When it comes to establishing your savings goal and retirement date, a key component is the cost of your desired retirement lifestyle. Estimating that cost can depend on where you’ll spend retirement.

Considering the “where” factor is not only helpful in wealth planning. It’s also an effective way to get the ball rolling when you start thinking about retirement.

Explore your options

Will you become a snowbird and enjoy the winter months in Puerto Vallarta? Whether you choose Mexico, the U.S. Sun Belt or another sunny destination, you would join hundreds of thousands of Canadians who build this retirement choice into their wealth plan.

Perhaps you want to stay in Canada and purchase a vacation property. Once you retire, you can enjoy cottage, cabin or chalet life for as much time as you wish.

When you think about retirement, you may want to be close to your children and grandchildren. If that means moving, you may consider downsizing.

Italy. Thailand. Cuba. Maybe you’re thinking about travelling the world, either once in a while or taking one or more trips every year. Or are you one of the Canadians who dreams of retiring abroad?

Maybe you’re comfortable where you are, and your desired lifestyle doesn’t involve any excessively high costs.

Factors to consider

When deciding where they’ll live, many retirees consider whether they’ll have friends or family members nearby. If you want to volunteer or work part time, be sure suitable opportunities are available where you retire. Another consideration is your health. Do you require care from specialists, and can you receive that care at the destination you’re considering?

Keep us informed of your retirement plans, including where you wish to retire. These plans and any changes you have in mind can affect your wealth plan.