What is life like in retirement?

 Many people before they retire imagine a life that is an ideal version of the reality of retirement.

Everyone will have a different take on what an ideal retirement looks like. I have some friends who find that since they have retired, they have done a lot more RVing and others who have created art, by taking up painting. I know others who volunteer and others who don’t volunteer but find ways to spend their time.

Oddly many believe that retirement is based on money and how much you can save to live your dream life. That is true to a certain extent, but most seniors in Canada are not bad off. We are not rich, but many of us are getting along, although with inflation raging many of us are falling behind. Living on a fixed income is one of the adjustments you have to make when you retire. Financial Advisors recommend that you have enough income to live on about 70% of your pre-retirement income. For many seniors that number is higher than they need.

In Canada when we retire, we have an income stream from government pensions, and many have savings in their Registered Retirement Savings Plan which is converted to an income stream when they turn 71. It’s easy to get caught up in the belief that retirement life will be the best years of your life. However, when planning retirement remember life can turn sour quickly.

My father saved money when he was working. He planned to travel and have adventures when he retired and was hoping to retire at 60. He died at age 49. My friends and I joke that we are lucky to be able to spend the money we saved, because many people we know who would have been our age, are not around. Many of you won’t even be around to see your retirement. I don’t recommend not savings, but I do recommend keeping a balance in your life while you can and not waiting until retirement.