁☕️🙂
Great video again. Love it !!
Glad you enjoyed it
I guess that I’m not in the majority of Canadians: my CPP and OAS is 24% of my retirement income.
I can’t emphasize enough how important it is to start early, and be consistent with retirement contributions.
Sounds great advice have a great weekend Cheers 🍷🙂🌺
Your video's made me inspired to plan my future retirement even i'm just alone. Happy to watch your videos.thank you for sharing this to the world.
That’s wonderful we are glad you find them helpful Cheers 🌺🍷🙂
It think it's important to mention that the median income information for both Canada and US is for a household (not a single person) where one person is 65 or older, and it is before taxes. I found it interesting that only 1% is from a private pension. I am a single person and all my gross pensions together total approx. $40,000 Cdn/year (CPP, OAS, Superannuation, foreign pension). I live in the most expensive city in Canada and am renting an apartment. On average I can still save approx. $7,000/year.
Important indeed. Comparisons between different countries with their sometimes very different systems are complex enough without misunderstandings.
Thanks for clearing that up. I was wondering about that as I was watching the video.
That makes more sense. 60K per person after taxes seemed high. Looking around, you can tell most seniors don’t seem to have that kind of income
Correct yes it is for a household in both places, we rent and we are also saving money 💰 Cheers 🍺🌺🙂
This is just a discussion about two reports Cheers 🌺
We really enjoy your videos, they are informative and fun. Can't wait until you can get back to Portugal. Thanks!
Barb thank you so much for your generosity we really do appreciate your support, unfortunately we have been out all day and only just seen your message . It really encourages us to want to do more have a wonderful week Cheers Norm and Tina 🍷🌺🤗
You guys are fantastic. Enjoy seeing the love between both of you. Keep the videos coming. I’m Portuguese living in Ottawa, Algarve is on my short list of winter destinations.
That’s wonderful Marcel we love visiting the Algarve 🇵🇹Cheers 🌺🇵🇹🇨🇦🍺
Hey guys. Just got back from Athens a few hours ago. What an amazing city. One of our favorite. Right up there with Zagreb, Croatia and Belfast, Northern Ireland. We could definitely see ourselves spending a month in Athens one day. As far as today's video, and it's another great one, my wife and I have set a taxable monthly income at retirement goal of $6000, or $72k/year. We use 2% inflation/year in our forecast as well. I think an important point for retirees is to try and reduce the amount of tax you pay at retirement. TFSA's, non-registered funds, and spousal RRSP's that allow income splitting are all good ways to reduce your taxes at retirement. Can't wait for next week's video.
We are glad you enjoyed Athens Mark on that amount you will have a nice retirement, glad you are enjoying our videos have a great weekend Cheers 🍷🌺🙂
Interesting: for net worth we are way above the median but for income we're just a little above the median(I didn't include our regular withdrawals from retirement funds, just our Social Security and my tiny work pension). Once we sell the house and pay off our debt we'll be in much better shape. I know I keep writing that. I must sound like a broken record! For now my plan is to spend a little of our retirement money and take a few trips because darn it, I've earned that! Next week we leave for a week in D.C. then I'm off to Chicago the first week of June to spend time with family. And at the end of June we're spending a few days on the North Shore of Lake Superior. And hoping to go back to Spain in August/September. So far I'm enjoying retirement!! just wish I could stop worrying about money due to the bumpy stock market of late......even with your reassuring videos about money, I still worry 🥴
We are glad you are enjoying your retirement just being aware of your financial situation should take away some of the worry Cheers 🍷🙂🌺
@@ThisIsOurRetirement you're right, it does help. 👍
This is the same problem( the worry) I have and yes there videos, put things in a place.
We too are much higher in the net worth But we are almost Bang on for the income. Only know cause we just picked up our taxes.
As for the bumps in the stock market, that's what we keep hearing but our investments keep going up.
In the UK, there's no requirement to pay for health insurance and payments into National Insurance cease on retirement.
Thanks for sharing Cheers 🍷🇬🇧🇨🇦🌺
Yes - If you consider those average, annual healthcare costs in the UK average income, all three countries are fairly close in annual income.
I am 74 and still working. Never earned so much before :)
I got bored sitting at home.
Keep it up sounds like you are happy that’s the main thing Cheers 🍷🙂🌺
Even if you own your house outright, there are considerable expenses associated with having a house. Most places in Canada, you have to pay for snow clearing and possibly yard care. Plus houses need new roofs, etc. every so often. Many seniors find their teeth start deteriorating and have significant dental bills. I'm not surprised at the percentage for food and clothing as food is a major portion of most budgets even if clothing isn't. I would imagine that a lot of the people still working in retirement are single people as it is so much harder to pay the bills on your own. Not a choice but a necessity. It is my understanding that in the US the government pension is based on work contributions similar to Canadian CPP. In Canada, we have OAS which is based on residency which means that women who didn't work or took time off to raise children still get a pension.
Thanks for your comment Jenny have a wonderful weekend Cheers 🍷🌺🙂
Women who don’t work in USA get up to 1/2 of social security of husband.
Thanks!
Thanks so much that’s very kind 🌺🙂
in 34 years of working after graduating from college/UNI, we have only ever had 0 to 3 weeks of vacation travel. And I remember when the kids were pretty young there were five years in a row where we had zero full-weeks of vacation travel. I say this just as a point of reference. I have no idea if anybody else in the world would be similar. I would take weeks off of work, where I would be doing projects around the house like putting up a fence or finishing the basement. Almost all of our years we would leave our state to go do something fun either zero, one or two weeks out of a year. I don’t know if we’ve ever traveled 4 or more weeks in any year at all as a family. In my alcohol budget for my entire life would be zero as well. Never had a drop. Also probably rare for a group which likely is comprised of a fair deal of UK folks.
We were similar some years we never had vacations and when we did they were driving to keep the cost low. We didn’t fly to resorts when our children were growing up, we were busy rebuilding our life in Canada after emigrating. Thanks for sharing your thoughts, we do enjoy an alcohol beverage every now and then.
Fascinating video. I really enjoy these sorts of comparisons. Doesn’t sound like good news for UK retirees though.
Glad you enjoyed it
Seems a lot of changes going on in the UK 🇬🇧 pensions and not for the better with age going up 🍻🙂
I realize that some of this depends on where you live (expensive city or rural) but I am absolutely shocked at the numbers you presented. No wonder people are having a difficult time paying bills, etc. Thank you for these videos!
Glad you enjoyed it have a wonderful week Cheers 🍷🌺🙂
Hi Norm and Tina! I guess I am around the median for income from pension, CPP,OAS at 65. I’m giving myself a raise to the OSA clawback amount. Investments and house are extra for net worth. We have allowed $6500 expenses presently a month that may or may not include travel. Wife retired before 60 and kicking in work pension in a Lira and Lift. Need to spend the money in an efficient manner. Keep having fun! Enjoy the sunshine!
Sounds great Paul our weather has been really nice this weekend hope you are having a wonderful weekend too Cheers 🍷🌺🙂
Thank you for including UK figures for those watching from the UK
Glad you like them Mike
I'm 58 and I love your videos, helps me a lot thinking in the near future.
That is awesome Adrian, thanks for sharing this.
Hi Tina and Norm. First, I must say that I really enjoy your videos, having watched.them for over a year.
"OTHER"??? On this topic (what other things do people spend their money on?), I would mention :
1) Home Improvement
2) Hobbies:
crafting, knitting & needlework), wood & metal-working, bird-watching, beekeeping
The cost of books and equipment can mount.
3) Sports (esp. golf) walking, hiking & rambling. Membership fees.
4) Pastimes (Bridge, Cribbage, Bingo)
Gardening comes under no., 1 & 2 - it can certainly eat up a chunk of cash!
Plus - of course - doodling around on the computer, iPad or smartphone.
That “other” seems to be an interesting one 🤔guess lots can go in here have a wonderful week Cheers 🍷🌺🙂
I really enjoy your videos and have just recently discovered your channel. I believe I binge-watched every videos you did! It would be really helpful if you could do a video on single close-to-be female retiree and get your perspectives on statistics and where we stand as a group in Canada. Many thanks and be well!
Thanks so much Lili it is difficult for us to act as single travelers we have no experience, other than there are cruise lines doing solo traveler rooms. There is also the chance of traveling with another solo female traveler. Thanks for watching we appreciate it.
I have to say that I'm surprised at how similar those figures are to US Citizens. I assume that the earnings are each for a single person and not for( MFJ) or married filing jointly, which has a different tax treatment. As far as the 40% paid for housing with no mortgage, In at least the NE US we pay very high school and property taxes. I'm not sure if utilities would be counted but they can also be expensive. Some area's have HOA (community expenses). In SE NY we have a fairly high cost of living, even outside of NYC.
On our last trip to Niagra Falls, I would say that it seemed as though everything was quite expensive on the Canadian side which we decided to stay at after initially planning to stay on the US side. A dinner along with wine at TGI Fridays with 2 adults 2 children was about $100 more than I would have expected at a similar US chain restaurant.That was over 10 years ago now and we could easily go back and forth over the border.
The numbers are actually per household where one person is over 65 , thanks for watching have a great weekend Cheers 🇺🇸🍷🇨🇦🙂
Norm & Tina … spilling the tea!!! I love your channel, guys! ❤️❤️
Videos like this are so informative and helpful! BTW, we head to England on Wednesday! So excited 🙌🏴
Have a great weekend! Cheers XX Dara
Our pleasure! have a great trip to England 🏴 hope you get some nice weather Cheers 🍷🇺🇸🇨🇦🇬🇧🍺
@@ThisIsOurRetirement we will be gone 4 1/2 months. I’m sure we will encounter a few raindrops, but I’m sure there will be plenty of glorious sunny days as well rain ☔️ ☀️. Cheers!
Hi you 2. Thanks for the videos. We are Canadians living in the USA now. What I think would be more useful to us (not that this is not useful to some) is along the same lines. But instead of all income for those 65-75 or whatever the spread over 65 you choose, would be the income only from passive sources, what I mean here is income for CPP and OAS in Canada (SS in the USA) and any other similar income. Income form W$rk (Yes for us it is a 4-letter word :)) part time or otherwise, is very subjective. We have been retired for ~10 years and live in the USA, we get SS from the USA, CPP from Canada and I get a UK state pension (UK's version SS and CPP), I applied for OAS, and am waiting to see if I qualify based on my Canadian and USA employment as there is a reciprocal agreement.
Also, we noticed that you guys rent. We own our home, and it costs less than half of what it would if we were renting a home half the size of ours in not such a desirable area. This is based on our USA current 2022 rents here in Northeast Florida.
Looking forward to your reply.
We have talked about the pensions from Canada USA and UK all the government old age pensions and if you can live on them here is a link to it. ruclips.net/video/txhDvHx2Zzo/видео.html
Thanks for the information. Not sure in Canada but just because you turn 65, here in the States, you are not automatically considered retired. I got the feel that You were considering everyone retired ( even If you were still working) if you are still working, most people would not consider themselves retired. People can Start takIng their Social Security at 62 or as late as 70. The earlier you take it, the less you get per month. If you are still working, and start taking your SS. At say 62, you are limited to how much Income you can earn without a heavy penalty on your S.S. Once you reach your Full retirement age, which is variable depending on your birth date, you can start to take your S.S. And still work without and penalty. That doesn’t mean you won’t have to pay tax on your SS, you still may if you are a higher wage earner.
It’s the same in Canada
It doesn’t take much in income to get taxed on most of your SS when your retired either. I am single with annual income of $54,000 after taxes and pay tax on 85% of SS. Not complaining though, my expenses are very low and I am able to save each month. I feel very fortunate.
Thanks guys, my 401K ( i guess you do not have that up north) it is coming back for more travel. Once you hit FRA you can make as much as you want in the states! We are comfortably above the medium and actually have more spendable income then when I worked :) My company called me back to work after 5-years and are paying me $100 US per hour, I only like to work 20 hours per week and we are going to Italy for a month in November and Ireland in May!
Sounds great! we hope you enjoy your trips Richard we have been briefly to both places and hope to go back one day have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🌺✈️
These past two videos have been really interesting. (I retire in 8 months.). Thanks much! I love that you included median household expenses. These median values are making me feel pretty comfortable because it turns out I’m just an average, er, median Jane.
Glad you like them both and found them useful have a wonderful weekend Cheers 🍷🌺🍺
Hi "TNT"= Dynamite 😮❤
("Tina-Norm Together")
Enjoy watching your videos!❤
I am 65 and 8 months y.o.
Decrepit, eh!😮
In transition to retirement.
Am taking a few more months to decide on next move
Quit working full time and Nit taking USA social security yet ( full retirement age for me is 66+ 8 months)
I could retire any time with about 2 years cash flow in savings plus own home = paid for.
Thought I would want to travel some - but that desire is not there so much now, for some reason.
My happiness comes from be I g safe and secure and pusuing intellectual type activities and barely looking at clock!!
Do not want ANY Stress at all.
Staying healthy until 90 or so is my goal.
Just wanted to "Yell" at you❤😂
XOXO
Lone Wolf in Illinois
My Social Security income, after working hard in the professional middle US class is $22,000. That's half my basic cost of living and why I'm moving to Ecuador.
If you can cope with seeing crushing poverty that’s a great plan and living in an active earthquake zone
After see these numbers I now understand why GIS has become a important program for Canadians.
Very true
My income is NOWHERE near the medium income but, I seem to have more money than ever. I can do what ever I want and buy what ever I want within reason. Part of it, is I have had zero debt for a number of years. While I was working I decided to invest in REAL expenses that go into the cost of 'living' for the rest of your life -- solar power, wood stove, septic tank, insulation, water well and most important-- every single thing that needed to be done to the house while I still had a job. I live in a luxury home with a private forest in an upscale neighbourhood that costs $10K a year to fully run, insure with taxes, utilities and maintenance.
So interesting! I think that they should separate the clothing and food percentage. I definitely spend less on clothing but the food makes sense. I love to eat out rather than cooking at home. Thanks for providing this information.
Thanks so much for watching Mairin have a wonderful week Cheers 🍷🌺🙂
Hi Tina and Norm, I watch and enjoy all of your videos, but rarely comment. In the breakdown of where you spend the most you were surprised by the 40% for housing. I think even if you are mortgage free, you have to calculate property taxes, hydro, heating, utilities, repairs and maintenance and it seems not outrageous that the figure adds up to this amount. Anyway, keep on letting us retirees in on your research. Thanks, Marion
Thanks Marion we are glad you are enjoying our videos , we are just sharing what we are learning too have a lovely week Cheers 🍷🌺🙂
Agreed Marion, and I think maybe home-owning retirees sometimes spend their early retirement getting their homes ship-shape, maybe doing renovations or extensions to allow for grandchildren staying. And yes, taxes and cost of running a property are significant!
Thanks for your videos. Retired in the last year and we jointly draw down $60k AUS currently. As we have been spending money on the house and not traveling this is around break-even. I think our base recurring expenditure is around $45k, but who knows what medical expenses may come as we age.
The future is hard to predict but being aware of potential future expenses is half the battle, being prepared.
I like Tina,s comment, "She likes Your big birthdays, cause WE get more money".
Love your channel. WE, look forward to seeing you & hearing your tips & thoughts. We're getting close to the cusp of crossing into retirement.
Thanks for watching Ben we appreciate your support have a lovely week Cheers 🍷🌺🍺
Your video prompted me to evaluate income and then expenses in retirement. With all the news about inflation here in the US, I took a look at our grocery costs over the last ten years. It surprised me to find that in 2021 we spent less than in 2020. The spend has been consistently rising year over year since 2016 until last year. This surprised me since we continued to eat three meals a day.
That’s funny how some things work out , all we can say is our groceries seem to be going up each week 😱have a wonderful weekend John Cheers 🍷🌺🙂
Very cool exercise in looking at your food over that long period. I struggle with coming up with a monthly spend number because of groceries plus dining out plus using multiple pay methods. But it's an important number to understand.
I cut so many extras out of my groceries and buy only what is on sale for produce. I've seen the same savings this year over the last 2 years. Average $25 per month
Thank you Norm and Tina, always enjoy your videos. Could you please do a video on retired people who are not working and only receiving the government pension and workplace pension. Would be interested to see what there annual income is. Think you Malcolm D.
Thanks for the suggestion Malcolm Cheers 🍷🌺🙂🍺
The big difference is health care costs. US retirees pay hundreds of dollars a month for insurance even under medicare. Thank you as always!
$1,200 per month here.
Yes it is a big expense!
Wow!
@@sct4040 20 million Americans get free healthcare, the average American pays $450 a month.
@@americathebeautifulforever9746 that may be true under ACA. In a country of over 300 million people that is a very large number funded by tax dollars but a smaller percentage. 450 is a lot for people living on Social Security alone especially if it is taxed. It is a complicated issue to be sure.
I plan to move to Portugal to stretch the income. In the US, we can collect out Social Security and Pension income anywhere.
Sounds interesting thanks for sharing we love Portugal 🇵🇹
God bless you and your family
Thanks so much you too 🍷🌺
Love your videos! I have a couple years before I can retire and my wife has around 8. We’ll be 58 and 60 respectively when we do. I’d love to maybe move to BC at some point after that , if not just for the winter months. I have a daughter and brother already living there so that would be a added bonus. Won’t be buying a home though. I think renting will be the best option, and from what understand, that is what you guys are doing. Cheers and all the best. Subscribed too by the way!
That is awesome! thanks Dean for watching, yes we rent and love it , it gives you so much freedom plus when things go wrong someone else comes and fixes it LOL 😂😂hope you both have a wonderful retirement Cheers 🍷🌺🙂
Muy bueno!!
Muchas gracias buen fin de semana saludos 🍷🌺
I'm also Canadian, and my mom is retired, and all she gets is her Canada Pension Plan and Old Age Security, 24k CDN a year. No savings, and still some debt. If she didn't live with me to share expenses, not sure where she'd be making so little. I will have to work until I die, since I can't pay my bills on that little she gets. Luckily I'm self employed and work from home, so it doesn't take a lot of energy to do my work. Some worked hard all their lives at full time but low paying jobs that earned just enough to live on, with nothing left over for savings. She has me to help, but since I had no children, I won't have anyone when I'm her age.
Thanks for sharing Sharon your mum should get GIS to help as she is low income and Free Dental , and only pay $100 for prescriptions we are glad that she has you to help take care 🌺🙂
Great Information, thanks! Can't wait to see if this video takes off like your last, the race is on lol! Happy to see your successes, you've earned it 😀
Thanks so much fingers crossed 🤞 we would love it to Cheers 🌺🙂🍷
Migrating from the UK to Australia was one of the best things that I have ever done in my life.
Sounds great Jon have a wonderful weekend Cheers 🍷🇦🇺🇨🇦🍺
Always find these statistics interesting so thanks for sharing. Just a few comments could you include the dates that this info is based on for any future comparisons or if not too difficult how about doing a summary chart from these last two videos? The categories in the spending survey are too broad so it does not give enough information. For example where has travel been put? is household expenditures in the other or in home? Health costs and insurance? Also the age range needs to be specified. Simply too vague and this is often the case with many surveys.
This was done from 2019 Federal reserve survey thanks for watching Cheers 🌺🍷🇨🇦🇺🇸
Hi Norm and Tina. Really enjoying these videos, great topics each week. One question - can you clarify if the median incomes you mentioned are per individual retiree or per retiree household. Also, are the numbers before tax or after tax. Thanks!
The number is after tax Mark , and is per household with one being 65 or older glad you enjoying them Cheers 🍺🌺🍷
Watch from 2.45. Clearly explained.
Estimated Household income at 56 will be £47k jumping to £65k (accumulated for both of us) when state kicks in at 67 (Savings+pension) Plan to sell 2 properties at 60 to pay for dream home in the countryside) I guess my wife and i have been fortunate. TY for giving a benchmark that we can compare with. My wife is 55 this year and plans to leave next year after 30+ years in the NHS i will leave 3 years later also at 56. You have both been extremely helpful in determining if we should retire early or not. We both have good salaries and paid two mortgages off so just saving for retirement now and filling up premium bonds and setting up Investments. We have a 2nd home as an income source at present that we will sell at 60 which gives 6% return /year. No kids which i guess has over inflated our assets and wealth compared to the Average UK citizen.
Your very welcome hope you have a wonderful retirement Cheers 🇬🇧🍻🇨🇦
@@ThisIsOurRetirement All the very best i hope to visit Canada in retirement. It looks really nice and i love to ski. :)
Another great video. I hope that I can make it to 65. I definitely don’t want to work longer than that age.
We hope you can retire early too we were 58 and 60 and haven’t looked back Cheers 🙂☕️🍷
hello my friend 🤝 I really like your work so I made a point of writing these words. keep going like it worked. a big kiss from Brazil 😘 God bless you and your family 🙏
Thanks so much we are happy you enjoyed it Cheers 🍷 🇧🇷 🇨🇦🙂
I retired when my expenses equaled 80% of my take home pay. It worked. I retired at 68 and I am 90 years old. All my savings, IRA's, investments, etc. remains untouched except for the time I needed money to buy a home in cash 10 years into my retirement. It was a good investment, since my rent was replaced by property tax (a $1500 a month savings) and my home more than double its value in 13 years.
Thanks for sharing very interesting comment lately the prices of houses has gone through the roof in Canada 🇨🇦 have a great July 4th Cheers 🍷🇺🇸🇨🇦🌺
Ahhh, so you're planning to take all your savings with you after you die, right?? C'mon, spend it while you're still alive!! Your kids/grans will get by without it!!
I do this really fit in research figures. I don't yet draw SS because I don't "need" it. I also don't have a W2 wage.
I work the system and report "income" to help lower my taxes. We have about 30% of our net worth in cash instruments, 40% in investment/retirement accounts, and the rest in real estate. We keep our taxable income below $80k but actually spend about $110k.
I plan to take SS at 70 and my wife at 68. Our benefits are very similar as we had similar incomes in our lives. Spending down the IRA money before the required distribution is a big deal for us.
It’s good you have a financial plan, best wishes for your retirement.
I enjoy your channel and appreciate the information, I’m 60 years of age and thinking of retiring soon and was wondering what would be the median age people retire at in Canada, thanks for your time,
Hi Jim Thanks for your kind words, the median retirement age in Canada is 64. Good luck for your retirement. Merry Christmas 🎄
Wow, I’m doing well! I’m 57, retired twice (military and another government job and VA compensation) and I make $102,000 a year after taxes. When I turn 62, I still have my social security benefits to come! And this does not include my husband’s retirement income! Happy Mother’s Day Tina!
🙄
You sound in a great financial position Pamela thanks for the Mothers day wishes 🍷🌺🌞
Hi Tina and Norm - In the UK we receive the state pension from around age 67 and this is usually £9,339 per year so for a couple that is an extra £18,678 per year on top of any personal or employer pension provision :-)
Thanks for sharing Richard Cheers 🍷🇬🇧🇨🇦🍺
Hi sir, in UK state pension is like Social security in the States? Thank you!
@@ellenoelmalica4533 I am not sure. In the UK when you are working one of your monthly pay packet deductions is called National Insurance - this is paid to the UK Government. When you have paid National Insurance for 35 years then you qualify for the full state pension from the UK Government, which is currently £185 per week per person. Some people qualify for free National Insurance contributions - carers, bringing up a child, etc. so this appears as if they were working and paying each month. The UK State Pension requires a minimum of 10 years National Insurance contributions to get the minimum payment and if you have more than 10 years but less than 35 then you get a part of the state pension when you retire. Only when you have at least 35 years of contributions do you get the full amount.
Thanks. I would say I'm about average in the US. No mortgage or debt. I've been retired for a little over a year and I've never been one to travel so I guess I'm doing well. though I do have to say that with flattened wages over the years I worked, without expecting to get rich in my field, I do think I should have retired with more.
Thanks for sharing! Jeff have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🍺
My wife and I have a combined total about $58,000 per year Canadian from all our pensions. We never had high paying jobs but faithfully saved for decades into mutual funds and stocks so we have about $1.6 million saved. Our house is also paid off.
Sounds like you are in a great position to retire 🙂
You are really funny, love your videos 😊
Glad you like them! enjoy your weekend Cheers Vivian🍷🌺🙂
Loved the way you both got rather giggly regarding time spent on holiday. That's my idea of retirement, unfortunately I will have to keep sending the wife out to work when I retire ( she is younger than me)! But joking aside as much as we would like to spend the year split uk and Thailand it's going to be a real challenge unless Boris pulls his finger out and makes the pension more realistic. I do have a private pension as well so amazingly I will be better off than a lot in the UK. Three years six months and counting. 🥳👍
It’s hard Andrew to have a great plan for retirement we are thinking also of UK and Portugal 🇵🇹, you are on the countdown we wish you well Cheers 🙂🍷🌺
Great video. I live in the uk. I do live on my own and will need know where near £23,500 a year. But with little housing cost as I'm mortgage free. And no health insurance!! I'm only 58. But if the next 8 yrs are like the last, things will not change that much. Also I what videos about retirement in North America and I'm glad I'm this side of the pond. As to me we seem to need less money to retire on!!
Thanks for your kind words, we would say Canada and the UK are very similar from a retirement financial aspect……both have universal healthcare, Canada has lower sales tax but the big difference is Canada and UK compared to America, it is expensive for healthcare insurance and would be difficult for you and us.
Are the numbers you quoted for SINGLE retirees (as you are no doubt aware there are many retirees in this particular category), or are they for total combined household retirement incomes??? This makes a huge difference in the numbers you have mentioned. As a single retiree, netting approx 50K per year (after tax), it is far below your figures, but is only for 1 person. And that btw includes a substantial defined benefit pension plan. Not all retirees are couples, and this needs to be mentioned in your figures, as it makes an important difference to overall financial security.
Thanks for your comment Timothy yes our numbers are per total household with one being over 65 have a great week Cheers 🙂🌺🍷
Just curious if you know anything about the chip mortgage in Canada? Would really like to know more about this and maybe you could do a video on it. Thanks.
We don't know anything about it and we do worry sometimes that the more financial services information we discuss that we might get in trouble from the regulators.
@@ThisIsOurRetirement oh I wasn't aware of anyone checking on you. You wonder where they would find the time to do that. Love your program ❤.
Thanks Lynda 🍷🌺
Just a note from Montreal to point out that the net differences between Canada and US senior net incomes are actually wider than you mentioned because Seniors in the US are receiving Medicare too but often need to top it up with additional health insurance to prevent them from being faced with exorbitant hospital bills. That cost rats into their overall quality of life. One more point: you had mentioned that most of your audience seem to own their own homes. In Quebec,there is a distinct cultural difference from most other Canadian provinces: a high percentage of city dwellers, particularly in Montreal, rent their dwellings rather than own them.This distinguishes US from most other provinces and skews the numbers by requiring payment of a large percentage of senior incomes to rents. Add to this the fact that rents in Montreal are increasing rapidly and you will see that this may be where lots of the money goes. Any comments from others would be welcome. Finally....higher property valuations throughout Canada are often followed eventually by considerably higher taxes. In summary, this is one more reason why I see the surprising 40 per cent cash outlay for housing possibly justified. Thoughts?
That was a really interesting comment Mary thanks for sharing we also rent and are fortunate that we have rent control in Ontario our last increase was 1.2% which was great . Have a wonderful weekend Cheers 🍷🌺🙂
Trudeau doesn’t have any authority with Immigration in Quebec, as they are the only province that does their own Cheers 🙂🍺
I really enjoyed this video! I cut down on my liquor expense by being a member of a weekly wine group with my girlfriends. Betty always hosts at her house. We each bring a bottle from time to time. I guess we don’t drink very much but we do solve all the world’s problems! Lol
That is awesome! sounds like a great idea Kathy Cheers 🍷🙂🌺
Greetings from Australia where retirement income is tax free for the over 60’s
Thanks for this informative video. I’d like to suggest that a better comparison for this is income against the cost of living.
Wow Helen sounds a great tax deal 🇦🇺thanks for the suggestion Cheers 🍷🇦🇺🇨🇦🙂
@@ThisIsOurRetirement It was a grubby little Prime Minister nearly 30 years ago who made things wildly generous for Australian retirees, bribing them for votes. It created structural deficits in the economy, and means that young people are now carrying a disproportionate amount of the tax burden.
Our combined (Fed & CA State) effective tax rate in 2021 was 6.85%.
Thanks for sharing 🍷🇺🇸🇨🇦🌺
I can understand why food takes so much of the budget. I just went to purchase some Thai Jasmine rice. A few months ago it was about $1.1/lb, today it is $1.6/lb. Food prices are going up a lot.
Food prices are going up everywhere, have a great weekend Cheers 🍷🌺🙂
That is about right. When I retired I was making that in the US. I have been retired for 2 1/2 years now, and I have more money in the bank now then I did when I was working, and that is because of my working expenses which I do not have to pay out because I'm home.
Where I live in the US, 65 year olds receive discounts on everyday items, as well as transportation (public) and groceries. Also, Covid 19 and the travel restrictions that we faced over the last 2 years, had a tremendous advantage on this area, as well. Thus, if it had not occurred, I know my expenses would have been more.
Ms. B. Churchill
You are so right, financial services don’t tell you about this and yes covid has been terrible but a financial windfall for us travelers. Thanks for your comment Bernaclis
It has never made sense to me to convert USD in to CAD or the other way round as the cost of living is based in the currency you pay out. Therefore our median is higher. Most of my income comes from my investments which is why net worth matters and the percentage of income you take from your net worth really matters. My income is made up of CPP, OAS, small work pension and from my investments. Income from investments is about 4% of my net worth but I know some who take a much higher percentage. I would rather take less knowing it should stay constant than take a higher percentage and be told I need to take a pay cut should the market drop significantly. Now that I have sold my condo and will be renting an apartment my income is higher than the median mostly because I like a healthy travel budget :-) however my taxable income is no where near the median.
Good point about the converting Maureen we talk both as our audience is mainly from USA 🇺🇸 and Canada🇨🇦. We agree better to keep the dividends staying in your capitol if you don’t need it and live on pensions etc. That’s great you sold your condo and now renting we love it have a wonderful weekend Cheers 🍷🌺🙂
retired CFP and financial advisor in Canada. Yes the all important "after tax" is what matters. just part way through watching. the Cdn median after tax income is pretty decent i think. You do not state if this is from all sources (CPP/OAS/ private company pensions/registered plan drawdowns)... but i will assume it is. < well you mention some sources, but not savings registered, tfsa, and non-registered> ... In my case i have deliberately brought our income down into the poverty range. (until age 71) We will use Tax Free Savings Accounts for 5 years when i turn 71, then start taking RIF/LRIF funds. (just take small RIFs now to use the $2k/year pension tax credit). By deferring the Canada Pension plan until the last moment there is 0.7 % gain per month. As my life expectancy is decent, I will take it at the end, barring any health changes. So like Mark Twain said, "there are three kinds of lies,.. lies, damned lies, and statistics". Consult a qualified financial planner to minimize your taxes and draw income from the most tax efficient sources. Now onto watch the rest of this interesting video.
Thanks for watching we got all our numbers from government sites , glad you are enjoying our video have a wonderful weekend Cheers 🍁🇨🇦😎
Spending breakdown is not too surprising for me. Housing, even if you own your home, will still include heating/utilities, insurance, taxes, maintenance etc.
Yes Bruce a mortgage free home is still quite expensive to maintain.
I was curious and Googled info. Motley Fool says for 65plus the average per couple is $75,254 and median is $47,620 in the USA in 2022.
Single males $46,337/ $29,275.
Single female
$38,298\$25,212
All Americans the average is $66,928
median is $48,872 from 2020.
As retired 70 plus we have more than the average but we both have part-time jobs we love. Our big expense is medical for us and an adult grandson we help, with medical issues who is unable to work or go to school. His single mom can't handle it all. I prefer helping him to traveling. Only 2 weeks vacation travel not counting visiting relatives or friends.
Enjoy your videos.❤❤❤❤❤❤❤
Thanks Lynn for sharing we are sure what you do to help family is well appreciated Cheers 🇺🇸🍷🇨🇦🌺🙂
Love watching you guys, I'm a soon to be 39 year old in Canada!
Edit: sorry I'm still watching ... 3% from dividends?!? That seems shocking. The amount of people working does suprise me, but the % not from personal savings freaks me out ( as that's all we will have along with potential CPP OAS... my dad always said don't assume it'll be around)
So .. we are not large income earners and that's a tad scary though we are trying really hard to save
CPP according to a report in 2019 is sustainable for another 75 years, only risk is keeping the government’s hands off it as a revenue stream. OAS will probably follow with all the other western economies of increasing the retirement age to 67 or 68 by the time you get there. Certainly to have investments and savings or a house paid off and sell it at retirement will give you more than enough live of. Fingers crossed lol
@@ThisIsOurRetirement thanks for trying to ease my mind. Yes we should have our house paid off by early 50s at latest and aiming to save close to a million but who knows what will happen with the compound interest for certain 🤷♀️ but we definitely have no work pension,no matched RRSP contribution... Nothing like that. Just us and our investments!
@@ThisIsOurRetirement I'd love to know the specifics of your savings and monthly income to know what the equivalent after inflation I need to aim for to have your lifestyle would be as that would be our aim
Interesting. I'm wondering - what is the year of the US Census study? Thanks!
Good question! it was 2019 enjoy your weekend Beth Cheers 🍷🇺🇸🇨🇦🌺
I think an interesting video would be the sources of retirement income and the percentages.
Thanks for the suggestion Kaitlin
They eat too much of the profits
From a "still working" 74 year old, my personal income is far less than half of your 61,200 median figure; some years a quarter or a fifth of that (that includes a bit of interest, but not dividends from the stock market investments, and no appreciation on real estate holdings).
Last airplane or train ticket purchased was 1985; no foreign travel or holidays since then;
just nose to the grindstone type of living; no restaurant or luxury expenditures at all.
(no divorces or lawsuits, fortunately). (built my house literally myself on a cash basis).
Thanks for sharing, the median figures don’t mean anything if you are living a good life.