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In all, this means the average American retiree (or those 65 and older) is spending about $3,700 per month -- or about $44,600 per year. Using the 4% rule, that would mean a nest egg of over $1 million would be needed to finance the average lifestyle.
In Ontario there were 47,200 seniors living in retirement residences in 2012. Being the most populous province in Canada, Ontario has the widest range of prices for retirement homes ranging from $1,724 for a Studio in Prescott and Russell to $6,359 for a private two-bedroom in Toronto.Greater Toronto Area (GTA) recorded the highest costs for retirement homes with average price $3,635.he highest average cost of retirement home in Maritimes was recorded in PEI at $2,500 per month. Retirement homes cost in Nova Scotia was $2,355, in Newfoundland and Labrador - $2,005 and the lowest cost was in New Brunswick at $1,810.