Times are tough for many Vancouver residents, and some have to make big decisions about their future to cope with the brutal cost of living that seems to be constantly increasing, but what is it like being retired in a city as expensive as this?
We recently published a story about someone in their 30s who was forced to make pretty radical decisions about their place in life.
It boiled down to continuing to work hard and barely getting ahead or not working as hard and enjoying life while waiting for an inheritance from their relatively well-off parents. In response to that story, Bruce MacMillan contacted us to share his story from a very different walk of life as a 72-year-old retired man.
In case you missed the story that inspired this one, the man in his 30s felt like hard work in BC wasn’t being rewarded—at least not as much as needed. He has an income of around $100,000, and his monthly expenses are as follows:
- Rent: $2,400 for a one-bedroom condo
- Rental insurance: $30
- Parking: $100
- Car insurance: $120
- Food: $350
- Internet/TV: $90
- Hydro: $40
- Misc spending: $500
MacMillan said, “I’ve figured out how to get by on far less than most of the people in your article. Call me a money minimalist.” Here are his monthly expenses:
- Food – Approximately $350
- Wine and spirits: $150
- Storage locker: $380
- Other expenses: $450
MacMillan’s housing situation is also unique. He lives with roommates, who are a fair bit younger than him, and pays $840 for his spot in the Dunbar area.
Retirement income not enough to live alone
mayu85/Shutterstock
“My retirement income is such that I couldn’t possibly afford to rent my own apartment in or around Vancouver,” MacMillan said, who has an annual income of about $23,000 and what he calls a cushion of around $5,000 in the bank, courtesy of his mom who passed away a few years ago.
His dad is still alive but is not in the best health.
“I don’t know how much money he has at this point. I’m guessing not much. They were property owners in Vancouver and Toronto in their younger years, but that money’s all gone now. I guess my $5K cushion is a small vestige of that.”
MacMillan has become someone who has found a way to get by with less.
“I’m still pretty youthful for my age. I never worked myself to the bone, like some in your article, so my health is good.”
He takes care of himself, though, with regular exercise, eating right, and sleeping whenever he wants. His situation hasn’t gotten him down, and he feels fortunate to share a house in a nice part of town at least until he faces the reality of needing to move.
“The leaseholder grows lots of food crops in the back and front of the house, so it’s kind of an outlier in that respect. We have a raspberry and blackberry patch as well. But if the house was sold, I’m not sure what my next move would be.”
MacMillan’s backyard (Submitted)
Prior to this setup, MacMillian worked as a musician, moving between Toronto and Vancouver between 1968 and 1977 before eventually settling in Toronto. His dad also worked in the music industry, working with producer Jack Richardson, who produced for bands like The Guess Who and Bob Seger.
“Eventually, I had my fill of Toronto and moved back to Vancouver in 2005, where my mom was living. I’ve been here ever since.”
Currently, MacMillan lives with people in various age groups, with some as young as their 20s. We asked if there was a living situation he’d prefer to the one he’s currently in.
“Sometimes I think a co-op living situation where I’d have my own apartment would be best, but those are hard to come by,” he said.
“Various levels of government should make that a more prominent part of the housing mix. It’s shameful that not more emphasis is put on that by the feds and the province. But I like where I am now well enough. I just hope the owners keep it as a rental property.”
Coming from a different generation than millennials and younger renters, we asked if he has any wisdom for them.
“Most younger people are better situated to share accommodation than older folks like me. I think it’s a rite of passage for people in their 20s and 30s. That aside, if younger folks are in a position to afford the ridiculous cost of renting an apartment in the GVA, well, good for them. But if you need to maintain a crushing work schedule to do that, that’s not so great.”
He added that some have had enough, taking the “digital nomad” thing from different places around the globe, where the cost of living is not nearly as steep as spots like Vancouver or Toronto.
“Not everyone can do that. However, if someone is in a position to do that, they might want to give it serious consideration.”
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