Sal Borg, 69, retired in 2015, at age 61, after running a wholesale fruit and vegetable produce company, Sanci Tropical Foods, in Toronto’s Kensington Market. It was a family business started by his grandfather in 1914. His mother took it over in 1949, and he started working there in 1975 and began running the business in 1984. They sold it in 2015.
The number of retirement years peaked for both sexes around 2011, at which point retirement ages started increasing faster than life expectancies, writes Frederick Vettese, chief actuary of Morneau Shepell and author of Retirement Income for Life.Can Nell, 58, cover her cashflow shortfall without having to sell her house?
“Should I sell my home and use the funds to rent?” Nell asks in an e-mail. The average rent for a two-bedroom condo apartment in Toronto is upward of $3,000 a month. “If I don’t sell my home, do I have enough to semi-retire – take a part-time job until 70 and then retire?”