Snowbirds are cooling on the U.S. Where are they going instead? | Canada Voices

Good morning. Last week, I asked if any of you lovely readers are snowbirds, and if so, where you’re planning to escape the cold this winter. And more than 1,000 (!) of you answered the call. So, where is everyone going? Let’s get into the results.

Taking flight

Yes, I know it’s only September and you don’t want to think about the sun setting at 4 p.m. yet. But your responses give us an early glimpse into how Canadian snowbirds are feeling about the winter ahead, and there’s been a pretty striking shift.

Just 12.5 per cent of respondents said they’re planning to head to the U.S. this season. When we took a similar temperature check last year, roughly a quarter of you said you planned to spend at least some of the winter south of the border (and that was with about 680 respondents).

One big thing hasn’t changed: Florida is still the most popular U.S. destination (unsurprisingly). Nearly 8 per cent of respondents are heading to the Sunshine State, with many saying the decision is a practical one, because you own property there.

A couple dozen of you said you haven’t decided whether you’ll travel to the U.S. this winter, and some said the outcome of the midterm elections could influence your plans.

But perhaps the biggest takeaway from your responses was that there is a big, wide world to consider beyond Florida.

Mexico was the clear standout, with nearly 23 per cent of respondents planning to head there this winter. Portugal and Costa Rica also came up again and again, alongside France, the Caribbean, Thailand and Spain.

And plenty of you aren’t fleeing the Canadian winter at all. Some are travelling within Canada, while others are embracing perhaps the easiest route of them all… staying home.

The Calculator

What’s happening: The consumer price index suggests money loses half its purchasing power roughly every 30 years, but one alternative measure points to a much faster erosion, about every 13 years, highlighting how CPI can miss the rising cost of assets such as housing.

The Retirement Receipt

Can Neetu retire before 65 and still give her daughter a big inheritance?

The numbers: Neetu, 61, has a net worth of more than $2.8-million, including a mortgage-free $1.4-million Toronto home and about $1.4-million in savings, investments and pensions. She earns about $88,000 from work and receives another $16,740 a year from her late husband’s pensions.

The situation: Neetu wants to retire before 65 and spend $65,000 to $70,000 a year after tax, including $10,000 annually on travel until age 80. She hopes to delay her own CPP until 70 and ultimately leave her home, TFSA and remaining assets to her 28-year-old daughter.

Key takeaways from a financial planner: Neetu is in strong enough financial shape to retire now and spend more than she currently plans while still leaving an estate worth more than $2-million in today’s dollars. The planner suggests she use some of her wealth during her lifetime, including potentially giving her daughter an advance inheritance, while continuing to maximize her TFSA and making RRSP contributions while working.

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