Part 1 in our Retirement Series
So, the question is...
Why We Plan to Retire Overseas Rather Than in Canada?
We were blessed to be born and raised in Canada, and our love and appreciation for Canada runs deep. Canada gave us an incredible foundation. We couldn't ask for a better childhood experience than growing up as small-town prairie kids. Yet, after living overseas for the past 20 years, our perspective on retirement has shifted.
During these two decades abroad, we've discovered a world rich in diverse cultures, climates, and opportunities. Each new experience has shown us that there are incredible places beyond the Great White North to call home. While Canada is often ranked as one of the best countries to live in, it's faced with challenges, especially when it comes to retiring there.
The Financial Factor: Retirement in Canada Is Expensive
Canada's cost of living has risen recently, with housing, healthcare wait times, and daily expenses all climbing yearly. As much as we value the strong social systems and excellent public services, the reality is that maintaining a comfortable lifestyle in retirement could mean burning through savings faster than planned. Taxes are high, and with inflation rising, even modest retirement dreams can come with a hefty price tag, including groceries and general expenses. It has become more difficult to survive financially in Canada.
House Prices
We have searched and searched through all of the major and minor real estate websites looking for a home that can combine:
- a decent amount of land (half an acre or so)
- a good climate (hello, BC and southern Alberta)
- and decent prices.
It wasn't for a lack of trying, but we needed help finding a home that fit those three criteria and still fit within our budget.
Canada's Climate: The Great White Freeze
Let's face it—Canadian winters are not for the faint of heart. The thought of shoveling snow or enduring subzero temperatures well into April doesn't quite fit our vision for our golden years. We want to wake up to sunny skies, enjoy mild evenings, and spend more time outdoors without bundling up in layers.
Living abroad has opened our eyes to the joy of temperate climates, where we don't have to have a block heater in our car, change to winter tires, and scrape windshields.
The Richness of Living Overseas Has Changed Us
With two decades under our belt of living in various countries, we have changed. While we still have our Canadian passports and love for Canada, we have changed like a Third Culture Kid who feels at home nowhere but at home everywhere. We don't feel 100% Canadian anymore.
Even when we returned with the kids to live in Canada for 6 years, it wasn't long before the lure of living overseas overtook us. We were incredibly grateful and fortunate to live in Yorkton for those years. We still felt like a fish out of water.
Retiring overseas isn't about running away from Canada; it's about running toward something new, which is what most of our adult lives have been about. It's about crafting a life that aligns with our passions, values, and dreams. For us, it's about trading the familiar for the adventurous and the expensive for the affordable.
Practical Considerations
Of course, retiring abroad requires careful planning. Residency requirements, healthcare systems, and language barriers are all factors that need thoughtful attention. However, we have done a lot of research and preparation to help overcome these hurdles, paving the way for a retirement filled with adventure, comfort, and fulfillment.
Final Thoughts
Canada will always be our home; it is the place that has shaped who we are. But our hearts and minds are open to the possibilities of a life well-lived overseas. We've learned that the world is too vast and beautiful to limit ourselves to one corner.
Retirement isn't just the end of a career; it's the beginning of a new chapter. For us, our retirement chapter will be warm, adventurous, and full of discovery.
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