Part 2: Becoming Financially Prepared for the Second Half of Your Retirement

This is part two of our three-part series about the costs of living from across Canada during the late stage of your retirement, based on research conducted by the National Institute on Aging. In this part, we’ll look at the costs in Manitoba, Saskatchewan, Alberta and British Columbia. By studying these numbers and important data points, we might have a better understanding of what to expect when we reach our 70s, 80s and 90s, so that we save more effectively in our working years.

Manitoba/Saskatchewan – Seniors 65+:
- 35% can comfortably retire when they want
- 11% are financially vulnerable
- 8% are living in poverty-level living standards (Lower than the Canadian average)
- 29% have saved $5000 or less for retirement
- 81% want to live at home; 0% can’t say where they will live
- 78% can access reliable home care, 69% can access reliable community care support when needed
Alberta – Seniors 65+:
- 30% can comfortably retire when they want
- 16% are financially vulnerable (Canadian average: 14%)
- 14% are living in poverty-level living standards
- 34% have saved $5000 or less for retirement
- 80% want to live at home; 0% can’t say where they will live
- 81% can access reliable home care, 73% can access reliable community care support when needed
British Columbia – Seniors 65+:
- 34% can comfortably retire when they want
- 18% are financially vulnerable (Canadian average: 14%)
- 14% are living in poverty-level living standards
- 22% have saved $5000 or less for retirement
- 89% want to live at home; 1% can’t say where they will live
- 50% can access reliable home care, 53% can access reliable community care support when needed