Needed Income for Retirement

by AnnaMaria
(Toronto, Ontario)

Hello,

I am also an Ontarian who wants to retire to the Island.

I understand the pull of the Island. It has really grabbed a hold of me and more so each time I visit.

My question to you is...

"Would I be able to live comfortably on about 24k annually?"

I should be able to live mortgage free after selling my home in Toronto.

I am looking at Charlottetown or perhaps Stratford. Any information you can share is most appreciated.

Thanks very much,

Regards,

AnnaMaria

Comments for Needed Income for Retirement

Click here to add your own comments

Living on $24,000 Yearly
by: Linda

Hello AnnaMaria,

Thank you for visiting my website and for contacting me.

I am not a financial or real estate advisor. You should consult with professionals and/or family members who have your best interests at heart and thoroughly know your circumstances.

At best, I can simply share with you some of my observations and thoughts in regards to the cost of living here on Prince Edward Island.

Living on $24,000/yearly income would be pretty tough unless you are a "very" frugal spender.

I would think that most commodities would be a little cheaper here than in Toronto. However, my husband and I find groceries, in particular, are more expensive than in Niagara Falls where we are from.

It is good that you own your own home as you likely have equity built up in it which will help
you be in a position to buy a nice little home here on the island without a mortgage and perhaps have some money left over to help with monthly living expenses.

You should probably look for a house to purchase that has a combination of heating sources as our winters are quite chilly which makes heating bills high. Here on the island, we do not have natural gas.

Most people heat with oil or oil/wood combination furnaces. Our home is heated with electricity. We plan on having a wood stove installed to cut back on heating bills.

Also, other homes have had heat pump units installed which are a little pricey to initially install but cut back on heating bills in the long run. The PEI government also provides a grant in the form of a rebate to help with the cost of installing a heat pump unit in your home.

I think there is also government assistance for those with a combined income of $24,000 or less. It is called, "The Guaranteed Income Supplement," I believe. Information about that can be found at www.Canada.ca

Housing in Stratford is slightly less expensive than in Charlottetown as far as I can see but again, you would need to consult with a real estate agent familiar with the area.

Houses in rural areas are cheaper but then you have the problem of transportation. You would definitely need a car and also many of the driveways of rural homes are quite long which would require snow plowing (which would be an added expense to an already tight budget).

I hope my answer helps a little.

Please be sure to contact me again if you have any other questions.

Linda

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Living in Prince Edward Island.