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“I retired from my career as a financial adviser at the age of 66,” says Gary Weston, 74, of Winnipeg, in the latest instalment of Tales from the Golden Age. “I had some serious health issues, so I sold my business. I didn’t intend to retire when I did. Many advisers work well into their 70s. I still do some taxes for people each spring, which I enjoy.”

Retirement hasn’t been what Weston expected because of his health issues. “I have trouble getting around and use an electric wheelchair.” His wife, whom he met 32 years ago, pushed them to travel when they were younger. Weston says he is thankful for those experiences, as they now spend a lot of time at home in retirement.

The couple spends weekends in the spring and summer at their cottage near Lake of the Woods. “I enjoy fishing on the lake. It’s the lazy man’s retirement, but I didn’t plan on doing much in retirement anyway. I’ve worked since I was 7, starting with odd jobs and always putting money in the bank. I also worked in the military for 20 years before becoming an advisor.”

Weston and his wife don’t have financial worries in retirement. “We paid off our mortgage and have no debt. I have four pensions from various employers. My wife retired 12 years ago at 59 with a healthy pension.” She waited until after 65 to collect her Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, and Weston delayed his CPP and OAS until 70. Their RRIFs [registered retirement income funds] also add to their wealth.

“There’s a lot of advice about retirement planning, which for many people can be confusing,” he adds. “My advice is to compare what everyone is saying to see what makes sense for you. Also, ask a lot of questions.”

Read the full article here.

Are you a Canadian retiree interested in discussing what life is like now that you’ve stopped working? The Globe is looking for people to participate in its Tales from the Golden Age feature, which examines the personal and financial realities of retirement. If you’re interested in being interviewed for this feature and agree to use your full name and have a photo taken, please e-mail us at: goldenageglobe@gmail.com. Please include a few details about how you saved and invested for retirement and what your life is like now.

Amy has a glamorous and well-paying career in the entertainment industry, bringing in about $210,000 a year. She enjoys the freedom of self-employment. Basel, too, works in the sector, earning about $86,000 a year as a consultant. They draw salaries from their jointly owned corporation.

Amy is 49 years old and Basel is 53. They have one child, 13.

Amy, a prodigious saver, wonders if they can retire in a few years when she is 55 and Basel is 60.

While they earn big, they also spend big – and hope to continue doing so. Their high expenses are owing mostly to their discretionary spending on skiing, travel and eating out.

They have substantial savings and investments and a house in the Toronto area valued at $2.4-million with a $713,000 mortgage.

“Given our savings to date, is it realistic for me to retire at age 55?” Amy asks in an e-mail. “And given what we have in our investments to date, should we switch our focus from investing to paying off our mortgage faster?”

For this Financial Facelift, Anita Bruinsma, a financial planner and investment coach with Clarity Personal Finance in Toronto, looks at Basel and Amy’s situation. Ms. Bruinsma holds the certified financial planner and chartered financial analyst designations.

Want a free financial facelift? E-mail finfacelift@gmail.com. Some details may be changed to protect the privacy of the persons profiled.

If you’re a retiree with non-tax-sheltered savings, you will want to know which investment vehicle will provide the most after-tax income. In this Charting Retirement article, Frederick Vettese, former chief actuary of Morneau Shepell and author of the PERC retirement calculator, says it also depends on where you call home.

In 2022, Jill and Randy Pemberton sat down to do the math, writes Katrya Bolger in this personal finance story. After careers in fashion and firefighting, she adds, the Vancouver Island retirees had dreams of living abroad – but they quickly realized their home was weighing them down.

“I took one look at the numbers and said, ‘Let’s sell the sucker,’” Ms. Pemberton said. “It was definitely a leap of faith.”

After a whirlwind year of travel that took them from the Middle East to Southeast Asia, they heard about house sitting – staying in somebody else’s home in exchange for looking after the property and any pets the owners may have. The Pembertons were especially drawn to the idea of taking care of pets, having recently lost their own.

House sitting has grown in popularity in recent years, offering people the chance to travel with minimal to no accommodation costs. Services such as TrustedHousesitters, House Carers and Mind My House have made that easier by connecting users to stays for a small membership fee, making them an appealing option for retirees seeking slower forms of travel without breaking the bank.

The practice can be paid or unpaid, depending on the conditions set by the homeowner. But most house sitters are unpaid and responsible for their own expenses, such as food and transport.

Whether it’s paid or not, those considering house sitting or pet sitting should check immigration rules. Some countries may consider the practice as employment and therefore require a work visa.

Read the full article here.

Seeing markets tumble is never a pleasant experience, but it’s especially painful for new or soon-to-be retirees who are watching the value of their nest egg tumble right before their eyes, The Globe and Mail’s Meera Raman reported.

North American stocks have fallen as investors weigh the effects of a trade war and a potential recession.

For those already retired, it’s a frustrating but familiar blow. Over the past five years, retirees have weathered crisis after crisis, from the pandemic to multiple wars and surging inflation.

But this latest wave of uncertainty is landing at the worst possible time for those entering retirement: just as they’re starting to live off their savings for the first time.

Read the full article here.

Q: I’m a 60-year-old woman who recently established an estate plan. How often do I need to review and update it?

We asked Holly LeValliant, Estate and Trust Consultant at Scotiatrust, to answer this one.

A: Unexpected life events occur, and these moments can have a significant impact both professionally and personally, which is why estate plans, wills and Powers of Attorney (POAs) should be reviewed and updated annually.

For most, an estate plan asks the question: “What happens when I am gone or unable to make decisions?”

Common estate plans include intergenerational wealth transfers, support for dependants and charitable bequests. Life-changing events like marriage or divorce are markers of change and are critical factors in an estate plan. If you own a business or have remarried/have a blended family, having a legal document is a way to ensure your business is well protected and that your children from a previous marriage receive their intended inheritance. Adding or removing individuals/beneficiaries can be overlooked and, at times, can be detrimental to a business or a family. These details should be updated annually to ensure the right individuals inherit – or don’t inherit – your business or assets.

Similar to investing, it’s never too late or too early to start thinking about your later years. We should all have a say on how our assets are distributed and who should receive them.

There is a saying that the hardest tasks are the most important, and estate planning and maintenance is one of them. There are professionals who can support you with the development of these plans to ensure they reflect your wishes and validate your choices, offering reassurance and peace of mind.

Interested in more stories about retirement? Sixty Five aims to inspire Canadians to live their best lives, confidently and securely. Read more here and sign up for our weekly Retirement newsletter.