Less expensive to retire in Quebec

Less expensive to retire in Quebec

Open for discussion, but what do you make of these figures gathered by one of Canada’s big banks?

In a recent pan Canadian survey future retirees were asked how much money they would need to retire comfortably after the age of Canadian-polymer-banknotes165.

The average amount to enjoy your retirement, according to most Canadians, is around $908,000.00.

The highest amount was in the province of Alberta, at $1.3 million followed by British Columbia, who calculate they would need around $1.1 million to maintain a good standard lifestyle. The Québecois on the other hand figure $584,000.00 would be enough to retire comfortably.*

Of course housing costs and the price for extra-curricular activities falls into consideration according to where you live and Québec has more social programs than most other provinces making the monetary requirements perhaps slightly less in this area. It also depends on what you expect to do during your retirement and most people think they will do more than they actually will, once retired.

Quebecers also have more confidence in their investments than most other Canadians, coming in at 93% as compared to 69% for the rest of the country.

Another interesting point is that all Canadians figure shares in companies will create more money than real estate, bonds or even RRSP’s or TFSA’s for the next five years.

*Information from statistics gathered by the Bank of Montreal (BMO) in 2013, published in January 2014.

Retirement may be a difficult time for you, especially if the act of retiring greatly reduces your monthly income. However, a reverse mortgage presents a way for you to increase that income because it will allow you to obtain cash payments on an ongoing basis. Those payments will be taken out of the overall value of your home. Such a home equity loan is also referred to as home equity conversion mortgage. It will not allow you to access the total value of the home in the form of cash, but you can borrow up to a certain percentage of the home value. Benefits of a reverse mortgage include spending flexibility, no immediate repayment requirement and the fact that you will continue to own your home throughout your retirement.
LifeinQuebec.com Staff Writer

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