Average Income Of Retirees At 65

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  • Опубліковано 11 січ 2025

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  • @ThisIsOurRetirement
    @ThisIsOurRetirement  2 роки тому +8

    Here is a link to our Net Worth video that goes along with this video. ua-cam.com/video/Ks8oxqBXIKs/v-deo.html

    • @keepcreationprocess
      @keepcreationprocess 2 роки тому +1

      hahahha - just buy discount rock n roll t- shirt at a discount .......lol - and Tina : not going anywhere.....- I find alot of expenses .......how come people have to pay ssooo much for those things --- I wish if it was for medical care or something like health or holidays : that would have made more sense to me.....

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      @@keepcreationprocess Thanks for watching Joe Cheers 🍷🌺🙂

  • @BarbOConnell
    @BarbOConnell 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Barb thank you so much for your generosity we really do appreciate your support, unfortunately we have been out all day and only just seen your message . It really encourages us to want to do more have a wonderful week Cheers Norm and Tina 🍷🌺🤗

  • @alicjap3482
    @alicjap3482 2 роки тому +32

    It think it's important to mention that the median income information for both Canada and US is for a household (not a single person) where one person is 65 or older, and it is before taxes. I found it interesting that only 1% is from a private pension. I am a single person and all my gross pensions together total approx. $40,000 Cdn/year (CPP, OAS, Superannuation, foreign pension). I live in the most expensive city in Canada and am renting an apartment. On average I can still save approx. $7,000/year.

    • @just42tube
      @just42tube 2 роки тому +2

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

    • @rejlanteigne7231
      @rejlanteigne7231 2 роки тому +3

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

    • @rozinant1237
      @rozinant1237 2 роки тому +7

      That makes more sense. 60K per person after taxes seemed high. Looking around, you can tell most seniors don’t seem to have that kind of income

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +2

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      This is just a discussion about two reports Cheers 🌺

  • @bridgetmast9400
    @bridgetmast9400 2 роки тому +47

    The unenlightened still call it 'Saturday'; we call it 'Norm and Tina Day'. We look forward to the great content - educational and entertaining! Thanks for sharing.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

    • @tibbyjohnston3318
      @tibbyjohnston3318 Рік тому

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

  • @secretagent86
    @secretagent86 2 роки тому +2

    finished the video... one of several of yours that i have watched. decided to subscribe. I have a buddy making a couple of hundred thousand a year, but won't retire until 70 as he is always in debt, despite a gift of an expensive house about age 30. some people just spend spend spend. as far as travel goes, i did that when younger and said to my wife when i was 40, we have the money, health and time, let's travel. so we did a lot for 2 years when i had sold my business and was trying to figure out my next career. Now it looks like even a better decision due to her poor health she cannot travel. (she spent two months a year travelling in her younger years.) My idea of good fun is hopping on my bicycle for a 2 to 4 hour ride. airport travel is soooo awful now, and I am tired of the long car drive sort of travel. Had a good train trip once though and a week long cruise on a small MV Aurora Explorer delivering goods to communities and fish farms up the BC coast.
    sounds like you both are enjoying your retirement! except for my poor wife's health so am I. Yep I track expenses and have a conservative budget... but there is a lot of wiggle room when medical/dental bills etc come up. Contentment is in the head.
    No estate is required...helped daughter when she needed it. Our final nest egg is a middle class home ina great neighbourhood. housing is crazy expensive in Canada now (but coming down with higher interest rates). sorry for the novel...hope someone found this interesting.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      Thanks for subscribing and welcome to our channel , yes we agree some folk just can’t stop spending 😱then wonder why they don’t have the money 💰 to retire 🤔have a wonderful weekend Cheers 🍁☕️🙂

  • @CLdriver1960
    @CLdriver1960 2 роки тому +13

    I guess that I’m not in the majority of Canadians: my CPP and OAS is 24% of my retirement income.
    I can’t emphasize enough how important it is to start early, and be consistent with retirement contributions.

  • @kennethpao1355
    @kennethpao1355 2 роки тому +8

    Thanks for sharing these numbers. My wife and I are right at the bow wave of the baby boomers and I caught the beginning of the private industry pensions changing to 401K plans. So we lucked out to have our individual social security, my small pension and our respective 401K savings. We did kick in extra savings into our 401K plans in our 50's. We have been conservative managing our finances since early in our marriage and always managed to have some savings for investment rather than spending on toys or trips. We fully funded our girls public university education to avoid taking on heavy student debts. We count our blessings living comfortable retirement lives in southern CA keeping busy volunteering, play some golf, stay out of the way of COVID-19 bugs
    and resume travel when it is over and Europe turning peaceful again. Keep up the interesting videos. If you ever run low on ideas for videos, you might consider recruiting fellow retirees in your global travels to talk about their local interesting stuff. Cheers.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      Thanks Kenneth for sharing your situation, it sounds very comfortable, we also helped our children through university. Thanks for the suggestion about interviewing fellow retirees, very interesting.

  • @theneverendingjourneyoflif1482
    @theneverendingjourneyoflif1482 2 роки тому +1

    Thanks!

  • @RC-fh2lk
    @RC-fh2lk 2 роки тому +4

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

  • @Broadmaynewood
    @Broadmaynewood Рік тому +1

    Hi Terry from the Uk here . Great video. I am one of the lucky ones and have an occupational pension. I don’t know how anyone can survive here in the UK with just the state pension, which for me is just over £700 every four weeks.Also the cost of living here has sky rocketed.I also have my own small side hustles, but have to balance this out earning money and living my life .

  • @americathebeautifulforever9746
    @americathebeautifulforever9746 2 роки тому +7

    Here is one that will shock you. I own a 13 room house in the mountains on 2 acres, all paid for, truck paid for, free well water, low electric. All my bills everything including food and healthcare is under a thousand dollars a month.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

  • @tobyo99
    @tobyo99 2 роки тому +14

    Interesting: for net worth we are way above the median but for income we're just a little above the median(I didn't include our regular withdrawals from retirement funds, just our Social Security and my tiny work pension). Once we sell the house and pay off our debt we'll be in much better shape. I know I keep writing that. I must sound like a broken record! For now my plan is to spend a little of our retirement money and take a few trips because darn it, I've earned that! Next week we leave for a week in D.C. then I'm off to Chicago the first week of June to spend time with family. And at the end of June we're spending a few days on the North Shore of Lake Superior. And hoping to go back to Spain in August/September. So far I'm enjoying retirement!! just wish I could stop worrying about money due to the bumpy stock market of late......even with your reassuring videos about money, I still worry 🥴

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +2

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

    • @tobyo99
      @tobyo99 2 роки тому

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

    • @dougdoty4718
      @dougdoty4718 2 роки тому +1

      This is the same problem( the worry) I have and yes there videos, put things in a place.
      We too are much higher in the net worth But we are almost Bang on for the income. Only know cause we just picked up our taxes.
      As for the bumps in the stock market, that's what we keep hearing but our investments keep going up.

  • @richardc488
    @richardc488 2 роки тому +5

    Thanks guys, my 401K ( i guess you do not have that up north) it is coming back for more travel. Once you hit FRA you can make as much as you want in the states! We are comfortably above the medium and actually have more spendable income then when I worked :) My company called me back to work after 5-years and are paying me $100 US per hour, I only like to work 20 hours per week and we are going to Italy for a month in November and Ireland in May!

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Sounds great! we hope you enjoy your trips Richard we have been briefly to both places and hope to go back one day have a wonderful weekend Cheers 🍷🇺🇸🇨🇦🌺✈️

  • @halliebass
    @halliebass 2 роки тому +18

    I am happy with my income but when you are a single person, you shoulder all the expenses. So that is an issue. Many people seem to have to work to supplement. OAP or whatever they call it now, and CPP are really not a lot to live on, unless you have a work pension. They claw back your OAP if you make a certain amount and penalize you for your last year of work. I lost mine because I got a severance. Don’t know if I will get it back at some point. I think if you are old, you should get that pension. I bet all the retired politicians get theirs. However, if you have no extra pensions, just the two standard pensions will not really be enough.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

    • @jeanpauljeanpaul2530
      @jeanpauljeanpaul2530 2 роки тому

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

    • @halliebass
      @halliebass 2 роки тому

      Well, I got a severance payment that brought my last year of income up to 125 ish. I put as much as I could in RRSPs but I had maxed mine out yearly, so there was little room. I built a baby barn and did some stuff around my home. But I had never made that before. I lost my OAP for almost two years. I just get OAP, CPP and a modest work pension so I have taken a drop of about 50% in income on my previous years work income. So nowhere near 125 these days. That was a one off. More like 50K. Yes, that is a good income and I have no debts but I pay all my own expenses. My modest house still needs heat and electrics, I have a cell and internet (Bell, so you can guess). Groceries, gas, pet expenses. I also give 10 times the national average for my age group to charity. I think the idea of a clawback is not always fair. I know a woman who is just surviving and got a clawback. There is no way she makes 125k. I gave her money to pay her vet bill and buried her pet for her. We pay into pensions the best we can so we can survive comfortably in our older age. Rents are rising..inflation is climbing but gives no clear picture of wheat the real cost of living is. We all are trying to reduce expenses.

    • @eliriseliris
      @eliriseliris 4 місяці тому

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

  • @colibri67
    @colibri67 2 роки тому +5

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Thanks for sharing Cheers 🍷🇬🇧🇨🇦🌺

    • @beauteoussounds1156
      @beauteoussounds1156 2 роки тому +1

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

  • @marianneeichler648
    @marianneeichler648 2 роки тому +3

    Just left a sour comment so I’ve come back with a sweeter. I watch you videos each week after my walk with my sister in law. I look forward to it and have learned plenty from your discussions. Thank you.

  • @rogergregory7190
    @rogergregory7190 2 роки тому +1

    Hi Tina and Norm. First, I must say that I really enjoy your videos, having watched.them for over a year.
    "OTHER"??? On this topic (what other things do people spend their money on?), I would mention :
    1) Home Improvement
    2) Hobbies:
    crafting, knitting & needlework), wood & metal-working, bird-watching, beekeeping
    The cost of books and equipment can mount.
    3) Sports (esp. golf) walking, hiking & rambling. Membership fees.
    4) Pastimes (Bridge, Cribbage, Bingo)
    Gardening comes under no., 1 & 2 - it can certainly eat up a chunk of cash!
    Plus - of course - doodling around on the computer, iPad or smartphone.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @llamudos9809
    @llamudos9809 Рік тому +2

    Estimated Household income at 56 will be £47k jumping to £65k (accumulated for both of us) when state kicks in at 67 (Savings+pension) Plan to sell 2 properties at 60 to pay for dream home in the countryside) I guess my wife and i have been fortunate. TY for giving a benchmark that we can compare with. My wife is 55 this year and plans to leave next year after 30+ years in the NHS i will leave 3 years later also at 56. You have both been extremely helpful in determining if we should retire early or not. We both have good salaries and paid two mortgages off so just saving for retirement now and filling up premium bonds and setting up Investments. We have a 2nd home as an income source at present that we will sell at 60 which gives 6% return /year. No kids which i guess has over inflated our assets and wealth compared to the Average UK citizen.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  Рік тому

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

    • @llamudos9809
      @llamudos9809 Рік тому

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

  • @crusaderlatin732
    @crusaderlatin732 Рік тому +1

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

  • @adriancarabajal7115
    @adriancarabajal7115 Рік тому +1

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

  • @priola7587
    @priola7587 2 роки тому +13

    These past two videos have been really interesting. (I retire in 8 months.). Thanks much! I love that you included median household expenses. These median values are making me feel pretty comfortable because it turns out I’m just an average, er, median Jane.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

  • @MILGEO
    @MILGEO Рік тому +1

    I have to say that I'm surprised at how similar those figures are to US Citizens. I assume that the earnings are each for a single person and not for( MFJ) or married filing jointly, which has a different tax treatment. As far as the 40% paid for housing with no mortgage, In at least the NE US we pay very high school and property taxes. I'm not sure if utilities would be counted but they can also be expensive. Some area's have HOA (community expenses). In SE NY we have a fairly high cost of living, even outside of NYC.
    On our last trip to Niagra Falls, I would say that it seemed as though everything was quite expensive on the Canadian side which we decided to stay at after initially planning to stay on the US side. A dinner along with wine at TGI Fridays with 2 adults 2 children was about $100 more than I would have expected at a similar US chain restaurant.That was over 10 years ago now and we could easily go back and forth over the border.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  Рік тому

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

  • @howellwong11
    @howellwong11 2 роки тому +5

    I retired when my expenses equaled 80% of my take home pay. It worked. I retired at 68 and I am 90 years old. All my savings, IRA's, investments, etc. remains untouched except for the time I needed money to buy a home in cash 10 years into my retirement. It was a good investment, since my rent was replaced by property tax (a $1500 a month savings) and my home more than double its value in 13 years.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

    • @kebo57
      @kebo57 Рік тому +1

      Ahhh, so you're planning to take all your savings with you after you die, right?? C'mon, spend it while you're still alive!! Your kids/grans will get by without it!!

  • @secretagent86
    @secretagent86 2 роки тому +1

    retired CFP and financial advisor in Canada. Yes the all important "after tax" is what matters. just part way through watching. the Cdn median after tax income is pretty decent i think. You do not state if this is from all sources (CPP/OAS/ private company pensions/registered plan drawdowns)... but i will assume it is. < well you mention some sources, but not savings registered, tfsa, and non-registered> ... In my case i have deliberately brought our income down into the poverty range. (until age 71) We will use Tax Free Savings Accounts for 5 years when i turn 71, then start taking RIF/LRIF funds. (just take small RIFs now to use the $2k/year pension tax credit). By deferring the Canada Pension plan until the last moment there is 0.7 % gain per month. As my life expectancy is decent, I will take it at the end, barring any health changes. So like Mark Twain said, "there are three kinds of lies,.. lies, damned lies, and statistics". Consult a qualified financial planner to minimize your taxes and draw income from the most tax efficient sources. Now onto watch the rest of this interesting video.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @DS-nb5cz
    @DS-nb5cz 2 роки тому +14

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

    • @sct4040
      @sct4040 2 роки тому +3

      $1,200 per month here.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +2

      Yes it is a big expense!

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      Wow!

    • @americathebeautifulforever9746
      @americathebeautifulforever9746 2 роки тому

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

    • @DS-nb5cz
      @DS-nb5cz 2 роки тому +1

      @@americathebeautifulforever9746 that may be true under ACA. In a country of over 300 million people that is a very large number funded by tax dollars but a smaller percentage. 450 is a lot for people living on Social Security alone especially if it is taxed. It is a complicated issue to be sure.

  • @ramjet5192
    @ramjet5192 2 роки тому +5

    My Social Security income, after working hard in the professional middle US class is $22,000. That's half my basic cost of living and why I'm moving to Ecuador.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @jeffl.oliverson6690
    @jeffl.oliverson6690 2 роки тому +6

    Thanks for the information. Not sure in Canada but just because you turn 65, here in the States, you are not automatically considered retired. I got the feel that You were considering everyone retired ( even If you were still working) if you are still working, most people would not consider themselves retired. People can Start takIng their Social Security at 62 or as late as 70. The earlier you take it, the less you get per month. If you are still working, and start taking your SS. At say 62, you are limited to how much Income you can earn without a heavy penalty on your S.S. Once you reach your Full retirement age, which is variable depending on your birth date, you can start to take your S.S. And still work without and penalty. That doesn’t mean you won’t have to pay tax on your SS, you still may if you are a higher wage earner.

    • @evadeanu1
      @evadeanu1 2 роки тому

      It’s the same in Canada

    • @buffycat4641
      @buffycat4641 2 роки тому +1

      It doesn’t take much in income to get taxed on most of your SS when your retired either. I am single with annual income of $54,000 after taxes and pay tax on 85% of SS. Not complaining though, my expenses are very low and I am able to save each month. I feel very fortunate.

  • @jonh9561
    @jonh9561 2 роки тому +4

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @angelagurrin4520
    @angelagurrin4520 4 місяці тому +2

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

  • @timothy4597
    @timothy4597 2 роки тому +4

    Are the numbers you quoted for SINGLE retirees (as you are no doubt aware there are many retirees in this particular category), or are they for total combined household retirement incomes??? This makes a huge difference in the numbers you have mentioned. As a single retiree, netting approx 50K per year (after tax), it is far below your figures, but is only for 1 person. And that btw includes a substantial defined benefit pension plan. Not all retirees are couples, and this needs to be mentioned in your figures, as it makes an important difference to overall financial security.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

  • @keithmoriyama5421
    @keithmoriyama5421 Рік тому +2

    My income is NOWHERE near the medium income but, I seem to have more money than ever. I can do what ever I want and buy what ever I want within reason. Part of it, is I have had zero debt for a number of years. While I was working I decided to invest in REAL expenses that go into the cost of 'living' for the rest of your life -- solar power, wood stove, septic tank, insulation, water well and most important-- every single thing that needed to be done to the house while I still had a job. I live in a luxury home with a private forest in an upscale neighbourhood that costs $10K a year to fully run, insure with taxes, utilities and maintenance.

  • @PamelaAlston-x5j
    @PamelaAlston-x5j 2 роки тому +5

    Wow, I’m doing well! I’m 57, retired twice (military and another government job and VA compensation) and I make $102,000 a year after taxes. When I turn 62, I still have my social security benefits to come! And this does not include my husband’s retirement income! Happy Mother’s Day Tina!

  • @desertdweller8520
    @desertdweller8520 2 роки тому +2

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Sounds interesting thanks for sharing we love Portugal 🇵🇹

  • @markdraper4087
    @markdraper4087 2 роки тому +1

    Hey guys. Just got back from Athens a few hours ago. What an amazing city. One of our favorite. Right up there with Zagreb, Croatia and Belfast, Northern Ireland. We could definitely see ourselves spending a month in Athens one day. As far as today's video, and it's another great one, my wife and I have set a taxable monthly income at retirement goal of $6000, or $72k/year. We use 2% inflation/year in our forecast as well. I think an important point for retirees is to try and reduce the amount of tax you pay at retirement. TFSA's, non-registered funds, and spousal RRSP's that allow income splitting are all good ways to reduce your taxes at retirement. Can't wait for next week's video.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      We are glad you enjoyed Athens Mark on that amount you will have a nice retirement, glad you are enjoying our videos have a great weekend Cheers 🍷🌺🙂

  • @jennyd9543
    @jennyd9543 2 роки тому +7

    Even if you own your house outright, there are considerable expenses associated with having a house. Most places in Canada, you have to pay for snow clearing and possibly yard care. Plus houses need new roofs, etc. every so often. Many seniors find their teeth start deteriorating and have significant dental bills. I'm not surprised at the percentage for food and clothing as food is a major portion of most budgets even if clothing isn't. I would imagine that a lot of the people still working in retirement are single people as it is so much harder to pay the bills on your own. Not a choice but a necessity. It is my understanding that in the US the government pension is based on work contributions similar to Canadian CPP. In Canada, we have OAS which is based on residency which means that women who didn't work or took time off to raise children still get a pension.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

    • @janetcalder6938
      @janetcalder6938 2 роки тому

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

  • @NewCastleIndiana
    @NewCastleIndiana 2 роки тому +3

    in 34 years of working after graduating from college/UNI, we have only ever had 0 to 3 weeks of vacation travel. And I remember when the kids were pretty young there were five years in a row where we had zero full-weeks of vacation travel. I say this just as a point of reference. I have no idea if anybody else in the world would be similar. I would take weeks off of work, where I would be doing projects around the house like putting up a fence or finishing the basement. Almost all of our years we would leave our state to go do something fun either zero, one or two weeks out of a year. I don’t know if we’ve ever traveled 4 or more weeks in any year at all as a family. In my alcohol budget for my entire life would be zero as well. Never had a drop. Also probably rare for a group which likely is comprised of a fair deal of UK folks.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      We were similar some years we never had vacations and when we did they were driving to keep the cost low. We didn’t fly to resorts when our children were growing up, we were busy rebuilding our life in Canada after emigrating. Thanks for sharing your thoughts, we do enjoy an alcohol beverage every now and then.

  • @cunninr2
    @cunninr2 11 місяців тому +1

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

  • @RetirementbyDesign26
    @RetirementbyDesign26 2 роки тому +4

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @tstubs
    @tstubs Рік тому +3

    My wife and I have a combined total about $58,000 per year Canadian from all our pensions. We never had high paying jobs but faithfully saved for decades into mutual funds and stocks so we have about $1.6 million saved. Our house is also paid off.

  • @brianrose2487
    @brianrose2487 6 місяців тому +1

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

  • @bestyou774
    @bestyou774 8 місяців тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  8 місяців тому +1

      Glad you enjoyed it

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  8 місяців тому +1

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

  • @jeffcd3559
    @jeffcd3559 2 роки тому +2

    Thanks. I would say I'm about average in the US. No mortgage or debt. I've been retired for a little over a year and I've never been one to travel so I guess I'm doing well. though I do have to say that with flattened wages over the years I worked, without expecting to get rich in my field, I do think I should have retired with more.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @benyablonski6278
    @benyablonski6278 2 роки тому +4

    I like Tina,s comment, "She likes Your big birthdays, cause WE get more money".
    Love your channel. WE, look forward to seeing you & hearing your tips & thoughts. We're getting close to the cusp of crossing into retirement.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Thanks for watching Ben we appreciate your support have a lovely week Cheers 🍷🌺🍺

  • @Mikes_Travels
    @Mikes_Travels 2 роки тому +1

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

  • @rnl-sw6sc
    @rnl-sw6sc 2 роки тому +3

    Thanks for your videos. Retired in the last year and we jointly draw down $60k AUS currently. As we have been spending money on the house and not traveling this is around break-even. I think our base recurring expenditure is around $45k, but who knows what medical expenses may come as we age.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      The future is hard to predict but being aware of potential future expenses is half the battle, being prepared.

  • @mairinbrennan8711
    @mairinbrennan8711 2 роки тому +4

    So interesting! I think that they should separate the clothing and food percentage. I definitely spend less on clothing but the food makes sense. I love to eat out rather than cooking at home. Thanks for providing this information.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @bernaclischurchill4463
    @bernaclischurchill4463 2 роки тому +1

    That is about right. When I retired I was making that in the US. I have been retired for 2 1/2 years now, and I have more money in the bank now then I did when I was working, and that is because of my working expenses which I do not have to pay out because I'm home.
    Where I live in the US, 65 year olds receive discounts on everyday items, as well as transportation (public) and groceries. Also, Covid 19 and the travel restrictions that we faced over the last 2 years, had a tremendous advantage on this area, as well. Thus, if it had not occurred, I know my expenses would have been more.
    Ms. B. Churchill

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      You are so right, financial services don’t tell you about this and yes covid has been terrible but a financial windfall for us travelers. Thanks for your comment Bernaclis

  • @marcelmed4574
    @marcelmed4574 2 роки тому +2

    You guys are fantastic. Enjoy seeing the love between both of you. Keep the videos coming. I’m Portuguese living in Ottawa, Algarve is on my short list of winter destinations.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      That’s wonderful Marcel we love visiting the Algarve 🇵🇹Cheers 🌺🇵🇹🇨🇦🍺

  • @yanmamabear5734
    @yanmamabear5734 2 роки тому +2

    I can understand why food takes so much of the budget. I just went to purchase some Thai Jasmine rice. A few months ago it was about $1.1/lb, today it is $1.6/lb. Food prices are going up a lot.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @4nshale
    @4nshale Рік тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  Рік тому +1

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

  • @kathleenwerner5663
    @kathleenwerner5663 2 роки тому +2

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @malcolmdivorty6852
    @malcolmdivorty6852 Рік тому +2

    Thank you Norm and Tina, always enjoy your videos. Could you please do a video on retired people who are not working and only receiving the government pension and workplace pension. Would be interested to see what there annual income is. Think you Malcolm D.

  • @sharonsomers
    @sharonsomers Рік тому +1

    I'm also Canadian, and my mom is retired, and all she gets is her Canada Pension Plan and Old Age Security, 24k CDN a year. No savings, and still some debt. If she didn't live with me to share expenses, not sure where she'd be making so little. I will have to work until I die, since I can't pay my bills on that little she gets. Luckily I'm self employed and work from home, so it doesn't take a lot of energy to do my work. Some worked hard all their lives at full time but low paying jobs that earned just enough to live on, with nothing left over for savings. She has me to help, but since I had no children, I won't have anyone when I'm her age.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  Рік тому

      Thanks for sharing Sharon your mum should get GIS to help as she is low income and Free Dental , and only pay $100 for prescriptions we are glad that she has you to help take care 🌺🙂

  • @bkosugi
    @bkosugi 2 роки тому +5

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +3

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

  • @edubermudez
    @edubermudez 2 роки тому +3

    Happy Weeknd and big like my dear couple, very good job👍 🍻💕💯🙏

  • @vjn2390
    @vjn2390 2 роки тому +2

    Thank you for giving me the peace of mind for retirement less than 10 years away. Love your 👕 Norm, it complements Tina’s top.

  • @paulhunter6652
    @paulhunter6652 2 роки тому +2

    Hi Norm and Tina! I guess I am around the median for income from pension, CPP,OAS at 65. I’m giving myself a raise to the OSA clawback amount. Investments and house are extra for net worth. We have allowed $6500 expenses presently a month that may or may not include travel. Wife retired before 60 and kicking in work pension in a Lira and Lift. Need to spend the money in an efficient manner. Keep having fun! Enjoy the sunshine!

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @SantaBarbaraAlberto
    @SantaBarbaraAlberto 2 роки тому +1

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

  • @Mike-t7l2g
    @Mike-t7l2g Рік тому +1

    Excellent show, very informative. Food for thought…🍻🍷Mike from Ottawa

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  Рік тому

      Thanks Mike glad you enjoyed it have a wonderful weekend Cheers ☕️👍🍻🍷

  • @sandraullmann5711
    @sandraullmann5711 5 місяців тому +2

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  5 місяців тому

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

  • @kevstephen9393
    @kevstephen9393 2 роки тому +1

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

  • @davidspittal7261
    @davidspittal7261 2 роки тому +2

    Hi Tina and Norm, I watch and enjoy all of your videos, but rarely comment. In the breakdown of where you spend the most you were surprised by the 40% for housing. I think even if you are mortgage free, you have to calculate property taxes, hydro, heating, utilities, repairs and maintenance and it seems not outrageous that the figure adds up to this amount. Anyway, keep on letting us retirees in on your research. Thanks, Marion

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Thanks Marion we are glad you are enjoying our videos , we are just sharing what we are learning too have a lovely week Cheers 🍷🌺🙂

    • @VanillaMacaron551
      @VanillaMacaron551 2 роки тому

      Agreed Marion, and I think maybe home-owning retirees sometimes spend their early retirement getting their homes ship-shape, maybe doing renovations or extensions to allow for grandchildren staying. And yes, taxes and cost of running a property are significant!

  • @johnwietfeldt6238
    @johnwietfeldt6238 2 роки тому +7

    Your video prompted me to evaluate income and then expenses in retirement. With all the news about inflation here in the US, I took a look at our grocery costs over the last ten years. It surprised me to find that in 2021 we spent less than in 2020. The spend has been consistently rising year over year since 2016 until last year. This surprised me since we continued to eat three meals a day.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      That’s funny how some things work out , all we can say is our groceries seem to be going up each week 😱have a wonderful weekend John Cheers 🍷🌺🙂

    • @lanawolfe2572
      @lanawolfe2572 2 роки тому

      Very cool exercise in looking at your food over that long period. I struggle with coming up with a monthly spend number because of groceries plus dining out plus using multiple pay methods. But it's an important number to understand.

    • @nata3467
      @nata3467 Рік тому

      I cut so many extras out of my groceries and buy only what is on sale for produce. I've seen the same savings this year over the last 2 years. Average $25 per month

  • @jimbob-of5bk
    @jimbob-of5bk 2 роки тому +2

    I enjoy your channel and appreciate the information, I’m 60 years of age and thinking of retiring soon and was wondering what would be the median age people retire at in Canada, thanks for your time,

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      Hi Jim Thanks for your kind words, the median retirement age in Canada is 64. Good luck for your retirement. Merry Christmas 🎄

  • @dianparrotta2118
    @dianparrotta2118 2 роки тому +3

    Thank you for your interesting videos!

  • @TUMARK2
    @TUMARK2 2 роки тому +1

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

  • @dianeosgood6594
    @dianeosgood6594 2 роки тому +2

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

    • @evadeanu1
      @evadeanu1 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

  • @jdollar5852
    @jdollar5852 2 роки тому +1

    I do this really fit in research figures. I don't yet draw SS because I don't "need" it. I also don't have a W2 wage.
    I work the system and report "income" to help lower my taxes. We have about 30% of our net worth in cash instruments, 40% in investment/retirement accounts, and the rest in real estate. We keep our taxable income below $80k but actually spend about $110k.
    I plan to take SS at 70 and my wife at 68. Our benefits are very similar as we had similar incomes in our lives. Spending down the IRA money before the required distribution is a big deal for us.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      It’s good you have a financial plan, best wishes for your retirement.

  • @chinchorrero
    @chinchorrero Місяць тому +1

    Great video! 👍

  • @claydoug
    @claydoug 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @path1400
    @path1400 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @carolnavan4137
    @carolnavan4137 2 роки тому +2

    Great content. Love these kind of videos.

  • @dbking4194
    @dbking4194 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

    • @SimonEllwood
      @SimonEllwood 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @shokwaverider9158
    @shokwaverider9158 2 роки тому +1

    Hi you 2. Thanks for the videos. We are Canadians living in the USA now. What I think would be more useful to us (not that this is not useful to some) is along the same lines. But instead of all income for those 65-75 or whatever the spread over 65 you choose, would be the income only from passive sources, what I mean here is income for CPP and OAS in Canada (SS in the USA) and any other similar income. Income form W$rk (Yes for us it is a 4-letter word :)) part time or otherwise, is very subjective. We have been retired for ~10 years and live in the USA, we get SS from the USA, CPP from Canada and I get a UK state pension (UK's version SS and CPP), I applied for OAS, and am waiting to see if I qualify based on my Canadian and USA employment as there is a reciprocal agreement.
    Also, we noticed that you guys rent. We own our home, and it costs less than half of what it would if we were renting a home half the size of ours in not such a desirable area. This is based on our USA current 2022 rents here in Northeast Florida.
    Looking forward to your reply.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      We have talked about the pensions from Canada USA and UK all the government old age pensions and if you can live on them here is a link to it. ua-cam.com/video/txhDvHx2Zzo/v-deo.html

  • @davidsanders904
    @davidsanders904 8 місяців тому +1

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

  • @christopherbarker976
    @christopherbarker976 2 роки тому +1

    Hi Tina & Norm good to have the comparison have a good weekend and keep the good work up 😊🥂👍
    Regards. Christopher Barker

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Thanks so much have a wonderful weekend Christopher Cheers 🍷🙂🌺🍺

  • @guitarsandcheesecake1632
    @guitarsandcheesecake1632 2 роки тому +1

    Great video. I live in the uk. I do live on my own and will need know where near £23,500 a year. But with little housing cost as I'm mortgage free. And no health insurance!! I'm only 58. But if the next 8 yrs are like the last, things will not change that much. Also I what videos about retirement in North America and I'm glad I'm this side of the pond. As to me we seem to need less money to retire on!!

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Thanks for your kind words, we would say Canada and the UK are very similar from a retirement financial aspect……both have universal healthcare, Canada has lower sales tax but the big difference is Canada and UK compared to America, it is expensive for healthcare insurance and would be difficult for you and us.

  • @lynnhensley4326
    @lynnhensley4326 Рік тому +1

    I was curious and Googled info. Motley Fool says for 65plus the average per couple is $75,254 and median is $47,620 in the USA in 2022.
    Single males $46,337/ $29,275.
    Single female
    $38,298\$25,212
    All Americans the average is $66,928
    median is $48,872 from 2020.
    As retired 70 plus we have more than the average but we both have part-time jobs we love. Our big expense is medical for us and an adult grandson we help, with medical issues who is unable to work or go to school. His single mom can't handle it all. I prefer helping him to traveling. Only 2 weeks vacation travel not counting visiting relatives or friends.
    Enjoy your videos.❤❤❤❤❤❤❤

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  Рік тому

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

  • @Numismaniac_Canada
    @Numismaniac_Canada Рік тому +1

    We’ve really had to tighten our belts this last year. We’re looking at downsizing.

  • @elterrifico9522
    @elterrifico9522 2 роки тому +10

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

    • @elterrifico9522
      @elterrifico9522 2 роки тому +3

      Ahh, maybe I missed that. Thnx. In unrelated news, I can’t believe Mattea Roach missed last night’s final Jeopardy question:
      Q: Often called Blackpool’s Bonnie & Clyde, this couple fled to Canada and became internet sensations.
      Such an easy answer.

    • @Jacquie_Kirk_111
      @Jacquie_Kirk_111 6 місяців тому

      Is it for a couple?

  • @markwestbrook3301
    @markwestbrook3301 2 роки тому +2

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +2

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

  • @kelliadawna018
    @kelliadawna018 Рік тому +1

    very nice to watch

  • @DavidEVogel
    @DavidEVogel 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @33Jenesis
    @33Jenesis 2 роки тому +4

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

    • @evadeanu1
      @evadeanu1 2 роки тому +2

      I know. It’s painful, isn’t it? Scary

  • @thisorthat7626
    @thisorthat7626 2 роки тому +1

    I realize that some of this depends on where you live (expensive city or rural) but I am absolutely shocked at the numbers you presented. No wonder people are having a difficult time paying bills, etc. Thank you for these videos!

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      Glad you enjoyed it have a wonderful week Cheers 🍷🌺🙂

  • @SimonEllwood
    @SimonEllwood 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @brianwhite1189
    @brianwhite1189 2 роки тому +2

    More great info! Thanks!

  • @HonestOne
    @HonestOne 2 роки тому +1

    Thank you for doing these videos.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @princesskaitlinhazelwood4703
    @princesskaitlinhazelwood4703 2 роки тому +1

    Ok I am not retired yet but out predicted income should be well ago e the median. This makes sense because our working income is way above the median. My retirement income will consist of my employer provided pension (53% of highest wage) ,husbands employer provided pension(34% of highest wage), my social security (maximum allowable about 49k in today's dollars), my husbands social security (maximum allkwable), plus investmeincone, plus required min distribution from both our tax deferred retirement accounts (401kand iras). We will pay heavy taxes at approximately age 72 due to required min distribution s but w ease hoping to pull some out into Roth's which are tax free.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

      You sound like you’re in great financial shape, we have a sole trader business to write down expenses against our income. You need to plan some great expenses in retirement to enjoy your pensions. Thanks for sharing your story.

  • @fryrpc
    @fryrpc 2 роки тому +2

    Hi Tina and Norm - In the UK we receive the state pension from around age 67 and this is usually £9,339 per year so for a couple that is an extra £18,678 per year on top of any personal or employer pension provision :-)

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Thanks for sharing Richard Cheers 🍷🇬🇧🇨🇦🍺

    • @ellenoelmalica4533
      @ellenoelmalica4533 2 роки тому

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

    • @fryrpc
      @fryrpc 2 роки тому

      @@ellenoelmalica4533 I am not sure. In the UK when you are working one of your monthly pay packet deductions is called National Insurance - this is paid to the UK Government. When you have paid National Insurance for 35 years then you qualify for the full state pension from the UK Government, which is currently £185 per week per person. Some people qualify for free National Insurance contributions - carers, bringing up a child, etc. so this appears as if they were working and paying each month. The UK State Pension requires a minimum of 10 years National Insurance contributions to get the minimum payment and if you have more than 10 years but less than 35 then you get a part of the state pension when you retire. Only when you have at least 35 years of contributions do you get the full amount.

  • @murraytown4
    @murraytown4 2 роки тому +7

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

    • @thomashawker2883
      @thomashawker2883 2 роки тому +1

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

    • @americathebeautifulforever9746
      @americathebeautifulforever9746 2 роки тому +1

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

    • @mrmott44
      @mrmott44 2 роки тому

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

    • @tobyo99
      @tobyo99 2 роки тому

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

  • @radarman2011
    @radarman2011 2 роки тому +5

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

    • @nuclearchick1487
      @nuclearchick1487 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +5

      Per household Cheers 🍷🌺🙂

  • @dyndor
    @dyndor Рік тому +1

    Very informative video Norm and Tina, thank you for sharing.

  • @helenhall3705
    @helenhall3705 2 роки тому +2

    Greetings from Australia where retirement income is tax free for the over 60’s
    Thanks for this informative video. I’d like to suggest that a better comparison for this is income against the cost of living.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

    • @VanillaMacaron551
      @VanillaMacaron551 2 роки тому

      @@ThisIsOurRetirement It was a grubby little Prime Minister nearly 30 years ago who made things wildly generous for Australian retirees, bribing them for votes. It created structural deficits in the economy, and means that young people are now carrying a disproportionate amount of the tax burden.

  • @nuclearchick1487
    @nuclearchick1487 2 роки тому +2

    Hi. I wasn't clear if those incomes are per person or for a couple. You mentioned per household for the UK but individual for the USA.

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +2

      They are all per household have a great weekend Cheers 🍷🌺🍺

  • @jfk5402
    @jfk5402 2 роки тому +1

    Great video again. Love it !!

  • @scott1441
    @scott1441 2 роки тому +6

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

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

  • @meibing4912
    @meibing4912 2 роки тому +1

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

  • @beammeup8458
    @beammeup8458 2 роки тому +3

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

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому +1

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

    • @RetiredLover
      @RetiredLover 5 місяців тому

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

  • @ianthomas3322
    @ianthomas3322 2 роки тому +3

    Hi Norm and Tina, really enjoy your videos, just retired. Like you ex British but lived in Australia for the past 30 years. We have a income of $70,000 Australian Dollars per year and like you will qualify for a part British pension at 67 increasing income to $75,000 Australian Dollars. Regards Ian

    • @ThisIsOurRetirement
      @ThisIsOurRetirement  2 роки тому

      Sounds great! Yes we get both pensions Norm snuck in at 66 for the British 🇬🇧Tina will be 67 have a great weekend Ian Cheers 🍷🌺🙂