A Guide to Retirement Care & Senior Living in New Brunswick
New Brunswick is well known for its rapidly growing senior population, as the province has become a popular retirement spot for seniors seeking a simpler lifestyle amongst the outdoors and nature. Aside from its proximity to oceans and wildlife, New Brunswick particularly attracts retirees for the affordable lifestyle, as they offer citizens some of the cheapest real estate in all of Canada. With breath-taking landscapes and a variety of lively urban centres, you may find that New Brunswick makes for an ideal place to retire. If you are thinking about retirement in New Brunswick, Cared Upon is here to help you find your perfect retirement community in the province.
Lifestyle & Activities
Known for being Canada’s largest maritime province with an endless amount of wilderness and lakes, New Brunswick is a great retirement destination for those who enjoy outdoor activities. It’s home to two of the most famous fishing rivers in the world - Lake Miramichi and Lake Restigouche, making it perfect for retirees who enjoy fishing or simply relaxing at a cottage by the lake. The Bay of Fundy - also referred to as one of the 7th wonders of North America - is a must-see as you can explore sea caves, kayak to nearby islands, and even grab exceptional seafood at the shore nearby after whale watching.
New Brunswick is also Canada’s only bilingual province, meaning you may find yourself spending your days travelling up to one of the largest cities in the province (Moncton) to get a taste of French-Canadian culture. In terms of the nightlife in New Brunswick, on the port by the Bay of Fundy, you’ll find noteworthy seafood restaurants along with vibrant bars, with one of Canada’s oldest independent breweries being in the province.
Weather and Climate
With a significant amount of rainfall and cold winters, the climate in New Brunswick is continental. Throughout the province, you will find that New Brunswick has pleasantly warm summers with a temperature average of 25°C (77°F), but colder winters with extremely low temperatures of up to -35°C (-31°F). However, if you settle down in the South of the province, you will see a milder winter with lows of up to -7°C (19°F), along with a cooler summer.
Housing options in New Brunswick: Finding the Right Fit for you
As you age, it is common to find that your home care and retirement needs will change. From nursing homes to retirement homes, New Brunswick offers retirees a range of housing options to fit their specific lifestyle and healthcare needs. Although factors such as your retirement suite and the health care you need will directly affect your cost of housing; you can typically expect the cost of retirement suites in New Brunswick to start at $2450 per month.
While retirement homes are privately owned homes typically suited for seniors with less complex care needs, for those requiring personal care and medical services on a 24/7 basis, nursing homes may be a better fit. Nursing homes facilities in New Brunswick are monitored by the Department of Health, as they are also responsible for setting the fees. In New Brunswick, you can expect the cost of nursing homes to typically begin at $113 per day.
For dependent seniors with working or busy family members, you may find an adult day care program to be more suitable for you. Adult day-care programs in New Brunswick are both publicly and privately owned, generally providing day services such as meal preparation and personal care services during weekdays when family members are not available to care for the seniors in their life.
For more details on long-term care costs and adult day care programs in New Brunswick, you can visit the Sun Life website here
Cost of Retiring in New Brunswick: Budgeting and Financing
Depending on your personal care needs and your lifestyle habits, the cost of retirement in New Brunswick will vary. New Brunswick is often noted for being an affordable place to retire, as the province offers well-priced real estate and has a lower cost of living than most Canadian provinces.
However, for seniors seeking support for finance and budgeting during retirement, there are government programs that offer benefits to those needing added aid. When retiring in New Brunswick, you may access several financial resources funded by the Government to help you prepare and pay for your retirement. If eligible, you may access funding through Government programs such as the Canadian Pension Plan Retirement Pension (CPP) and Old Age Security Pension (OAS).
Through the CPP program, your income is replaced with a taxable benefit when you decide to retire. Through the OAS program, you may receive up to $642 per month, with a 10% increase of that number for seniors aged 75 and over.
Post-retirement Income Sources
In the case that you do not meet the eligibility criteria for receiving Government funding, you have several options for post-retirement income sources.
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs): Using a Registered Retirement Savings Plans (RRSPs) or a Tax-Free Savings Account (TFSAs), your post-retirement income is dependent on the amount you put into these accounts when you first began saving and the interest you received.
Investment accounts: You may prepare for retirement through more common forms of post-income sources using taxable investment accounts. These can include investments from accounts such as stocks and bonds.
Employer-sponsored pension plans: Under an employer-sponsored pension plan, you and your employer can contribute money over the course of your employment. When you decide to retire, you can access the income directly saved from the plan.
To learn more about your options for post-retirement income sources, visit our resource centre.
Access to Healthcare
New Brunswickers have access to basic, universal, government-funded healthcare coverage through New Brunswick Medicare. To be eligible for coverage, you must be a Canadian citizen holding a Medicare card. On top of government-funded healthcare, the province offers its senior citizens extended health care coverage on certain services and prescription drugs. Through the New Brunswick Prescription Drug Program, seniors aged 65 and up receiving the GIS (Guaranteed Income Supplement) benefit may receive extended coverage on their prescription medication costs.
In addition to added prescription drug coverage, through the Medavie Blue Cross Plan seniors are also offered a wide range of dental and hospital service coverage. For more information about senior health care benefits, view the Medavie Blue Cross Seniors’ Health Program booklet.
Medavie Blue Cross: Call toll free at 1-844-209-7599 to get more information on senior health care coverage
New Brunswick Drug Plans Formulary: For further information on which prescription drugs are eligible for coverage under the New Brunswick Prescription Drug Program.