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Some of Canadians planning to Remain in Current Home after Retirement

Some are planning to go abroad or transfer to different cities after their retirement this is for many good reasons. One reason is that to unwind, enjoy the place with their loved ones.  On the other hand, current study performed by Ipsos Reid for Homequitu Bank, some of Canadians is deciding to stay put in their houses after the retirement.

 

Out of 1,054 Canadians respondents aging between 45 years to 60 years old, sixty one percent stated that decide to stay put in their home when possible after they reach the post career lives. The number was essentially higher for existing retirees, of that 78% stated the same opinion.

 

The study also expressed the standard Canadian plans to stop working after reaching the age of 61. On the other hand, almost fifty percent of the respondents asserted they were not ready financially to do so at this point in time. Of those asserting they decide to remain in their house when possible, thirty six percent showed they will think about leveraging home equity so as to make this decision possible.

 

Reason why most Canadians planning to remain home after retirement?

Not surprisingly provided Canada’s ruthless winters, the climate was the most known factor motivating some boomers to stay put, with a 57 percent according to the survey. Another reason is financially with is 54 percent and followed by closeness to the friend and family members of 45 percent and better access to medical care as well as support services with 35 percent.

 

Victoria Stay’s the Capital Retirement of Canada

For the huge majority deciding to remain here, Victoria continues to be the Canada’s retirement capital, with 15% of boomers deciding to retire here. The small municipality of Ontario is the next on the list with 14 percent, next is Montreal and the eastern townships of Quebec at eleven percent and Toronto at eleven percent as well.

 

Amongst those deciding to remain in Canada, however to change cities or provinces, Albertans were more likely to transfer at sixty one percent even if those who live in Saskatchewan and Manitoba were also prepared to change their provinces.

 

“There is a clear sever connections between the perfect retirement objectives of seniors of Canada and their existing financial position,” this is according to Greg Bandler, HomEquity Bank, senior vice president “Debt might be a main factor that affects the retirement plans of many Canadians, on the other hand dependably and reliably leveraging  their home equity could let them (Canadian seniors) to get better cash the flow and at the same time to get rid of the high-interest credit, despite the fact that keeping ownership of the family home.”

 

Among the main and biggest hindrances facing the study’s respondents in the monetary planning was their debt. As a matter of fact, forty five percent of the respondents asserted that they brought credit into their retirement. So, this might be the reason why they choose to stay put and remain at their current home.

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