Average Income Of Retirees At 65

[@ThisIsOurRetirement]

Here is a link to our Net Worth video that goes along with this video. kzbin.info/www/bejne/gaSboKund718gdU

[@keepcreationprocess]

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.....

[@ThisIsOurRetirement]

@@keepcreationprocess Thanks for watching Joe Cheers 🍷🌺🙂

[@angelagurrin4520]

I am in Australia and still working come up to 70 soon.

[@americathebeautifulforever9746]

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.

[@ThisIsOurRetirement]

It’s sounds like a wonderful life have a great weekend Cheers 🍷🇺🇸🇨🇦🌺

[@llamudos9809]

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.

[@ThisIsOurRetirement]

Your very welcome hope you have a wonderful retirement Cheers 🇬🇧🍻🇨🇦

[@llamudos9809]

@@ThisIsOurRetirement All the very best i hope to visit Canada in retirement. It looks really nice and i love to ski. :)

[@alicjap3482]

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.

[@just42tube]

Important indeed. Comparisons between different countries with their sometimes very different systems are complex enough without misunderstandings.

[@rejlanteigne7231]

Thanks for clearing that up. I was wondering about that as I was watching the video.

[@rozinant1237]

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

[@ThisIsOurRetirement]

Correct yes it is for a household in both places, we rent and we are also saving money 💰 Cheers 🍺🌺🙂

[@ThisIsOurRetirement]

This is just a discussion about two reports Cheers 🌺

[@tstubs]

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.

[@ThisIsOurRetirement]

Sounds like you are in a great position to retire 🙂

[@colibri67]

In the UK, there's no requirement to pay for health insurance and payments into National Insurance cease on retirement.

[@ThisIsOurRetirement]

Thanks for sharing Cheers 🍷🇬🇧🇨🇦🌺

[@beauteoussounds1156]

Yes - If you consider those average, annual healthcare costs in the UK average income, all three countries are fairly close in annual income.

[@RC-fh2lk]

After see these numbers I now understand why GIS has become a important program for Canadians.

[@ThisIsOurRetirement]

Very true

[@CLdriver1960]

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.

[@ThisIsOurRetirement]

Sounds great advice have a great weekend Cheers 🍷🙂🌺

[@secretagent86]

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.

[@ThisIsOurRetirement]

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 🍁☕️🙂

[@halliebass]

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.

[@ThisIsOurRetirement]

This unfortunately seems to be what happens Hallie when you earn over a certain amount it gets clawed back thanks for your comment Cheers 🍷🌺🙂

[@jeanpauljeanpaul2530]

The OAS is clawbacked completely at $125,000….if your making nearly that much, you need not worry about a $6000 clawback.

[@halliebass]

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.

[@eliriseliris]

Yall are taking too much from the country, give the young people a break... like vultures circling the meat without providing anything in return

[@Broadmaynewood]

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 .

[@keithmoriyama5421]

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.

[@jonh9561]

Migrating from the UK to Australia was one of the best things that I have ever done in my life.

[@ThisIsOurRetirement]

Sounds great Jon have a wonderful weekend Cheers 🍷🇦🇺🇨🇦🍺

[@ramjet5192]

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.

[@ThisIsOurRetirement]

If you can cope with seeing crushing poverty that’s a great plan and living in an active earthquake zone

[@richardc488]

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!

[@ThisIsOurRetirement]

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 🍷🇺🇸🇨🇦🌺✈️

[@PamelaAlston-x5j]

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!

[@elterrifico9522]

🙄

[@ThisIsOurRetirement]

You sound in a great financial position Pamela thanks for the Mothers day wishes 🍷🌺🌞

[@howellwong11]

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.

[@ThisIsOurRetirement]

Thanks for sharing very interesting comment lately the prices of houses has gone through the roof in Canada 🇨🇦 have a great July 4th Cheers 🍷🇺🇸🇨🇦🌺

[@kebo57]

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!!

[@BarbOConnell]

We really enjoy your videos, they are informative and fun. Can't wait until you can get back to Portugal. Thanks!

[@ThisIsOurRetirement]

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 🍷🌺🤗

[@DS-nb5cz]

The big difference is health care costs. US retirees pay hundreds of dollars a month for insurance even under medicare. Thank you as always!

[@sct4040]

$1,200 per month here.

[@ThisIsOurRetirement]

Yes it is a big expense!

[@ThisIsOurRetirement]

Wow!

[@americathebeautifulforever9746]

@@sct4040 20 million Americans get free healthcare, the average American pays $450 a month.

[@DS-nb5cz]

@@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.

[@sharonsomers]

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.

[@ThisIsOurRetirement]

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 🌺🙂

[@crusaderlatin732]

Please keep helping people!! Much love and thanks to you both.

[@ThisIsOurRetirement]

Your very welcome 🌺

[@rogergregory7190]

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.

[@ThisIsOurRetirement]

That “other” seems to be an interesting one 🤔guess lots can go in here have a wonderful week Cheers 🍷🌺🙂

[@sandraullmann5711]

I know about 250 people and who are all retired and living on their retirement income, not one of them is making more than then $24,000. a year. Which means; slightly less than or about $1,900.00 or $2,000.00 a month. That is the total income to cover all expenses including medications .

[@ThisIsOurRetirement]

If these people are in Ontario Canada medications are covered after you pay the first $100. It is so important to try and save for retirement.

[@theneverendingjourneyoflif1482]

Thanks!

[@ThisIsOurRetirement]

Thanks so much that’s very kind 🌺🙂

[@bridgetmast9400]

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.

[@ThisIsOurRetirement]

Love that! that’s so sweet Bridget glad you enjoy our videos we appreciate yours and everyone’s support Cheers 🌺🍷🙂

[@tibbyjohnston3318]

That’s hilarious. My husband and I call each other Norm and Tina. Not our real names!

[@adriancarabajal7115]

I'm 58 and I love your videos, helps me a lot thinking in the near future.

[@ThisIsOurRetirement]

That is awesome Adrian, thanks for sharing this.

[@kennethpao1355]

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.

[@ThisIsOurRetirement]

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.

[@jeffl.oliverson6690]

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.

[@evadeanu1]

It’s the same in Canada

[@buffycat4641]

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.

[@marianneeichler648]

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.

[@ThisIsOurRetirement]

Thanks Marianne, your comment was fine.

[@timothy4597]

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.

[@ThisIsOurRetirement]

Thanks for your comment Timothy yes our numbers are per total household with one being over 65 have a great week Cheers 🙂🌺🍷

[@33Jenesis]

My retirement savings drops like a stone in water in the past 4 months. I am still retiring in July. I can cut off buying clothes and shoes if need be but I am done working. I can live with my pension for now and wait for the market to bounce back.

[@ThisIsOurRetirement]

We wish you all the best for your retirement Jen enjoy your weekend Cheers 🍷🌺🙂

[@evadeanu1]

I know. It’s painful, isn’t it? Scary

[@4nshale]

Another great video. I hope that I can make it to 65. I definitely don’t want to work longer than that age.

[@ThisIsOurRetirement]

We hope you can retire early too we were 58 and 60 and haven’t looked back Cheers 🙂☕️🍷

[@secretagent86]

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.

[@ThisIsOurRetirement]

Thanks for watching we got all our numbers from government sites , glad you are enjoying our video have a wonderful weekend Cheers 🍁🇨🇦😎

[@desertdweller8520]

I plan to move to Portugal to stretch the income. In the US, we can collect out Social Security and Pension income anywhere.

[@ThisIsOurRetirement]

Sounds interesting thanks for sharing we love Portugal 🇵🇹

[@beammeup8458]

I am 74 and still working. Never earned so much before :) I got bored sitting at home.

[@ThisIsOurRetirement]

Keep it up sounds like you are happy that’s the main thing Cheers 🍷🙂🌺

[@RetiredLover]

I’m 85, had retired for four years, didn’t like it so much plus between the decline in the stock market and unexpected expenses…I was slowly going broke. I went back to work and I love it. Something to do every day and an income. Life is good!

[@cunninr2]

I'm not sure your statistics for the countries are correct here. Firstly if your working, you are not retired. The uk figure would just be about the basic pension for a UK retired couple. But a significant amount of UK pensions is in private pensions. looking at the break down you provided. OAS /CPP is 38% which equates to just $23,256. in GBP this is £13,586.

[@claydoug]

I’m in the US and about to turn 65. I am afraid I won’t have enough saved and so I feel I’ll have to work until 70. I wish I could retire now! Good for you that you went for it! Hopefully the KZbin videos help I guess.

[@ThisIsOurRetirement]

We hope you manage to retire soon Clay thanks for watching Cheers 🍷🇺🇸🇨🇦🌺

[@markdraper4087]

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.

[@ThisIsOurRetirement]

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 🍷🌺🙂

[@Mikes_Travels]

Thank you for including UK figures for those watching from the UK

[@ThisIsOurRetirement]

Glad you like them Mike

[@yanmamabear5734]

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.

[@ThisIsOurRetirement]

Food prices are going up everywhere, have a great weekend Cheers 🍷🌺🙂

[@MILGEO]

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.

[@ThisIsOurRetirement]

The numbers are actually per household where one person is over 65 , thanks for watching have a great weekend Cheers 🇺🇸🍷🇨🇦🙂

[@dianeosgood6594]

Property taxes, utilities, upkeep and repairs, yard maintenance, property insurance adds up even if mortgage is paid off. Downside of home values going up is property taxes and insurance are way up. But, it sure increases your net worth.

[@evadeanu1]

Even with no mortgage the monthly housing expenses are over 1000 in BC

[@ThisIsOurRetirement]

So true Diane property taxes never stop rising Cheers 🍷🌺🙂

[@ThisIsOurRetirement]

True Enid even though some people think no mortgage no expenses LOL 😂Cheers 🍷🌺🙂

[@bkosugi]

Spending breakdown is not too surprising for me. Housing, even if you own your home, will still include heating/utilities, insurance, taxes, maintenance etc.

[@ThisIsOurRetirement]

Yes Bruce a mortgage free home is still quite expensive to maintain.

[@jennyd9543]

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.

[@ThisIsOurRetirement]

Thanks for your comment Jenny have a wonderful weekend Cheers 🍷🌺🙂

[@janetcalder6938]

Women who don’t work in USA get up to 1/2 of social security of husband.

[@jeanpauljeanpaul2530]

I live on less then this now….perhaps people should revisit their spending habits and needs versus wants.

[@ThisIsOurRetirement]

Same for us, we live on less and trimmed some expenses we don't need.

[@markwestbrook3301]

I didn’t see health/medical cost listed as expenses for anyone. How do these costs compare for retirees in each place?

[@ThisIsOurRetirement]

Interestingly that wasn’t on the list , guess the USA 🇺🇸 will pay a lot and Canada 🇨🇦 really doesn’t other than Optical and Dental have a great weekend Mark Cheers 🍷🇺🇸🇨🇦🌺

[@tobyo99]

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 🥴

[@ThisIsOurRetirement]

We are glad you are enjoying your retirement just being aware of your financial situation should take away some of the worry Cheers 🍷🙂🌺

[@tobyo99]

@@ThisIsOurRetirement you're right, it does help. 👍

[@dougdoty4718]

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.

[@TUMARK2]

Interesting but it's difficult to compare one country to another, it's buying power that really counts which is more difficult to assess.

[@ThisIsOurRetirement]

But prices are rising everywhere

[@NewCastleIndiana]

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.

[@ThisIsOurRetirement]

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.

[@elterrifico9522]

Whoa, whoa, 60K a year median income at 65?.. that seems awfully high.

[@ThisIsOurRetirement]

This is for each household El , hope you have a great weekend Cheers 🍷🌺🙂

[@elterrifico9522]

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.

[@Jacquie_Kirk_111]

Is it for a couple?

[@bernaclischurchill4463]

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

[@ThisIsOurRetirement]

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

[@murraytown4]

Single 57 year old retiree. $62K after tax. The US comparison is an interesting one. Factor in health care costs and the ‘net income’ US comparison to Canada would look wildly different and would likely put Canadians further ahead.

[@ThisIsOurRetirement]

Thanks we thought it was a very interesting 🤔 topic have a great weekend Cheers 🍷🌺🙂

[@thomashawker2883]

The biggest challenge with retiring before 65 years old the U.S. is healthcare costs. As an example, if you have two people in your household at age 60 in good health, private insurance costs would range from $1000-$1500 per month before any co-pays or deductibles out of pocket before the insurance plan kicks in. We know that countries like Portugal have access to private healthcare insurance for less than $250 per month for two people. Just some additional food for thought. Great videos as always Norm and Tina.

[@americathebeautifulforever9746]

@@thomashawker2883 The average cost of healthcare in the United States is $450 a month, millions pay less than that. Canadians pay twice as much for food and gasoline and other things. Canada has harsh winters while half of the United States has mild to just cool winters.

[@mrmott44]

@@parkerbohnn you’re dreaming. When you’re stage 4 or having a stroke you’re going to the first medical center no matter how much it costs.

[@tobyo99]

@@thomashawker2883 Spain as well. We have our sights on Spain as one option. Guessing dental costs are much cheaper as well. That's very attractive for us, well, my husband who is in the midst of getting one dental implant. Dental insurance in the U.S. SUCKS!!! and we only get $500 max/year as reimbursement from his Medicare advantage plan.

[@alyap4094]

61,200 Canadian dollars is around $48,000 US dollars ($4000/month) - that would be a workable income for most retirees in the US in lower cost areas or outside the big cities.

[@ThisIsOurRetirement]

You really have to figure out what you need

[@brianrose2487]

Great video! In the middle for me could be worse! Take care

[@radarman2011]

Question: when they are talking "Average Income", are they talking for a couple/household, or for each individual (with a median couple earning twice the individual median)?

[@nuclearchick1487]

I asked the same question and they replied that it was per household not per individual.

[@ThisIsOurRetirement]

Per household Cheers 🍷🌺🙂

[@path1400]

I agree with you. Retirees have a lot to offer both Canada and the USA. Most of us already have homes and medical insurance. If I decided to live in Canada I would rent out my home. I am told I can get $2000 to $3000 a month. This means that with my pension benefits and my saving I would have more than enough to buy another home, car, etc. They should be welcoming us or maybe both countries want to keep their retirees because we are stable adults.

[@ThisIsOurRetirement]

The healthcare between Canada 🇨🇦 and USA 🇺🇸 complicates things neither can retire to either place , thanks for watching have a great weekend Cheers 🍷🇺🇸🇨🇦🙂

[@kmilton1593]

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).

[@ThisIsOurRetirement]

Thanks for sharing, the median figures don’t mean anything if you are living a good life.

[@RetiredLover]

Sounds like you have a good life. As long as you and your wife have your health , you have everything! Best to you both!

[@scott1441]

Financial literacy is not taught in US schools, that is why the number is so abysmal, so responsible parents need to pick up the slack. I have taught my children the value of auto savings and the miracle of compound interest over a 20-year time horizon. Parents that are teaching their children these lessons must be financially successful themselves in order to be such role models

[@ThisIsOurRetirement]

There seems to be something about financial education that doesn’t fit in with the educational system as it’s being run

[@kevstephen9393]

I would say with the cost of living and the health insurance you must pay in the States, it probably evens itself out with the UK amount you are stating.

[@ThisIsOurRetirement]

Thanks for watching Cheers 🍷🇺🇸🇨🇦🇬🇧🍺

[@desertdweller8520]

64,000 Canadian/$50,000 after taxes solo retiree here

[@ThisIsOurRetirement]

Sounds wonderful have a great weekend Cheers 🍷🌺🙂

[@jeffcd3559]

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.

[@ThisIsOurRetirement]

Thanks for sharing! Jeff have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🍺

[@silchan3196]

I am fortunate to have a pension from work. I retired early so my pension is 67k USD which is a comfortable amount for me. Had I retired this year, my pension would be 85k USD annually.

[@ThisIsOurRetirement]

Wonderful

[@RetirementbyDesign26]

Hi Tina and Norm! Another great video! Thank you!

[@ThisIsOurRetirement]

Our pleasure! have a great weekend Darcell Cheers 🍷🌺🙂

[@chinchorrero]

Great video! 👍

[@ThisIsOurRetirement]

Glad you liked it! 🙂☕️

[@MorningCarnival]

I’m 61 and retiring. When I hit 67 and my wife and I get our retirement pension we will have an income of about £3700 per month after tax. Looking forward to that.

[@davidsanders904]

The 40% housing figure is interesting. I'm wondering what the percentage of home owners are in USA, Canada & UK in comparison with the average income. Income is only relevant to expenditure really. I would think those that own their own home at 65 might be quite high in UK, even though the average income is less. Does anyone know the definitive answer? Interesting topic all the same, thanks.

[@ThisIsOurRetirement]

Yes each country has its own metrics

[@path1400]

I live in California. I purchase a small home for me and my disabled son. He is graduating from university in June. I was surprised to learn at moving to Canada at my age was out of the question, Unless I plan to stay for only 6 months and return the USA for 6 months. It is Canadian law that no one can retire there.

[@ThisIsOurRetirement]

It’s the same for the U.S. we can’t move there or retire in the USA, just a 6 month tourist visa.

[@paulhunter6652]

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!

[@ThisIsOurRetirement]

Sounds great Paul our weather has been really nice this weekend hope you are having a wonderful weekend too Cheers 🍷🌺🙂

[@billstoneman2669]

The UK (state pension) retirement age is 66 soon to be 67, maybe this explains the differencial.

[@ThisIsOurRetirement]

Yes we heard that we think that’s terrible 😢 Bill Cheers 🍷🇬🇧🇨🇦🌺

[@goththicus]

Earn? That’s subjective. Net worth is important plus your retirement income.

[@ThisIsOurRetirement]

Thanks for watching have a great weekend Cheers 🍷🌺🙂

[@SimonEllwood]

The UK Income may be a lot lower but Property Tax, Insurance, Internet, Phone, and Food are also a lot lower too than in the US (I am not sure of the costs for Canada).

[@ThisIsOurRetirement]

Thanks for sharing have a great week Simon Cheers 🍷🇬🇧🇨🇦🙂

[@DavidEVogel]

United States. I assume that income includes pensions and Social Security. What about taking a percentage from your investments? Commonly known as the 4 percent rule?

[@ThisIsOurRetirement]

Yes David taking some money from investments would be a good idea, we are fortunate to have royalty income so don’t need to touch investments for now. Thanks for making this comment, others will find it helpful.

[@tcbridges]

Most in the US are working to 70. The difference at 62 or what we full retirement I

[@ThisIsOurRetirement]

It is difficult to fund retirement

[@kathleenwerner5663]

Housing in Canada besides the mortgage includes hefty utilities, house taxes and home insurance (and sometimes community upkeep services). Food being grouped with clothes in the stats is questionable to me. Groceries in Canada are very very expensive.

[@ThisIsOurRetirement]

The stats were from our government stats site, yes food is getting expensive

[@lynnhensley4326]

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.❤❤❤❤❤❤❤

[@ThisIsOurRetirement]

Thanks Lynn for sharing we are sure what you do to help family is well appreciated Cheers 🇺🇸🍷🇨🇦🌺🙂

[@SantaBarbaraAlberto]

Our combined (Fed & CA State) effective tax rate in 2021 was 6.85%.

[@ThisIsOurRetirement]

Thanks for sharing 🍷🇺🇸🇨🇦🌺

[@crusaderlatin732]

I want to know what city or town is the best for low income seniors, we are in Alberta Canada.

[@ThisIsOurRetirement]

We don’t know that area perhaps Google might help 🙂

[@danielbruneau2222]

Stetler is a nice town. I would think that smaller towns in Alberta, Saskatchewan, New Brunswick and Nova Scotia would be a good choice.

[@bestyou774]

Fascinating video. I really enjoy these sorts of comparisons. Doesn’t sound like good news for UK retirees though.

[@ThisIsOurRetirement]

Glad you enjoyed it

[@ThisIsOurRetirement]

Seems a lot of changes going on in the UK 🇬🇧 pensions and not for the better with age going up 🍻🙂

[@johnharper3909]

I'm English and way above the median figure,no debt,living abroad, and travel/"holiday" about 9 times a year (pre covid).In a normal year i spend about £30,000 including £15,000 on travel and year on year my liquid + total assets still appreciate.Guess i'm one of the luckier ones

[@ThisIsOurRetirement]

Sounds great budget John we are lucky too , we were hardly home before Covid like you on lots of trips and cruises 🚢🙂

[@malcolmdivorty6852]

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.

[@ThisIsOurRetirement]

Thanks for the suggestion Malcolm Cheers 🍷🌺🙂🍺

[@dianparrotta2118]

Thank you for your interesting videos!

[@ThisIsOurRetirement]

Glad you like them! 🍷🌺

[@gybx4094]

It really depends where you live in the USA. In many regions, $35,000 per year without debt is just fine. So, there are many other factors to consider.

[@ThisIsOurRetirement]

Thanks for watching Gy have a wonderful week Cheers 🇺🇸🍷🇨🇦

[@billollar4799]

Feeling blessed. Monthly income much higher than average. Just have to build up enough nerve to travel more.

[@ThisIsOurRetirement]

Us too Bill is been over two years and we are out of practice and still cautious.

[@helenhall3705]

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.

[@ThisIsOurRetirement]

Wow Helen sounds a great tax deal 🇦🇺thanks for the suggestion Cheers 🍷🇦🇺🇨🇦🙂

[@VanillaMacaron551]

@@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.

[@dbking4194]

I have a question regarding the comparison of US, Canadian and UK pension income. Would you agree that the percentage of pensioners with ‘mortgage’ or ‘rental’ costs are a weighting factor on comparison of income. For example, I am about 10 years from retirement and I have a relatively large mortgage which will be paid off by 65. So then I will have no housing costs (apart from utility bills). Therefore my income will benefit from no mortgage or rent outgoing and thus I will be better off in real terms even though my actual income may drop. My question is how do the US, Canada, UK compare on the percentage of pensioners paying mortgages or rent? My mortgage is approximately 25% of my income and so when I have no mortgage that will be a potential uplift on my disposable income.

[@ThisIsOurRetirement]

The popular belief is that a mortgage fee home is free ($), we found our monthly carrying costs for our mortgage free home was only $100 less per month than paying rent. Will you ever have to repair your home, new windows, garage door, furnace or heating system, hot water tank and then depending where you are property tax, electricity. Then all those things you forget you buy, lawn mower, grass seed, fertilizer, bedding plants, driveway repairs, paint, flooring etc. It's cheaper to rent! The three countries are probably comparable, as we baby boomers loved borrowing money! Thanks for your comment, a good one!

[@SimonEllwood]

​@@ThisIsOurRetirement It may be cheaper to rent for you but not here in the UK. If you Rent in the UK you still have to pay all the Property Taxes and Utilities (and for the garden) and the Rent will be approximately what you would spend on a mortgage. There are repairs and improvements but that cost is tiny compared to rent.

[@ThisIsOurRetirement]

@@SimonEllwood Yes we are fortunate that we have rent control in Ontario, so it keeps our rent low 1.2% this year also we are Grandfathered in and ours includes utilities. Thanks for watching Simon Cheers 🍷🇬🇧🇨🇦🌺

[@mairinbrennan8711]

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.

[@ThisIsOurRetirement]

Thanks so much for watching Mairin have a wonderful week Cheers 🍷🌺🙂

[@kelliadawna018]

very nice to watch

[@robinwild1]

This is one piece of information, but there are so many other pieces missing if you are trying to draw any conclusions here. This is income at 65, but how does this figure change at 70, 75, 80, etc. because people without defined benefit pension might work full time longer or see the income drop over time. It would be good to see the figures for the other ages. Also, if the figure you quote is partially those who are 65 with some employment income, it doesn’t reflect those retired without employment income but who derive their income from higher net worth.

[@ThisIsOurRetirement]

There has to be some limits or the video would be too long and rambling. We are reporting on two reports done by American and Canadian governments for retired people at 65 to 74.

[@andrewpeters3370]

what's median for married couple in USD....do you double it?

[@ThisIsOurRetirement]

This is per household with one being over 65 Cheers Andrew 🍷🇺🇸🇨🇦🍺

[@HonestOne]

Thank you for doing these videos.

[@ThisIsOurRetirement]

Glad you like them! have a great weekend Arlene Cheers 🍷🌺🙂

[@maryb211]

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?

[@ThisIsOurRetirement]

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 🍷🌺🙂

[@ThisIsOurRetirement]

Trudeau doesn’t have any authority with Immigration in Quebec, as they are the only province that does their own Cheers 🙂🍺

[@Staronqueen]

I am retired and for a retiree I think I am paying too much income tax. I just had to cough up an extra $12,000 one time to pay for 2021 tax year. Last year the government charged me an extra $500.00, plus for filling late; and it wasn’t even my fault. My trusted accountant kept the information sitting in his computer for months. Also, I wasn’t aware that there was a fee for late filling, plus interest on any amounts owing. What am I doing so wrong that the government is my new beneficiary😡 As a single mother, I have to help supplement my daughter’s disability income so that she can eat and live in a decent place.

[@ThisIsOurRetirement]

Wow that’s awful

[@fryrpc]

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 :-)

[@ThisIsOurRetirement]

Thanks for sharing Richard Cheers 🍷🇬🇧🇨🇦🍺

[@ellenoelmalica4533]

Hi sir, in UK state pension is like Social security in the States? Thank you!

[@fryrpc]

@@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.

[@priola7587]

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.

[@ThisIsOurRetirement]

Glad you like them both and found them useful have a wonderful weekend Cheers 🍷🌺🍺

[@kebo57]

I'm 66 and just retired in South Carolina (USA) last April 1st (23) and should draw about $65k/yr, once I start drawing from my IRA and SS benefits. That is before taxes, of course.

[@ThisIsOurRetirement]

Congratulations 🥳 on your retirement Cheers 🌺🙂🍻

[@mohammedhashim2419]

In UK and Canada the healthcare and long term care is free. We pay for every damn thing

[@meibing4912]

Median is the right measures to use for sure! UK pensions are quite low and they really have a lot of poor retirees - but also some more social support and welfare than in the US. Another issue that a lot of US retirees have net debt - making a potentially serious impact on their living standard just as many have to pay a lot for health care - again taking a chunk of their available income. So Canada could in fact be doing best of the three even if the numbers are equal to the US.

[@ThisIsOurRetirement]

Thanks for sharing an interesting comment we are glad we are retired and living in 🇨🇦 Canada , and today is Canada 🇨🇦 day so Happy Canada day everyone Cheers 🌺🇨🇦😎

[@ruthtorphy2204]

Here in US our health care is expensive ,not to mention dental.

[@ThisIsOurRetirement]

Yes we are aware your medical 🏥 is expensive 🤔have a lovely weekend Cheers Ruth 🌺🍷🤗

[@carolnavan4137]

Great content. Love these kind of videos.

[@ThisIsOurRetirement]

More to come Carol!