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

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Title	:	Average Net Worth Of Retirees At 65 - How Do You Compare
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After paying off our mortgage (while still working with good jobs) we came up with an idea that worked for us One year before we wanted to retire we decided to live on the government pension exclusively to see what our life would be like on that pension income alone We stuck with it, saved a pile of money while learning to live on our pension money It really prepared us for retirement, but of course we learned very quickly this works best being debt-free
Comment from : Holly MacDonald

I have included in the calculation of my net worth my Life policy, which I, of course, will never cash But my wife will, if she survives me Would you advise that a Life Insurance benefit be included in the Assets column?
Comment from : Jean Morin

When Working out do you add DB and DC Pensions?
Comment from : llamu dos

Net worth isn't always liquid as it could trigger a taxable event that might be beneficial at a different time Way your options wisely
Comment from : bill liston

Hello Tina & Norm - as always, an informative video Am just wondering - did you not both move to Goderich not too long ago? Have been there often over the years - 'circle city', very beautiful location on east side of Lake Huron - especially in the summer months and early to mid-autumnbrbrPS - don't let too many of your readers know about this 'gem', lest this might create an influx of retirees and that would result in a spike in rental and house prices
Comment from : Sailor Gerry

My income after 65 will be 1400$ in brCanadá ! I will work at 75-80 !!!
Comment from : Messaoud Sellidj

I "retired" into a 2/3ish-time encore career I love We have plenty of money for any reasonable needs, and we have never frittered our money
Comment from : John Eldon

My wife and I have been debt free since the summer we both turned 42 No regrets 30 years later :)
Comment from : John Eldon

I live in the SF Bay Area and if you want to live comfortably, retiring at 65 years old, you had better have $1,000,000 saved up Otherwise, you will probably have to move somewhere cheaper……
Comment from : kristina m

My bottom line keeps showing zero I’m 77 I think something is wrong here Should I assume that it is a higher number
Comment from : Michiko Iesaka

Thank you, Norm and Tina Very helpful I am 63 and plan to work seven more years, God willing
Comment from : Joel Pless

A year old yet I am very glad I came across your video We retired a few years ago, I am 64, and feel we are well,prepared for our retirement Thank you
Comment from : Jim 6100 A in Phoenix

I think the US figure is individual, while the Canadian figure is household, which can mean one or two earners
Comment from : ric5rd0

Yeah, the mortgage is the tricky part for me I'm about two years away from being eligible for retirement, but my mortgage will be paid off about two years after thatbrInitially we were thinking I'd retire when the house was paid off But now we are considering my retiring when I'm able, which would mean two years of mortgage payments leftbrWe're running the numbers to see what we think The closer I get, the more likely I seem to want to retire as soon as I am eligible ;-)
Comment from : desiv 1

My house and some savings is my nest egg 800k USD Selling all, heading to SE Asia early retire, where money goes much further, and as long as you stay relatively disciplined, 😂 One life, go where your money works hardest for you May even split the year, SE Asia / Spain, Portugal
Comment from : A G

Please focus more on the people who are truly struggling in retirement, they are in need more than others
Comment from : Crusader Latin

Always love talking numbers Thanks for the information!
Comment from : Medicare School

Thank you for this making this informative video
Comment from : john smith

Interesting and informing And thank you for explaining how to do it
Comment from : White Rose

With all due respect to everyone, but what good is net worth when someone's pension is very low? So how could someone factor in the retirement pension for life's living standard of pension amount? And by the way I'm a signal divorced man with an excellent pension and a little below your medium Just remember you must divide by two because you're a couple (Community Property laws)
Comment from : Jim Cruz

Just as interesting would be the typical spend rate during retirement
Comment from : Chris Fehr

We made having no credit card debt and being mortgage and debt free as our main financial goals throughout our 28 year marriage along with putting away some savings for our son's education and our retirement We have never paid bank account or credit card fees either although our investments are through our bank so management fees do come out of those accounts Have we saved enough? When I read articles from the Globe and Mail or other online papers about needing a million dollars to retire comfortably, I admit, I get anxious I know few people who have that kind of wealth in my part of Nova Scotia, unless they are in business or moved here from other provinces where they sold their homes for enormous amounts and bought much more cheaply here My husband retired a year earlier than originally planned due to covid and so draws his indexed company pension which we live off of since the pandemic began We do not take any CPP etc nor have we tapped into our savings at this point We have always been frugal, aren't big shoppers, dont care about luxury labels and lived on one full time and one part time, on again - off again income We had just the one child, built our first house in 1995 for $90 000, sold it privately 15 years later for a bit over twice that cost, bought our second, modest, older home privately on 4 acres for a bit less than what we made on our first home sale, got a line of credit to do energy efficiency upgrades and some renovations with, have done most of our own renovations to save more money, continue to own secondhand furniture and clothing, have one older secondhand vehicle and one newer one, make most of our own meals at home, and travel mostly locally in the Maritime provinces We have been south to Jamaica once and honeymooned on the west coast from our home on the east coast, have driven through the New England states and have enjoyed the major cities in Ontario and Quebec as a married couple The UK and Europe are on our wish list I am thankful we stuck to our plan to be debt free in retirement We would love to do more travelling but know we must plan ahead and save for it so as not to go into debt to do so I don't know how we compare to others in retirement I have no idea what our property is worth in this expensive real estate market I am thankful that we never had such high house prices when we started out as the young people have to face today But our expectations in terms of material goods was never high We went for quality over quantity We took our time and bought new only when we could afford it It is good to stop every year or so and take a good look at your financial books to see where things could be improved Keeping an eye on the big picture while noting the cost of the little expenses that add up seems to have worked for us so far Keeping your health in your senior years will make a difference in your finances Having looked after my elderly mother in her last few years of life, I understand firsthand the financial costs of aging That is my only real concern as we enter our own senior years If and when we get to our 80s and 90s, will be be able to afford to live independently and comfortably in spite of potential failing health? That seems like the great unknown We must accept that we often have less control over our own circumstances as we age
Comment from : Doris Betts

Always enjoy your videos This one was the same Those are very interesting numbers We are 5-6 years away and I immediately felt relieved We started saving late but the value of real estate has helped us out
Comment from : David MacLachlan

Over the years, our regular investment advisor has done periodic net worth calculations with us So we always had a general idea but had not compared it to the national median as you did here -- thank you! My employer's defined contribution plan is with Sun Life, and last year we took them up on an offer to work with one of their advisors to draw up a comprehensive retirement saving & spending plan The advisor was excellent and she really put our minds at ease Including our house and what's left of the mortgage (soon to be paid), our net worth is well above the national median a year and a half away from retirementbrbrI am thankful to my younger self for investing as soon as my career was established, and for making the right choice in a spouse I am also very pleased to have found your channel today!
Comment from : ClearTheDeck

👍👍✌️
Comment from : Sudburydrone

You would be surprised how much our retirement decisions have been like yours ❤
Comment from : Steve Christiansen

I am 45 and married My (and my husband) net worth is around 730 000, and growing by the month That doesnt count either of our cars I still feel like we are behind since a lot of that is in our home I have about 300 000 left on my mortgage 0 car payments, and save approx $700 per month I would be much happier if I had no mortgage left but it is what it is
Comment from : Erin Ames

Loved this show ❤️ Your very practical advice is so good 👍
Comment from : Ann Riccetto

I'm way above both the Canadian and American median No debt More importantly I track cashflow Goal is to save each month
Comment from : Rory Meehan

After 35 yrs of marriage we finally turned 55 and retired Being above the median we are watching to not overspend but living well But nothing is worth more than a loving partner who you enjoy being with Like the Beatle song goes " money can't buy you love"
Comment from : Hexx laxx

57 years old, still working, no mortage, no car payments 12M net worth without residence, 17M with Projected social security (if it will be still around) income at USD3,300 if retiring at 67
Comment from : James Huang

Thank you for posting this video
Comment from : jhors

With some of the free software out there it is pretty easy to maintain a daily track of one's net worth One of the ones I use automatically pulls in all of that data daily We are 60 Our only debt is our mortgage which is about 22 of the total value of our house I have mentally debated about paying it off early for a few years but the finance degree part of me knows that when I make more on my investments than I do the cost of the mortgage interest rate, I should not be in a hurry to pay it off However, the part of me that hates having any debt is in a constant mental battle with my financial side, lol I really debate whether we should save any additional money or just retire now We are Americans but have about 3x of the Canadian figure you quoted I have converted a decent amount to Roths so that my daughters can have decades of tax-free growth before they inherit those Roth funds I spend way too much time thinking about retirement than I probably should, lol
Comment from : Chris Williams

Great advice! 😊 👍brbrDebt is a retirement killer💀
Comment from : Billy Rock

Paying off mortgage is a two way street in Vancouver We anticipate to be debt free at retirement, but we tie up a lot of our assets in real estate, more than 12 years in spending Should we own real estate at all I won't entertain reverse mortgage That's debt that could get out of control because we cannot never anticipate interest rates (think Jan 1 2022) Would co-op make sense?
Comment from : Sunny Yu

Hello Tina and Norm brbrMy wife Sandy and I have been listening to your channel for a while, love it and tell all our friends Your lifestyle, financial and travel suggestions are great and we appreciate them and both of you We’ve been to Portugal a couple of times and loved it also I retired at 66 as a fee based financial planner and really appreciate your comments and suggestions on financial matters for retirees I wish I had considered your idea to sell our house, rent and retired sooner Because of you we are now considering selling and renting We did pay cash for our home when we bought it in 1989 so it would have been easier to have rented earlier than we did and started traveling sooner Either way we still feel very blessed to still be in good health and have all our brchildren and grandchildren close to us Something I’d been researching and looking to is my new electric bike Sandy is going to see how she likes it before she gets one If you two haven’t tried one I highly recommend it! They’re a blast and get me out more and meeting new friends If you two ever get down to the Vancouver Washington area please let us know We’d love to meet you and show you around Thanks for what you’re doing to bless people! brBill and Sandy Caudill
Comment from : William Caudill

Thank you for the video Net worth is $14 million
Comment from : Sylvester Hagins

We have no house and we have no debt We live in a church parsonage I am a pastor Our net worth is about 125 million My wife is retired, pulling in about 60 to 65K a year including Social Security USA moneybrbrI am 55 She is 66brbrOur two cars are paid for
Comment from : Complete Stranger Online

Retired 13 years Mortgage paid when retired and going to put our place up for sale soon Great advise
Comment from : Laura Borgmann

At 53 and 46 I think we have around A$500k in private pension savings and A$16million house with a small mortgage that will be paid in 3 years Saving around $44k per year towards retirement at the moment so hopefully boost pension totals up around $800k over the remaining working years Even with this, it is still scary going into retirement as we still spend a lot in day to day life with two children
Comment from : Ealing Broadway

Do you include pensions in your net worth calculation? I do It certainly has a value, even if it is not liquidatable
Comment from : KB Me

Love your videos Regarding mortgagesok you paid yours off before retirement and also sold it, so now you have rent? Isn't having rent also possibly a drain for some folks in retirement?
Comment from : KB Me

I was born in the 1980s My best bet is to wait for an asteroid to hit us and destroy the earth
Comment from : Nicole Jennings

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
Comment from : David Hein

I am 34 planning to retire at 55 due to my job at the government I am still young to think about retirement but it is good to have for strategy Investing in small things and doing analysis on things that will cost a fortune after 55 years Example: short stay lego on shelves 100 year old items or gold Some are still cheap which no surprise And i am investing in what i know Time is one of this investment: investing in myself
Comment from : Alen Devlin

Hey Norm and Tinalove your chanel For a net worth calculation do you count the net present value of pensions?
Comment from : Allen Checora

Great video! As a 51 year old with younger kids (started late) our family net worth is just over 1 million CAD It sounds a lot, but there are many things to worry about - career longevity, house prices, stock market returns, etc etc It's all a bit of a stressful whirlwind to be honest! br brWe do have a large mortgage for our respective ages This is partly intentional though, as we used some of the proceeds from our last house sale to load up our TSFAs and RRSPs, hopefully to give them time to grow It’s a fine balancing act, but I feel as though now might be the time to concentrate a bit more on paying down the mortgage, and that might mean setting a target date to aim to be mortgage free
Comment from : Tim P

Moral of the story, retire comfortable and stick with the reason you retired, to go have fun instead of sitting on the couch
Comment from : HighCountryRambler

I'm single and 55 with a net worth of approx $700K USD living in Florida I hope to be at $2 million by the time I hit 62 which is when I hope to retire I still have a mortgage but am working hard to be completely debt free by age 62 I've been doing an annual net worth statement annually since I was 21
Comment from : Sonya

I u/s the concept although I doubt the veracity of the data (Canadian data may be more straight forward) The recent housing price bump combined with multiple (for most families with some career changes) 401K/IRA accounts seems a bit low for the US median I realize most people are carrying a mortgage, but equity has spiked recently due to market conditions,
Comment from : scattergun07

I retired young because my net worth was more than I realised, and even though I am in the UK with a weak currency, my net worth is into 7 figures US$, but I still worry about it I want to preserve my net worth, even though the whole point is you can't spend it in heaven which is the main point As long as you have a comfy roof over your head, a nice person to share it with, and your health, the numerical net worth is somewhat secondary The most valuable net worth is health and happiness A cliche, but sooooo true You two appear to have a very high net worth, ie you look very happy together, and that is priceless!
Comment from : MrGman2804

If you have a mortgage the value of the house will in crease over time As a result down the road you could sell your house , pay off the mortgage and bank the extra moneybrReal estate is by far the best way to make money because there is no tax on the earnings I mean buy a house and live in it, sell it with a profitbrOver the past couple of years we have made 20 plus on the three houses we have lived in In one case in in Calgary we made 100 We could never make that amount in no other waybrbrJust my thoughts
Comment from : David Lilly

In my neck of the woods, Home equities are easily 1,5 million dollars I have 3 home ( 2 are rentals, rents net me 7k a month) a Pension of 115 k a year; plus my Index funds, which now I'm putting that money into 45 Certificate of Deposits
Comment from : Mingus Manoz

Interesting, wonder what it is here in the UK
Comment from : BeFree BeFrugal

Before the current recession, I was close to my early retirement target (Jan 2022) brbrThe silver lining is the market bargains available this year, but when I buy on the dip, the next dip seems greater 😁brbrI planned to retire in 3 years (2025), now it's likely to be 2027, unless the recession deepens or we have depression 20
Comment from : Zoom Zoom

wow i guess these folks didnt go thru divorces
Comment from : Cindy Brown

The smiles on your face make it clear to me you're definitely winning I do understand the true intent of the video but money is only one of the necessary components to winning I've come to view retirement net worth as a figure to adjust to [live within your means] rather than a dollar amount to aspire to
Comment from : Gunny Sgt

Hi Norm and Tina, im home with an injury and ran across your youtube videos They are so good and practical I have so many questions but will keep it to two Im 67 and my wife is 66 Both working full time My wife wants to travel when we retire, what are the sites again for the travel bargains and how/where do you get the stocks you are buying?
Comment from : barry Roach

Do you add a private monthly pension to your net worth?
Comment from : Margaret Chaloner

I love Quicken
Comment from : jvolstad

Thanks for the info! Apparently as a 40 yr I am way ahead of the medianBeing debt free helps!!!
Comment from : Stride Coaching

I'm retired but have a Buy to let mortgage Seems daft not to as there is £450 positive cashflow after costs and the property has gone up in value by 50 since purchase Inflation is eating into the debt,particularly at present levels, so another bonusMy own residence is unencumbered so I'm well above median levels which is enhanced by the mortgage debtThe mortgage is about 60 of the value so plenty of room for the inevevitable downturnbrHave spent a month in Portugal (Alvor)and 3 weeks in Sarasota just before lockdowns so looking forward to doing something similar this winterWe live in UK and enjoy your channel
Comment from : Ken Walters

Lol, the “median” Canadian has no where near $500KbrbrMore like $125,000 USbrbrSource: Credit Suisse (a world renown financial institution that tracks global wealth)brbrNot a “Federal Reserve” source or Canadian Central Authority that manipulates figures to “pretend” like people are richer than they are
Comment from : James Smith

I guessed by the smile of this woman @0:35 that SHE WOULD BE FINE with her retirement! 😂
Comment from : Oliver de Marigny

The discrepancy may be due to the American 50 divorce rate along with community property laws Lots of divorces in the 30-40 age range a lot of guys lose half and are left to start over
Comment from : Call Sign KillerB2u

I think people should exclude home value from their net worth You have to live somewhere And unless your retirement includes selling your home, that will likely be your home Use what are easily liquid assets only
Comment from : jerry kurata

I track every cent we spend Only investable assets and house count in our net worth which is done dec 31
Comment from : Secret Agent

Just wondering, the Average income for an American is about $47,000 does that include both incomes husband and wife? Where I live in Florida is $25,000
Comment from : billy glover

I'm a widow and had no work pension plan but was successful retiring at 58 Not a lot of money but enough to live, my mortgage is paid off and my investments were enough to get me to 60 and get me my cpp I'm comfortable but the economy is now a challenge in 2022 Still getting by and I have a net worth of about 800,000 with my house and investments Surprisingly you are correct in assets have increased despite the market fluctuations I never let my credit card balance go unpaid monthly I am using my tfsa to keep my monthly income down and top it off yearly to keep my taxable income lower
Comment from : Dana Dyler

I maintain a spreadsheet of my net worth every month Like you I only include money or assets easily turned into cash Over the last 15 years the total net worth has varied by 20 primarily due to share market movements Doing it monthly focussed my mind on building and maintaining my net worth
Comment from : David Leihy

This is odd I have at least 4 times the Canadian medium, & in my 40’s I feel poor I live in the US btw
Comment from : Simplerway

As an American I retired 8 years ago with a net worth of 12 million US dollars I have traveled extensively internationally and lived on my capital gains I've not done as well as you guys My net worth has stayed almost exactly the same maybe up $100,000 13 mil but I have spoiled myself in retirement eat out often bought a brand new car and bought a brand new house I have been amused when occasionally I went on financial channels and had Americans braid me saying that a million dollars is not that much money And at the same time others complaining that baby boomers destroyed the economy and made it impossible for young people to save :( anyway I worked my tail off all my life lived on less than what I made saved and invested and did well Now is slightly more than a millionaire some of these internet Warriors want to say that I haven't done well LOL I sure have enjoyed the first 8 years of my retirement and I'm hoping for another 20:-)
Comment from : David Williams

In 2021 I retired at 50 on a government pension, now I'm just waiting on my early social security at 62 I love being out of the rat races in life! People should really think about moving to Asia, there's beautiful countries over here with less crime and a whole lot cheaper to live than in the USA Enjoy life!
Comment from : Philippine Cowboy

please be specific when talking about dollars, canadian or us
Comment from : Jesus Ong

Thanks guys
Comment from : Michael Paro

Lots of plans and plenty of thinking I know that housing in the Philippines is going up in price and our dollar goes further there, especially if you live in the province and you are near family that can provide farm land that we can utilize
Comment from : Michael Paro

Or we could sell our house and get a small apartment and live worry free while out of the country We plan to rent our property out in Philippines as we have a property manager there
Comment from : Michael Paro

We are thinking of renting our house to new Philippinos who come to London, Ontario and work in the nursing home as many of them do My son or brother in law can be property manager while we are away
Comment from : Michael Paro

We are mortgage free and we I am on top of our net worth, every year, just not sure what to do with our house when we move to Philippines I would like to come back to Canada at 6 months
Comment from : Michael Paro

We plan on retiring there
Comment from : Michael Paro

Hi from London, Ontario My wife and I used the equity in our house to build a house in her country, the Philippines
Comment from : Michael Paro

Good info I've been doing a net worth spreadsheet for several years I've done a lot of cruising and my net worth has been growing, as well I think the key to being comfortable financially is to strive for zero debt I use a credit card for everything for the cash back benefits, but pay the balance every month I've never paid a penny of interest on a credit card It also helps to set priorities and pay extra on the mortgage A friend told me years ago--know the difference between needs and wants
Comment from : M

After you added up all your assets and minus your debtsdid you divide by two since you're a married couple
Comment from : William Smith

Found your Youtube channel just by chance I'm in the US I am retiring in one year (63), have no debt (not even my house - paid it off a few years ago) and have a retirement nest egg of $17M I have no kids, no dependents I'm working only because I have a health issue that I'm working through with my doctor and wanted to keep the insurance (I have an HSA which has been wonderful) I've discovered that the key is living below your means, saving as much as you can, and getting rid of debt Cannot wait
Comment from : ella jones

In the Netherlands you can state retire at 67 So people who retire early they will consume more of their build pension But with inflation going to 10 the pensions will evaparate The prices of houses will go down at the end of the year So no nice future for pensioners here in the Netherlands
Comment from : Henk van de Weg

Planned for everything except Joe Biden
Comment from : Glade Goodrich

USA here The USA figure seems a bit low, but I could be wrong Sadly, with our current financial situation in the USA, I expect that figure to drop I'm 60, retired, with some rental real estate which isn't exactly liquid, but in desirable areas which would not be difficult to liquidate I actually check my net worth weekly As of today, $56mil This will most assuredly diminish as real estate values in the USA (CA) drop with our current situation
Comment from : Paul k

I don’t know how anyone could survive on a net worth of $500,000 especially if you live longer than expected, and especially with inflation You could easily spend $500,000 in 5 or 6 years
Comment from : Batdude 2