10 Reasons Why CANADA is a Great Place to Retire

There is plenty of bad news out there; but when it comes to retirement Canadians have many factors working in their favor;

1.      Canada consistently ranks as one of the best countries in the world  to live.

2.      Canadian life expectancy is among the highest in the world.

3.      The Canada Pension Plan is sustainable for at least the next 75 years.

4.      Canadian governments cover approximately 70% of health costs.

5.      Canada’s retirement income system provides flexible options for saving, investing and generation income.

6.      The Bank of Canada is committed to keeping inflation low and predictable.

7.      Workplace pension coverage is likely to improve as governments consider various proposals.

8.      Compared to other countries, Canada is in good shape financially.

9.      Rising Canadian housing prices have added wealth for boomers.

10.   Canada’s labor market provides opportunities for older Canadians.

Even though Canada is a great place to retire, you still have to plan your retirement.  Here are six key points to remember;

What do you want your retirement to look like?

If you know what you want, you are more likely to get it.

Make a written Retirement Plan.

If you want to have control over how you live your later years, creating a written plan in advance will likely mean you have better options when you have to make choices about what you do and where you live.

Planning to Work in Retirement is not a Retirement Plan.

Plan to work because it gives you satisfaction, fulfillment and enjoyment – not because you need to.

Get Good Advice.

Professional financial advice can improve your chances of having the retirement you want.

Don’t assume your living expenses will be a lot lower in retirement.

There may be things you spend more on, such as travel, entertainment, hobbies and health insurance.

A house is not a retirement savings account.

Downsizing can be complicated and may not get you the financial results you want.

Creating a Retirement Income Plan is one aspect of Financial Planning that I love to do, if we haven’t worked on yours yet, give me a call.

Have a great weekend,

Tracey

Source:  Fidelity Investments, Fidelity Retirement Survey, by The Strategic Counsel