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

18. let's talk money we love that yeah we do well you know norm you know how i love to read all these different stories in magazines about how people are doing financially and sort of like comparing us against them and things like that yeah we used to get money sense magazine and uh we also used to occasionally get the global mail and they used to run these articles of financial snapshot of a real couple but they would give them false names and we would be fascinated because we would be comparing where we were in life financially to where they were and sometimes they were making a huge mess of their financial life and we were trying to do a better job with ourselves we would so recently we've been wondering where we are now in our retirement with our net worth and with our income and we were just wondering are we winning or are we losing kind of how do we stack up against everybody else wasn't it and we figured that you might like to know whether you're winning or you're losing in the net worth race or where do you rank um in the uh finances in retirement or if you're just coming up to retirement where are you and are you on target so what have been what have we been looking at tin well um we have been looking at some really interesting numbers and um in canada there's been surveys done by stats canada where the median amount is fine and we should we should say the medium amount is where it's bang in the middle there's an equal number of households below and an equal number of households above we're not using the average because that can be skewed too much by a very small amount of very high net worth households so we're quoting median figures so these are from stats canada so sorry jane you go ahead um so the median figure per household in canada is 543 200 dollars which i don't know it's kind of a pretty like in the middle type of figure there isn't it no it's half a million dollars team not to be sniffed at but the thing to realize is that's pretty much your home yes and we also have looked at the numbers too in the u.s which was because we have a lot of u.s friends who watch our videos so there's been some numbers released by the federal reserve and in the u.s the median there is 266 400 which we kind of thought that both of these are really interesting amounts to maybe gauge how are you doing are you above it are you under it it's a starting point isn't it it really is why do we think the there's a discrepancy between the um household net worth in canada and the household net worth in america because you would think that canada being taxed a lot more than the us well i think a lot of it norm is um the fact that um housing is so much more expensive in canada um so that would have something to do with it i think um just as a very very rough um sort of translation from one to the other the low figure in the u.s is probably around 304 000 ish in canada just very roughly um so you know they're not too far apart are they no so when it comes to doing net worth um i think it's important to say that um we do one at least once a year uh if not two or three times a year just to see whether we are spending more than we should be and to look at where we can make savings yeah the important thing about net worth is we only include assets that we can dispose of relatively easily so we include all our investments all our cash in accounts um we do include our trailer and our car but we set very conservative realistic figures as to what we could give those away for yeah so we do not include anything quirky like i have a camera collection and over the years i've spent quite a bit of money on that the chances are i would never see that back same with our household furnishings we generally don't include furnishings we don't even include sort of like tvs and things do we because you know if it was to come to a fire sale of getting rid of sofas and chairs and dining room tables you'd be surprised you actually get very little if you were to turn it into cash fairly quickly so we leave those out don't we we don't we don't include those so in that respect it's easy to do your net worth statement and we feel if you're not doing one already how about trying it and a great time of year to do one after you've done all your taxes is maybe a net worth at tax time and then you know every year you're going to do that and you can compare it because one of the things that surprised us greatly with our net worth over the last three years is it's done it's gone it's gone it's gone upwards hasn't it in fact we were really surprised we were kind of thinking it would be going down but it's done the reverse and it's going up isn't it because we we were doing all those trips a lot of you met us through our portugal videos um we were spending time in winter in portugal we were going on multiple cruises um you know six to eight a year and we anticipated our net worth would be coming down sort of fifty to a hundred thousand a year and because we thought we were going to be doing all this traveling didn't we but it's it's done the reverse yeah it's actually gone up as we have been spending it i think one of the interesting things to do norm is that maybe not everybody actually realizes how you work out what your net worth is and for those that maybe don't know if you were to make two columns on a piece of paper and list one column down with all your assets and then the next column with all your liabilities you take your liabilities away from your assets and that leaves you with your net worth yep and so do you take your mortgage your lines of credit your credit card balance that all comes off your assets and then there's a bottom line and you're hoping that that number is a positive number no just because we like the drama don't retain we like to shock yeah oh it's another shocking one is it norm there is a trend that's happening over the last few years probably the last 10 years and that is the retirees are retiring with record levels of debt yeah and this is going to be one of the biggest risks to your retirement in fact norm they were saying that um in 2019 there's now oh about 56 of people that are debt free so that means there's a huge chunk of people out there with a lot of either mortgage or debt from many other ways that could really trigger off to you not having a very uncomfortable retirement here they're saying there's record numbers of 60 year olds retiring with mortgages yeah and that was something we were very conscious about trying to get rid of so we actually got rid of our mortgage i think when i was 53. yeah yeah and we actually well before we retired didn't we it was but but we sort of felt that that point in time we would never have another mortgage again we our mortgage days were gone we never anticipated as 60 65 year olds having a mortgage we just think that that is a drain on your retirement income and one way that's going to suck down your net worth yeah absolutely so anyway where do you fall on uh the net worth for retirement are you in the medium level are you below it above it does it reassure you knowing how much money you have as a young retiree and we'd be really interested to know wouldn't we so we hope that people will leave this in their comments so that we can see how everybody's doing and um it is a nice feeling though isn't it norm when you work out what your net worth is and and those annual net worths or biannual net worths that you do is a great level of reassurance that your retirement is on track and and you're not deviating away so anyway that's our tale of woe today thanks for watching and we hope that everybody is staying safe and keeping well until the next time bye bye bye

Channel: This Is Our Retirement

Views: 175,481

Keywords: retire, retirement, retirees, retirement lifestyle, retirement planning, this is our retirement, retirement fear, Net Worth, How Do You Compare For Net Worth, net worth at 65, running out of money in retirement, median net worth, average net worth, how much money to retire, can you retire, american median net worth, canadian median net worth, financial independence, can i retire, have i enough to retire on, comfortable retirement, Net worth retirement, Norm and tina

Id: Ks8oxqBXIKs

Length: 10min 46sec (646 seconds)

Published: Sat Apr 30 2022