Before you retire, there are two questions you should ask yourself: when should you retire and where do you want to settle down when you do?
As far as timing your retirement goes, there are several reasons people choose to retire when they do, including:
- An early offer from their employer, often used when companies are downsizing and employees find taking the offer easier than finding a new career
- Feeling ready for a lifestyle change, moving to part-time work, or pursuing other interests
- Completing their retirement plan having earned enough money to meet their lifestyle
Where you choose to settle down once you’re done working will be influenced by factors such as:
- Whether or not your spouse is still working
- Where your kids and family live
- Where real estate values and cost of living let you stretch your savings
- Where you have ready access to medical care
- Where you can enjoy a high quality of life with the amenities you desire
With these factors in mind, these are some of the top retirement destinations in Ontario.
As the GTA leads the crisis in affordable housing, Ontario’s second-largest city and Canada’s capital remains far enough away to remain affordable, while still offering all the amenities of a big city. Ottawa is home to museums, cultural attractions, beautiful parks, great restaurants, and soon a new LRT system that will greatly improve public transit. Sports fans also have the CFL Redbacks and the NHL’s Ottawa Senators.
In addition to great amenities, Ottawa’s affordability, CPP Payment system, low crime rate, and healthcare access make it a truly desirable place to live. In fact, it has earned it the rank as Canada’s best place to retire according to the magazine MoneySense.
Check out senior housing options like Cite Parkway retirement community in Ottawa if you’re looking to downsize in the region.
London is the hub of Southwestern Ontario. The distance from Toronto means it has far more affordable housing options than the GTA, and it has a vibrant cultural life thanks to its festivals and arts scenes. It’s also a regional health center, serving rural towns and communities all around, and is home to first-class hospitals.
Niagara combines world-class attractions with an affordable cost of living. Come enjoy Ontario’s wine country as well as great hiking and biking trails for active seniors. Niagara offers affordability only a short drive away from Toronto, too, so it’s an appealing destination for seniors who have family who lives in the city.
One in five people in Peterborough is over the age of 65, making Peterborough one of the nation’s favorite retirement destinations in terms of seniors per capita. Located close to Ontario’s cottage country, Peterborough is a great destination for anyone who wants to cut down on their cottage commute. The high proportion of seniors also means it has a great healthcare network.
A town that punches far above its weight in arts and culture thanks to the Stratford Festival, it’s also a town with quality retirement communities, great dining, and a beautiful town center. Walkable, affordable, and lively, Stratford has a lot to offer.
Find the Ontario retirement destination that’s right for you!