Canadians increasingly regard home as retirement nest egg
Doing some quick math:
- Sell home in Surrey: $500,000
- Buy Condo or Townhouse: $300,000
- Invest or purchase annuity with remainder: $200,000 gets a lifetime monthly payment of $1,100 for a 65 year old male
I'm not sure that is exactly the kind of retirement that they were expecting. I fully expect many retirees to return to work or stay at work.