Living in Retirement

Retirees have opportunities to influence both the amount that can be sustainably withdrawn from their investments and the timing of those withdrawals.

What’s that? You’d love to retire in style someday? Fortunately, most working Canadians can use the Registered Retirement Savings Plan – or RRSP – to pile up tax-deferred dollars for whatever their retirement-planning hearts may desire.

If you ask me, the Old Age Security (OAS) clawback should usually be accompanied by ominous music – like the kind alerting movie-goers that the “Jaws” shark is about to attack. After all, if you don’t see it coming, it can take a nasty chunk out of your assets.

There are many ways of generating income from a portfolio. We consider how inflation and volatility influence two popular choices.

The Quebec Pension Plan (or QPP) is changing in the coming years. In line with the Canada Pension Plan, the QPP is increasing the amount that employees and employers will have to contribute over the next 7 years.

“There is no fountain of youth, but there is a fountain of health” states Dr.Carol Ward, geriatric psychiatrist for Interior Health, BC. That Fountain of Health™ is a national initiative “to promote brain health and resilience” particularly for adults in their Next3rd. The science has revealed 5 ways we can protect and improve our cognitive function.

Today, let’s take on another variation on the theme of collecting your pension. What if you want to keep earning money into retirement? The bonus income might be sweet … but the results may sour on you if they end up reducing your pension benefits in nearly equal measure. How do you strike the right balance?

What will you do in retirement? Many hard-working boomers are uneasy about how they will ‘fill their time’ when retirement comes. Yet, retirement gives you the opportunity to try new things, meet new people, and develop new skills. Here’s an activity that checks a lot of boxes for a fulfilling Next3rd.

If you’ve lived and worked in Canada all your life, and you stop working the day you retire, your pension calculations should be relatively straight-forward. But what if you don’t fit the mould? Many of us don’t. For example, how might spending some years abroad, or continuing to earn income in retirement impact your pension?

She lost 60lbs, travelled to four continents, reconnected with family and friends, embarked on meaningful volunteering, and learned new activities in her next3rd, all from a remote northern community. What are her secrets to living a retirement life with zest? Read on…