How not to get tired of retirement


    How not to get tired of retirement

    You have worked for decades, preparing, waiting … but do you know what day you want to do in retirement?

    Hopefully you asked yourself this question before you started planning your pension. Because how do you achieve – or do you know if you can afford it – a goal if you don’t know what it is? Understanding the reasons for these goals really makes it worth it and makes it possible.

    Here are five things to keep in mind when thinking about how to organize your retirement.

    We live longer – and that doesn’t just affect our lifespan

    The realization that people live longer is not new. According to Statistics Canada and the 2016 Census, “There were 5.9 million seniors in Canada, which was 16.9% of the total population. By comparison, there were 2.4 million senior citizens or 10% of the population in 1981. “

    With more and more people living longer, it’s no wonder that one of the top concerns of many retirees is making sure they have enough assets to make it through the retirement years without compromising their lifestyle.

    In addition to growing, this aging population also poses a challenge to what it means to get older, leading to what is known as the longevity economy. From real estate trends to medical innovations to consumer goods to meet the silver lifestyle, a completely new economy is booming. That means more choices to enjoy the retirement years and new investment opportunities to finance them longer.

    Free time can be longer than you think

    It’s not just your wallet that can get strained after a job is done. Time itself can stretch if you stop filling 40+ hours a week with work.

    This was a lesson learned during the pandemic when many had extra time mostly spent at home. People rushed to spend their time doing home improvement projects, outdoor activities, or virtual socializing – not much different than when they were retired.

    The catch? This free time can be harder to fill than you think. And freedom of movement or spending time with loved ones is not always guaranteed. Think about the logistics of how you want to spend your time in order to set realistic goals.

    Can you make your bucket list a reality?

    Once you’ve decided how you want to spend your time, you need a specific plan to make it happen. Keep in mind that retirement can take decades, so the trip to Europe you took when you were 65 could cost a lot more ten years later.

    And it’s not just inflation that you need to think about. The pandemic could also have a profound impact on travel expenses, especially flights, travel insurance, and extra hotel stays if you need to be quarantined. Proper budgeting and the margin for increased spending can help ensure that you have the retirement life you want in your later years.

    Your “active lifestyle” will change as you get older

    As the Statistics Canada report cited above, older retirees tend to be less active at 65 than at 55 and spend more time reading and watching TV. Good news … there is more entertainment online than ever!

    When planning how you will be spending your time, make these outdoor activities a priority from the start. It will likely help you stay healthy longer. And you can switch from golf to stamp collecting or Netflix binging anytime you’re in your 90s.

    Work isn’t really work if you enjoy it

    There is no hard and fast rule that you have to stop working on your 65th birthday. As mentioned earlier, time is difficult to fill and costs can go up. Hence, working in retirement can help keep you occupied and maintain some cash flow.

    Maybe you still enjoy what you’ve been doing and want to continue part-time or as a consultant. Or maybe you want to learn new skills – there is no shortage of online courses or training courses! And with more people likely to work from home even after the pandemic, it is becoming easier and easier to find a flexible work situation.

    Do you have a financial plan for your retirement?

    Now that you’ve gone through these considerations, let’s talk about how you’d like to spend your time in retirement. We can put together a retirement plan for you to help you enjoy your time the way you want. Book a call with a financial advisor.


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