Where can retirees live comfortably on a tight budget?
Living on a fixed income during retirement can pose challenges, especially when relying on Social Security to cover most expenses. With an average monthly benefit of only $1,701.62, maintaining a comfortable life can become difficult for many retirees, as reported by GOBankingRates.
Even those with extra income from pensions or investments, such as high-dividend stocks and property rentals, often find themselves grappling with financial concerns.
A recent survey by the US Bureau of Labor Statistics found that individuals aged 65 and above had an average annual net income of $49,792 or $4,419 per month. Yet, this sum may not stretch far enough, taking into account unforeseen retirement expenses such as medical bills, long-term care, inflation rates, and more.
For Canadians who are open to relocating to help their financial stability throughout retirement, GOBankingRates has evaluated Numbeo’s data on various Canadian cities, focusing on their affordability and safety.
Here is the list of top ten cities in Canada where retirees can comfortably live on a $2,500 monthly budget.
Quebec City
With a safety index of 82.5 and a cost of living index (including rent) at 46.7, the capital of Quebec offers a monthly living cost of $2,171.55, combining affordability with iconic attractions like Château Frontenac.
Montreal
Montreal, a populous North American city, has a safety index of 68.4 and a cost of living index (including rent) at 49.3. The monthly living cost stands at $2,292.45.
Guelph
Nestled in southwestern Ontario, Guelph combines diverse cuisine and history. Guelph has a safety index of 65.7 and a cost of living index (including rent) at 53.1. The monthly living cost is $2,469.15.
Halifax
Halifax, Nova Scotia's capital, boasts lighthouses and historical sites and offers a safety index of 58.6 and a cost-of-living index (including rent) at 53.2. The monthly living cost is $2,473.80.
Kitchener
Kitchener, the largest city in the Waterloo region, has a safety index of 58.5 and a cost of living index (including rent) at 51.4 make it an appealing retirement option. The monthly living cost averages $2,390.10.
Mississauga
Neighboring Toronto and Lake Ontario, Mississauga offers art and outdoor activities. A safety index of 56.7 and a cost of living index (including rent) at 52.7 provide a comfortable retirement backdrop. The monthly living cost stands at $2,450.55.
St. Catharines
Set in Southern Ontario, St. Catharines blends nature and urban conveniences. A safety index of 54 and a cost of living index (including rent) at 49.7 indicate affordability. The monthly living cost is $2,311.05, making it a sought-after destination for retirees.
Windsor
Known as the "Automotive Capital of Canada", Windsor has a safety index of 52.8 and a cost of living index (including rent) at 49.5, it offers a monthly living cost of $2,157.60, attracting budget-conscious retirees.
Edmonton
Situated on the North Saskatchewan River, Edmonton, rich in UNESCO world heritage sites, offers a safety index of 52.8 and a cost of living index (including rent) at 49.5 result in a monthly living cost of $2,301.75.
Saskatoon
Saskatoon, Saskatchewan's largest city, thrives as an economic and cultural center. With a safety index of 50.3 and a cost of living index (including rent) at 46.3, it offers a monthly living cost of $2,152.95, making it a viable option for budget-conscious retirees.
