After decades of showing up for everyone else, this is your time. Retirement after 60 is one of the most significant transitions you'll ever make, and it deserves more than a financial checklist. It deserves real thought about what a good life looks like for you, on your terms, in your own time.
Start with what you want your days to look like, not just your account balance. The most useful retirement planning begins with a clear picture of how you want to spend your time, where you want to live, and who you want to be around.
The four choices that most shape retirement lifestyle: location (urban, suburban, rural, or a mix); housing (own, rent, downsize, or move to a retirement community); social life (how you'll maintain and build meaningful relationships); and purpose (how you'll stay engaged through work, volunteering, learning, or creative pursuits).
Most financial planners suggest targeting 70–80% of your pre-retirement income to maintain a comparable standard of living. That figure shifts depending on your plans. If you intend to travel extensively or carry property costs, you will likely need more. If you're simplifying your life, you may need less.
Delaying your CPP and OAS benefits can also make a meaningful difference. Waiting until age 70 to collect CPP can increase payments by up to 42% compared to collecting at 65.
There's no single answer, but there are better and worse fits for different people. The best place to retire is the place that aligns with your lifestyle priorities, health access, social connections, and budget.
For Canadians, climate is often a top consideration. Proximity to people you care about tends to matter more over time than people expect. There's also the "try before you commit" approach: renting in a new city for six months is far less disruptive than selling your home and discovering the fit isn't right.
Downsizing makes sense when your current home feels too large, too costly to maintain, or tied to a location you're ready to leave. A retirement community makes sense when you want ready-made social connections, on-site services, and less responsibility for daily upkeep.
Staying in your home — aging in place — remains the preference for many Canadians, particularly those with strong local networks. The key is being honest about what your home will actually require of you in five or ten years.
Make social engagement a deliberate part of your retirement plan, not an afterthought. Research from Statistics Canada shows that social participation is linked to better cognitive health, reduced risk of depression, and improved self-rated health among adults over 65.
Practical ways to stay connected: join a club or community group with a regular schedule; volunteer with a cause that matters to you; take on part-time or consulting work if it brings energy; stay in regular contact with friends and family.
Yes, and this is one of the things people most underestimate. The absence of structure and contribution can weigh on some people more than expected after the early honeymoon phase of retirement ends.
Purpose doesn't require a dramatic reinvention. It might mean mentoring others in your field, spending meaningful time with grandchildren, getting serious about a creative hobby, or contributing to a community organization.
Platforms like Agewise are built to support that process, offering guidance on retirement living options without pressure, and at whatever pace suits you.