Every retirement situation is unique

“Derek, I’m starting to think about retirement but I’m not sure how I’ll keep myself from going crazy all day at home. What are other people doing?”

“Derek, I’m starting to think about retirement but I’m not sure how I’ll keep myself from going crazy all day at home. What are other people doing?”

I’ve helped transition many hardworking Albertans to retirement and I can say that every client situation is as unique as the client themselves.

It all depends on your interests and how you envision your retirement.

I have heard numerous stories from clients who have worked for 30 years or more, and once retired suddenly realize that their weekly routine is completely changed. In short, they eventually miss going to work every day!

What we know is that retirement is changing. Canadians are now leading longer, healthier and more active lives. Many can expect to live two or three decades during their retired years.

The average Canadian now lives past age 80, and if you and your partner are age 65 today, there is a 63 per cent chance that one of you will live to age 90. So you need to ask yourself, “What am I going to do with all that time?”

Most of us expect to spend those two or three decades pursuing some kind of fulfilling activity. Increasingly, many seniors choose to stay active in the workforce. By staying active, they continue to feel productive and enjoy contributing to society.

Sometimes, the most valuable aspect of continuing to work is socializing with others. Recent studies have even indicated that retirees who have remained in the workforce to some degree maintain cognitive abilities and have better physical dexterity than their fully retired counterparts.

Of course, money has a lot to do with the decision to keep working as well. The economic downturn a few years back caused many people to delay their retirement.

In addition, some people are feeling the squeeze of being the “sandwich generation,” whereby they are supporting their children and their parents.

My best advice is to know that retirement is an open book.

You need to ask yourself some very important questions: How do you want to spend your time? Where do you want to live? What’s most important to you?

One option is to continue to work, but with more flexibility.

For example, you might stay on with your current employer, but work part time, or from home. I know a number of clients who have even stayed on as a consultant, which allows them to schedule their own work days and create their own hours — all while maintaining the relationships and paycheque.

Perhaps you could start a new business or a new career. Retirement can provide you the flexibility to pursue what you’ve always really wanted to do.

Some of my clients have chosen to work at a golf course, others restore (and sell) vintage automobiles. I even know one gentlemen who sails ships for a boat broker. The possibilities here are endless.

Many retirees choose to give back to our community by volunteering their time.

We all have valuable experience that we can share with various groups. Consider joining a committee, board or a charitable group that matches your interests.

Whatever it is, ensure it keeps you involved and engaged.

Whatever your vision of retirement, the financial foundation is required to make it all possible. When you’re ready, take some time to review your assets and work with an adviser to create a plan.

The next two to three decades of your life will thank you.

Happy investing!

Derek Fuchs is a wealth adviser with ScotiaMcLeod in Red Deer, and a certified financial planner, financial management adviser and a fellow of the Canadian Securities Institute. He can be contacted at derek.fuchs@scotiamcleod.com.

Just Posted

Envisioned exterior of the future Red Deer Aquatic Centre, by GEC Architects. Council determined Monday that it will eventually be built on the Michener North site, off 30th Avenue. (Contributed image).
Red Deer’s aquatic centre will be built on Michener North site

Rotary Recreation Rark has too many space constraints, most councillors decided

Chief medical officer of health Dr. Deena Hinshaw says the National Advisory Committee on Immunization has advised that Pfizer and Moderna vaccines can be used interchangeably for second doses and Alberta is following that approach. (File photo by The Canadian Press)
Red Deer down to 66 active COVID-19 cases

Red Deer has lowest number of active cases since last November

(Advocate file photo).
Red Deer drivers warned about temporary lane closure on 67th Street

Power line will be rebuilt in six-month project

Black Horse Singers performed for students at Ecole la Prairie on Monday. (Photo by SUSAN ZIELINSKI/Advocate staff)
WATCH: Students remind Red Deer that every child matters on National Indigenous Day

Heart-shaped messages to decorate trees at Ecole la Prairie through the summer

Tampa Bay Lightning center Tyler Johnson, center, tries to get position for a shot against New York Islanders goaltender Ilya Sorokin (30) during the second period in Game 5 of an NHL hockey Stanley Cup semifinal playoff series Monday, June 21, 2021, in Tampa, Fla. (AP Photo/Chris O'Meara)
Stamkos, Vasilevskiy pace Lightning’s 8-0 rout of Islanders

Lightning 8 Islanders 0 (Tampa Bay leads series 3-2) TAMPA, Fla. —… Continue reading

Calgary Mayor Naheed Nenshi says he’s ‘convinced’ the city will be able to get rid of the mandatory mask bylaw in July. (File photo by THE CANADIAN PRESS)
‘Made in Calgary’ approach will keep mask requirements past Alberta’s total reopening

Calgary won’t be following provincial recommendations on the mandatory wearing of masks… Continue reading

Prime Minister Justin Trudeau speaks during a debate in the House of Commons, in Ottawa, Tuesday, June 1, 2021. Parliamentarians are entering what could be their final stretch in the House of Commons before it breaks for summer as the Liberal government sharpens its focus around two key pieces of legislation. THE CANADIAN PRESS/Adrian Wyld
Liberals, opposition clash with days left to pass legislation before House rises

OTTAWA — Parliamentarians are in their final week before a summer break… Continue reading

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
Border measures start easing in July for fully vaccinated Canadians

OTTAWA — Fully vaccinated Canadians returning to Canada will soon be able… Continue reading

The home of Lionel and Shanna Desmond in Upper Big Tracadie, N.S., is shown in this undated police handout aerial photo. An inquiry investigating why a former Canadian soldier killed his family and himself in 2017 heard today from a relative who said Lionel Desmond's mental health appeared stable after he served in Afghanistan in 2007, but there was a dramatic decline over the next 10 years. THE CANADIAN PRESS/HO - Lionel Desmond Fatality Inquiry
Lionel Desmond inquiry: soldier’s sister-in-law testifies about his mental decline

PORT HAWKESBURY, N.S. — An inquiry investigating why a former Canadian soldier… Continue reading

People look over the damage after a tornado touched down in Mascouche, Que., north of Montreal, Monday, June 21, 2021. Dozens of homes were damaged and one death has been confirmed. THE CANADIAN PRESS/Ryan Remiorz
One dead and extensive damage as tornado hits Mascouche, Que., north of Montreal

MONTREAL — One person was killed after a tornado struck Mascouche, Que.,… Continue reading

President of the Public Health Agency of Canada Iain Stewart, right, approaches the bar in the House of Commons to be admonished by the Speaker of the House of Commons Anthony Rota on Parliament Hill in Ottawa on Monday, June 21, 2021. THE CANADIAN PRESS/Sean Kilpatrick
PHAC president rebuked, still doesn’t produce documents on fired scientists

OTTAWA — The Conservatives are asking that the Public Health Agency of… Continue reading

Memphis Grizzlies forward Dillon Brooks (24) gestures to teammates during the first half of Game 5 of their NBA basketball first-round playoff series against the Utah Jazz on Wednesday, June 2, 2021, in Salt Lake City.  THE CANADIAN PRESS/AP-Rick Bowmer
After months of speculation, Canada’s men’s basketball roster set ahead of qualifier

With a tantalizingly deep pool of talent, Canada’s men’s basketball roster has… Continue reading

Most Read