One of the best ways to accumulate a large net worth is to stay married to the same person. In the US where I live, divorce is the norm rather than the exception. Hence the smaller net worth here. I have been very fortunate to have the same partner helping to accrue our net worth. Also, we have been debt free for many years. My wife helped us in spending wisely.
@@ThisIsOurRetirement absolutely correct......married 35 years. Together near 40. Debt free homeowners. 61 years old......thanks go to Dave Ramsey....
I found this video great! Hadn’t looked at overall net worth in the past but will definitely be doing so very soon as we move closer to retirement. Thank you!
Absolutely! My wife and I have been together for 43 years and we have accumulated a significant nest egg. We are happy and wealthy enough which leads to contentment. People need to learn to get along. Being in love is a treat.
@@colddeadhands5167 many of our friends preferred the newer models and changed thinking it would be better. I believed in keeping my older model as i know her mechanics inside out and she has been reliable, the best mother a man could have find for our kids and for 35 yrs now. Happy wife happy life.
Retired at 56 with no debt. That could never have happened with debt. Lost a ton since September but still above medians. Doing fine. Markets will recover eventually
When I was a young boy, my Dad used to say, never mind these RRSPs - buy property, and you'll be much further ahead. I did that. Dad used to say - stay out of debt too. At age 39, I became mortgage free, after owning homes in the Toronto, and GTA markets, by first buying a triplex, where I lived in one unit and renting out the other two. I lived there for free for 5 years, as the tenants paid for everything (all bills & mortgage) with a surplus of $130 per month. I sold that one with a large profit left over, after its mortgage was paid. My next home was then half paid for when I took possession. After living there for almost 4 years, I sold it and was able to pay cash for my next home. I was also at that time, able to eliminate any and all remaining debt I had, like car loans etc. I have since moved to another province where my homebuying money went a lot further, and this allowed me to retire at age 47. I am 56 now, and have continued to live way under my means, save money, investing the majority, and continue being retired. I saw many older people with homes in Ontario who were retired, and their homes long paid off - only have to sell them because they could no longer afford to pay their property tax bills. I took note of this more than 20 years ago, as I watched our properties aggressively increase in value, knowing very well this could come back to bite me too one day as well. I didn't want that to happen to me, so I left Ontario, and purchased a home in a province where it is common to live where there are zero (no) property taxes, simply because there is no council or township in these areas, and yet, I am a ten minute drive to a nearby town where I can find everything I need. The nearest hospital is only 30 minutes away too. My only bills are my hydro bill averaging $250 per month, garbage collection $12 per month, and fire protection $5 per month. I have my own artesian well that is beautifully clean, and chemical free. Other than my home Insurance and other Insurances, it only really costs me to live $267 per month. I own everything I have with zero debt, including my home, two cars, and ATV. My home is brand new, 2,000+ square feet, on a large plot of land with no neighbours, and a view of mountains and forest. The house is a bungalow with a basement walkout, so everything is one level. This allows me to stay in my home, even when the day comes that climbing stairs is a problem. It's an easy home to maintain with simple lines, making repairs or things like replacing a roof less expensive than one more complex. I am close to the road, so snow clearing is simple and easy. I bought this house with retirement in mind. I want to stay in my home for as long as I live. Since I live on a main road, the plowing is done right away, and by the province, at no cost to me. I listened to my Dad. I did my homework. I have everything I need, and I'm happy here. I can sleep in when there's a snow storm, and no longer have to commute to a job I hate. My time is my own. My life is my own. I can travel the world if I want, or simply stay home and enjoy peace & quiet. I am self-sufficient. I am proof, that if you plan ahead, live under your means, and invest modestly, even with a modest income, you can have a comfortable life. Oh, my Mother always said, don't have any children, they'll keep you broke. I listened to that too....
@@fatarismo She said it in gist, it was her way of sarcasm. She meant (we) meaning myself and my brother, kept my parnets broke, and to not make her mistake. I took it as fact, when it was really meant as a poke at what I and brother were doing to them. Now do you undersand?
Very good information. If I may share. My husband passed away & I have large investments with 5 companies. Also including 401 K, IRA’s & pensions, Social security. I have no mortgage, own home, no car payment & no credit card debt. All my investments among these companies were in 96% growth funds making me on paper wealthy & I decided to alter that ratio. I went with the largest company with our IRA’s & selected them as my financial planner. I met with my FP transferred everything to them redistributed my assets into safer market portfolios, as I am 72. I went over a budget & decided that I could live on far less than we did when traveling past 20years. FP projected my income @ age 85 & 95 & I will easily make it through with an endowment left to train nurses @ our Alma Mater. This has brought me so much peace of mind. Thank you, Jeanne (retired RN)
Hi! Thanks for the videos. I am 63, and not retired living in Arizona in USA.I own my home and together with my 401K...my net worth is approximate 950K. I plan to work for a few more years. I advise everyone who will listen to me to pay off their home as soon as they can.
Here’s an interesting take on that. Several years ago a came into some money. Enough to pay off my mortgage. So I walk into the Scotia Bank branch for my appointment to set up how to pay the mortgage off. The person on the other side of the desk says, “Why do you want to pay off your mortgage? Invest the money, I can get you about 8% on your money and your mortgage is 3.8%, you can make money.” In ok, so I’ll have to pay income tax on my earnings, my mortgage is not tax deductible right? and there’s a risk the rate will drop and a risk I could lose some of the money or all of it, right? On, ah yes that can happen was the answer. I paid the mortgage off. I also owe nobody any money. Even my water heater which I bought out on the rental for $48 then it lasted for 3 more years and then I didn’t rent the new replacement as I bought a new one, no bills except for taxes, utilities and insurance all of which I hate paying!
@@TripReviews Assuming you are in Canada the insightful thing from the bank employee would have been to say "Pay off the mortgage, borrow money to invest. That way the interest on the borrowed money is tax deductible assuming it is in a non registered investment account."
I had to retire early due to health about 3 weeks ago, at 59. I was worried that I didn't have enough money, but I am well over the US median. I owe nothing, but my car is 17 years old, lol. Still runs fine. Thanks for easing my mind! Your channel has really grown, so congratulations!
I just watched a UA-cam video from Jay Smart who bought a 1985 Chevy Cavalier from Facebook market place for $300 replaced the cooling hoses for the transmission filled it up and did some minor repairs and the car runs fine, That car is over 40 years old.
After paying off our mortgage (while still working with good jobs) we came up with an idea that worked for us. One year before we wanted to retire we decided to live on the government pension exclusively to see what our life would be like on that pension income alone. We stuck with it, saved a pile of money while learning to live on our pension money. It really prepared us for retirement, but of course we learned very quickly this works best being debt-free.
@@thankfulandthrifty Not really. Most people should be preparing early in their working life. Investing so they aren't reliant on just the government pension in retirement. In Australia we have Superannuation. Relying on just a government pension will be a pretty frugal life in retirement.
I looked up my age 64 soc security monthly payment and set that as my monthly budget to see if I could live in that means. You identify areas of waste. This technique does work.
Great video, Tina and Norm. I'm debt free, recently retired, and have a greater than average net worth and annual retirement income so I've never felt better financially. I've always had the opinion that one should get out of debt as soon as possible. Interestingly, I have a friend who is 65 whose financial advisor advised her to sell her home, buy a larger home (that she doesn't need) and take out a 30 year mortgage so that the mortgage interest can be itemized as a tax deduction. This would have consumed over 50% of her retirement income and saddled her with a large home she didn't need and truly couldn't afford to pay for or maintain. So beware so-called "advice" when it comes to retirement financial strategies.
When I was 22 years old, and just graduating from University- my father told me to do an annual net worth statement. I retire next week, it was valuable advice- and it is interesting to see the net worth statements that I did 10, 20 years ago.
Hi, there T& N! We are in the US. with no mortgage & retiring next year with an above average net. We’ve been crunching the numbers in our budget as we want no surprises that are in our control. We enjoy your videos because you are very relatable. Enjoy your retirement!
Great topic! My wife just turn 61 I’m 58 both still at work, thinking of retiring is a bit scary, our network is around 1.2millions which include our house of approx 550000.00 , based on your figures it make me feel a bit better but still scary! Thanks for your great videos!
While "living below your means" in a good idea when you are younger and working (it's what I did) but once in retirement if you live that way you won't be spending your retirement savings in your actual retirement. If you are retired this is the future you were saving for and now is the time to draw those down. I will admit though after a lifetime of saving it's a hard transition to then start spending those savings even though we have no debt and a good net worth statement.
that's wonderful Scott. We were able to retire early and live debt free and we didn't need sell any properties. Our net worth is a little above 2m USD. Our investments made this possible for us.
@Adnan Khan I have a professional that I invest with. Her name is Alicia. I recommend her for you. Her company assures you lots of ROI daily and weekly
My husband has been doing a “net worth statement” for a very long time. Our best advice is: “pay yourself first; live below your means”. We both enjoy our retirement lifestyle!
You are completely right about paying yourself first( I call it first principles). I've been doing that since I was young. I didn't work at a super job but constantly managing my finances and investing as much as possible. I own everything now and can easily live and travel on my income streams.
“Live below your means” does not need to be awful. I think of it rather as living simply. It’s amazing how much money you can waste on things that don’t really matter, just because you don’t think about it.
Found your UA-cam channel just by chance. I'm in the US. I am retiring in one year (63), have no debt (not even my house - paid it off a few years ago) and have a retirement nest egg of $1.7M. I have no kids, no dependents. I'm working only because I have a health issue that I'm working through with my doctor and wanted to keep the insurance (I have an HSA which has been wonderful). I've discovered that the key is living below your means, saving as much as you can, and getting rid of debt. Cannot wait.
We are so glad you have found us Ella and we wish you a great retirement, you are totally well prepared and we fully understand hanging on to your health insurance it makes a lot of sense. Thanks again for watching and finding us!
Good for you!!! I'm in a similar situation. I retired two years ago at 63 with zero debt, including a mortgage free house. I'm living soley on my pension, but will apply for social security soon. It's a great feeling, but quite different than being in a saving mode. Good luck to you and congrats on your upcoming retirement.
Good info. I've been doing a net worth spreadsheet for several years. I've done a lot of cruising and my net worth has been growing, as well. I think the key to being comfortable financially is to strive for zero debt. I use a credit card for everything for the cash back benefits, but pay the balance every month. I've never paid a penny of interest on a credit card. It also helps to set priorities and pay extra on the mortgage. A friend told me years ago--know the difference between needs and wants.
re: credit cards, yes i get lots of cash back... don't like other "rewards/points" (exception: fantastic option in Canada is Presidents Choice Mastercard). never pay interest!
Yep. Pay off credit card bills every month. Do not carry credit card debt from month to month. The fact is don't spend more than you can pay for. Learn to enjoy things that don't cost much. Like reading books. Stay sober, work hard and be a good husband/wife/parent. Life will reward you.
I am 51, planning to retire in 3.5 years. We are well over the median net worth. We only include our investments, savings, pension value and house. Real estate prices in Ontario have gone crazy. We set the value of our house a few years ago and have not increased it when figuring our net worth. I feel that these house prices are not sustainable. We paid off our home 6 years ago and have no debt. Having no debt has really allowed us to sock away the savings. My dad is in his 80's and has been retired for over 20 years, my mum retired at age 50. Their investments are worth more now than when they retired. My dad has encouraged me to retire sooner rather than later. He wishes he had retired earlier.
There is no way in my mind that houses could be 20-30 per cent more valuable since the start of COVID. the market we will have to correct eventually. I also value my house very conservatively when I calculate my net worth.
@@parkerbohnn Canadian gov't brought in over 400,000 immigrants last year and have plans to bring in more in the years to come due to an aging population and zero population growth. I don't see real estate dropping very dramatically anytime soon; there simply is a lack of supply and still a strong demand. Yes, interest rates will likely eliminate some from the market, but everyone needs somewhere to live.
i haven't retired yet and live in Canada. The recent increase in housing values helps our net worth and if we followed your example we could always sell the house and rent. I also read those Globe and Mail articles. So many of the examples they give are very wealthy people with well above the Canadian average net worth. I am reasonable optimistic on retirement outlook but the recent spike in inflation gives me pause and I'm hoping our assets can keep it. It may be a challenge for some.
A year old yet I am very glad I came across your video. We retired a few years ago, I am 64, and feel we are well,prepared for our retirement. Thank you.
Spot on with the point about furniture & electronics, that kinda stuff is so abundant now and most people offer really good stuff for free just to get rid of it.
We are in the US. We retired about 8 years ago at 56/54 with many times all these numbers in either country, and our net worth has doubled since retirement even with lots of international travel and increased spending. My recommendation is to get rid of all debt. All debt compounds against you ; it represents lost money that could have compounded for you. I also agree with and suggest keeping track of net worth. That provides not just comfort when you decide to retire then after to make sure all is well, but it can positively reinforce you to build those accounts along the way and provide a care free and fun filled retirement. When young we were extreme and took measures to never have a mortgage. We saved enough cash to buy land, then enough cash to build the basic house shell. We moved in (almost like camping at first) then we finished it over a few years as each paycheck came in. Not paying out a huge mortgage meant we could instead save and invest that huge amount monthly beginning in our early 30s, which began compounding for us earlier in life. I see some young people rediscovering this approach today with the tiny house movement as well as those choosing to live in modified cars, vans, buses, etc. as part of their FIRE efforts. As for net worth, my personal preference is to not include any hard assets like homes, furniture, cars, etc. I only track accounts with readily accessible real time cash values such as bank accounts, retirement savings (like 401k, IRA, ROTH-IRAs), mutual funds, stocks, bonds, etc. I simply listed each item and current market value on a row in a spreadsheet, then had the spreadsheet sum all of the values in that column to provide a current net worth total. Every 6 months, I just create a duplicate tab in my spreadsheet and rename it to the current date. The duplicate tabs also make it easy to look back years for comparison purposes if I desired. I only spend maybe 15-20 minutes to log into each of the above account's websites then update each account to the current market values. Since it is so easy, I have added sections for my adult children and we also track their new worth together. That has gotten them excited and engaged about saving for their early retirements which they hope to achieve as we did. The above worked for us and hopefully others might find this approach useful for their planning. Good luck to all on your retirement journeys.
@@ThisIsOurRetirement -Thanks, you as well. As a kid I remember a drive into a large city with my dad. He asked me what companies were on/owned the largest buildings. It was obvious that most were either banks, or insurance companies. He said that was because most people used their services and gave them a lot of money.If I wanted to keep more of my money and not pay for those large buildings, I should avoid their services. So, no debt for me and we had minimal life insurance, just that offered by our employers. We needed car and home insurance but shopped around and got minimal coverage. Added up to large amounts over decades.
@@TheRetirementTrainStraightTalk Thanks, hope some were helpful for you. I have always managed my own investments and they are all over the map - well diversified. Things like mutual funds, Index funds (Vanguard), individual dividend paying stocks, even a few US savings bonds and cash minimums thrown in for stability. I am trying to guide my adult children in setting up their retirement investment strategies. I tell them that when done properly, I feel like I lose and make money every day. The goal is that over a year or two, I consistently make more. I tell them that if they get upset when an investment drops, they will always beat themselves up in hindsight and feel bad about it. It is counter productive. The trick for me is to look at it from a much higher perspective and longer time frame. I try to remember good to great returns are still a success, even if the path there wasn't perfect and a few choices lost money. Big picture takes most of the stress away.
I circle back to your videos when ever I’m stressing about my upcoming retirement in 3-5 years. I am debt free BUT I don’t own a home. California rents are going crazy even the 55 yr + complexes. My fear is not being able to afford a decent apartment & stay close to family. Yesterday the news said the Ave home price in my county is $900,000 which has a $5000/mo mortgage 🤑
One of the reasons for the difference between the US and Canada is that housing is much less expensive in the Midwest and South (except maybe Florida) than in Canada. You can still get an OK house for under $150,000 in much of middle America.
Thank you for bringing it to our attention the fact that just how little the median net worth is. Acknowledging the fact that we are many times ahead I stop for the moment, but than realise that it is against my nature to slow down my wealth creating journey.
In my neck of the woods, Home equities are easily 1,5 million dollars. I have 3 home ( 2 are rentals, rents net me 7k a month) a Pension of 115 k a year; plus my Index funds, which now I'm putting that money into 4.5% Certificate of Deposits.
Awesome video. In my opinion it does not matter what your net worth compared to others, the bottomline is how your net worth will cover your expenses. If you have a low net worth but can cover your expenses your golden.
Hello Tina and Norm. My wife Sandy and I have been listening to your channel for a while, love it and tell all our friends. Your lifestyle, financial and travel suggestions are great and we appreciate them and both of you. We’ve been to Portugal a couple of times and loved it also. I retired at 66 as a fee based financial planner and really appreciate your comments and suggestions on financial matters for retirees. I wish I had considered your idea to sell our house, rent and retired sooner. Because of you we are now considering selling and renting. We did pay cash for our home when we bought it in 1989 so it would have been easier to have rented earlier than we did and started traveling sooner. Either way we still feel very blessed to still be in good health and have all our children and grandchildren close to us. Something I’d been researching and looking to is my new electric bike. Sandy is going to see how she likes it before she gets one. If you two haven’t tried one I highly recommend it! They’re a blast and get me out more and meeting new friends. If you two ever get down to the Vancouver Washington area please let us know. We’d love to meet you and show you around. Thanks for what you’re doing to bless people! Bill and Sandy Caudill
That’s great William we are very pleased with our decision to sell our home and rent , not only do you get rid of unexpected maintenance and expenses but your freedom to just go and travel whenever you want . We would highly recommend in suite laundry is a huge plus , Tina really enjoys the swimming 🏊♀️ pool. We haven’t looked into electric bikes yet but will take a look , good luck with your plans Cheers 🍷🌺🍺🙂
Hi Norm and Tina, It's nice to meet you both. I have a multi-lingual international family. Would you be kind enough to modify the UA-cam settings to allow for Spanish subtitles to be displayed on your videos? Thanks for your consideration.
@@ThisIsOurRetirement Thanks for your response. When referring to a P/C, you're absolutely correct. In our case, when we watch something as a group, we gather around a big TV screen connected to a Roku device. So, the benefit of Autotranslate goes away. The Roku can only display what the channel elects. What I understand from a few other UA-camrs is, by allowing UA-cam to to translate subtitles into the languages you pick, it can expand your demographic reach, because your channel and videos can be suggested to non English speakers. Thanks again for your consideration.
It took a while for my brain to realize I had enough for retirement. Seeing myself above the median is great, but the real test is how much is needed each month and am I able to really live on the budget I set up.
Thanks for the info! Although comparing net worth with a median figure, it would be really useful to compare it to the median of households that consider themselves “happily” retired, since of course that is the real goal!
Hi there! We live in the U.S. in Florida. I am 59 and my husband is 60. My husband was recently laid off from his job and keeps saying he wants to be retired. Personally, I think we can retire now but my husband is more cautious and thinks we are not ready. We own 2 homes, one we live in and one we rent out, and are mortgage and debt free with a substantial nest egg. Barring health issues and any economic crashes, I hope we can both be fully retired at age 62. I do the financial net worth check ups several times a year and so far we seem to be well our way. I enjoy your videos and shared this one with my husband-hope it makes him feel better about jumping into the retirement pool with both feet!
My hubby is retired (immigrated from Canada to the US so I could finish out my career in public service) for two years and I plan on retiring in 3.9 years. We’ll be debt free and will find a rental in Canada! The freedom that comes with having no debt is our dream!
Interesting topic, because I have never been a fan of comparing myself with others. Nor does financial wealth always equate with happiness. What good is money if one does not have the health and peace of mind to enjoy it? To me, health is the first wealth, and that means, physical, mental and emotional health. Granted, financial wealth can bring a level of security, but there again, none of us is promised tomorrow. And, some who live in third world countries have nothing by modern standards yet they are proud of their modest homes, delight in their families, and maintain relationships in a manner most of us could only dream about. A wise friend liked to tell me, she had never seen a U-Haul truck at a funeral, she was right, and there wasn't one at hers, because we cannot take it with us! Fortunes can be made, lost and made again. There are as many lifestyles as there are people. I have always been frugal, my parents were excellent teachers. They began their married life with nothing more than a woode orange box for a table, and ended up with considerable financial wealth, they lived simply and valued life long education, being cultured and learning new skills, both were resourceful and resilient. My goal is to live as they did, and leave the world in a better state than I found it. Sometimes, life events can get in the way of becoming wealthy, a different set of planning and events can bring wealth later on in life. We are all individuals, and our circumstances are just as variable Some of us are married, some not, a lifetime of financial planning and striving, can disappear with the stroke of a pen, if one divorces, or is faced with a devastating illnes, injury, or some other kind of family crisis after the death of a parent for example. My mother gave up a scholarchip to Oxford, because her father didn't wake up from anesthesia, and she had to support her mother, and three siblings and become a teacher instead. At a time when there was no government assistance or health care. We all need a Plan A, Plan B, C & D, and still there are no guarantees. Life does not always turn out as expected. Forrest Gump, claimed that life was like a box of chocolates, you never know what you'll get. I tend to think of it more as a game of chess, a game that needs careful thought and constant attention, which can just as easily be won or lost, no matter what we think we know, or the level of our skill. I am grateful for what life brings me, and have survived the unsurvivable, every day is a gift, anything else is just, 'the cherry on the cake.' A very wealthy Canadian once told me, that after a certain amount, in other words, enough for one's basic needs, he was no more happy, wealthy than he was poor! There is some truth to that!
Interesting philosophy. Mine is simple and shorter than yours. People who say money can't but happiness, have no idea what happiness is. I prefer to be filthy rich. Being rich doesn't mean that one automatically has to be unhealthy. Quite often wealthy people live long, happy, healthy lives.
@@robertk5441 Obviously, it is possible to be financially rich and healthy at the same time. I still stand by the idea that being rich, does not necessarily make a person happy, however it can provide material comforts. Wealthy or not, many of us have our basic needs met, and live comfortable lives. It would then seem reasonable to consider those who are less fortunate than ourselveis both human and animals, and other good causes as many, not all rich people do. I did not suggest that being wealthy precluded a person from living a long, happy, healthy life.
I use Mint to track everything and I really like it because it makes me really pay attention to my spending. So I've been watching net worth for about 2 years now and it has made me excited and more ready to retire.
I have mixed watching this video and reading the comments, because I am below the median, however, just knowing I have enough to live on, pay taxes and insurance, plus get a burger or go for a drive once in a while makes me feel ok. I am 67 and still working, because, even though my house is paid off, it could use some things like new doors and other items to help improve energy use. I am feeling envious of those with more, however, I also believe in thoughts bring to me what I am thinking and feeling, so, I am using positive thinking/gratitude, and looking into other ways to have more money coming in, without continuing working for someone else. It is all good, and I always get a kick out of watching both of you and your interactions. You could do a channel dedicated to advice for couples, because you both have done well in working together and staying in love!
Hi Tina and Norm. Thank you for your nice videos. I often look at them. I have been saving for many years and plan to move to North America and work there for a few years. I am from Sweden and am 54 years old. My wife is 53 years old. My wife and I have saved together approx 8-900,000cad so far.
We are 53/58 and still have several years to go before we can retire. We own our home and cabin on the lake (both in the state of Maine and both modest homes) mortgage free and have no debt otherwise. We have always lived below our means and our youngest just graduated college today. We managed to get 4 kids through and 3 married now with no debt also! We have 2 grands and 2 on the way. We have always invested a minimum of 10%, and also given a minimum of 10%; both of which we feel are equally important. We are considerably higher than the US national average. Cheers to you...look forward to your videos each week!
Thanks for sharing! One question: How did you calculate your annual income from pensions and social security benefits, as well as rental income, it you do have it? Are they your assets? I think they should be counted, and that would explain that your assets are increasing, while you are spending in traveling, etc.
We were discussing Net Worth taking assets minus liabilities, however you might really like our video coming out tomorrow 🤔you are correct if you have pensions coming in your assets are going up especially if you aren’t spending on travel with the Pandemic Cheers 🍷🌺🙂
Hey guys, another helpful video. Today is my first day of official retirement, wha hoo! Feeling pretty comfortable with the numbers you used in your examples so onward we go. Love the channel, I tell all my friends to watch. Even though everyday is Saturday now I'll see you in 7 days. 😉
keeping a Net Worth statement is a great idea. I've been doing one for over 30 years and it's fascinating to look at how debt disappeared over the years that then resulted in growing savings. We were mortgage free in our mid- to late-40s which makes the savings escalate fast. I do our net work statement on New Years with quarterly spot checks. Not yet retired yet, but anticipate that, like you, my net worth could easily continue to grow during retirement.
Paying off mortgage is a two way street in Vancouver. We anticipate to be debt free at retirement, but we tie up a lot of our assets in real estate, more than 12 years in spending. Should we own real estate at all. I won't entertain reverse mortgage. That's debt that could get out of control because we cannot never anticipate interest rates (think Jan 1 2022). Would co-op make sense?
We are not fans of reverse mortgages and we are not fans of carrying debt into retirement , if you are unsure about your situation then we recommend seeking professional advice.
This is great, I have to say I have never given any thought to this comparison but I am really interested. I am pleasantly surprised. Having said that, I am not counting my house as I live in the GTHA area and house prices are absolutely ridiculous. So even If I sold my house for a million dollars, I would to remain in this area spend a fortune for rent.......I am just thankful i am of this generation because I have no idea how the young ones will fare.
Hi Norm! As an aside I saw that you are a camera collector! Not sure if you are interested but someone gave me their grandmother's folding camera from, I was told, from about the 1930s. It is a German camera from the brand Voitglander. I was told it worked the last time she used it. Anyway, I was going to stick it on Ebay at some point but thought I would see if you had any interest. I'd sell it to you for a very reasonable price. Thanks!
My husband and I are above the median in th u.s. We do still have a small mortgage. I am 56 and just retired, my husband is 59 and retiring in a few months. We have been planning early retirement since our 20's
Rhonda, are you retiring with any retirement savings? If so, how much? I’m in my early 50s and saving like mad thinking I may need a decent amount of savings. Cheers.
The issue of ever increasing property tax on a paid off home in retirement is also a drain on retirement funds. I’m paying over 6k/yr and expect it to go higher. Property tax is like a mortgage but never gets paid off. This should be considered when one wants to rent vs owning!
You will pay property taxes even when renting. Granted, you don't pay them directly to the taxing authority. But you DO pay them via higher rent to the landlord.
I still do not understand why some people sell their main home when its mortgage free and then rent. I understand it will release the equity but savings rates are dismal and inflation will eat away cash anyway. The stock market is artificially high thanks to quantitive easing so I am expecting stock prices to go lower. Hence why sell the house? My home is worth say 220,000 GBP in the UK but to rent a home like mine is 10,200 GBP per year plus the same utility bills and taxes as if I had my own home. In 10 years I would have enriched a landlord by 102,000 GBP and have NO increase in equity. I would rather stay put, keep my circle of friends and live within my means on what I have. My 'net worth" will eventually go to my grandchildren as in this current economic environment I feel they will need some financial help.
The way we see renting Steven is protecting our capital from unplanned maintenance of a home plus all the tiny incidentals light bulbs lawn care etc and property tax (Council rates). We are fortunate to have rent control which limits the increases to inflation and our utilities are included. Inflation has been at record lows for 10 years and the stock market has been a bull market for 15 years with great stock appreciation, dips in stocks will happen in a high inflation period but not back to levels 10 years ago. We invest in dividend stocks, Canadian banks and telecoms, we avoid tech and start up companies like Uber which are in free fall at the moment. Thanks for sharing your thoughts we appreciate it.
I did not receive anything from my parents and I don’t plan to die with my house paid off to leave my net worth to grandchildren. If kids keep on inharitating parents’ and grandparents’ net worth, nobody will work in the future generations. My 2 cents….
I'm retired but have a Buy to let mortgage .Seems daft not to as there is £450 positive cashflow after costs and the property has gone up in value by 50% since purchase. Inflation is eating into the debt,particularly at present levels, so another bonus.My own residence is unencumbered so I'm well above median levels which is enhanced by the mortgage debt.The mortgage is about 60% of the value so plenty of room for the inevevitable downturn. Have spent a month in Portugal (Alvor)and 3 weeks in Sarasota just before lockdowns so looking forward to doing something similar this winter.We live in UK and enjoy your channel
I'm a single Canadian woman in my 50's. Debt free with a net worth of 1 million, most of that in investments. I'm thinking of retiring next year, but not sure I have enough. I'm not a big spender, but enjoy travel and hope to live in a warmer climate part of the year. Thank you Tina and Norm for your videos. They are informative and great entertainment. I appreciate your cozy style.
Hi Tracy, with a $1,000,000 you are way ahead of most Canadians. Even at 4%, the million would yield $40,000. In Canada, the medical care is free or almost free. This would be a huge expense if you had to pay for it. In Canada, you also have a relatively generous pension plan. Add this to your own pension plan and you could quit soon if you plan to live a modest life.
Hi tina&norm your friend barbara from brooklyn new york, happy Saturday , another thought provoking topic. I have never done a net worth until today I am happy to say I seem to be above the median, but that's because of the real estate market in las vagas NV.I bought a retirement home in 2010 for peanuts in a foreclosure sale the bank had over 4000 houses it was trying to get rid at that time I bought one .I have kept my mortgage because it helps me as the house has been a rental since 2011, even in retirement I still pay a lot of taxes because I am single and I make way above what they allow in my SS& pension, so my financial advisor said its better to keep the mortgage which is half what I pay in rent.
@@ThisIsOurRetirement thanks but with the economy in its present state and cost of basic necessities going up I think most retirees are worried.Have a wonderful weak see you both next Saturday.
I did the Globe Financial Facelift back in 2000 and 2020. Some net worth calculations don’t include pension plans, this is a mistake IMO. Employee contributions to workplace pension plans are otherwise ignored and skew net worth lower. There are excellent apps to track income, expenses and net worth. Debt free here since age 54.
Comparing to others is fine and perhaps"fun", but really, it doesn't matter to me what may neighbours have, I think we just need to focus on our own situation and what we feel we need. Keeping up with the Jones is just a distraction and is counter productive in my opinion. Figuring your net worth is worthwhile, but only compare it to yourself, not your neighbours..
Thank you. ❤️ 69 but have not retired yet. Soon though. Estimate like you suggested at 300,000. No debts. Use but pay off CC monthly so no interest. God has blessed us.
Paying off my mortgage before 50 yrs old was my goal and I'm very proud of actually doing it. However, I missed out on luxury vacations and salon visits and my son had to enroll in a local college instead of living at a university. I'm 60 yrs old now and completely debt free, but still live a frugal life. I find enjoyment in simple vacations and hiking at county parks. Love your inspiring videos 🧡
In some countries mortgages have had exceptionally low interest rates. (Read 0% or very close to it) So it has been useful not to pay it back as almost any other investment class has given better returns. So, matters a lot what kind of interest rate you need to pay for your mortgage. Now interests rates are going up globally, so now is the time to be more careful with mortgages.
Kind of reminds me of a person who has read the book The Millionaire Next Door. There is much to be said for the contentment and security of a debt free lifestyle. Good for you!
Wow big difference between the US and Canada. Frankly, I attribute it to Americans needing to keep up with the Joneses. Retired in 2011 with no debt; own house & car free and clear. Definitely reassures me that I am financially secure, and also surprised me that I have been able to save money each year. No I am not a tightwad, I travel ever year and since I could not over the past 2 years instead I renovated my house instead and paid in full.
I know this is off-topic, but didn't know where else to post. I would love to here about rail travel in Canada especially in the rockies. It looks expensive, any tips to bring down the cost?
There is the Rocky Mountaineer which is a high end experience or you could take the regular Via Rail train that runs from Toronto to Vancouver that runs through the Rockies or Toronto to Halifax that goes along the East Coast these are more affordable. In fact we would to do the East one and you can sleep in your own cabin or in a sleeper chair.Hope that helps Sandra Cheers 🍷🚂🌺🙂
With inflation rising and our portfolio dropping its been hard to make a decision to retire. I’m leaning towards retiring next year though. Hubbies been retired three years now. We’ll have no debt by then and our house finished.
Inflation is a problem but could be short lived as it was created out of the pandemic. Just don’t over think retirement as you may never do it. Thanks for watching we do appreciate it.
This was an excellent video with good information. As I compare my Canadian friends to American friends, I notice that the Americans have "toys" and buy "tchotchkes," often on credit whereas my Canadian friends seem to spend their money on experiences. Please do not beat me up here - just my observations. We are older than the upper age of your comparison and are doing much better than the numbers you gave for Americans. Thankfully, we were well employed, our house is paid for and the investment Gods have been good to us. I enjoy your videos.
I keep a personal balance sheet. I set the cars at 100 usd salvage value and furniture at 500 usd on my balance sheet. I have also held my house value at 2019 levels on purpose. Keeping a personal b. s. allows you to see where you can apply income. I am above the Canadian medium in usd. Oh I was trying to recall the funhouse locale at Niagra, Clifton Hill. I've decided to start the retirement process with some manageable mortgage debt. I'll explain on another post. I'm what is called in coastal FIRE.
Glad your finances are in great shame Kevin , there is so much to see at Niagara we will have to go back , thanks for watching we appreciate your support have a wonderful weekend Cheers 🇺🇸🍺🇨🇦🌺
Hi Tina and Norm, I also include the value of my pensions, government and CPP in my Net Worth calculations. I simple take the yearly pension and divide it by 4% to give me an estimate of the Present Value. I read somewhere that that's a quick way to estimate their value. Eg: if you get $700 CPP/month; Net Worth value would be $210,000 (700*12)/4%. Thoughts?
@@ThisIsOurRetirement True, fortunately our Net Worth, less our pensions, exceeds the average quoted by StatsCan. Enjoy your videos, as well as hearing how you are fairing. Take care.
Unlike savings or investment that give you 4% return with the capital remaining the same, it takes $180 to generate $1 pension monthly. The $700 CPP would be like a $126,000 pension working for you.
I could be wrong but I thought net worth is about if you were dead. Canada pension stops with death. I think you are trying to figure spend able money for living. I thought Net worth is if you cashed out today.
We do monthly accounts, 3 monthly trackers of net worth, always live within our means and keep a reserve fund for emergencies. We have no debts and 1 credit card for travel etc. we grow lots of our own food and keep good food stocks for hard times. We also volunteer for local support groups and our local food bank. It gives us confidence in our retirement and peace of mind.
Good video and you both are much calmer than a little bit before. Great 👍 ranking with no debts and over 2 m networth for a single in my 50 s . Would rather live in Canada 🇨🇦.
The one thing that's really important in this discussion is pension. I'm well above the median net worth, but I have no pension, so that net worth has to support me completely. Someone with a pension may have a very low net worth, but if the pension income is high enough they'll be fine. So net worth calculations really should include the value of that pension, though they basically never do.
We agree that’s interesting we do include our private pension money we have saved , how do you have no pension at all 🤔when doesn’t every country at some age give you one Cheers 🍷🌺🙂
@@ThisIsOurRetirementas a Canadian, I do have CPP, however not every country does have something like that. I was more pointing out that some people have generous corporate pensions, whereas other people have none. Most people do not include the value of that pension in their net worth, and as such someone with a generous pension could comfortably retire even while carrying debt, whereas someone without a pension like that could be in trouble even with an above average net worth.
This case applies to me 😀 as I quit my career at age 47 ( last year ) and did not wait for pension age and years of service to be qualified for pension salary .. as I took lump sum amount of my pension in cash amount .. I am from Middle East .. however I am way above this median amount .. so I guess I will be good to Continue like this 😀
@@ThisIsOurRetirement In America, the concept of pensions has been realized to be much to costly for corporations to pay out. Except for State and U.S. Government, they still have pension plans although, they are diminishing from what they were in the past. US Military (like myself) still have pensions and has also been reduced somewhat. Most commercial corporations offer a generous 401K with matching options that have replaced the traditional pension plans. The only real U.S. universal retirement so called "pension" plan is our Social Security System, which is based on a workers total years of work best on points.
I had my current home built with an in law apartment upstairs which I rent to a female graduate student. I have no mortgage. Very nice arrangement for retirement.
Many years ago I was talking to a banker and describing my retirement goals and he came up with an unrealistic investment plan to reach those goals. Then I told him about the corporate pension plan that I was paying into and he started talking about the “future value of money” and what that lifelong revenue stream would be worth when I retired. I thought that you would simply take the annual pension and multiply by expected life span and voila, you’d have your value but no…he said the actual value was determined by the amount of money needed to generate returns equal to the pension payments in the market conditions prevalent at the time. So for ease of figuring if you had an annual pension of $50,000 dollars and an almost risk free 5% return was easily attainable then your pension asset would be valued at $1,000,000 dollars. Of course if higher returns were available your asset valuation would be lower…10% return would result in a $500,000 valuation and the opposite would be true for a lower return…2.5% would require a valuation of $2,000,000 dollars. So although my banker originally thought my goals were unobtainable it turns out I was in better financial shape than either of us thought and I retired three years ago at 57. So if you have a reliable revenue stream for your retirement you are probably doing better than a simple material asset assessment indicates.
I believe that you are referring to the "present value of a perpetuity." It is the cash flow/year divided by the yield of a 30 year US Treasury bond. Or $1,547,987. The number is not part of net worth.
Just wondering, the Average income for an American is about $47,000 does that include both incomes husband and wife? Where I live in Florida is $25,000.
Excellent video! I am 56 and retired exactly three years today. I fall above the median as I am mortgage and debt free and have a generous pension which I live off of. I don't deny myself what I need or want, but I am careful about how I spend. I make sure to shop for sales and I am a point collecting huntress. Every month, when I get my pension deposited, I go to my Day Planner and log what my pension is, what the current balance in my chequing account is and compare it to the previous month. On average, I still have about $1000 left over so I end up saving between $10000 and $12000 a year, just on my pension income. I had a colleague who retired when she was close to 60. She had been mortgage free for years and months before retiring she bought a hugely expensive home and went into retirement with a new mortgage. I still shake my head when I think about it! As a retiree, everyday is pretty much a great day but Sunday is no longer Glumday. The dread of going back to work on Monday always put a dent into Sunday. I really appreciate the mental freedom that retirement brings !!
We agree Sunday is no longer the dread day of going to work , retirement is a wonderful new chapter in your life sounds like is working great for you too . Have a great weekend Cheers 🍷🌺🙂
Your story parallels mine! Living comfortably off my pension, mortgage/debt free and sitting on substantial savings/investments. Don't understand how some people can sleep at nights? Enjoy your retirement!🤩
@@retromoto9456 Congratulations on your successful retirement! Isn't the freedom wonderful? I never take for granted how fortunate that I am. Many of my colleagues retired in a similar situation and went on to work in either second careers or hobby jobs. To me, that is purely selfish. If they are bored, there are plenty of places to volunteer. Taking jobs away from people who need them is wrong.
@@msbeaverhausen7226 Thank you and likewise on your retirement! Totally agree about people getting another job. Not only selfish but defeats the purpose of "retirement." Not me! I want to savor every moment of financial freedom and enjoy the rest of my life. Isn't that what we worked so hard all these years? People sometimes don't make any sense.🤔
The biggest risk for older folks is to retire with debt! We retired with no debt (credit card, mortgage, car note, etc.). Also, it’s important to have enough income (pension, social security, coming in so that if everything turns upside down (re, investment income) you still have enough income to meet your monthly income (rent or maintenance payment, food, out of pocket medical bills). So, I would suggest to older folks to review your finances before retiring. Of course, some people may be forced to retire before they intend (job loss) so doing the above exercise is critically important.
Thank you for your channel and sharing. I always laugh when I get your new video. You see I live in the us but was born in Canada. So it’s nice to hear what your seeing in Canada. I left was I was a kid. So it’s like getting news from Canada and see how the country is doing. And in response to asset. My number one thing for me in my asset is my health.
In USA, we don't have paid for healthcare, so Americans need to save even more than Canadians. Ironically, here the politicians often dog Canada. So hilarious. Remember, that if you have to brag about being the best, you are not. Most Americans in bad shape overall. Thank you Tina and Norm💕
it is not winning or losing. As long as you have the money to maintain near or at pre-retirement levels, you are a winner in my book. you only need to figure out how much that you will need per month/year and save enought to generate that amount. I have been retired for 7 years now, and my pensions are more than my normal expenses. my net worth is way above the numbers you stated in your video, but each individual have difference needs and requirements.
You are right pensions and the lack of spending does make life more affordable. Our figures were for an average so easy to be above that. Thanks for watching
I am 47 and don’t have debt. In my 30s had the experienced of having debt when I built my family a house in the Philippines, and at that time I decided that I will never be in debt again aside from my own mortgage but even that it stress me out so I sold my unit and decided its time to retire and live all over the world. I am just lucky to be able to do it, I am in Bosnia and Herzegovina atm and loving my life as a nomad.
Worked my whole life (since i was 17). I never lived extravagantly. I have very little to show for it now. I used to read those Globe & Mail articles and they sounded like science fiction to me.
So how do you guys compare? You seem to be doing well, are you above or below the Median? My wife and I retired a year ago at 54, our house, car's, cabin and camper are all paid, and no debt...we are now just about at 55 so where should we be? Love your videos's by the way
I’ve been retired for 2 years. We hav no debt other than taxes and house hold expenses. Our house and our savings added together is a little over a million.
Excellent work, both of you! I love the story: Take a simple concept of "pay yourself" and turn it into a life changing result. You are living proof it can work. Not to mention the brilliant work at creating a UA-cam channel and another income stream!! My reason for writing though is to ask for a video that I suspect many of your followers secretly want to hear, but most folks will consider it impolite to ask. First, my reason for asking. I am 56 and plan on retiring at 60. I own one home in Maine on a lake free and clear and have 60% paid off on my primary residence in NY. Other than my primary mortgage I am debt free. My liquid net worth (not including real estate) puts me in the top 5% of savers in the U.S for my age. My concern is how will I turn my savings into income in retirement. I do not want to be an active investor as I am now, as I am keenly aware that equities can and do fall 50% or more in some years, and the lion's share of my retirement income will come from my own 401k. So my questions are all centered around how you generate and plan for income in retirement. As such my questions are: Can you put your budget into broad terms but use real numbers explaining your costs on items such as housing, food, auto, and travel? Can you put broad numbers on your income buckets? (My suspicion is you have a couple pensions which is awesome, but uncommon in the U.S.) Assuming at least one income bucket involves self directed investments, how do you protect from a potential decline? If you are invested in equities is it self directed, and how do you determine how much to take out each year? - In retirement, one can easily be conservative and live off interest alone, but if one wants to enjoy the fruits of ones labors that is probably too conservative. Bottom line: How do you know and/or insure your income stream is secure and will last your lifetime?
Thanks for your comment Joe we have many forms of income , but as you know this is the Internet and we are not comfortable sharing actual numbers , we are just suggesting ideas that others might want to do Cheers 🍷🇺🇸🌺🇨🇦🙂
It’ll be important to know the mean net worth outside of someone’s home. We cannot sell our home or move away plus need a home. It’ll be interesting to see what the mean retirement savings/shares/bank savings are.
Having been in agriculture my whole life, and starting out with only a few thousand dollars, on a rented farm. I am by the nature of the business fairly well off, due to the ever rising price of farm land. Real estate has made many people rich beyond their wildest dreams. A basic house where we live is over $500,000.00 . And really nice homes, or lake front property go well over one million. All of this sounds great, but how the heck can a young family buy a house. How can a beginning farmer ever dream of buying a farm, when land is selling at 15-20 thousand dollars per acre? And land rent per acre is running at $250-$300/acre. This isn’t a contest to see who has the biggest nest egg, and because my wife and I worked very hard to invest in farm land for the purposes of farming it, not just to speculate on a big pay day when selling it, I am embarrassed to say what my net worth might be. But what goes up, can also go down, same applies to real estate . The imported thing is to be debt free , and try to maintain good health ,find true love, and happiness. No amount of net worth can ever tally up to these items.
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I did
One of the best ways to accumulate a large net worth is to stay married to the same person. In the US where I live, divorce is the norm rather than the exception. Hence the smaller net worth here. I have been very fortunate to have the same partner helping to accrue our net worth. Also, we have been debt free for many years. My wife helped us in spending wisely.
Wonderful David, you are right!
@@ThisIsOurRetirement absolutely correct......married 35 years. Together near 40. Debt free homeowners. 61 years old......thanks go to Dave Ramsey....
I found this video great! Hadn’t looked at overall net worth in the past but will definitely be doing so very soon as we move closer to retirement. Thank you!
Absolutely! My wife and I have been together for 43 years and we have accumulated a significant nest egg. We are happy and wealthy enough which leads to contentment. People need to learn to get along. Being in love is a treat.
@@colddeadhands5167 many of our friends preferred the newer models and changed thinking it would be better. I believed in keeping my older model as i know her mechanics inside out and she has been reliable, the best mother a man could have find for our kids and for 35 yrs now. Happy wife happy life.
Always love talking numbers. Thanks for the information!
Thanks!
Retired at 56 with no debt. That could never have happened with debt. Lost a ton since September but still above medians. Doing fine. Markets will recover eventually
We agree with the market, we’ll done on your debt free status
@@parkerbohnn Watch me not care.
@@parkerbohnn -Watch me not care...
Cn i ask yiur net worth what you were xomfortable with at that time ?
@@243wayne1 Don't watch me (I'm shy) not care twice also.
When I was a young boy, my Dad used to say, never mind these RRSPs - buy property, and you'll be much further ahead. I did that. Dad used to say - stay out of debt too. At age 39, I became mortgage free, after owning homes in the Toronto, and GTA markets, by first buying a triplex, where I lived in one unit and renting out the other two. I lived there for free for 5 years, as the tenants paid for everything (all bills & mortgage) with a surplus of $130 per month. I sold that one with a large profit left over, after its mortgage was paid. My next home was then half paid for when I took possession. After living there for almost 4 years, I sold it and was able to pay cash for my next home. I was also at that time, able to eliminate any and all remaining debt I had, like car loans etc. I have since moved to another province where my homebuying money went a lot further, and this allowed me to retire at age 47. I am 56 now, and have continued to live way under my means, save money, investing the majority, and continue being retired. I saw many older people with homes in Ontario who were retired, and their homes long paid off - only have to sell them because they could no longer afford to pay their property tax bills. I took note of this more than 20 years ago, as I watched our properties aggressively increase in value, knowing very well this could come back to bite me too one day as well. I didn't want that to happen to me, so I left Ontario, and purchased a home in a province where it is common to live where there are zero (no) property taxes, simply because there is no council or township in these areas, and yet, I am a ten minute drive to a nearby town where I can find everything I need. The nearest hospital is only 30 minutes away too. My only bills are my hydro bill averaging $250 per month, garbage collection $12 per month, and fire protection $5 per month. I have my own artesian well that is beautifully clean, and chemical free. Other than my home Insurance and other Insurances, it only really costs me to live $267 per month. I own everything I have with zero debt, including my home, two cars, and ATV. My home is brand new, 2,000+ square feet, on a large plot of land with no neighbours, and a view of mountains and forest. The house is a bungalow with a basement walkout, so everything is one level. This allows me to stay in my home, even when the day comes that climbing stairs is a problem. It's an easy home to maintain with simple lines, making repairs or things like replacing a roof less expensive than one more complex. I am close to the road, so snow clearing is simple and easy. I bought this house with retirement in mind. I want to stay in my home for as long as I live. Since I live on a main road, the plowing is done right away, and by the province, at no cost to me. I listened to my Dad. I did my homework. I have everything I need, and I'm happy here. I can sleep in when there's a snow storm, and no longer have to commute to a job I hate. My time is my own. My life is my own. I can travel the world if I want, or simply stay home and enjoy peace & quiet. I am self-sufficient. I am proof, that if you plan ahead, live under your means, and invest modestly, even with a modest income, you can have a comfortable life. Oh, my Mother always said, don't have any children, they'll keep you broke. I listened to that too....
Thanks for sharing Steve have a wonderful day Cheers ☕️🇨🇦
Your mother said you shouldnt have kids? The first time I hear a Mom doesnt want to be a grandmom, if she was happy with you... I cant believe that.
There are no millionaires that have children? Do tell
@@fatarismo She said it in gist, it was her way of sarcasm. She meant (we) meaning myself and my brother, kept my parnets broke, and to not make her mistake. I took it as fact, when it was really meant as a poke at what I and brother were doing to them. Now do you undersand?
@@robocop581 Out of all I said, THAT is what you chose to comment on? That's very petty of you.
Very good information. If I may share. My husband passed away & I have large investments with 5 companies. Also including 401 K, IRA’s & pensions, Social security. I have no mortgage, own home, no car payment & no credit card debt. All my investments among these companies were in 96% growth funds making me on paper wealthy & I decided to alter that ratio. I went with the largest company with our IRA’s & selected them as my financial planner. I met with my FP transferred everything to them redistributed my assets into safer market portfolios, as I am 72. I went over a budget & decided that I could live on far less than we did when traveling past 20years. FP projected my income @ age 85 & 95 & I will easily make it through with an endowment left to train nurses @ our Alma Mater. This has brought me so much peace of mind. Thank you, Jeanne (retired RN)
Thank you for your service to humanity. Godspeed.
My income after 65 will be 1400$ in
Canadá ! I will work at 75-80 !!!
Thanks for sharing and good luck.
Hi! Thanks for the videos. I am 63, and not retired living in Arizona in USA.I own my home and together with my 401K...my net worth is approximate 950K. I plan to work for a few more years. I advise everyone who will listen to me to pay off their home as soon as they can.
Sounds great! thanks for sharing Cheers 🍷🌺🙂
Here’s an interesting take on that. Several years ago a came into some money. Enough to pay off my mortgage. So I walk into the Scotia Bank branch for my appointment to set up how to pay the mortgage off. The person on the other side of the desk says, “Why do you want to pay off your mortgage? Invest the money, I can get you about 8% on your money and your mortgage is 3.8%, you can make money.” In ok, so I’ll have to pay income tax on my earnings, my mortgage is not tax deductible right? and there’s a risk the rate will drop and a risk I could lose some of the money or all of it, right? On, ah yes that can happen was the answer. I paid the mortgage off. I also owe nobody any money. Even my water heater which I bought out on the rental for $48 then it lasted for 3 more years and then I didn’t rent the new replacement as I bought a new one, no bills except for taxes, utilities and insurance all of which I hate paying!
@@TripReviews Assuming you are in Canada the insightful thing from the bank employee would have been to say "Pay off the mortgage, borrow money to invest. That way the interest on the borrowed money is tax deductible assuming it is in a non registered investment account."
A bank employee can’t guarantee you an 8% return on an investment, it’s more of a selling point.
Great point Al
I had to retire early due to health about 3 weeks ago, at 59. I was worried that I didn't have enough money, but I am well over the US median. I owe nothing, but my car is 17 years old, lol. Still runs fine. Thanks for easing my mind! Your channel has really grown, so congratulations!
Keep running the car for as long as you can, ours is only 13 years old and can see no reason to change.
@@arnoldmonk6381 right? I don't drive much and when this dies? Think I will give up driving. Isn't that what kids are for anyway?
We think being debt free is the key , sorry it was health that made you retire take care of yourself and thanks for supporting our channel Cheers 🍷🌺🙂
I just watched a UA-cam video from Jay Smart who bought a 1985 Chevy Cavalier from Facebook market place for $300 replaced the cooling hoses for the transmission filled it up and did some minor repairs and the car runs fine, That car is over 40 years old.
Retirement is a life changing event. It fills with great unknown and uncertainty. Your video provides a good reference point.
Thank you Ian have a great weekend Cheers 🙂🍷🌺
After paying off our mortgage (while still working with good jobs) we came up with an idea that worked for us. One year before we wanted to retire we decided to live on the government pension exclusively to see what our life would be like on that pension income alone. We stuck with it, saved a pile of money while learning to live on our pension money. It really prepared us for retirement, but of course we learned very quickly this works best being debt-free.
This is a great idea. More people should do this, I think.
@@thankfulandthrifty Not really. Most people should be preparing early in their working life. Investing so they aren't reliant on just the government pension in retirement. In Australia we have Superannuation. Relying on just a government pension will be a pretty frugal life in retirement.
@@richardguthrie3422 I agree with you. But if you haven't done that, it's good to know if you can live on a pension before you actually do it.
What a wonderful idea Holly thanks for sharing Cheers 🌺🍷🙂
I looked up my age 64 soc security monthly payment and set that as my monthly budget to see if I could live in that means. You identify areas of waste. This technique does work.
Great video, Tina and Norm. I'm debt free, recently retired, and have a greater than average net worth and annual retirement income so I've never felt better financially. I've always had the opinion that one should get out of debt as soon as possible. Interestingly, I have a friend who is 65 whose financial advisor advised her to sell her home, buy a larger home (that she doesn't need) and take out a 30 year mortgage so that the mortgage interest can be itemized as a tax deduction. This would have consumed over 50% of her retirement income and saddled her with a large home she didn't need and truly couldn't afford to pay for or maintain. So beware so-called "advice" when it comes to retirement financial strategies.
Wow that doesn’t sound like the best advice she could of got , we also believe in being debt free is the secret to a happy retirement Cheers 🍷🌺🙂
That sounds like insanity.
Kick that person to the curb!!
Fire that advisor!!!
@@tomjohnson5700 Don't know. But she didn't take his advice and she's financially free in her retirement.
When I was 22 years old, and just graduating from University- my father told me to do an annual net worth statement. I retire next week, it was valuable advice- and it is interesting to see the net worth statements that I did 10, 20 years ago.
Now that was very cool advice Richard and great numbers to compare have a great weekend Cheers 🙂🌺🍺
Did that my whole life. Been happily retired for 5 years.
Sounds great Joyce Cheers 🙂🌺🍷
I don't do yearly assessment. I set a goal and go for as much as possible while working.
Hi, there T& N!
We are in the US. with no mortgage & retiring next year with an above average net. We’ve been crunching the numbers in our budget as we want no surprises that are in our control. We enjoy your videos because you are very relatable. Enjoy your retirement!
That is awesome! so glad you enjoy our videos Rodney we wish you a great retirement we are definitely enjoying ours Cheers 🙂🌺🍺
Great topic! My wife just turn 61 I’m 58 both still at work, thinking of retiring is a bit scary, our network is around 1.2millions which include our house of approx 550000.00 , based on your figures it make me feel a bit better but still scary! Thanks for your great videos!
That is awesome! sounds pretty good to us Daniel Cheers 🙂🌺🍷
While "living below your means" in a good idea when you are younger and working (it's what I did) but once in retirement if you live that way you won't be spending your retirement savings in your actual retirement. If you are retired this is the future you were saving for and now is the time to draw those down. I will admit though after a lifetime of saving it's a hard transition to then start spending those savings even though we have no debt and a good net worth statement.
It is a very hard transition to start spending when you are so used to saving have a wonderful weekend Cheers 🍷🌺🙂
Our net worth is 1.3m and we are both retired for two years at 63 years old - totally debt free which is the key to a successful retirement
We agree Scott enjoy your weekend Cheers 🍷🌺🙂
that's wonderful Scott. We were able to retire early and live debt free and we didn't need sell any properties. Our net worth is a little above 2m USD. Our investments made this possible for us.
@Adnan Khan I have a professional that I invest with. Her name is Alicia. I recommend her for you. Her company assures you lots of ROI daily and weekly
@Adnan Khan you can get in touch with her directly through 👇🇺🇸
@Adnan Khan +1
My husband has been doing a “net worth statement” for a very long time. Our best advice is: “pay yourself first; live below your means”. We both enjoy our retirement lifestyle!
You are completely right about paying yourself first( I call it first principles). I've been doing that since I was young. I didn't work at a super job but constantly managing my finances and investing as much as possible. I own everything now and can easily live and travel on my income streams.
We very much agree!
“Live below your means” does not need to be awful. I think of it rather as living simply. It’s amazing how much money you can waste on things that don’t really matter, just because you don’t think about it.
@@adamrobinson8620 absolutely live a simple life 👍
That’s great we learned that also from the Wealthy Barber to pay yourself first glad you are having a happy retirement Alice Cheers 🍷🌺🙂
Found your UA-cam channel just by chance. I'm in the US. I am retiring in one year (63), have no debt (not even my house - paid it off a few years ago) and have a retirement nest egg of $1.7M. I have no kids, no dependents. I'm working only because I have a health issue that I'm working through with my doctor and wanted to keep the insurance (I have an HSA which has been wonderful). I've discovered that the key is living below your means, saving as much as you can, and getting rid of debt. Cannot wait.
We are so glad you have found us Ella and we wish you a great retirement, you are totally well prepared and we fully understand hanging on to your health insurance it makes a lot of sense. Thanks again for watching and finding us!
Good for you!!! I'm in a similar situation. I retired two years ago at 63 with zero debt, including a mortgage free house. I'm living soley on my pension, but will apply for social security soon. It's a great feeling, but quite different than being in a saving mode. Good luck to you and congrats on your upcoming retirement.
Good info. I've been doing a net worth spreadsheet for several years. I've done a lot of cruising and my net worth has been growing, as well. I think the key to being comfortable financially is to strive for zero debt. I use a credit card for everything for the cash back benefits, but pay the balance every month. I've never paid a penny of interest on a credit card. It also helps to set priorities and pay extra on the mortgage. A friend told me years ago--know the difference between needs and wants.
You certainly have a well thought out financial system, thanks for sharing with us.
re: credit cards, yes i get lots of cash back... don't like other "rewards/points" (exception: fantastic option in Canada is Presidents Choice Mastercard). never pay interest!
Yep. Pay off credit card bills every month. Do not carry credit card debt from month to month. The fact is don't spend more than you can pay for. Learn to enjoy things that don't cost much. Like reading books. Stay sober, work hard and be a good husband/wife/parent. Life will reward you.
Watching your video was helpful to us. My wife turned 60 this spring and we decided to apply for CPP. Thank you.
That is awesome! We did too Manny we wish you both well Cheers 🍷🌺🙂
I am 51, planning to retire in 3.5 years. We are well over the median net worth. We only include our investments, savings, pension value and house. Real estate prices in Ontario have gone crazy. We set the value of our house a few years ago and have not increased it when figuring our net worth. I feel that these house prices are not sustainable. We paid off our home 6 years ago and have no debt. Having no debt has really allowed us to sock away the savings.
My dad is in his 80's and has been retired for over 20 years, my mum retired at age 50. Their investments are worth more now than when they retired. My dad has encouraged me to retire sooner rather than later. He wishes he had retired earlier.
We think your Dad is giving you very good advice to retire early and be able to enjoy your retirement Cheers 🍷🌺🙂
There is no way in my mind that houses could be 20-30 per cent more valuable since the start of COVID. the market we will have to correct eventually. I also value my house very conservatively when I calculate my net worth.
@@parkerbohnn Canadian gov't brought in over 400,000 immigrants last year and have plans to bring in more in the years to come due to an aging population and zero population growth. I don't see real estate dropping very dramatically anytime soon; there simply is a lack of supply and still a strong demand. Yes, interest rates will likely eliminate some from the market, but everyone needs somewhere to live.
Thank you, Norm and Tina. Very helpful. I am 63 and plan to work seven more years, God willing.
i haven't retired yet and live in Canada. The recent increase in housing values helps our net worth and if we followed your example we could always sell the house and rent. I also read those Globe and Mail articles. So many of the examples they give are very wealthy people with well above the Canadian average net worth. I am reasonable optimistic on retirement outlook but the recent spike in inflation gives me pause and I'm hoping our assets can keep it. It may be a challenge for some.
For inflation take an average figure, eg the past 3 -5 yrs.
The huge increase in property prices won’t last forever 🤔, perhaps a good time to sell , invest then rent have a great weekend Cheers 🙂🌺🍷
A year old yet I am very glad I came across your video. We retired a few years ago, I am 64, and feel we are well,prepared for our retirement. Thank you.
Wonderful!
Interesting topic... Divorce makes a HUGE difference in where you are and why...
We do agree Jim we are sure it does have a lovely weekend Cheers 🍷🌺🙂
Spot on with the point about furniture & electronics, that kinda stuff is so abundant now and most people offer really good stuff for free just to get rid of it.
Very true they are not worth very much in a fire sale , thanks for watching Rory have an awesome weekend Cheers 🍷🌺🙂
Looks like I am doing ok! Thanks for the how to check up! less than 20 months for me as far as I can figure!
That’s great thanks for watching
Thank you so much for your posts..I only came upon them this morning, but Ive watched 6 so far lol Thanks again, from Argyll Scotland.
Thanks so much, Norm is from Edinburgh
We are in the US. We retired about 8 years ago at 56/54 with many times all these numbers in either country, and our net worth has doubled since retirement even with lots of international travel and increased spending. My recommendation is to get rid of all debt. All debt compounds against you ; it represents lost money that could have compounded for you. I also agree with and suggest keeping track of net worth. That provides not just comfort when you decide to retire then after to make sure all is well, but it can positively reinforce you to build those accounts along the way and provide a care free and fun filled retirement.
When young we were extreme and took measures to never have a mortgage. We saved enough cash to buy land, then enough cash to build the basic house shell. We moved in (almost like camping at first) then we finished it over a few years as each paycheck came in. Not paying out a huge mortgage meant we could instead save and invest that huge amount monthly beginning in our early 30s, which began compounding for us earlier in life. I see some young people rediscovering this approach today with the tiny house movement as well as those choosing to live in modified cars, vans, buses, etc. as part of their FIRE efforts.
As for net worth, my personal preference is to not include any hard assets like homes, furniture, cars, etc. I only track accounts with readily accessible real time cash values such as bank accounts, retirement savings (like 401k, IRA, ROTH-IRAs), mutual funds, stocks, bonds, etc. I simply listed each item and current market value on a row in a spreadsheet, then had the spreadsheet sum all of the values in that column to provide a current net worth total. Every 6 months, I just create a duplicate tab in my spreadsheet and rename it to the current date. The duplicate tabs also make it easy to look back years for comparison purposes if I desired.
I only spend maybe 15-20 minutes to log into each of the above account's websites then update each account to the current market values. Since it is so easy, I have added sections for my adult children and we also track their new worth together. That has gotten them excited and engaged about saving for their early retirements which they hope to achieve as we did.
The above worked for us and hopefully others might find this approach useful for their planning. Good luck to all on your retirement journeys.
What a great very interesting comment David thanks for sharing all your tips , sounds like you are having a great retirement Cheers 🍷🇺🇸🇨🇦🍺
@@ThisIsOurRetirement -Thanks, you as well. As a kid I remember a drive into a large city with my dad. He asked me what companies were on/owned the largest buildings. It was obvious that most were either banks, or insurance companies.
He said that was because most people used their services and gave them a lot of money.If I wanted to keep more of my money and not pay for those large buildings, I should avoid their services. So, no debt for me and we had minimal life insurance, just that offered by our employers. We needed car and home insurance but shopped around and got minimal coverage. Added up to large amounts over decades.
Your Dad was very astute.
@@davidroush1224 HI Dave, do you manage your own investments or do you use a brokerage firm? You made all great points. thanks
@@TheRetirementTrainStraightTalk Thanks, hope some were helpful for you. I have always managed my own investments and they are all over the map - well diversified. Things like mutual funds, Index funds (Vanguard), individual dividend paying stocks, even a few US savings bonds and cash minimums thrown in for stability.
I am trying to guide my adult children in setting up their retirement investment strategies. I tell them that when done properly, I feel like I lose and make money every day. The goal is that over a year or two, I consistently make more. I tell them that if they get upset when an investment drops, they will always beat themselves up in hindsight and feel bad about it. It is counter productive.
The trick for me is to look at it from a much higher perspective and longer time frame. I try to remember good to great returns are still a success, even if the path there wasn't perfect and a few choices lost money. Big picture takes most of the stress away.
I circle back to your videos when ever I’m stressing about my upcoming retirement in 3-5 years. I am debt free BUT I don’t own a home. California rents are going crazy even the 55 yr + complexes. My fear is not being able to afford a decent apartment & stay close to family. Yesterday the news said the Ave home price in my county is $900,000 which has a $5000/mo mortgage 🤑
Housing is becoming increasingly expensive, Canada has gone crazy. Thanks for watching we do appreciate it. 😀😀
You should consider moving out of California high cost areas if you don’t own a home!!!
One of the reasons for the difference between the US and Canada is that housing is much less expensive in the Midwest and South (except maybe Florida) than in Canada. You can still get an OK house for under $150,000 in much of middle America.
… another reason why housing is on average cheaper in the US is that over 20 million Americans live in poverty in trailer parks unfortunately.
Yes house prices in the last 5 years have gone insane in Canada
There are a lot of Americans living in single family homes but political decisions like Canada have not impacted property prices in the U.S.
You can’t get any decent house in Minneapolis for 150000
Thank you for bringing it to our attention the fact that just how little the median net worth is. Acknowledging the fact that we are many times ahead I stop for the moment, but than realise that it is against my nature to slow down my wealth creating journey.
Definitely interesting numbers Anna but don’t slow down your wealth 💰journey it gives you options Cheers 🍷🌺🙂
Great video ! You just made my day 👍 Being divorced , retired and having no debts - I am doing better than I thought 💪😘
Good for you!
Wonderful! glad it helped Miriam enjoy your weekend Cheers 🌺🍷🙂
Have a great weekend Cheers 🍷🌺🙂
In my neck of the woods, Home equities are easily 1,5 million dollars. I have 3 home ( 2 are rentals, rents net me 7k a month) a Pension of 115 k a year; plus my Index funds, which now I'm putting that money into 4.5% Certificate of Deposits.
Sounds like you are well set up for a great retirement Cheers ☕️🍁
Awesome video. In my opinion it does not matter what your net worth compared to others, the bottomline is how your net worth will cover your expenses. If you have a low net worth but can cover your expenses your golden.
That is very true thanks for sharing Cheers 🙂🌺🍷
I am not mentally ready to retire. I need more of your "do it" pep talks. haha. glad to find your channel, thank you.
We hope in watching our videos it might give you the confidence to prepare for retirement, it really is a wonderful stage in your life Cheers 🙂🌺🍷
Hello Tina and Norm.
My wife Sandy and I have been listening to your channel for a while, love it and tell all our friends. Your lifestyle, financial and travel suggestions are great and we appreciate them and both of you. We’ve been to Portugal a couple of times and loved it also. I retired at 66 as a fee based financial planner and really appreciate your comments and suggestions on financial matters for retirees. I wish I had considered your idea to sell our house, rent and retired sooner. Because of you we are now considering selling and renting. We did pay cash for our home when we bought it in 1989 so it would have been easier to have rented earlier than we did and started traveling sooner. Either way we still feel very blessed to still be in good health and have all our
children and grandchildren close to us. Something I’d been researching and looking to is my new electric bike. Sandy is going to see how she likes it before she gets one. If you two haven’t tried one I highly recommend it! They’re a blast and get me out more and meeting new friends. If you two ever get down to the Vancouver Washington area please let us know. We’d love to meet you and show you around. Thanks for what you’re doing to bless people!
Bill and Sandy Caudill
That’s great William we are very pleased with our decision to sell our home and rent , not only do you get rid of unexpected maintenance and expenses but your freedom to just go and travel whenever you want . We would highly recommend in suite laundry is a huge plus , Tina really enjoys the swimming 🏊♀️ pool.
We haven’t looked into electric bikes yet but will take a look , good luck with your plans Cheers 🍷🌺🍺🙂
Hi Norm and Tina,
It's nice to meet you both.
I have a multi-lingual international family.
Would you be kind enough to modify the UA-cam settings to
allow for Spanish subtitles to be displayed on your videos?
Thanks for your consideration.
As far as we know sub titles are auto generated in different languages automatically. Thanks so much for watching.
We will look into that for you Pedro , thanks for watching have a wonderful weekend Cheers 🍷😎🌺
@@ThisIsOurRetirement Thanks for your response. When referring to a P/C, you're absolutely correct. In our case, when we watch something as a group, we gather around a big TV screen connected to a Roku device. So, the benefit of Autotranslate goes away. The Roku can only display what the channel elects. What I understand from a few other UA-camrs is, by allowing UA-cam to to translate subtitles into the languages you pick, it can expand your demographic reach, because your channel and videos can be suggested to non English speakers.
Thanks again for your consideration.
@@ThisIsOurRetirement Fabulous! Enjoy your weekend as well. Ciao.
It took a while for my brain to realize I had enough for retirement. Seeing myself above the median is great, but the real test is how much is needed each month and am I able to really live on the budget I set up.
That’s awesome 👏 have a wonderful weekend Cheers 🍷🌺🙂
Hi from London, Ontario. My wife and I used the equity in our house to build a house in her country, the Philippines
Sounds great 🌺
Thanks for the info! Although comparing net worth with a median figure, it would be really useful to compare it to the median of households that consider themselves “happily” retired, since of course that is the real goal!
Great suggestion! maybe that’s another video idea Anthony have a wonderful weekend Cheers 🍷🌺🙂
Anthony, that is a great idea indeed! 🙂
Hi there! We live in the U.S. in Florida. I am 59 and my husband is 60. My husband was recently laid off from his job and keeps saying he wants to be retired. Personally, I think we can retire now but my husband is more cautious and thinks we are not ready. We own 2 homes, one we live in and one we rent out, and are mortgage and debt free with a substantial nest egg. Barring health issues and any economic crashes, I hope we can both be fully retired at age 62. I do the financial net worth check ups several times a year and so far we seem to be well our way. I enjoy your videos and shared this one with my husband-hope it makes him feel better about jumping into the retirement pool with both feet!
It sounds you are well prepared for retirement the only problem is healthcare costs, other than that you seem to be able to retire.
I'm a little above the median and feel comfortable with that. I'm retired with a pension and think I've set myself up pretty well.
That’s fantastic thanks for sharing
My hubby is retired (immigrated from Canada to the US so I could finish out my career in public service) for two years and I plan on retiring in 3.9 years. We’ll be debt free and will find a rental in Canada! The freedom that comes with having no debt is our dream!
Debt free is definitely a big help Darcell Cheers 🍷🌺🙂
Interesting topic, because I have never been a fan of comparing myself with others. Nor does financial wealth always equate with happiness. What good is money if one does not have the health and peace of mind to enjoy it? To me, health is the first wealth, and that means, physical, mental and emotional health. Granted, financial wealth can bring a level of security, but there again, none of us is promised tomorrow. And, some who live in third world countries have nothing by modern standards yet they are proud of their modest homes, delight in their families, and maintain relationships in a manner most of us could only dream about. A wise friend liked to tell me, she had never seen a U-Haul truck at a funeral, she was right, and there wasn't one at hers, because we cannot take it with us! Fortunes can be made, lost and made again. There are as many lifestyles as there are people. I have always been frugal, my parents were excellent teachers. They began their married life with nothing more than a woode orange box for a table, and ended up with considerable financial wealth, they lived simply and valued life long education, being cultured and learning new skills, both were resourceful and resilient. My goal is to live as they did, and leave the world in a better state than I found it.
Sometimes, life events can get in the way of becoming wealthy, a different set of planning and events can bring wealth later on in life. We are all individuals, and our circumstances are just as variable Some of us are married, some not, a lifetime of financial planning and striving, can disappear with the stroke of a pen, if one divorces, or is faced with a devastating illnes, injury, or some other kind of family crisis after the death of a parent for example. My mother gave up a scholarchip to Oxford, because her father didn't wake up from anesthesia, and she had to support her mother, and three siblings and become a teacher instead. At a time when there was no government assistance or health care. We all need a Plan A, Plan B, C & D, and still there are no guarantees. Life does not always turn out as expected. Forrest Gump, claimed that life was like a box of chocolates, you never know what you'll get. I tend to think of it more as a game of chess, a game that needs careful thought and constant attention, which can just as easily be won or lost, no matter what we think we know, or the level of our skill. I am grateful for what life brings me, and have survived the unsurvivable, every day is a gift, anything else is just, 'the cherry on the cake.' A very wealthy Canadian once told me, that after a certain amount, in other words, enough for one's basic needs, he was no more happy, wealthy than he was poor! There is some truth to that!
What a wonderful inspiring comment thanks for sharing have a great weekend Cheers 🍷🌺🙂
Please excuse the typos I just noticed!
So are you telling me you’re a complex, complicated person?😅
Interesting philosophy. Mine is simple and shorter than yours.
People who say money can't but happiness, have no idea what happiness is.
I prefer to be filthy rich. Being rich doesn't mean that one automatically has to be unhealthy. Quite often wealthy people live long, happy, healthy lives.
@@robertk5441 Obviously, it is possible to be financially rich and healthy at the same time. I still stand by the idea that being rich, does not necessarily make a person happy, however it can provide material comforts. Wealthy or not, many of us have our basic needs met, and live comfortable lives. It would then seem reasonable to consider those who are less fortunate than ourselveis both human and animals, and other good causes as many, not all rich people do. I did not suggest that being wealthy precluded a person from living a long, happy, healthy life.
I use Mint to track everything and I really like it because it makes me really pay attention to my spending. So I've been watching net worth for about 2 years now and it has made me excited and more ready to retire.
Thanks for sharing!! enjoy your weekend Debbie Cheers 🍷🌺🙂
I have mixed watching this video and reading the comments, because I am below the median, however, just knowing I have enough to live on, pay taxes and insurance, plus get a burger or go for a drive once in a while makes me feel ok. I am 67 and still working, because, even though my house is paid off, it could use some things like new doors and other items to help improve energy use. I am feeling envious of those with more, however, I also believe in thoughts bring to me what I am thinking and feeling, so, I am using positive thinking/gratitude, and looking into other ways to have more money coming in, without continuing working for someone else. It is all good, and I always get a kick out of watching both of you and your interactions. You could do a channel dedicated to advice for couples, because you both have done well in working together and staying in love!
Thanks for a lovely comment Cheers 🍷🌺🙂
Hi Tina and Norm. Thank you for your nice videos. I often look at them. I have been saving for many years and plan to move to North America and work there for a few years. I am from Sweden and am 54 years old. My wife is 53 years old. My wife and I have saved together approx 8-900,000cad so far.
That sounds wonderful Jonas we hope it all works out for you Canada 🇨🇦 is a great place to live we love living here Cheers 🍷 🇸🇪 🇨🇦🙂🌺
We are 53/58 and still have several years to go before we can retire. We own our home and cabin on the lake (both in the state of Maine and both modest homes) mortgage free and have no debt otherwise. We have always lived below our means and our youngest just graduated college today. We managed to get 4 kids through and 3 married now with no debt also! We have 2 grands and 2 on the way. We have always invested a minimum of 10%, and also given a minimum of 10%; both of which we feel are equally important. We are considerably higher than the US national average. Cheers to you...look forward to your videos each week!
Sounds wonderful, thanks for watching our videos we do appreciate your support have a great weekend Cheers 🍷🇺🇸🇨🇦🌺
Thanks for sharing! One question: How did you calculate your annual income from pensions and social security benefits, as well as rental income, it you do have it? Are they your assets? I think they should be counted, and that would explain that your assets are increasing, while you are spending in traveling, etc.
We were discussing Net Worth taking assets minus liabilities, however you might really like our video coming out tomorrow 🤔you are correct if you have pensions coming in your assets are going up especially if you aren’t spending on travel with the Pandemic Cheers 🍷🌺🙂
Net Worth are a point in time. Say today. A pension with a cash-out value is an asset. Social Security has no cash-out value. It is not an asset.
Hey guys, another helpful video. Today is my first day of official retirement, wha hoo! Feeling pretty comfortable with the numbers you used in your examples so onward we go. Love the channel, I tell all my friends to watch. Even though everyday is Saturday now I'll see you in 7 days. 😉
Congratulations!
Congratulations.
Congratulations!!!
Congratulations Steve on your retirement 🥳🥂welcome to the new chapter in your life we are glad you enjoy our videos have a great weekend Cheers 🍷🇨🇦🌺🙂
Enjoy it to the fullest my Canadian friend 🇨🇦 here in Canada we’re taxed also to the fullest;)
Really appreciate your Saturday shares. Thanks and have a great weekend.
Thanks, you too Brian Cheers 🌺🙂🍺
keeping a Net Worth statement is a great idea. I've been doing one for over 30 years and it's fascinating to look at how debt disappeared over the years that then resulted in growing savings. We were mortgage free in our mid- to late-40s which makes the savings escalate fast. I do our net work statement on New Years with quarterly spot checks. Not yet retired yet, but anticipate that, like you, my net worth could easily continue to grow during retirement.
A great plan for your net worth congratulations
Paying off mortgage is a two way street in Vancouver. We anticipate to be debt free at retirement, but we tie up a lot of our assets in real estate, more than 12 years in spending. Should we own real estate at all. I won't entertain reverse mortgage. That's debt that could get out of control because we cannot never anticipate interest rates (think Jan 1 2022). Would co-op make sense?
We are not fans of reverse mortgages and we are not fans of carrying debt into retirement , if you are unsure about your situation then we recommend seeking professional advice.
This is great, I have to say I have never given any thought to this comparison but I am really interested. I am pleasantly surprised. Having said that, I am not counting my house as I live in the GTHA area and house prices are absolutely ridiculous. So even If I sold my house for a million dollars, I would to remain in this area spend a fortune for rent.......I am just thankful i am of this generation because I have no idea how the young ones will fare.
Glad it was helpful!
Hi Norm! As an aside I saw that you are a camera collector! Not sure if you are interested but someone gave me their grandmother's folding camera from, I was told, from about the 1930s. It is a German camera from the brand Voitglander. I was told it worked the last time she used it. Anyway, I was going to stick it on Ebay at some point but thought I would see if you had any interest. I'd sell it to you for a very reasonable price. Thanks!
Thanks for the offer but not at the moment , we wish you well with it on EBay Cheers 🍁☕️
Just curious if you know how many of your subscribers are Canadians vs Americans. Does UA-cam have those statistics?
Yes Ann we do know our audience mix, 45% Americans and 31% Canadians
My husband and I are above the median in th u.s. We do still have a small mortgage. I am 56 and just retired, my husband is 59 and retiring in a few months. We have been planning early retirement since our 20's
Sounds like a great plan Rhonda 🍷🌺🙂
Rhonda, are you retiring with any retirement savings? If so, how much? I’m in my early 50s and saving like mad thinking I may need a decent amount of savings. Cheers.
@josephj6521 yes I have savings, not as much as I'd like but I have a pension, a reduced amount because of my age but it's enough
The issue of ever increasing property tax on a paid off home in retirement is also a drain on retirement funds. I’m paying over 6k/yr and expect it to go higher. Property tax is like a mortgage but never gets paid off. This should be considered when one wants to rent vs owning!
Good point
You will pay property taxes even when renting. Granted, you don't pay them directly to the taxing authority. But you DO pay them via higher rent to the landlord.
Absolutely it has to be considered and can add up a lot 😱have a great weekend Cheers 🍷🌺🙂
Also property insurance goes up annually.
Yes it does and when you are away in Winter 🥶 someone needs to visit your home every 24 or 48 hours 🙂
Retired 13 years. Mortgage paid when retired and going to put our place up for sale soon. Great advise.
Sounds great Laura we wish you well with your future plans are you buying or renting smaller in the same area or moving to a new place good luck 🍷🌺🙂👍
I still do not understand why some people sell their main home when its mortgage free and then rent. I understand it will release the equity but savings rates are dismal and inflation will eat away cash anyway. The stock market is artificially high thanks to quantitive easing so I am expecting stock prices to go lower. Hence why sell the house? My home is worth say 220,000 GBP in the UK but to rent a home like mine is 10,200 GBP per year plus the same utility bills and taxes as if I had my own home. In 10 years I would have enriched a landlord by 102,000 GBP and have NO increase in equity. I would rather stay put, keep my circle of friends and live within my means on what I have. My 'net worth" will eventually go to my grandchildren as in this current economic environment I feel they will need some financial help.
Good point. Net worth is often exactly that: inheritance to kids or grand kids. Or nieces and nephews
The way we see renting Steven is protecting our capital from unplanned maintenance of a home plus all the tiny incidentals light bulbs lawn care etc and property tax (Council rates). We are fortunate to have rent control which limits the increases to inflation and our utilities are included. Inflation has been at record lows for 10 years and the stock market has been a bull market for 15 years with great stock appreciation, dips in stocks will happen in a high inflation period but not back to levels 10 years ago. We invest in dividend stocks, Canadian banks and telecoms, we avoid tech and start up companies like Uber which are in free fall at the moment. Thanks for sharing your thoughts we appreciate it.
I did not receive anything from my parents and I don’t plan to die with my house paid off to leave my net worth to grandchildren. If kids keep on inharitating parents’ and grandparents’ net worth, nobody will work in the future generations. My 2 cents….
@@evadeanu1 I (Tina ) didn’t receive anything either from my parents due to a brother who hijacked my parents will 🤔
@@ThisIsOurRetirement wow!
I'm retired but have a Buy to let mortgage .Seems daft not to as there is £450 positive cashflow after costs and the property has gone up in value by 50% since purchase. Inflation is eating into the debt,particularly at present levels, so another bonus.My own residence is unencumbered so I'm well above median levels which is enhanced by the mortgage debt.The mortgage is about 60% of the value so plenty of room for the inevevitable downturn.
Have spent a month in Portugal (Alvor)and 3 weeks in Sarasota just before lockdowns so looking forward to doing something similar this winter.We live in UK and enjoy your channel
Our key to retirement is to be debt free
I'm a single Canadian woman in my 50's. Debt free with a net worth of 1 million, most of that in investments. I'm thinking of retiring next year, but not sure I have enough. I'm not a big spender, but enjoy travel and hope to live in a warmer climate part of the year.
Thank you Tina and Norm for your videos. They are informative and great entertainment. I appreciate your cozy style.
Thanks so much Tracy we appreciate your support have a great weekend Cheers 🍷🌺🙂
Tracy, I’m thinking Mexico in 2023 and might need a roommate. 😁
Retire! I highly recommend it!
We do too 🌺
Hi Tracy, with a $1,000,000 you are way ahead of most Canadians. Even at 4%, the million would yield $40,000. In Canada, the medical care is free or almost free. This would be a huge expense if you had to pay for it. In Canada, you also have a relatively generous pension plan. Add this to your own pension plan and you could quit soon if you plan to live a modest life.
Hi tina&norm your friend barbara from brooklyn new york, happy Saturday , another thought provoking topic. I have never done a net worth until today I am happy to say I seem to be above the median, but that's because of the real estate market in las vagas NV.I bought a retirement home in 2010 for peanuts in a foreclosure sale the bank had over 4000 houses it was trying to get rid at that time I bought one .I have kept my mortgage because it helps me as the house has been a rental since 2011, even in retirement I still pay a lot of taxes because I am single and I make way above what they allow in my SS& pension, so my financial advisor said its better to keep the mortgage which is half what I pay in rent.
Thanks Barbara for watching sounds like you are in great financial shape we are glad you enjoy our videos enjoy your weekend Cheers 🍷🇺🇸🇨🇦🌺
@@ThisIsOurRetirement thanks but with the economy in its present state and cost of basic necessities going up I think most retirees are worried.Have a wonderful weak see you both next Saturday.
I did the Globe Financial Facelift back in 2000 and 2020. Some net worth calculations don’t include pension plans, this is a mistake IMO. Employee contributions to workplace pension plans are otherwise ignored and skew net worth lower. There are excellent apps to track income, expenses and net worth. Debt free here since age 54.
Sounds great have a great weekend Cheers 🍷🌺🙂
I'm doing the list of assets and liabilities, and there are some judgement calls. I mean, my wife clearly goes in the liability column, right?
Have a wonderful weekend Cheers 🍷🙂🌺
Comparing to others is fine and perhaps"fun", but really, it doesn't matter to me what may neighbours have, I think we just need to focus on our own situation and what we feel we need. Keeping up with the Jones is just a distraction and is counter productive in my opinion. Figuring your net worth is worthwhile, but only compare it to yourself, not your neighbours..
Great comment Darryl have a wonderful weekend Cheers 🙂🌺
Great ideas Tina and Norm! Thanks for the video.
You are so welcome! glad you enjoyed it Cheers 🍷🇺🇸🇨🇦🍺🌺
Knowing your net worth is a must! Helps you realize areas where you spend too much. 🌻Staying debt free should be the goal at any age.
Absolutely!! we agree Joyce have a wonderful weekend Cheers 🍷🌺🙂
Thank you. ❤️
69 but have not retired yet. Soon though. Estimate like you suggested at 300,000. No debts. Use but pay off CC monthly so no interest. God has blessed us.
Life is good Charles 💕
Paying off my mortgage before 50 yrs old was my goal and I'm very proud of actually doing it. However, I missed out on luxury vacations and salon visits and my son had to enroll in a local college instead of living at a university. I'm 60 yrs old now and completely debt free, but still live a frugal life. I find enjoyment in simple vacations and hiking at county parks.
Love your inspiring videos 🧡
In some countries mortgages have had exceptionally low interest rates. (Read 0% or very close to it)
So it has been useful not to pay it back as almost any other investment class has given better returns.
So, matters a lot what kind of interest rate you need to pay for your mortgage. Now interests rates are going up globally, so now is the time to be more careful with mortgages.
Kind of reminds me of a person who has read the book The Millionaire Next Door. There is much to be said for the contentment and security of a debt free lifestyle. Good for you!
That’s great Ann being debt free sometimes the most simple things are the best have a great weekend Cheers 🍷🙂🌺
We agree interest rate is really important Cheers 🍷🙂🌺
The Millionaire next door is a wonderful book we have read it too Carole Cheers 🍷🌺🙂
I track every cent we spend. Only investable assets and house count in our net worth which is done dec 31
Sounds great very organized have a wonderful weekend Cheers 🍷🌺😎
Wow big difference between the US and Canada. Frankly, I attribute it to Americans needing to keep up with the Joneses. Retired in 2011 with no debt; own house & car free and clear. Definitely reassures me that I am financially secure, and also surprised me that I have been able to save money each year. No I am not a tightwad, I travel ever year and since I could not over the past 2 years instead I renovated my house instead and paid in full.
Well said! we too haven’t been travelling for the last two years have a wonderful weekend Cheers 🙂🌺🍺
I know this is off-topic, but didn't know where else to post. I would love to here about rail travel in Canada especially in the rockies. It looks expensive, any tips to bring down the cost?
There is the Rocky Mountaineer which is a high end experience or you could take the regular Via Rail train that runs from Toronto to Vancouver that runs through the Rockies or Toronto to Halifax that goes along the East Coast these are more affordable. In fact we would to do the East one and you can sleep in your own cabin or in a sleeper chair.Hope that helps Sandra Cheers 🍷🚂🌺🙂
With inflation rising and our portfolio dropping its been hard to make a decision to retire. I’m leaning towards retiring next year though. Hubbies been retired three years now. We’ll have no debt by then and our house finished.
Inflation is a problem but could be short lived as it was created out of the pandemic. Just don’t over think retirement as you may never do it. Thanks for watching we do appreciate it.
Thanks for the info! Apparently as a 40 yr I am way ahead of the median...Being debt free helps!!!
That’s great we do think being debt free is secret to a happy retirement Cheers 😎🍷🌺
This was an excellent video with good information. As I compare my Canadian friends to American friends, I notice that the Americans have "toys" and buy "tchotchkes," often on credit whereas my Canadian friends seem to spend their money on experiences. Please do not beat me up here - just my observations. We are older than the upper age of your comparison and are doing much better than the numbers you gave for Americans. Thankfully, we were well employed, our house is paid for and the investment Gods have been good to us. I enjoy your videos.
Thanks for watching Carole Anne we appreciate it , have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🌺
I keep a personal balance sheet. I set the cars at 100 usd salvage value and furniture at 500 usd on my balance sheet. I have also held my house value at 2019 levels on purpose. Keeping a personal b. s. allows you to see where you can apply income. I am above the Canadian medium in usd.
Oh I was trying to recall the funhouse locale at Niagra, Clifton Hill.
I've decided to start the retirement process with some manageable mortgage debt. I'll explain on another post. I'm what is called in coastal FIRE.
Glad your finances are in great shame Kevin , there is so much to see at Niagara we will have to go back , thanks for watching we appreciate your support have a wonderful weekend Cheers 🇺🇸🍺🇨🇦🌺
Hi Tina and Norm, I also include the value of my pensions, government and CPP in my Net Worth calculations. I simple take the yearly pension and divide it by 4% to give me an estimate of the Present Value. I read somewhere that that's a quick way to estimate their value. Eg: if you get $700 CPP/month; Net Worth value would be $210,000 (700*12)/4%. Thoughts?
It is a valid calculation but the Capital isn’t assessable like a regular asset in a regular net worth financial statement Cheers 🍷🌺🙂
@@ThisIsOurRetirement True, fortunately our Net Worth, less our pensions, exceeds the average quoted by StatsCan. Enjoy your videos, as well as hearing how you are fairing. Take care.
Unlike savings or investment that give you 4% return with the capital remaining the same, it takes $180 to generate $1 pension monthly. The $700 CPP would be like a $126,000 pension working for you.
I could be wrong but I thought net worth is about if you were dead. Canada pension stops with death.
I think you are trying to figure spend able money for living. I thought Net worth is if you cashed out today.
@@dougdoty4718 No it’s a good thing to know your Net Worth especially while you are alive and well , have a great week Cheers 🍷🌺🙂
We do monthly accounts, 3 monthly trackers of net worth, always live within our means and keep a reserve fund for emergencies. We have no debts and 1 credit card for travel etc. we grow lots of our own food and keep good food stocks for hard times. We also volunteer for local support groups and our local food bank. It gives us confidence in our retirement and peace of mind.
Sounds like a wonderful plan all round and very well organized Gwyneth have a great week Cheers 🍷🌺🙂
Good video and you both are much calmer than a little bit before. Great 👍 ranking with no debts and over 2 m networth for a single in my 50 s . Would rather live in Canada 🇨🇦.
Thanks for your feedback it’s helpful, with $2M you could get residency in a lot of countries.
Many of us in the US would rather live in Canada. Great country, great people.
We have heard that have a great weekend Cheers 🙂🌺🍷
Thank you for this making this informative video.
The one thing that's really important in this discussion is pension. I'm well above the median net worth, but I have no pension, so that net worth has to support me completely. Someone with a pension may have a very low net worth, but if the pension income is high enough they'll be fine.
So net worth calculations really should include the value of that pension, though they basically never do.
Great point.
We agree that’s interesting we do include our private pension money we have saved , how do you have no pension at all 🤔when doesn’t every country at some age give you one Cheers 🍷🌺🙂
@@ThisIsOurRetirementas a Canadian, I do have CPP, however not every country does have something like that. I was more pointing out that some people have generous corporate pensions, whereas other people have none.
Most people do not include the value of that pension in their net worth, and as such someone with a generous pension could comfortably retire even while carrying debt, whereas someone without a pension like that could be in trouble even with an above average net worth.
This case applies to me 😀 as I quit my career at age 47 ( last year ) and did not wait for pension age and years of service to be qualified for pension salary .. as I took lump sum amount of my pension in cash amount .. I am from Middle East .. however I am way above this median amount .. so I guess I will be good to Continue like this 😀
@@ThisIsOurRetirement In America, the concept of pensions has been realized to be much to costly for corporations to pay out. Except for State and U.S. Government, they still have pension plans although, they are diminishing from what they were in the past. US Military (like myself) still have pensions and has also been reduced somewhat. Most commercial corporations offer a generous 401K with matching options that have replaced the traditional pension plans. The only real U.S. universal retirement so called "pension" plan is our Social Security System, which is based on a workers total years of work best on points.
I had my current home built with an in law apartment upstairs which I rent to a female graduate student. I have no mortgage. Very nice arrangement for retirement.
Sounds great Kay enjoy your retirement Cheers 🍷🌺🙂
Many years ago I was talking to a banker and describing my retirement goals and he came up with an unrealistic investment plan to reach those goals. Then I told him about the corporate pension plan that I was paying into and he started talking about the “future value of money” and what that lifelong revenue stream would be worth when I retired. I thought that you would simply take the annual pension and multiply by expected life span and voila, you’d have your value but no…he said the actual value was determined by the amount of money needed to generate returns equal to the pension payments in the market conditions prevalent at the time. So for ease of figuring if you had an annual pension of $50,000 dollars and an almost risk free 5% return was easily attainable then your pension asset would be valued at $1,000,000 dollars. Of course if higher returns were available your asset valuation would be lower…10% return would result in a $500,000 valuation and the opposite would be true for a lower return…2.5% would require a valuation of $2,000,000 dollars. So although my banker originally thought my goals were unobtainable it turns out I was in better financial shape than either of us thought and I retired three years ago at 57. So if you have a reliable revenue stream for your retirement you are probably doing better than a simple material asset assessment indicates.
very interesting, another concept is to only take half the interest rate so you leave half to offset inflation. Thanks for sharing your thoughts.
I believe that you are referring to the "present value of a perpetuity." It is the cash flow/year divided by the yield of a 30 year US Treasury bond. Or $1,547,987.
The number is not part of net worth.
@@DavidEVogel David I agree! However, having a nice guaranteed pension puts a new perspective on things especially sleeping at night in retirement
Just wondering, the Average income for an American is about $47,000 does that include both incomes husband and wife? Where I live in Florida is $25,000.
We just took data from the U.S. census.
Excellent video! I am 56 and retired exactly three years today. I fall above the median as I am mortgage and debt free and have a generous pension which I live off of. I don't deny myself what I need or want, but I am careful about how I spend. I make sure to shop for sales and I am a point collecting huntress. Every month, when I get my pension deposited, I go to my Day Planner and log what my pension is, what the current balance in my chequing account is and compare it to the previous month. On average, I still have about $1000 left over so I end up saving between $10000 and $12000 a year, just on my pension income.
I had a colleague who retired when she was close to 60. She had been mortgage free for years and months before retiring she bought a hugely expensive home and went into retirement with a new mortgage. I still shake my head when I think about it!
As a retiree, everyday is pretty much a great day but Sunday is no longer Glumday. The dread of going back to work on Monday always put a dent into Sunday. I really appreciate the mental freedom that retirement brings !!
We agree Sunday is no longer the dread day of going to work , retirement is a wonderful new chapter in your life sounds like is working great for you too . Have a great weekend Cheers 🍷🌺🙂
Your story parallels mine! Living comfortably off my pension, mortgage/debt free and sitting on substantial savings/investments. Don't understand how some people can sleep at nights? Enjoy your retirement!🤩
@@retromoto9456 Congratulations on your successful retirement! Isn't the freedom wonderful? I never take for granted how fortunate that I am. Many of my colleagues retired in a similar situation and went on to work in either second careers or hobby jobs. To me, that is purely selfish. If they are bored, there are plenty of places to volunteer. Taking jobs away from people who need them is wrong.
@@msbeaverhausen7226 Thank you and likewise on your retirement! Totally agree about people getting another job. Not only selfish but defeats the purpose of "retirement." Not me! I want to savor every moment of financial freedom and enjoy the rest of my life. Isn't that what we worked so hard all these years? People sometimes don't make any sense.🤔
Hey Norm and Tina..love your chanel. For a net worth calculation do you count the net present value of pensions?
Thanks Allen no we don’t as we don’t have private pensions have a great weekend Cheers 🇨🇦☕️🇺🇸
The biggest risk for older folks is to retire with debt! We retired with no debt (credit card, mortgage, car note, etc.). Also, it’s important to have enough income (pension, social security, coming in so that if everything turns upside down (re, investment income) you still have enough income to meet your monthly income (rent or maintenance payment, food, out of pocket medical bills). So, I would suggest to older folks to review your finances before retiring. Of course, some people may be forced to retire before they intend (job loss) so doing the above exercise is critically important.
Thanks for watching and your comment enjoy your weekend Cheers 🍷🌺🙂
Thank you for your channel and sharing. I always laugh when I get your new video. You see I live in the us but was born in Canada. So it’s nice to hear what your seeing in Canada. I left was I was a kid. So it’s like getting news from Canada and see how the country is doing. And in response to asset. My number one thing for me in my asset is my health.
We agree Michel health is more important than wealth Cheers 🍷🇺🇸🇨🇦🌺
In USA, we don't have paid for healthcare, so Americans need to save even more than Canadians.
Ironically, here the politicians often dog Canada.
So hilarious.
Remember, that if you have to brag about being the best, you are not.
Most Americans in bad shape overall.
Thank you Tina and Norm💕
Thanks for watching Cheers 🍷🇺🇸🇨🇦🍺
it is not winning or losing. As long as you have the money to maintain near or at pre-retirement levels, you are a winner in my book. you only need to figure out how much that you will need per month/year and save enought to generate that amount. I have been retired for 7 years now, and my pensions are more than my normal expenses. my net worth is way above the numbers you stated in your video, but each individual have difference needs and requirements.
You are right pensions and the lack of spending does make life more affordable. Our figures were for an average so easy to be above that. Thanks for watching
I am 47 and don’t have debt. In my 30s had the experienced of having debt when I built my family a house in the Philippines, and at that time I decided that I will never be in debt again aside from my own mortgage but even that it stress me out so I sold my unit and decided its time to retire and live all over the world. I am just lucky to be able to do it, I am in Bosnia and Herzegovina atm and loving my life as a nomad.
You are living your dream we wish you well Cheers 🍷🙂
Worked my whole life (since i was 17). I never lived extravagantly. I have very little to show for it now. I used to read those Globe & Mail articles and they sounded like science fiction to me.
So how do you guys compare? You seem to be doing well, are you above or below the Median? My wife and I retired a year ago at 54, our house, car's, cabin and camper are all paid, and no debt...we are now just about at 55 so where should we be? Love your videos's by the way
We are doing well thank you we wish you both a wonderful retirement Cheers 🌺🙂🍷
I’ve been retired for 2 years. We hav no debt other than taxes and house hold expenses. Our house and our savings added together is a little over a million.
That’s great Bill
Excellent work, both of you! I love the story: Take a simple concept of "pay yourself" and turn it into a life changing result. You are living proof it can work. Not to mention the brilliant work at creating a UA-cam channel and another income stream!!
My reason for writing though is to ask for a video that I suspect many of your followers secretly want to hear, but most folks will consider it impolite to ask. First, my reason for asking. I am 56 and plan on retiring at 60. I own one home in Maine on a lake free and clear and have 60% paid off on my primary residence in NY. Other than my primary mortgage I am debt free. My liquid net worth (not including real estate) puts me in the top 5% of savers in the U.S for my age. My concern is how will I turn my savings into income in retirement. I do not want to be an active investor as I am now, as I am keenly aware that equities can and do fall 50% or more in some years, and the lion's share of my retirement income will come from my own 401k. So my questions are all centered around how you generate and plan for income in retirement.
As such my questions are:
Can you put your budget into broad terms but use real numbers explaining your costs on items such as housing, food, auto, and travel?
Can you put broad numbers on your income buckets? (My suspicion is you have a couple pensions which is awesome, but uncommon in the U.S.)
Assuming at least one income bucket involves self directed investments, how do you protect from a potential decline?
If you are invested in equities is it self directed, and how do you determine how much to take out each year?
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In retirement, one can easily be conservative and live off interest alone, but if one wants to enjoy the fruits of ones labors that is probably too conservative.
Bottom line: How do you know and/or insure your income stream is secure and will last your lifetime?
Thanks for your comment Joe we have many forms of income , but as you know this is the Internet and we are not comfortable sharing actual numbers , we are just suggesting ideas that others might want to do Cheers 🍷🇺🇸🌺🇨🇦🙂
It’ll be important to know the mean net worth outside of someone’s home. We cannot sell our home or move away plus need a home. It’ll be interesting to see what the mean retirement savings/shares/bank savings are.
The reality is most peoples net worth is their house
Having been in agriculture my whole life, and starting out with only a few thousand dollars, on a rented farm. I am by the nature of the business fairly well off, due to the ever rising price of farm land. Real estate has made many people rich beyond their wildest dreams. A basic house where we live is over $500,000.00 . And really nice homes, or lake front property go well over one million. All of this sounds great, but how the heck can a young family buy a house. How can a beginning farmer ever dream of buying a farm, when land is selling at 15-20 thousand dollars per acre? And land rent per acre is running at $250-$300/acre. This isn’t a contest to see who has the biggest nest egg, and because my wife and I worked very hard to invest in farm land for the purposes of farming it, not just to speculate on a big pay day when selling it, I am embarrassed to say what my net worth might be. But what goes up, can also go down, same applies to real estate . The imported thing is to be debt free , and try to maintain good health ,find true love, and happiness. No amount of net worth can ever tally up to these items.
What a wonderful comment Bruce thanks for sharing have a wonderful weekend Cheers 🍷🌺🙂