Retirement generally means to withdraw from active working life. It means that you have spent a good majority of your life working, and now it’s time to relax and enjoy some of that money you have earned. The fact that you are no longer actively working means that there will be no active income. This is why people usually, throughout their lives, put money aside designed to help them live a comfortable life when they finally decide that they are done with work.
To retire on Prince Edward Island, you will need to be able to afford the average cost of living of $1316 per person, per month. If you have $16,000 per year, you will live just fine on Prince Edward Island.
The kind of life you live now depends on how much you have set aside in your retirement fund. You want to spend the rest of your days in considerable comfort, and in a lovely environment. Some people remain in the homes that they’ve known all their lives, and some people decide to seek new homes and adventures.
This is where places like Prince Edward Island come in. The province of Prince Edward Island (PEI) is one of Canada’s thirteen provinces and territories. In terms of land size and people, it is a tiny province, yet it is heavily inhabited. Many people have found this beautiful island a good place to spend the rest of their days. Its beautiful beaches, charming restaurants, and slow-paced lifestyle have made many retirees very happy.
How much should you have to retire here?
If you do decide that Prince Edward Island is the place you want to retire to, how heavy does your retirement fund need to be?
When deciding where you want to live, you compare the costs of living in different countries and cities. Things like the cost of healthcare, renting or buying a place, food, transportation, etc, all factor into how affordable a city is, and whether it will be the place for you or not.
The PEI province is one of the best places to live in all of Canada. You get housing, healthcare, and other basic amenities at a relatively affordable cost. In fact, in 2018, Charlottetown, the province’s capital city was ranked the sixth most inexpensive in the country.
Let’s do a quick highlight of what your living costs in PEI might look like.
- Housing: You can expect to pay around $982 in rent for a one-bedroom apartment in the city center, and around $1600 for a three-bedroom apartment in the same city center. If you prefer to buy a house, you can budget around $243,000 for an average home.
- Groceries: groceries on the island will cost you an average of $250 per person, per month.
- Eating out: a quick bite at a fast-food restaurant will cost you around $15. A night out with a friend at a mid-priced restaurant, enjoying a three-course meal will set you back an average of $75.
- Utilities: Water, electricity, heating, cooling, and garbage bills for an average 85-meter square home will cost about $175. Talking on the phone will cost you an average of $150 a month, and a reliable internet connection will cost you about $90.
- Transportation: You have a couple of options when it comes to commuting around the island. You can get a monthly bus pass for $58.50, or a one-time pass for $2. If you own a vehicle, gasoline will cost you about $1.09 per. liter
What it is going to be like living here
It is good to have an idea of what living here is going to cost you, but what even is the island like? Is it going to be a good fit for you?
Without a question, PEI is one of Canada’s most breathtakingly gorgeous provinces. The main island lies 200 kilometers to the north of Halifax, Nova Scotia, and about 600 KM east of Québec City. Prince Edward Island contains two main urban districts and they are Charlottetown and the harbor of Summer side. For the rest of the island, you’ll find lush hills, beautiful beaches, and woodlands.
Here is a general idea of what it’s going to be like living on Prince Edward Island.
- Affordable cost of living: PEI is one of the most affordable places to live in Canada. Housing, food, and utility costs are relatively cheap in the city center, and even cheaper if you live in rural towns. Even the cost of eating out is lower in comparison to other places.
- Beautiful scenery: Prince Edward Island is a fantastic place to live if you love spending time outside in nature. There are several stunning landscapes to explore around the island, as well as quiet beaches, dozens and dozens of hiking routes appropriate for all levels of hikers, and a diverse array of wildlife to observe, including minks, red foxes, and Canadian Geese.
- Great healthcare: PEI has hospitals and medical services that cater to the medical needs of its many residents. Their health plans cover basic medical services and more. You can rest assured that whatever medical needs you have, they can cover.
- The weather: Most days will be slightly below zero in the winter, although it will feel 10 degrees warmer when the frigid winds are factored in. And while summer temperatures might reach the high twenties, the fresh ocean wind can make it feel even cooler. The cold air diminishes as you travel farther inland, but because the town is so small, you are never far from the sea and its constant wind.
Should you retire here?
There is no reason for you not to. The people are great, the place is beautiful, and it is one of the most affordable places you can live.
On the island, there are several fun and activity options. The inhabitants will be kind and pleasant for the most part, there will be plenty of things to do and lots of locations to visit nearby, and the cheaper cost of living will guarantee you have fewer financial responsibilities than in other areas of Canada.