Average Income Of Retirees At 65

What is the median income of retirees aged 65 -74 during the first decade of retirement. Are you earning enough for a comfortable retirement and have you several sources of income. How do you stack up compared to the average income of retirees from Canada, America and the UK.

Have you got different sources of income from government old age pensions, social security and investment income.

We have researched the numbers from Canada, America and England and in this video we share with you what the average and median incomes are for our viewers. We have a few surprises also as we compare the various income levels of retired households.

Also we share the average spending habits of retirees in their first decade of retirement, with some surprises that reveal the different statistics.

This video is not meant to give financial advice, it is purely for entertainment purposes.

#retirement #retireearly #this_is_our_retirement

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

Our Favourite Amazon finds, contain Amazon Affiliate Links:

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.

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
----------------------------------------------------------------------------------------------------------------------------------------

[bridgetmast]

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.

[americathebeautifulforever]

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.

[angelagurrin]

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

[johncipolletti]

Hey, in the Midwest, you (retired couple) better be bringing in at least $3000 a month, or you may run into trouble. This also means that you owe nothing on your car, house, or credit cards!

[alicjap]

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.

[DS-nbcz]

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

[llamudos]

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.

[CLdriver]

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.

[ramjet]

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.

[RC-fhlk]

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

[jonh]

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

[richardc]

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!

[Broadmaynewood]

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

[tobyo]

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 with your reassuring videos about money, I still worry 🥴

[pamelaalston]

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!

[kennethpao]

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.

[howellwong]

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.

[halliebass]

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

[keithmoriyama]

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.

[secretagent]

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.