10 more places to retire in the world

 Here are the last 10 places that are ranked in the  top twenty:

11.    Canada (Rank: 11):

·         Pension System: Basic national benefits, means-tested income supplement, and public pension plans.

·         Strength: Diversification of income sources and adjustments for inflation.

·         Challenge: Improvement needed in quality of life and material well-being.

12.    New Zealand (Rank: 12):

·         Pension System: Universal public pension, KiwiSaver DC retirement scheme, and alternative occupational schemes.

·         Strength: Effective in preventing elderly poverty, ranked 8th in the Natixis GRI Index.

·         Challenge: Improvements needed to enhance overall ranking.

13.    United Kingdom (Rank: 13):

·         Pension System: State pension, workplace pensions, and personal pensions.

·         Strength: Climbed three spots in the GRI Index, driven by strong performance in Finances in Retirement.

·         Challenge: Improvements needed, including raising the minimum pension for low-income pensioners.

14.    Germany (Rank: 14):

·         Pension System: Earnings-related pay-as-you-go system, means-tested safety net, and supplementary pension plans.

·         Strength: Improved in the GRI Index, moving up two spots to the 9th rank.

·         Challenge: Areas of improvement include increasing funded contributions in private pension plans.

15.    Singapore (Rank: 15):

·         Pension System: Central Provident Fund (CPF) with benefits accessible for withdrawal at any time.

·         Strength: Ranked 7th in the Mercer Index, with increased pension coverage.

·         Challenge: Drop in the finance sub-index in the GRI Index.

16.    Belgium (Rank: 16):

·         Pension System: Public, occupational, and private pension schemes.

·         Strength: "B" ranking from Mercer, improvements in material well-being and quality of life.

·         Challenge: Health sub-index drop in the GRI Index.

17.    United States of America (Rank: 17):

·         Pension System: Combination of public and private plans.

·         Strength: C+ ranking with good features, but risks need addressing.

·         Challenge: Slipped two places in the GRI Index, impacted by deteriorating health, material well-being, and old-age dependency=

18.   Austria (Rank 18)

·         Pension System: A Defined Benefit (DB) public pension scheme, complemented by an income-tested top-up for low-income pensioners and voluntary private pension plans.

·         Strength: Austria's retirement system is regarded as one of the best, with generous pensions which contributes to the system's strength.

·         Challenge: Despite its overall strength, Austria faces the challenge of an aging population. As the proportion of elderly individuals increases, there may be a strain on the pay-as-you-go pension system.

19. France: (Rank 19)

·         Pension System: Includes an earnings-related public pension, a supplementary retirement pension scheme for private-sector workers (AGIRC-ARRCO), and occupational plans.

·         Strength: France spends heavily on its retirement system, and the country has one of the lowest qualifying ages for a state pension in Europe.

·         Challenge: A major challenge for France's retirement system is the need for reforms to address demographic shifts and financial sustainability.,

20. Japan (Rank: 20):

·         Pension System: Comprises a flat-rate basic pension and an earnings-related plan with private pension options.

·         Challenges: Demographic imbalance with 29.1% of the population aged 80 or older, impacting the retirement security of the pension system.

·         Strength: The cultural emphasis on financial discipline also contributes to the strength of the system. This diversified approach provides a mix of public and private support, enhancing the overall resilience of the pension system.

Embracing Growth and Fulfillment in Retirement

As you transition into retirement, it's a perfect time to discover the vibrant and flourishing aspects of your identity that may have been somewhat overshadowed during your working years. Retirement doesn't mark the end of your personal journey but rather the beginning of an exciting new chapter in your life. The path ahead is filled with opportunities to redefine who you are and to nurture your sense of self in a positive and confident manner.

Life is a precious gift, and it's crucial to approach it with optimism and a sense of purpose. Each day is a chance to explore your passions, develop new skills, and find joy in the world around you. Retirement offers the freedom to savour the present fully and infuse your days with happiness and a positive spirit.

In earlier times, the significance of self-development may not have been as emphasized, but the modern era provides numerous resources and opportunities for personal growth. It's time to recognize and harness your unique strengths and untapped potential to lead a fulfilling and contented life.

Every individual possesses their distinctive qualities and characteristics. It's advisable to reflect on your weaknesses as well, as this self-awareness can be the foundation for personal growth. Cultivating rational thinking, maintaining a positive outlook, and being mindful of your thoughts are fundamental aspects that can enrich your life.

Self-development encompasses various facets, including self-esteem, self-awareness, self-control, and self-perception. Knowing yourself is paramount, especially when you may face situations where you need to assert your strengths and address your weaknesses.

Consider starting by keeping a record of your daily activities, and examining areas where you'd like to make improvements. Incorporating positive thinking and simple acts of kindness, such as helping others or practicing politeness, can have a profound impact on both your own well-being and your personal growth journey.

Furthermore, content and satisfied individuals tend to believe in their abundance of choices and perceive their circumstances in a positive light. Two people working at the same job level may have different perspectives. Those with a positive outlook often find fulfillment in their work, while those who are less satisfied tend to focus on the negative aspects. It's worth noting that when challenges arise, attributing them solely to fate or external forces can hinder personal development. Your actions and attitudes shape your destiny, and it's crucial to take an active role in moulding your life.

Your attitude towards life plays a pivotal role in your happiness and success. Contentment leads to happiness, and belief in your abilities and potential is a driving force for achieving your goals. Enthusiasm is a key component of positive thinking, and it can be exemplified through the inspiring tale of the deaf frog that defied expectations to reach the top of the tower. The lesson here is that self-belief and a positive outlook can lead to incredible personal growth. Don't let social norms or negative thinking about retirement deter you from embracing enthusiasm and pursuing your own path to self-development.

What about inflation

 I have been asked by many approaching retirement this question, 

"Do you really need to take a view on inflation for the purposes of modelling future wealth?"

When approaching retirement and trying to model future wealth, it's essential to consider the potential impact of inflation on your financial planning. Inflation is a key factor that can erode the purchasing power of your savings and investments over time. 

 Inflation is the gradual increase in the prices of goods and services over time, which reduces the real value of money. It's a common economic phenomenon that affects everyone's finances.

Inflation in your financial planning can result in the overestimation of your future wealth. In other words, what seems like a comfortable retirement fund today may not provide the same standard of living in the future due to rising prices.

It's prudent to consider inflation when modeling future wealth. This can be done by using an inflation rate as one of the variables in your financial projections. Typically, a moderate inflation rate (historically around 2-3%) is used as a baseline, but you can adjust it to your specific circumstances or preferences.

Retirement planning should have a long-term perspective. People often spend two or three decades in retirement, so it's important to ensure that your savings and investments can sustain your lifestyle for the duration. Inflation can significantly impact this sustainability.

Your investment strategies and asset allocation can be adjusted to account for inflation. For example, investing in assets like stocks, real estate, or Treasury Inflation-Protected Securities (TIPS) can help your wealth grow at a rate that outpaces inflation.

Inflation rates can change over time, and it's important to review and adjust your financial plan regularly to ensure it remains on track. This includes assessing your investment portfolio and your spending patterns.

If you are still uncertain about how to incorporate inflation into your retirement planning, advise seeking advice from a financial planner or advisor. These professionals can provide personalized guidance and create a retirement plan tailored to your specific goals and circumstances.

One needs to take a view on inflation for the purposes of modeling future wealth,. Inflation is a critical factor that can impact your financial security in retirement, and it's essential to consider it when planning for your future.

Making informed decisions about retirement

Planning for retirement is about making more informed decisions. Over the years we have acquired knowledge and personal insights and have grown to trust our insights and intuition. This type of knowledge is called tacit knowledge, and it is difficult to articulate, codify, or transfer to others. When it comes to retirement planning, tacit knowledge plays a significant role.

Your emotional connection to retirement, your personal experiences and how you envision your ideal retirement, the lifestyle you want, and your sense of fulfillment are influenced by your unique life experiences and aspirations. Don’t discount these in your planning.

Your tolerance for financial risk in retirement is based on your financial experiences, attitudes toward money, and personal comfort level. These play a substantial role in determining how you approach investment decisions for retirement.

Tacit knowledge also guides your timing decisions. When to retire, when to start drawing from retirement accounts, and when to make financial adjustments are often influenced by personal experiences and judgment.

Your preferences for where you want to live, your social network, and the activities you want to engage in during retirement are influenced and are often shaped by personal values and past experiences.

Effective retirement planning involves a balance between tacit and explicit knowledge. Explicit knowledge provides the factual foundation for making informed decisions, tacit knowledge contributes to the personal and emotional aspects of retirement planning.

Explicit knowledge is formal and codified information that can be easily communicated, documented, and transferred. We use calculators, spreadsheets, and financial planning software to estimate retirement needs, project investment returns, and create budgets.

Information about retirement accounts, such as or Retirement savings and government programs, and their associated rules and tax implications, constitutes explicit knowledge. We gain this knowledge through government websites, financial institutions, and financial advisors.

We also gain knowledge by paying attention to different investment strategies, such as asset allocation, diversification, and risk management techniques. Finally, our knowledge of estate planning, tax laws, and regulations that impact retirement savings is essential to our planning. This information is well documented, and we can access it through legal documents, tax codes, and guidelines provided by professionals.

Ideally, individuals should use both types of knowledge to create a retirement plan that aligns with their financial goals, values, and aspirations while also adhering to sound financial principles. Consulting with financial advisors, learning from the experiences of others, and staying informed about financial matters can help us navigate retirement planning.

In retirement prioritize your health

 You will live in retirement another 20 to 30 years, so it is important that you prioritize your physical and mental health. Regular exercise, a balanced diet, and staying socially connected can contribute to a happy and healthy retirement. Consider joining clubs, fitness classes, or local groups to stay active and engaged.

Joining is an excellent way to stay active and engaged during retirement, especially if you’ve been primarily focused on work and have limited outside activities.

Think about your interests and hobbies. What have you always wanted to explore but didn’t have the time for while working? Whether it’s art, music, sports, or gardening, there are likely local groups or clubs that cater to your interests.

I am President of our local senior’s group that operates within our Community Centers so I am biased. If you are looking for ideas, start by checking out your local community centers, libraries, or senior centers. They often host a variety of classes, workshops, and social events.

Other ideas may be to look for clubs such as Rotary, or the Lions or other organizations related to your interests. This could be a book club, hiking group, photography club, or a charity organization. If you want to focus on your physical well-being, explore fitness classes at nearby gyms, yoga studios, or community centers.

My retired friend found new friends and things to do in his small town by using online platforms like Meetup and Facebook Groups.. Don’t be shy about introducing yourself and striking up conversations with fellow members. Friendships and connections often form naturally in these settings.

Some clubs and organizations may have volunteer opportunities. Volunteering not only helps you give back to the community but also connects you with like-minded individuals who share your values. While it’s great to pursue your existing interests, be open to trying new things as well. It is important that you ensure that your involvement in clubs and classes doesn’t overwhelm your schedule. Balance your activities with other aspects of retirement, such as relaxation and family time.

When we retire, our circle of friends and family grows smaller. Becoming involved in activities can help you expand your social circle, which is important if work had been your primary source of social interaction.

Remember that retirement is a time to savor life’s pleasures and explore new horizons. Enjoy the journey of discovering new interests and meeting wonderful people along the way.

By actively participating in clubs, fitness classes, or local groups, you can not only stay active and engaged but also create a fulfilling and socially enriching retirement experience. It’s an excellent opportunity to make the most of your newfound free time and embrace new adventures.

You have retired, now what?

 Congratulations on your retirement! After retiring, what would you do on the first day, instead of going to work?

During the first few weeks, you feel that you are on holiday. I was an educator, and I had two months off, so for the first two months, I was in holiday mode. At the end of the two months, my wife and I did actually go on a holiday and took it another two months. Some of you may have actually planned out what you would do with your retirement. I did not. I retired on a whim, with good reasons but I had not planned out what I would actually do with myself when I retired. I worked full time and part-time, for a long-time before I faced the realization that I wanted to retire, and I found a purpose that I could fill in retirement. So, before you retire, take the time to plan and create a fulfilling retirement. When I started this blog, back in 2010, I wrote about my issues with the idea of retiring and I looked at what the experts wrote and discussed. The focus of the majority was money, not time. This approach is slowly changing and there are a few more experts talking about finding things to do with your time.

Most of us, when we retire, live another 20 to 30 years. We know that there are three phases of retirement. Retirement has three phases. Phase one is active, where retirees travel and enjoy adventures. The second is more settled and less active. Phase three is when aging takes a serious toll.. Remember that life is not measured by the number in your bank account, but the memories you create. One way to create the memories is to consider setting both short-term and long-term goals for your retirement. These goals will provide you with a sense of purpose and direction. They could be related to travel, personal development, volunteering, or anything else that excites you.

Short-term and long-term goals vary depending on your personal preferences and circumstances. Typically, short-term goals in retirement are those you aim to achieve within the next 1 to 2 years. These goals are relatively immediate and can help you make the most of your early retirement years. They provide a sense of achievement and excitement in the short term. Some goals might be planning a vacation, renovating your home, learning a new skill, or volunteering..

Long-term goals in retirement may span 5 years, 10 years, or even longer depending on your health. Some long-term goals are saving for your loved ones, staying healthy, or starting a new career or business. Long-term goals provide a sense of purpose and direction for your overall retirement journey.

It’s essential to strike a balance between short-term and long-term goals to ensure that you plan all three stages of retirement. Short-term goals motivate you now, while long-term goals help you plan for retirement stability. Goals about short term and long term should be flexible so you can adjust them based on your circumstances. An idea would be to review and update your goals if needed every two or three years. This way, you can be sure that your goals remain relevant and achievable in your retirement.

I missed this back in October, did you?

 If you live in Canada there is a new way of accessing services for seniors, and all Canadians, in planning for a secure and dignified retirement.

 Canadians considering retirement can now take advantage of new and improved tools to help make informed decisions regarding retirement planning and retire with confidence and peace of mind.

Service Canada launched the Retirement Hub (https://retraite-retirement.service.canada.ca/en/home)  - a new, user-friendly, online tool that provides a simple and improved experience for Canadians planning their retirement. It will help Canadians with planning, applying for and receiving retirement income benefits like the Canada Pension Plan, Old Age Security, and the Guaranteed Income Supplement.

A key feature of this online tool is the Retirement Ready Quiz. By answering a series of questions, the quiz gives you a personalized checklist to help you prepare for retirement.

 Canadians also now have access to an improved version of the Old Age Security Benefits Estimator on Canada.ca. This version introduces new features, including spousal estimates, the partial Old Age Security pension and the additional Guaranteed Income Supplement. 

In a few easy steps, you can find out if you are eligible and get an estimate of how much you may be entitled to, based on your personal circumstances, for Old Age Security, the Guaranteed Income Supplement, the Allowance and the Allowance for the Survivor. The OAS Benefits Estimator provides you with an automated estimate instead of trying to navigate and interpret a series of OAS tables manually.

Are you ready for pretirement?

 Are you paid by the hour? Do you believe you will be able to retire with comfort? If not, you are not alone, just over 50% of hourly employees feel they will be able to retire comfortably. A survey of 2,000 employees split evenly between salaried and hourly workers reveals that hourly workers are less confident they will retire comfortably compared to salaried workers (53% vs. 63%).

The survey conducted in 2023 on behalf of a retirement benefit provider finds that 25% of employees say their employer does not offer a retirement savings plan.

Hourly workers making less than $60,000 a year have even less access to a retirement plan than salaried workers making the same amount (28% with no access for hourly workers vs. 21% for salaried workers).

This lack of access to planning and savings programs puts workers' financial independence during retirement years in jeopardy. A big concern is that although 54 percent of hourly workers say they will be somewhat or very reliant financially on a family member, they are twice as likely to say they do not have any other family member they can rely on.

Another issue found in the survey was that the average worker is saving 70 percent of what they plan to withdraw annually every year in retirement. While the average employee has $128,815 saved for retirement, they anticipate needing to withdraw $184,850 annually upon retiring.

The good news is that nearly a third (32%) of hourly workers say their parents and grandparents did not have the same access to retirement savings plans,

There is a new emerging life stage called pretirement. This is an emerging life stage between full-time work and retirement in which hours are reduced and people consider new job roles. A majority (73%) of workers are likely to embrace “pretirement.” Of those planning to “pretire,” 39 percent expect to pivot to a new job in a different industry.

Nearing retirement and feeling unsure about your finances

 It’s important to recognize that achieving a fulfilling retirement doesn’t require substantial wealth. Wealthy people are not the only ones who have enjoyable retirements. They know how much money they need for retirement and live within their means.

Nearing retirement and feeling unsure about your finances, try these ideas:

Consider making retirement financial literacy your primary focus. Begin with the fundamentals. Learn about personal finance during retirement through books, courses, newsletters, and workshops. Check with your employer or financial institution for retirement help. Before retiring, it’s important to understand retirement systems, like pensions, government benefits, and savings. Also, recognize the role your home plays in your retirement finances. Don’t be discouraged if these concepts seem unfamiliar at first—most individuals over 50 are in the same boat.

Review your eligibility for age pensions. Familiarize yourself with how much you can access. For example, in Canada, you may access up to 33% of your pre-retirement income through programs like the Canada Pension Plan and the Old Age Security program. In Australia, a full pension can provide annual income amounts for couples and singles. Gaining this understanding is key to planning your retirement financial strategies.

Making a budget for retirement needs a special approach. You’ll need to delve into your living expenses, knowing that your daily routine won’t revolve around work. Also, consider those special bucket list items you’ve always wanted to experience. Some people list their living expenses and bucket list goals in their budget and then compare it to their expected retirement income. Once you have your budget in place, assess how you can live within its confines. If you find it challenging to include all your desired activities, prioritize what matters. Also, take advantage of any available discounts or concessions.

Practice Living on Your Retirement Budget for a time This step is often overlooked, but beneficial. As you approach retirement, try living on your projected retirement budget for a month or two gives lets you understand what you will face when you retire. This exercise allows you to gauge the feasibility of your financial plans and make any necessary adjustments. It’s an opportunity to fine-tune your spending habits and ensure a seamless transition into retirement. Imagine the confidence boost if you end the month with money to spare.

Always remember, building financial confidence for retirement isn’t about the size of your savings; it’s about how effectively you manage them. Make your retirement less stressful by understanding your pension and benefits, budgeting, and practicing your retirement lifestyle.

Things To Love About Retiring.

Life can start at retirement.

By this stage, we have lived enough to start admitting that the past is past, and we have learned many things. We begin to understand that our future may be deceptive because it depends on the present, and we have to seize the opportunity to improve and not go backwards. 

Victor Hugo said, “The future goes by many names. To the weak is it the unreachable. To the frightened, the unknown. To the brave it is opportunity.”

You make decisions for yourself. 

And you are happier for it. Yes, you have family/spouse/pets, but you are no longer making decisions based on what you need to do. You are making decisions based on what is right for you.

Try to think about what you would do if you were on your terms for the rest of your life. What would make you happiest, most fulfilled? What would you pursue? It’s a good exercise to get perspective on decisions that are right for you.

The inner critic in your head is silenced. 

You know that voice. The one saying you aren’t smart enough, pretty enough, strong enough, wealthy enough. By now you know it well enough to tell it to shut up. When you hear self-criticism and doubt, say thanks but no thanks.

You realize that everyone is just as screwed up as you.

You realize your flaws may just be assets. Bossy is getting stuff done.” Shy is a good listener. Too talkative is a thought leader. It’s all about how you use it. Everything that is a movie in your mind is a 15-second commercial in everyone else’s. You realize that people are much more interested in their own life. 

You get your silly on again. 

You learn not to take yourself too seriously. You really do dance like no one is watching. You can act like a teenager again, but not for show, it's for smiles.

You ask. 

You know your value and you aren’t afraid to ask for what you want. You finally realize that “you miss 100 percent of the shots you don’t take,” and there really is nothing to lose.

You find strength. 

Nothing is the end of the world. There is always a plan B. Life is long. So just give yourself time.

Every day is Sunday and Sundays are Fundays. 

Think of your favourite thing to do. Do that all day long. Then have your favourite meal, and watch your favourite show. Every time the thought of work comes, and it will when you first retire, sit back and laugh and then replace it with thinking about what you love about the moment.

You get rid of the toxic people in your life. 

The friends you keep in your life have your back. You weed out the others. Focus on the friends that give you energy. See what you gain. You don’t Have to break up with a toxic friend officially or dramatically. Just slowly stop engaging and over time they will cease to be part of your circle.

You stop feeling guilty. 

You know your boundaries, so you don’t say yes when you mean no. 

You respect yourself, and you rock your own style. 

By you know what makes you feel good. You’re not dressing to look a part that you’re not. You’re dressing how you feel. What’s good is that you can try on different and it’s a powerful feeling. When you retire it is time to explore. Find what makes you feel great.

When you retire, you understand your limits and have experienced enough falls to know that there is always something better. So, stop settling for memories and make new ones.

When we leave work behind, we may feel tempted to relive past moments over and over. Remembering becomes more frequent the older we get, and that’s not negative. The negative is to stay back, remembering both good and bad moments and forgetting today. 

We need dreams that keep us full of hope and life. However, we can’t let dreams make us get lost in our own reality. The best is yet to come from the moment you accept that the past serves as a tool to support ourselves in the present and a future that holds our curiosity. 

When we retire, we have the wonderful ability to be repeatedly surprised. We should cherish this, as there are always new things to discover, learn, and feel on our skin.

Maintaining Marital Freshness During Retirement

 After your kids left, being an “empty nester” would have taken some getting used to. When children leave home, some couples enjoy a second honeymoon.

Fast forward to today, and you’re embracing the senior citizen phase of retirement with your significant other. Just as in those earlier years, this new phase demands adaptation. However, there’s a striking parallel: the sudden decline in responsibilities and concerns. You may have bid farewell to the workforce, enabling you to indulge in late mornings, daytime naps, or early bedtimes if that suits your fancy. Home maintenance burdens disappear when you move to a senior apartment or assisted living facility.

We might also describe this juncture as a “third honeymoon,” an opportunity to take advantage of this newfound lifestyle to reconnect and infuse new life into your marriage, even if you’ve been wed for several decades. So, how can you go about keeping your marriage vibrant during retirement?

The first step is to prioritize it. In the initial stages of your relationship, romance and mutual exploration were your raison d’être. Unfortunately, as people focus on their careers, homes, finances, and children, they often prioritize romance less.

Now is the time to reintroduce genuine romance into your lives. If you’re unsure where to start, Hollywood offers a plethora of suggestions. A wonderful, low-cost, and stress-free activity to enjoy with your spouse is to watch classic Hollywood romantic comedies together. As you observe Tinsel Town’s leading lights portray the essence of romance, you can gather a plethora of ideas for infusing your own marriage with romantic excursions and adventures.

Surprise is a key element of what makes romance exhilarating. Even if you believe there’s nothing with which to surprise your spouse, it doesn’t preclude you from occasionally springing a romantic and enjoyable surprise or an unexpected, affectionate “hello.” Imagine your partner returning home from volunteer work to discover the entire apartment adorned with candles and ribbons, and you, looking resplendent, ready to spend the evening celebrating your connection as a couple. Unless your partner possesses a heart of stone, such a surprise is bound to be cherished.

Imagine surprising your spouse with a romantic gesture after their afternoon tea with friends. Regardless of the time of day, this kind of unexpected gesture is certain to ignite their passion.

Romance is all about enjoyment, laughter, and recapturing the youthful spirit you once shared. During retirement, you have the luxury of prioritizing each other and making one another your top concern. This change will be refreshing and allow you to be playful and romantic with your partner. And, if you feel particularly energetic, that’s perfectly acceptable. After all, you’ve earned it.

Retirement can be a chance to rejuvenate your marriage and make it more enjoyable. Embrace this phase of life and let your love flourish anew.

Five years before retirement focus on your well-being.

When we were young, many of us engaged in a lot of physical activity. I was involved in several sports, including softball, track, football, soccer, and bowling, to name a few. But as I aged, other interests took over. I was lucky my children loved sports, so I coached them and continued to coach until I was in my forties, both at work and in the community. From personal experience, I know that physical activity is essential for maintaining health and well-being at all ages. When I retired, I took up walking as my exercise of choice. I have friends who go to the gym once a week. I tried that but found I could not make going to the gym part of my routine. Regular exercise keeps you healthy and reduces the risk of chronic diseases.

People stop exercising when their lives get busy. So, it's good to start five years before retirement. Walking is just one of many great ways to incorporate exercise into your daily life and it is a good way to start. There are many advantages to being active. People who are active experience improved mood reduced stress and anxiety, and a lower risk of developing depression. Exercise helps the brain work better and reduces the risk of memory loss and dementia.

Being active when retired can help reduce loneliness and offer opportunities for socializing. Being physically active can boost your immune system, reduce the risk of heart disease and stroke, and keep your bones, muscles, and brain healthy.

Physical activity builds strength and creates more flexibility and balance. It also reduces the chances of getting hurt. Starting five years before retirement helps build energy and could be enjoyable. Joining a club, or team, or exploring sports at a local center could help start exercising. For some who need low-intensity activities, water aerobics, yoga and swimming are great options. Talk to your healthcare provider before participating in any activity, especially if you have health issues. Start with light exercises and slowly increase the time and difficulty to prevent injuries.

Starting or continuing exercise routines can be tough, whether you're five years away from retirement or already retired. Joining exercise groups, setting goals, and finding enjoyable activities can help.

Regular physical activity will improve the quality of your life. To do this, you need to get back into the habit of being physically active. Five years before you retire is a good time to start again. 

Start planning going back to work or starting a business

Five years before retirement, start thinking about some options. If you like to keep busy and/or enjoy the social aspect of working, consider starting a business or taking on a seasonal or part-time job. Returning to work or starting a new business are viable options for seniors.

Returning to Work:

Seniors can go back to work to earn extra money for unexpected expenses or vacations..A steady job helps us maintain social interaction. We have fewer friends after retirement, and going back to work helps us socialize and make new connections.. This is important for mental and emotional well-being.

We all complain about routine but when we don’t have it, some of us get upset. Work provides a daily routine and a sense of purpose, helping us maintain both physical and mental health and a feeling we are achieving something.

I talked about volunteering and using your skills to help the community, but the research shows that if a person did not volunteer when they worked, they will not volunteer when they retire. However, they still want to use their skills, so returning to a field that seniors are familiar with allows them to do this. Using their skills and experience is fulfilling and beneficial for them and the employer as well.

There are potential challenges with returning to work. Some seniors find it demanding to re-enter the workforce. Younger workers and managers who hold to old ideas about ageing may make it harder for seniors to find work.

 Starting a Business

Starting a new business in retirement can be a rewarding venture, as you can turn your hobbies, skills, and passions into profitable business ideas. Running a business offers flexibility and allows you to set your own schedule. Starting a business allows you to leave a lasting legacy, contribute to your community, and positively impact your chosen market.

If you are thinking about this option, you need to deliberate on your financial situation and risk tolerance before embarking on this path. In my previous life, I ran my business, and doing so required a range of skills, that I had to learn, including marketing, finance, and operations. Five years before retirement is the time to acquire these skills and knowledge. Running your own business is demanding and requires a significant amount of time and effort, especially during the initial stages. Ask yourself: Do you have the energy and commitment required?

Returning to work or starting a business depends on your finances, health, and risk tolerance. It’s important to consider the pros and cons before making an informed decision. Consulting with friends and family can also provide valuable insights.

  

Start planning returning to education?

Yesterday I suggested some things that you could think about as you plan for your retirement. Many of us who retire find returning to education or discovering something new is a great way to continue a lifetime of learning.

I know many who regret that they did not have the chance to go to college or university. If you want to pursue a degree or diploma, many colleges and universities offer free or discounted tuition for those over 65.

There are many online courses that are free or low-cost for seniors so if you’ve always wanted to learn more about a certain topic, there are many online courses you can take. These courses can be done at your own pace and from the comfort of home.

If you’re not looking for anything formal but still want to expand your knowledge, why not check out the thousands of free podcasts or TED Talks online?

• You should also ask for senior discounts or free entry to historic sites, museums, galleries, and science centres.

To help you explore digital learning here are some online content to consider:

 

·         The Khan Academy is a global, not-for-profit organization dedicated to providing a world-class education to anyone, anywhere.

§  Coursera provides universal access to the world’s best education, partnering with top universities and organizations to offer courses online for a low fee.

§  Senior Planet has a list of free online courses for Seniors.

§  YouTube in addition to general learning for example How to Hang a Picture, YouTube a has a channel dedicated to learning including University courses and general courses.

§  Open Education Consortium, a global network of colleges and universities that provides free digital course materials.

§   Elevate has more than 40 fun games to help you improve your cognitive skills. 

§   Mind Games Offers over a dozen brain training exercises to challenge you daily, it focuses on a range of cognitive tasks including attention, basic arithmetic skills and mental flexibility.

§   Brain Aid Task manager app for people with cognitive "challenges"

Some ideas for planning in your last five years.of work 1

Retirement is stressful and a big decision. So, it is very important that you don’t make other big decisions close to the day you actually retire. Planning everything for retirement may not always work, as you may not think rationally in the months leading up to it. So, don’t make choices while worried or distracted and start planning, if you can, at least five years before you retire.

With a five-year horizon prior to retirement, you can acquire a solid grasp of whether your intended lifestyle is sustainable, assess any impending financial obligations you will carry into retirement, and anticipate other anticipated adjustments that could impact your cost of living. During this pre-retirement phase, pay attention to your savings and investment portfolios. While the management of financial risk is an ongoing concern, this time frame warrants increased caution in safeguarding the security and performance of your financial assets. In addition, list possible lifestyle changes you’ll encounter at retirement. Consider things like travel, part-time work, health expenses or downsizing to a new home.

A general concern among many seniors is the prospect of outliving their financial resources. While a lengthy and healthy life is a blessing, there is concern about running out of funds and imposing financial burdens on loved ones. While such scenarios are not unheard of, they are not normal.

It is wise to prepare an action plan as you start the five-year stretch.

1.  Conduct a realistic analysis of your retirement needs and engage in a dialogue with your partner and financial advisor.

2.  Calculate projected annual expenditures based on your current budget.

3.  Some experts recommend setting aside between 70% to 80% of your present income.

a.   Factor in government retirement income, such as the Old Age Security Pension and Canada Pension, available to Canadian citizens. These sources could yield approximately $1500 to $1800 per month, contingent on individual circumstances.

b.   Verification of your specific amounts can be obtained from Revenue Canada.

4.  Calculate planned expenses against anticipated retirement income.

5.  Estimate life expectancy and consider asset protection against prolonged illnesses.

6.  If your projected expenses exceed available income, you may need to make changes. If your expenses are too high or your income is too low, you may have to make some changes.

 

Starting your retirement is a major life milestone and while many plan for the financial aspects most do not plan for the use of their time. There’s no doubt that for many of us, a dream retirement involves plenty of time spent relaxing and spending quality time with friends and family. Maybe you are one of the few who already has a clear plan of what retirement looks like, or perhaps you’re in the majority who are looking for ideas.

One of the ideas that people who are planning talk about is Travel. They believe that as a retiree, they can enjoy flexibility when it comes to travelling. This is true to some extent but if you want to travel with family who are younger and work, your flexibility is limited to their schedule. There are many types of holidays, but in my experience, and also talking to other people, we do not suddenly change how they travel. If, for example, you did not go on adventure and activity holidays you will not start when you retire.

There is an advantage of having no limits on your vacation time, you can now travel to far-flung international destinations like Europe, South America, Australia, or New Zealand for longer times so, of course, you see everything there is to enjoy while you're there.

Travelling is wonderful but most importantly most of those who travel extensively do so for about the first five to seven years of retirement, and then slow down.

Once your wanderlust has been taken care of, then maybe you’re ready to continue a lifelong passion or try something new, such as:

a)    Baking

b)    Walking

c)    Learning a new language

d)    Dancing

e)    Gardening and/or growing your own produce.

f)     Reading

g)    Birdwatching

h)    Learning a musical instrument

i)     Continue learning. 

Repurposing your skill set after retirement

You have retired or are considering retirement. Over the years, you have developed and honed the skills you have used in your life and your career. Your career is over, but you still have the skills and life goes on. One question you should ask is: How I could apply my skills that contribute to the greater good? 

The first step is to identify the things you care about. The second is to think about the world around you, your homes, communities, and the world at large. While envisioning an ideal future world, ask yourself: 

• What are your talents?
• How can you use your skills to support a cause??
• What do you care about?

Once you answer, think about how you can use your skills to help others in your community.

So many of my friends tell me they don’t seem to have the time to do all the things they want to do and the most precious thing they have is time. Understanding your values most may help you narrow down your purpose in life to something manageable that also truly resonates with you.

Finding and completing an online survey may help. Here is a link to an article on values to start the search. Once you have a clearer image of your values, ask yourself: What do these say about you? How do these influence your life? How do they relate to what you want to do with the rest of your life? Doing this exercise can help you discover how you can put your values to use.

Purpose needs more than self-reflection. Trying new things can help you make a difference.. I volunteer, and through volunteering, I found a purpose. If you have never volunteered, then you are entering a brand new, rewarding world. Volunteering in a community organization focused on something of interest will be rewarding.

Volunteering and serving others can put you in touch with people who share your passions. Volunteering has the added benefit of improving our health and longevity, at least for some. When you find a good match for you, volunteering will probably feel right.

This process of finding your values is important to you and your family. Thinking about what you've always wanted to do but could not to because of other responsibilities can be fulfilling. There seems to be something about seeing what you truly want for yourself and the world that can help bring you closer to achieving it. 

To find purpose, it helps to foster positive emotions, like awe and gratitude. That’s because each of these emotions is tied to well-being, caring about others, and finding meaning in life, which all help us focus on how we can contribute to the world.

Awe can be inspired by seeing the beauty in nature or thinking about an inspirational moment. Gratitude can be practiced by keeping a gratitude journal or writing a gratitude letter to someone who helped you in life. 

Reading about civil rights leaders or climate activists can motivate you to work for the greater good. It is important to remember that we don’t need fame to fulfill our purpose in life. You just need to look at your inner compass and start taking small steps in the direction that means the most to you.

How To Find Your Purpose In retirement

Failing to consider our purpose in life isn’t a new problem. When I was young, I never took the time to consider my future. I knew people who did plan, found purpose, and lived their plan. I now realize that thinking about the future when I was younger would have been a good idea. However, I plodded through life, became successful and only started thinking about purpose and the future when I retired. When I retired, I looked around and saw that many people who retired did not live long. I soon realized that was because they did not have a purpose. Once I started thinking about finding a purpose it took me seven years to find one. There are many articles and much advice around on how to find your purpose in life. Here is some more advice, and if you are searching, then some of it may be repetitive. However, I learned, while searching, that repetition is not a bad thing.

By the time you have retired, you know most of your natural talents, plus what interests you like and dislike. The experts I have read or talked to say that you should start thinking about retirement five years before you actually retire.

Retirement is stressful and a big decision. So, it is very important that you don’t make other big decisions close to the day you actually retire. Planning everything for retirement may not always work, as you may not think rationally in the months leading up to it. So, don’t make choices while worried or distracted and start planning, if you can, at least five years before you retire.

Retirement used to be a short-term event. People worked, retired and within a few years died. Now people, live in retirement, for at least Ten or twenty years. Do you want those years to be years where you just flounder around, or do you want to continue to make a difference to those you care about? Think about this, and although doing this exercise may not provide you with such a decisive result, it’s a good start.

The people who know may provide insight into your life. Observing and knowing you, they see what makes you happy. Asking them isn’t a bad idea. When you’re searching for a purpose, talking to friends may offer you some clarity.

Are your chosen path and goals good for your health, family, and friendships? Considering life helps you to keep from falling into the trap of overvaluing one factor.

Give yourself some advice. What would you say? This exercise is helpful in promoting an objective thought process that minimizes emotional thinking. A variation on this would be to imagine that you have been asked for advice. How would you advise them? What sorts of factors would you remind them are important when making big, life-altering decisions?

 Are you happy with the way you have lived your life? If not, what can you change? If you die tomorrow and had to give advice to others, what would that advice be? Think about death, it will help bring life into focus. We might not all be famous, but each of us has a life set before us, a purpose for which we are made, and once we find it, nothing could make us happier.

 As Hyrum Smith says in his book, Purposeful Retirement, that’s a question all of us need to answer as we move into the third stage of our lives. You might retire from a job, but you never retire from making contributions. What contribution to you want to continue to make?