Pearls of Wisdom

A while back, I read the blog "Pearls of Wisdom" by Caree Recover, where she talks about being retired for 10 years. I have a clock on my blog that counts the days, hours, and minutes since I retired. Actually, I have two clocks: one marks my official retirement, and the other tracks my true retirement, with an 8-year difference between them. I was slow to retire, returning to work just two days after initially retiring on a part-time basis, which soon became full-time. After quitting the full-time job, I was rehired part-time a month later. This pattern continued for about three years until I fully retired.

I haven’t always focused on retirement milestones, but I am now approaching 19 years of retirement, with the last 10 years being fully retired. Over time, I’ve shared my retirement journey and the common challenges we face. The idea of milestones is intriguing. We celebrate milestones like becoming a teenager or turning 21, but as we age, we often overlook them. While we celebrate significant birthdays, like turning 65, 80, or 90, we tend to forget other milestones, such as 10 years of retirement.

So, I want to congratulate Caree on this remarkable achievement and encourage everyone considering retirement to recognize and celebrate these important milestones.

With a little help from my friends

Having friends is a cornerstone of a happy and fulfilling life. Friends offer emotional support, help reduce feelings of loneliness, and foster a sense of belonging. They also encourage a healthier lifestyle through engaging in activities that benefit both mental and physical well-being. For seniors, maintaining friendships is crucial in combating social isolation and nurturing a sense of community and connection.

However, making new friends can be challenging for some of us due to various factors. Retirement, limited mobility, and the end of regular social activities often reduce opportunities for social interactions. Relocation, the death of a spouse, or the loss of old friends can further shrink social circles, leading to feelings of isolation. Physical or cognitive health issues may hinder participation in social events, and difficulty with technology can prevent seniors from connecting online, where many social interactions now occur.

 Additionally, ageism and negative stereotypes about aging can make some of us feel undervalued in social settings, discouraging us from seeking new friendships. The fear of not fitting in or being rejected, along with life changes such as retirement or health issues impacting self-esteem, can make reaching out and sustaining new friendships more difficult.

Overcoming these challenges involves creating accessible social opportunities, providing support for seniors, challenging ageist attitudes, and fostering an inclusive environment. One effective strategy is to identify hobbies or interests and join clubs, classes, or groups that align with them. Activities like book clubs, volunteer groups, fitness classes, and workshops are great for meeting people with similar interests. Potential friends could also be found among work colleagues, neighbours, fellow pet owners, and grandparents of your grandchildren's classmates. Connecting with these individuals through shared experiences can be a great starting point.

Using your existing relationships to expand your social circle can also be effective. Don’t be shy to leverage your current friendships to meet new people. Friends of friends often share common interests and values. When organizing group gatherings, prioritize setting a date that works for most people instead of delaying for the perfect time—there is no perfect date or time, and life can slip by while waiting.

Even brief interactions, like a quick coffee date or a casual text, can help maintain and grow friendships. The connection itself is what matters, not the length of the engagement. Reaching out to old friends you’ve lost touch with can also be worthwhile. They may be feeling the same hesitation, so a simple message to reconnect can revive the friendship.

Engaging with current media, like popular shows, books, or podcasts, provides easy conversation starters and helps you join in general social discussions. Contrary to the belief that talking less makes you more likable, research suggests that engaging more in conversations makes you appear more interesting and likable. Asking questions about the other person is a great way to do this, as everyone has a story to tell, and they are just waiting for someone to ask.

Once you’ve established new friendships, it’s essential to maintain them. Keep in touch regularly, even if it’s through brief messages or calls. Schedule regular meetups or activities to ensure continued interaction. Show interest in your friends’ lives and offer support when needed. Building and maintaining friendships as a senior requires effort and persistence, but the rewards are invaluable.

The Four Pillars of a Modern Retirement last word (for now)

Social relationships and a sense of purpose can dramatically positively impact health. One of the greatest sources of purpose often comes from spending time with family. Retirees commonly support adult children and other family members financially or receive support in return. While healthcare costs can be a concern, managing these costs effectively can alleviate financial stress and promote better health. Sound health and finances enable retirees to engage in the relationships and purposeful activities they value most. These interconnected pillars—health, family, purpose, and finances—work together to reinforce one another.

In retirement, these four pillars naturally evolve. Health may require more proactive management, but this can lead to a more intentional and fulfilling lifestyle. Family relationships often deepen, becoming more dependent in some ways but also more cherished. With work no longer the primary source of purpose, retirees have the exciting opportunity to explore new passions and hobbies, enjoying the luxury of time affluence. Financially, the shift moves from saving to spending wisely and managing one’s nest egg, ensuring a secure and enjoyable retirement.

Each of these pillars is essential, playing a significant role in the overall well-being of retirees. Those who report a higher quality of life often excel in health, family relationships, sense of purpose, and financial management. These pillars collectively enable people to thrive in their new retirement phase. The overall picture for retirees is largely positive, with many enjoying this new chapter of life.

While not everyone experiences the same level of quality of life—28% of retirees rated their quality of life as only fair or poor—there are always opportunities to improve. Challenges such as health issues, lack of family support, and financial struggles can impact quality of life, but there are always lessons to learn and positive actions to take. By focusing on enhancing health, strengthening family bonds, finding new purposes, and managing finances effectively, everyone can strive to live their best life in retirement.

Retirement is a time to embrace new opportunities, build deeper connections, and find renewed purpose. With a positive outlook and proactive approach, this stage of life can be incredibly fulfilling and rewarding.

Finance: A Piller of Modern Retirement

 The financial goal of the vast majority of retirees is not to accumulate wealth in itself but to have sufficient resources to provide security and the freedom to live the lives they want. Many retirees find that managing money in retirement can be even more challenging than saving for it. Overwhelmingly, the issue of affordability was one of the most prevailing concerns of seniors in every community. Due to the rising costs of living, many of us report we cannot afford our rent, pay bills, buy food, find money for home repairs or pay for over-the-counter medications and other health-related expenses.

We work our entire lives and feel strongly that pension incomes are not enough to meet our basic needs. This has placed significant pressure on organizations to stretch funding to support seniors in their communities. It is not surprising to hear about the financial hardships experienced by low-income seniors, as 50% of B.C. seniors have incomes that are less than half of the incomes of the working-age population. Government pension incomes for seniors have not kept pace with rising costs and in B.C., 31% of B.C. seniors receive the Guaranteed Income Supplement (GIS), a monthly federal benefit for seniors with low incomes. The number of seniors receiving GIS has increased by more than 20% over the past five years, from 263,764 to 319,428 seniors.

In B.C., if a senior receives the GIS, they may qualify for the BC Seniors Supplement (BCSS), a monthly provincial top-up income benefit for low-income seniors. In 2022, 91,539 seniors received the provincial BCSS.

The Ministry of Social Development and Poverty Reduction increased the BCSS in 2021 for the first time since 1987, from a maximum of $49.30 to $99.30 per month for single seniors. However, most single seniors receiving BCSS do not receive the maximum, and the BCSS is not indexed to inflation, whereas the OAS and GIS are indexed. The BCSS continues to be ranked the fourth lowest subsidy in Canada.

Service providers shared their concerns about seniors who say they are falling further Seniors and service providers are concerned that rising costs are pushing more older people, who are often on fixed incomes, into poverty and homelessness Many service providers stated the rising cost of living Even in today’s volatile market, retirees’ greatest financial worries are unexpected expenses and the cost of health care and long-term care. One in four seniors in B.C. live on incomes of less than $23,000 per year. This is a significant cause for concern when B.C.’s poverty line threshold for a single senior is estimated at $25,000. While many British Columbians struggle with income and affordability issues, low-income seniors face disproportionate barriers, especially single seniors living alone, because they often live on fixed incomes. The key to financial preparation is looking holistically at how one wants to live in retirement, not just how much money may be needed and planning how to do this well before retirement.