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

WATCH: Rappelling down Red Deer’s Stantec Building a thrilling, scary experience

Advocate reporter chronicles his trip down the 13-storey buildling

Red Deer raises $60,000 for Make-A-Wish Foundation

27 brave residents rappell down Stantec Building

People hurt in rollover near Red Deer

Occupants of a vehicle that rolled south of Hwy 11A were airlifted… Continue reading

Eager-beaver cannabis entrepreneurs already waiting outside Red Deer City Hall

Appications will be accepted on a first-come basis starting on Tuesday

Like father like son: Red Deer area Dreeshen family dedicates life to public service

There are three jobs that could be considered the Dreeshen family business:… Continue reading

WATCH: Gazebo groundbreaking in Waskasoo

Fifty per cent of the $100,000 project is funded by a provincial government grant

Woman killed in collision near Olds

A woman is dead after a collision west of Olds Saturday afternoon.… Continue reading

Evacuation numbers remain at nearly 1,000 as B.C. wildfires rage on

SUMMERLAND, B.C. — Officials in British Columbia’s Okanagan region hope that fire… Continue reading

Survivors recount deadly Missouri duck boat sinking

BRANSON, Mo. — “Grab the baby!” Those were the last words Tia… Continue reading

HMCS St. John’s to return to Halifax after six-month deployment overseas

HALIFAX — The countdown is on for the homecoming of a Halifax-class… Continue reading

Trump says lawyer taping him may be ‘illegal’

BRIDGEWATER, N.J. — The Latest on President Donald Trump and his onetime… Continue reading

Spieth part of 3-way tie for British lead as Woods lurks

CARNOUSTIE, Scotland — Jordan Spieth has a share of the lead in… Continue reading

WWII hero’s lost Purple Heart returned to his family

NEW YORK — A lost Purple Heart medal has been returned to… Continue reading

California girl, 2, accidentally shot and killed by boy, 4

SAN BERNARDINO, Calif. — Authorities say a 4-year-old boy accidentally shot and… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month