Average Income Of Retirees At 65

welt in last week's movie was a blockbuster oh it was pretty shocking to see how great it was doing hey norm so that was net worth at 65 years old yeah so really there's a sister video that we want to do to this one and this is going to be how much do retirees earn at 65 a lot of people in the comments of last week's video did say that they thought that income was more important than net worth they're both relative but they're kind of more hand in hand aren't they yeah that's kind of what we thought eh so before we get into this weighty topic and we are tina norm and we talk all things retirement a little bit of portugal these days yes and if you're new to our channel we would really appreciate if you consider subscribing if you like what you see on our video so how much to retirees and 65 team well this is really interesting norm because in canada the median retirement income at 65 is 61 200 canadian dollars and that's why we're using medium yeah medium uh just so once again like we did with net worth yeah that the figures aren't skewed by a few super rich people out there that's not us by the way no we'd like to be in that category but we're not so medium just if you're not familiar with the term is that means that there's an equal number below the middle and there's an equal number above the middle so we're talking about that median level and as tina says 60 grand for canadians so how do we stack up with our american neighbors team well that's very interesting because there was um another report done by the census bureau in the u.s and the average not the average what a retiree who is 65 in the u.s would earn forty seven thousand three hundred and fifty seven dollars which now of course that's in us dollars correct yes because they can't spend canadian dollars there but kind of the funny thing is hey norm that if you actually convert the us dollars to canadian they're actually virtually the same we were really really surprised at that weren't we yeah yeah and we are talking after tax dollars aren't we yes we are well we have some uk viewers so we should really say what the average income in the uk is for a household with a person 65 or older they don't report a median income in the uk so they're just putting averages out there so the average for a household in the uk uh is twenty three thousand six hundred pounds right which in real money and if you translate that to canadian dollars that works out to be just over 38 000 38 100. so that's really surprising that uh the uk aren't doing quite as well in retirement as um no kind of north america generally from the numbers obviously the us and canada are really on par with each other yeah so you know that makes it good we were really surprised when we looked at the uk numbers we were indeed they were a lot lower so that gives you an idea so how are you uh measuring up on the income uh are you in the middle or above below now the interesting thing is is it's just not one source of income for most retirees is it no um in actual fact there's quite a few reports being done and in canada it's um there's a mixture two of the highest percentages of where actually the money can come from is one is wages salaries commissions was coming in at 27 that was the top one yeah and well actually equal to it norm is oas um which in canada is the old age security security and that also came in 27 percent and we were kind of really surprised at that weren't we as to where the money actually comes from so it does tell us that there are quite a few canadians who are retired these are people 65 and over um who are still working because that's where the wages and salaries come from correct and we were really quite surprised at that weren't we because we we kind of didn't want to be working at that age did we no we were too lazy to do that so when we read this we thought wow there's actually a lot of people still working out there and um in our case we're more than happy that we're not we know they are indeed and we are working we're making these videos oh yeah that's true that's true that keeps us really busy it really does nose to the grindstone yes so now that we've established the income levels where do people spend this money in what are what's the breakdown on uh household expenses of people in retirement well there was a report done by stats canada and they put together a complete consumption report for people in their early 60s and we kind of found this quite interesting some of the numbers that they came up with was that uh us retirees were spending 40 percent of their income on housing which is surprising really especially in our comments section we get so many people saying that they're in mortgage free homes so they yeah we were surprised at that was quite high now obviously we pay rent so that puts us sort of into that category yeah the other surprising air 18 is 28 of the money goes on clothing and food yeah we thought that was kind of reasonably high too wasn't it we hardly buy any clothes these days well a lot of the time we're not really going anywhere are we norms so we can just reuse what we've got yeah i just buy the uh rock and roll t-shirts from the local discount store for 10 bucks a pop but they're great though too are they good talking points yeah another interesting fact to norm was that um 17 goes on transportation yeah car payment gasoline now obviously with the price of gas at the moment we can understand that well these figures are from a couple of years ago yeah so you'll probably find that 17 on transportation will be nearer 20 to the moment with the price of gasoline petrol in in the world yeah it's going up um and the next the fourth number that they came up with was um a category they called other and that's my favorite category so is that going to the liquor store in the other category well that's pretty high norm because that comes in at a whopping 15 in the other category i don't know that sounds doable that's an awful lot of drinking there but remember i guess that's throwing in trouble into that yes that's not really transportation so that's travel if you're going on vacation that sort of thing comes under that 15 the interesting thing to you know is when we're looking at the figures for the uk to try and get the household income level because um your uh government have done a report on this as well and they they cited that uh as part of the income for retired people would be three weeks holiday a year oh so that's not much traveling wow three weeks three weeks yikes in our first five years of retirement norm we were i was gonna say even almost hardly home for three weeks obviously we were home more than that but man we were traveling for months weren't we i bet we spent a year away in the last five years before the pandemic that's not giving them very much vacation no you should all emigrate to north america everybody's welcome here so you can get bigger vacation but we actually found that really interesting didn't we as to how much retirees earn and then basically what do you spend it on and really interesting numbers that we came up with wasn't it so yeah that's what retirees 65 and over as households earn yeah in a year and as we say but we're doing this so you can get an idea of where you fall whether you're winning or losing and we really thank you for watching our video and we hope that everybody is staying safe and keeping well and until the next time bye bye bye

Channel: This Is Our Retirement

Views: 97,729

Keywords: retire, retirement, baby boomers, retirement travel, retirees, retirement lifestyle, retirement planning, this is our retirement, retirement fear, Average Income Of Retirees At 65, Retirees At 65, retirement income, average income of retirees, american retirement income, canadian retirement income, england retirement income, money in retirement, comfortable retirement, how much retirement income do i need, can you afford to retire, norm and tina

Id: s4dDlIk3kI8

Length: 10min 9sec (609 seconds)

Published: Sat May 07 2022