Single, no pension? Here’s how to plan for retirement in Canada Jul 3rd

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Being single in retirement has some financial obstacles. Some people are single as they enter retirement. Others become single due to divorce or death prior to or after retiring. Here are some considerations for planning your retirement as a singleton, especially if you have no defined benefit (DB) pension.

Cost of living as a single person in Canada

One third of Canadians struggle to plan for retirement and 75% of people say their cost of living is negatively impacting their retirement savings, according to a Sun Life survey.

What does this mean for singles? You know it doesn’t cost twice as much to live with another person, because there are fixed costs to running a household that apply to singles and couples.

According to Statistics Canada’s Survey of Household Spending, a one-person household had total expenditures of $49,661 in 2021. By comparison, couples without children had total expenditures of $91,121. This implies cost savings of about 17% for the second person in the household…

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