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Where Will You Retire?

Where Will You Retire?

A while back I wrote about how my husband and I were trying to decide where we wanted to live in retirement and some of the challenges we were having in making this decision.

We are trying to decide whether we stay where we are, move closer to some of our family members, wait to see where our kids settle or possibly live in two different places – one for when it’s cold and back in Canada for when it’s warm (after this long, cold winter – I’m definitely leaning towards this!).

All this discussion made me wonder what other Canadian Boomers were planning to do.  I found a report published by the BMO Wealth Institute about where Canadians plan on living in retirement and this is what they discovered;

  • 70% of Canadians over the age of 45 had given thought as to where they would like to live in retirement
  • Although many people talk about living abroad in retirement, 85% plan to continue to reside in Canada
  • There are many factors considered when thinking about where to live in retirement.  The factors that weighted the highest were;
    • proximity to family
    • health care facilities in the community
    • housing costs

I also found out that if you decide to live abroad in retirement there are quite a few things that you need to consider beyond just where you plan to live.  The Government of Canada has posted on their website a guide titled – Living Abroad – A Canadian’s Guide to Working, Studying, Volunteering or Retiring in a Foreign Country.  In the guide it covers topics such as;

  • What you need to understand and prepare for before leaving Canada
  • How to take care of yourself and your loved ones while you are away
  • What to do if things don’t turn out as expected
  • How to plan for your eventual return

I must admit talking about where we would like to live in our retirement is exciting.  I realize that we are really fortunate in that we even have options and am sure that when the time comes, we will make the right decision for us.

What about you?  What are your plans for retirement?  

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