Average Net Worth Of Retirees At 65 - How Do You Compare

What is the median net worth of retirees aged 65-74 the first decade of retirement. Have you saved enough for a comfortable retirement, how do you stack up to the average net worth in America and Canada.

We researched the numbers and will tell you in this video where fellow American and Canadian households are at retirement. The Decade after 65 is generally the highest net worth of people. For the majority the net worth is their home outside of that the average savings in America and Canada is quite modest. Canadians tend to have higher net worth due to more expensive property prices.

Join us as we reveal the median net worth in North America giving you the chance to compare where you are in comparison to your fellow citizens.

#retirement #retireearly #this_is_our_retirement

We Earn the highest Canadian Bank Interest for U.S. and Canadian Dollars here (Contains referral code):

We are members of the Amazon affiliate program, these links contain a referral code where we earn a small commission on your order, you do not pay any extra at Amazon by using our referral link. Thanks for supporting our channel.

Our Favourite Amazon finds

Our filming equipment for YouTube contain Amazon Affiliate links

WE ARE NOT FINANCIAL OR INSURANCE ADVISORS, WE ARE NOT QUALIFIED TO GIVE FINANCIAL AND INSURANCE ADVICE, THIS VIDEO IS FOR INFORMATION AND ENTERTAINMENT PURPOSES ONLY. PLEASE SEEK OUT PROFESSIONAL FINANCIAL AND INSURANCE ADVICE BEFORE MAKING ANY INVESTMENT DECISIONS AND PURCHASING INSURANCE.

Norm &Tina
Suite 120
622 Dundas Street
Woodstock
Ontario
N4S 1E2

Please consider subscribing

All Photographs and Video Clips are the copyright and owned by ©This Is Our Retirement and cannot be used without permission.

#This_Is_Our_Retirement
----------------------------------------------------------------------------------------------------------------------------------------

[ThisIsOurRetirement]

Please subscribe to our channel it's free! 👍

[rodneyadamson]

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!

[iany]

Retirement is a life changing event. It fills with great unknown and uncertainty. Your video provides a good reference point.

[brianwhite]

Really appreciate your Saturday shares. Thanks and have a great weekend.

[yssubed]

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.

[daniellapierre]

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!

[monalisa]

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!

[garrethgarrett]

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.

[MedicareSchool]

Always love talking numbers. Thanks for the information!

[attila]

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!

[JoePeck]

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 YouTube 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?

[Jfhelwig]

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

[e-spy]

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!

[richardlocke]

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.

[hdavid]

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.

[WhiteRose-rzyw]

Interesting and informing. And thank you for explaining how to do it.

[ufhthqh]

Thank you for this making this informative video.

[sparkswdkb]

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.

[scoopable]

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.

[mannydutra]

Watching your video was helpful to us. My wife turned 60 this spring and we decided to apply for CPP. Thank you.