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Articles for Canadian Seniors

Top 5 Cities to Retire in Canada

By Alice Lucette

The cities that make the top five lists vary ever so slightly from year to year but there are several cities that consistently make the top five.

What makes a city appealing for retirement?
Before researching what the analysts say, I'll list the things that make a city a retirement magnet for me. First on my list is proximity to activities and attractions. I don't necessarily need to dine out more than once or twice a week, or shop every day but it's definitely good to have my options open.

Walking rather than driving
Next for me is having walking paths nearby and being close to transit. I know there's usually a taxi at almost every street corner but in the interest of good health, it's fun to walk when the weather allows, or hop on the bus, greet the driver and get a feel for the day on the city transit!

All Four Seasons work for me!
Many retirees are drawn to a location for its mild climate. Living where it never dips below freezing has its benefits with less chance of feeling like a hermit and not having snow to shovel, but year-round mild weather isn't a number one draw for me. I'd miss wrapping up in a scarf and gloves and enjoying a hot chocolate at a skating rink, and I know I'm not alone in my enjoyment of getting out there with my camera to capture the colors of autumn. So while climate is important, I'll take a city with all four seasons.

Low taxes, cost of living, low crime rate and easy accessibility to Doctors and Hospitals are all drawing factors and when analysts study what makes a city desirable for retirement, the cities at the top have all of the above. They also include cities with shopping, golfing, recreational areas, parks and fine dining.

So, which cities make the lists and what draws us to them?

Ottawa, Ontario
Ottawa is one of the top ten cities in Canada to live with their low rate of car commuters resulting in good air quality. They also enjoy a low crime rate and a high senior population putting them at the top for retirement destinations. Ottawa has a convenient network of walking and bike paths plus a user-friendly transit system. year-round outdoor activities and specifically the Rideau Canal make Ottawa an attractive city in which to retire.

Victoria, British Columbia
The attraction to Victoria is their mild weather and the arts. Daily temperatures rarely rise above 30°C in summer and fall below −-2°C in winter. Victoria is the 'City of Gardens' with the magnificent Butchart Gardens and the many golf courses including the second busiest course in Canada (designed by Jack Nicholas).

Kingston, Ontario
The number of health care professionals in Kingston makes it attractive as a retirement city. Kingston is also 'Green' with its high collective motivation to conserve the planet! Kingston, on the beautiful Lake Ontario, is a convenient distance to Ottawa at 190 Km, Toronto at 267 Km and New York at just over 200 Km.

Burlington, Ontario
With a low crime rate, low taxes and convenient location, Burlington has been one of the top five desirable cities for retirement for several years running. Burlington is on Lake Ontario and Toronto is an hour away. The beautiful Niagara Falls and the Canada-US border are also just an hour's drive from Burlington. The waterfront and the botanical gardens along with the moderate climate with the average 22°C in July and -5°C in January make it pleasant for year-round outdoor enthusiasts.

St. Albert, Alberta
The only city in Alberta to be in the top five desirable places to retire is St. Albert. Residents enjoy low taxes, low unemployment, and high access to health care professionals. St Alberta is considered a suburb of Edmonton and therefore convenient to the variety of entertainment the city offers. St. Alberta has its own recreational centres, museums and historic sites plus bragging rights to being home of one of the largest outdoor farmers markets in Western Canada.

Alice Lucette is a writer for SeniorsZen.com, a great resource for Retirement Homes in Ontario, where you can compare senior care providers' services & costs for Free, read educational articles, and watch videos on a range of topics related to senior care.

If you are looking for an Retirement Homes in Ontario, Independent Living, or Assisted Living, browse Senior Housing directory at SeniorsZen.com.

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What Canadians believe vs. what they are actually doing in their retirement years

By Alice Lucette

Canadians expectations of how they’ll be spending their retirement years and what they’re actually doing are not exactly lining up to be the same scenarios. According to a poll taken in the first quarter of 2011 of 2245 Canadians age fifty and up, with assets of at least $100 thousand, three quarters of Canadians over age 50 believe they will be spending their retirement years travelling but in truth only 58 percent of retired Canadians spend time away from home. (Poll by Ipsos Reid for RBC)

Fourteen percent of Canadians are living the “snowbird” lifestyle of escaping to warmer climates during the winter months in contrast to the thirty percent of Canadians nearing retirement age that believe they will be spending chilly Canadians winters down south and staying home during the summer months.

Volunteering

Another popular belief that pre retirement Canadians have about their retirement years is that volunteering will occupy much of their time; according to the poll, sixty percent of women and fifty three percent of men expect that they will be doing volunteer work once retired. In actuality, among retired Canadians, forty one percent of women and thirty five percent of men are actively involved in volunteer work.

Why the discrepancy?

Senior Manager of Financial Planning Support with RBC Jason Round speculates that uncertainty and lack of financial planning account for the discrepancy in what Canadians visualize they’ll be doing compared with how they’re actually spending their retirement years. The road to achieving ones financial goals and dreams for retirement depend upon having a financial plan, reviewing that plan regularly and updating it to accommodate the changing economic times. (From Vancouver Sun article by Tracy Sherlock December 13, 2011)

Thirty five percent of Canadians nearing retirement age see themselves as striving toward healthy lives and living an overall healthy lifestyle but in actuality forty six percent of retired Canadians are actively working toward improving their own personal health. In addition to this, starting new careers, taking more personal time and spending quality time with family and friends are higher priorities to retired Canadians than expected.

What are retired Canadians focusing on?

Canadians are spending lots of time educating themselves about finances. Among individuals polled, twelve percent of pre-retirement folks expect to spend time learning about retirement finances where twenty three percent of retired persons are focused on it. RBC’s Jason Round speculates that a belated start regarding retirement planning can still reduce uncertainty about what retirement will be like and enable seniors to be more able to realize their goals.

There are many financial institutions that offer help with retirement planning and a financial strategy is a benefit to all individuals no matter how near or how distant retirement may seem. The advisors at RBC will help their customers with creating a blueprint based upon the priorities of the individual in the areas of life such as family, home, health, lifestyle, work and legacy. Their website at rbc.com has the steps to take to enlist the assistance of a financial advisor and retirement planner.

Alice Lucette is a writer for SeniorsZen.com, a great resource for Retirement Homes in Ontario, where you can compare senior care providers' services & costs for Free, read educational articles, and watch videos on a range of topics related to senior care.

If you are looking for an Retirement Homes in Ontario, Independent Living, or Assisted Living, browse Senior Housing directory at SeniorsZen.com.
 

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Will Canadians see their Pensions?
By Alice Lucette

In the early 1950s the life expectancy of the average man was 66 and the average woman was 71. The number of Canadians qualifying to receive a government pension at that time was small as they had to have minimal income from all sources and as a result the cost to government of paying out pensions was small. The scales continued to tip in favor of government even when in 1966 under the leadership of Prime Minister Lester Pearson the CPP was introduced; Canadians that could be expecting to draw from CPP (Canada Pension Plan) and OAS (Old Age Security Pension) were relatively few.

Life expectancies now compared to then
Today the life expectancy of Canadians has increased and men are expected to live about 10 years longer to age 76 and women 12 more years to age 83 and we could see the average Canadian born this decade living into their 80s and beyond. This makes the issue of OAS and CPP a looming one and the question of how to make these pensions sustainable has become increasingly important if either or both pensions are to be available to Canadians born in recent decades.

In the 1980s when the Mulroney government tried to address the pension issues and make adjustments, deindexing with a strategy of cuts, seniors opposed the idea and government caved to the pressure.

How do the Canadian Pensions work?
The way the two pensions work is that OAS is the universally paid pension to Canadians age 65 who have lived in Canada for at least 10 years before collecting. Individuals with under $68k per year income are eligible to receive the full amount of $540 per month and the total is reduced according to yearly income to a maximum of $110k per year at which point the person is not eligible for OAS.

CPP is available to Canadians who have paid into the plan during their working years and employers plus employees contribute 4.95% ($3.5k to $48k) to the plan. The CPP payment is based on 25% of the maximum contributed over the person’s working lifetime.

How does the reform process work?
While OAS may be reformed by government through the legislative process CPP reform must be agreed upon by two thirds of Canadian Provinces.
OAS is a more sensitive pension and it will be difficult for government to initiate changes to the program, for many low-income seniors, the OAS is their only monthly source of income.

If pension reform is to happen with the goal of making OAS and CPP last, the current government will need to tread carefully, engaging all provinces in negotiations so that CPP may be reformed first and after that, the more delicate pension, the OAS.

Both pension programs need to be placed back on track to a long-term sustainability as Canadians are continuing to enjoy longer productive years and at the same time being able to look forward to receiving a pension when the time comes that they retire from the workplace.

 Credit: The National Post article of Dec 22, 2011 Paying Pensions to a Greying Nation

Alice Lucette is a writer for SeniorsZen.com, a great resource for Retirement Homes in Ontario, where you can compare senior care providers' services & costs for Free, read educational articles, and watch videos on a range of topics related to senior care.

If you are looking for an Retirement Homes in Ontario, Independent Living, or Assisted Living, browse Senior Housing directory at SeniorsZen.com.

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