Social isolation is a concern for seniors – but there are ways to build new connections

Health researchers across the country are identifying the danger of social isolation for older Canadians.

An article on the Healthing.ca website notes that “in Canada, older adults are facing growing rates of social isolation and loneliness. This can hurt both their physical and mental health. But loneliness and isolation do not have to be an inevitable part of aging.”

The article then presents some concerning statistics.

Quoting research from Angus Reid Canada, the article reports that “almost 25 per cent of people 65 years and older reported they would like to have participated in more social activities in the past year, 19 per cent felt a lack of companionship, while 30 per cent were determined to be at risk of social isolation.”

Incredibly, the article maintains that the risk of earlier death for isolated seniors “is similar to smoking 15 cigarettes a day. There is also higher risk of diseases such as stroke and heart disease as well as anxiety, depression and dementia,” the article notes, quoting statistics from the United States Surgeon General Advisory from 2023.

The Compassion Senior Care website expands on the risks that social isolation can bring.

“Social isolation can be a hidden threat for seniors. Retirement, loss of loved ones, or mobility limitations can all contribute to feelings of loneliness,” the article begins.

Isolation can lead to “a cascade of negative effects,” the article continues, including cognitive decline, a weakened immune system, an increased risk of depression and anxiety and reduced physical activity.

However, the article concludes, there are many easy ways that seniors can rebuild stronger social connections, which “provide a sense of belonging, purpose, and a vital support system. Sharing laughter, engaging in conversations, and feeling part of a community provide a sense of security and belonging that enriches their lives.”

Alright – what are some of the things seniors can do to get re-connected?

An article on the Second Wind Movement blog starts us off with a few ideas.

Retirement, the blog notes, provides you with the ability to “take the time to date your spouse again.” Set time aside for date nights, the blog continues, and “try to enjoy new retirement activities together.”

Another idea is to find a walking buddy.

“Did you know that walking for 30 minutes a day can improve your mood and even help prevent chronic diseases? Walking is also an easy form of exercise that anyone can do, no matter their physical condition,” the article suggests.

Another tip is to “be a regular.” Huh?

“On your quests to make friends, become a friendly regular face at different places. Go to the same store, gym, bars, and restaurants. Introduce yourself to staff members and become the regular they all know and like. If it seems like someone is also frequenting these establishments then take this as an opportunity for interaction,” the blog notes.

Another idea is group travel, the blog continues.

“If you’re an older adult looking to improve your social life in retirement, explore the world on a retirement budget, or just want something fun and different to do in retirement — then group travel is for you. Join the growing number of seniors who are discovering that group travel is a great way to improve and maintain your social life,” the blog adds.

Let’s get some more good suggestions from the Lifeline blog.

Start small by getting to know your neighbours better, the blog begins.

Another good idea is to volunteer, the blog adds. “Roles at local food banks, museums, or libraries are great places to meet like-minded people,” the blog notes.

Pick up a new activity and join a group that is into it, the blog continues. “Arts and crafts, book clubs, gardening circles, and faith-based study groups can all spark connection,” the article suggests.

You can also take classes. “From tai chi to French lessons, senior-specific programs create social opportunities built around learning and fun,” the blog enthuses.

We can attest that joining a group and learning a new activity is a great way to make friends. We’ve been on a number of trips with new friends we met via line dancing. Retirement gives you the time you never had while working to do new things.

Retirement income, of course, is an important part of the puzzle. If you’ve got a retirement program through work, be sure you are signed up and contributing.

If not, the Saskatchewan Pension Plan stands ready to partner up with you. You provide the savings dollars – any amount up to your annual registered retirement savings plan (RRSP) limit – and we’ll do the heavy lifting on the investment side. SPP contributions are invested in a low-cost, professionally managed pooled fund with a successful track record of steady returns.

When it’s time to collect your money, options include the security of a lifetime monthly annuity payment or the flexibility of the Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

The Swedish Art of Aging Exuberantly – great advice on aging in style and grace

On the cover of her charming new book, The Swedish Art of Aging Exuberantly, author Margareta Magnusson tells us the book offers “life wisdom from someone who will (probably) die before you.”

Sadly, she passed away in March of this year at the age of 91. However, her last book is an eye-opener. The book, she writes, provides “discoveries I have made about becoming very old – some of the discoveries were hard to accept, but many of them have been rather wondrous.”

In a chapter on the importance of keeping in touch with old friends, titled “have a gin and tonic with a friend,” she marvels at how today’s technology allows her to stay in touch with old friends from other countries.

However, she is always surprised why her children and grandchildren ask why she still has a landline. How else, she writes, would one be able to find the cell phone?

“It’s important that we who are past eighty keep up-to-date with technology,” she advises. “Otherwise we risk missing out on so much that makes modern life both easier and more enjoyable – not to mention we don’t want our children and grandchildren to think we’re too old and square to participate.”

Later, she talks about staying positive over a lifetime where “the world is always ending.”

She recalls her father remembering the Spanish flu outbreak that took place in her native Sweden, killing tens of thousands. She also remembers being evacuated to the country during the Second World War, at 10, where her farm job was to feed the turkeys. After the war, it was the Cold War and the threat of nuclear attacks, and later, other calamities like Chernobyl, AIDS, and COVID-19.

“The world is always ending, and yet it continues to survive,” she observes. “We must always hope for a sustainable future, but hope alone is not enough. Even if we ourselves may not live to see it, we musn’t be so preoccupied with living in the present that we forget to leave room for – and help prepare for – a possible future.”

Another maxim is “don’t leave empty-handed,” an old Swedish saying.

It means that when you get up from the table, bring something with you – a dirty dish, the salt and pepper – and help put it away. “I think the principle of not leaving empty-handed can be applied everywhere you go in life. If there are dirty clothes on your bedroom floor and you pass the laundry basket empty-handed, that is not clever. The pile will only get bigger. Don’t leave empty-handed,” she writes.

In a chapter titled “Volunteer as much as you can,” she explains how helping out “makes you feel useful and good about yourself,” she first tried it when her family moved to the U.S. when she was in her 40s.

“Every Monday, I volunteered to take care of the school’s library for the younger children. Not all human beings look forward to Monday mornings, but I sure did.” The young kids “were always so friendly, curious, and full of energy. Even better was that their energy was very contagious, I too felt energized when the day was done.”

She adds that she has “met so many nice people while doing it; some even became lifelong friends.”

Taking care of your hair is important for older ladies, she notes. “I feel – blessed as I am with a good head of hair – that it’s more important to take care of your hair” than trying to manage wrinkles. “If you care about your appearance – which I do – then your hair is a better workplace than your face.”

In a later chapter, she advises us all to treat young people “as you want to be treated. Don’t tell them about your bad knee, again. Don’t guilt-trip them about not calling enough. Just ask them questions. Listen to them. Act interested. Give them food and tell them to go enjoy their lives. If you do these things they will keep calling and visiting.”

In a sweet story about life in her two-room apartment and living with mobility issues, she mentions that she has named her walker “Lars Harald, after my husband who is no longer with me. The walker, much like my husband was, is my support and my safety.”

Her final advice on aging gracefully is to “take care of something everyday,” whether it is pet or a houseplant.

“Given how slowly I sometimes move, just visiting them and watering them if they need it can take a while… I really do love the small daily habit of visiting with them and caring for them. Each day that I am alive and they are alive feels like a marvel.”

This book is also a marvel – a beautifully told tale.

Many of us may spend more time retired from work than we spent actually working.

A great option for some or all of your retirement savings is converting them to a lifetime annuity. It’s a monthly payment that never runs out, and will arrive on the first day of every month of your life.

The Saskatchewan Pension Plan (SPP) offers a variety of different annuities. The SPP Pension Guide provides full details on this important option. Read how SPP has provided retirement security for 40 years. Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Some strategies to consider when embarking on a retired, fixed income life

When you’re working, and need more income, there’s always the chance the boss will give you a raise, or a bonus. Or maybe you can find a better paying job down the road.

But when you’re retired, with an income that is more or less fixed, you need to develop some other coping strategies, writes Mary Castillo, a Saskatoon-based credit counsellor, for the Financial Post.

When your living costs soar, and your income stands pat, it’s time for a rethink, she begins.

“Many retirees are therefore reconsidering their financial plans, not due to poor decisions but because the economic landscape has changed and retirement can be expensive. Fortunately, there are practical ways to supplement your retirement income without sacrificing the lifestyle you have built,” she states.

As a background thought, she notes that “people tend to spend to the level of their income, whatever that income happens to be. When costs rise faster than income does, something must give. For retirees, that tension can feel especially stressful because the usual options, such as asking for a raise or picking up more hours, are not available.”

And while your invested retirement savings can help, your income can vary, Castillo explains. “Market volatility is real and a portfolio that looked healthy at retirement can look different a few years later, particularly for those drawing down their savings during a downturn.”

So, what to do?

Trimming expenses

“Before exploring ways to bring in more income, it is worth taking a careful look at your current budget,” she writes. “Tracking actual spending for a month or two often reveals expenses that have quietly crept up or debt payments that consume significant portions of your income. Trimming expenses will not solve everything, but it creates breathing room while you explore other options,” she continues.

Can you take CPP and OAS later?

“If you retired early and have not yet started collecting Canada Pension Plan (CPP) or Old Age Security (OAS) benefits, the timing of when you begin drawing them deserves careful thought. You can choose to start receiving CPP as early as age 60 with reduced payments or delay receiving it to increase your monthly amount, up to age 70,” she suggests.

The same is true for OAS benefits, she notes.

Working part-time

“Returning to paid work is a straightforward way to top up retirement income and for many retirees it adds welcome structure and social connection. The key is to find work that matches your energy, schedule and interests, not just any paycheque. Also be sure that you are not taking on work because family members are costing you more than you can afford,” Castillo states.

Contract or project work may suit you if you have industry expertise, she adds. Or you could try something totally different from what you’ve done before.

“Seasonal and flexible retail or service jobs are another option, especially for those who enjoy interacting with people and want predictable hours. Many employers appreciate older workers for their reliability and customer-service skills,” writes Castillo.

Income from hobbies

“Many retirees find their hobbies can also generate income,” she writes.

“Woodworking, jewellery making, photography, baking, sewing or gardening can lead to sales at local markets, online platforms such as Etsy or through community connections. Teaching skills such as music lessons, language tutoring or cooking classes offers another way to earn flexible, modest income,” Castillo adds.

Your home as an asset

Can you rent out a basement suite? Castillo says rental income from a spare room, driveway, or basement apartment is a nice way to add extra income. Maybe you can rent out your cottage when you’re not using it. Get professional advice if you are going the rental route, she advises.

“Retirement is not a fixed destination. It is a phase of life that keeps evolving. Adapting your financial approach, even modestly, can make a meaningful difference in how comfortable the years ahead will feel,” Castillo concludes.

Saving on your own for retirement, and feeling a little daunted by the ups and downs of the markets?

Let the experts at the Saskatchewan Pension Plan manage the chopping investment waters for you. SPP will carefully invest your precious savings dollars in our low-cost, professionally managed pooled fund, a fund that has boasted steady returns since its inception 40 years ago.

When it’s time to turn savings into retirement spending money, SPP can do it all in-house. You can choose a lifetime annuity payment you’ll receive each month, or the more flexible Variable Benefit option.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Maytree research: looking for ways to lift seniors out of poverty

A recent report by the Toronto-based human rights group Maytree notes that while much has been done since the 1970s to lift seniors out of poverty, as of 2022 there were still “430,000 seniors below the Official Poverty Line.”

Their report, Seniors’ Poverty in Canada: Why It Exists and Why It Doesn’t Have To, was co-authored by Alexi White and Yasmine Gill.

Their research identified two chief reasons why, “despite the relatively robust income security system in place” in Canada that senior poverty still exists.

First, they note, “too many low-income seniors are not eligible for key federal seniors’ benefits or do not access them even when they are eligible.” Secondly, the nation’s income security programs, collectively, “are not generous enough to lift all seniors out of poverty.”

On this last point, the pair note that “in parts of Canada, where the cost of living is relatively low, the combined total of federal and provincial income supports may be enough for a single individual or a couple to entirely escape poverty. Where the cost of living is highest, however, income supports still leave many people thousands of dollars below the poverty line.”

A surprising finding was that “15 to 20 per cent of seniors in poverty do not receive Old Age Security (OAS) or the Guaranteed Income Supplement (GIS) at all,” the authors note. Some in this group are ineligible due to not meeting the minimum 10-year residence requirement, or face other barriers to applying, such as the fact that they had not filed an income tax return and need help to do so.

The report’s recommendations call for increased focus by government “on ending seniors’ poverty everywhere in Canada,” for government to raise the level of income provided by its programs, particularly the GIS, to fund more “deeply affordable housing,” and to change the 10-year residence requirement so more seniors in poverty could qualify for help and help dismantle the barriers – such as lack of experience in filing income tax returns – that are keeping some from their entitled benefits.

We had a few more questions that one of the report’s authors, Maytree Director of Systems Change, Alexi White, kindly answered.

Could the decline in access to workplace pensions account, in part, for the high numbers of seniors in poverty?

Reduced access to workplace pensions is likely one contributing factor. That said, the report emphasizes that seniors’ poverty is driven by a range of factors, including inadequate lifetime earnings, precarious work, caregiving-related workforce interruptions, rising housing costs, and inequities experienced by certain groups of seniors. Workplace pension decline is part of the story, but it’s not a sufficient explanation.

What could be done to make it easier for seniors to access government benefits?
Improving automatic enrolment would be a significant step. Many eligible seniors miss out on benefits due to lack of awareness or barriers navigating the process. Where eligibility can be reasonably established through existing tax and administrative data, governments should move toward automatic enrolment. Simplifying processes and improving outreach will also be part of the solution.

Do you think there will ever be appetite at the government level for making OAS and CPP more liveable, or for moving toward a universal basic income model?
Regardless of the mechanism, the core policy question remains how to ensure seniors can live with dignity. In many ways, OAS and GIS already serve as a limited basic income system for seniors, and we have decades of evidence that they are making a material positive impact on levels of seniors’ poverty in Canada. It is difficult to predict government appetite for large-scale reform, but our analysis suggests this may not be necessary. Canada could end seniors’ poverty with a combination of incremental changes:  improved take-up, higher GIS maximums, and expansion of OAS eligibility.

What surprised you most about this report, and what was your main takeaway?
One of the most striking findings was that senior poverty in Canada is not inevitable. It is a policy choice. Canada has significantly reduced seniors’ poverty in the past through deliberate public policy interventions, which demonstrates that the problem is solvable.

We thank Alexi White for taking the time to answer our questions.

Did you know that the Saskatchewan Pension Plan was originally designed to help farm wives save for retirement? Today, 40 years later, any Canadian with available registered retirement savings plan (RRSP) room can join the plan.

SPP is a voluntary defined contribution plan. You “define” how much you want to contribute each year, or transfer in from an existing RRSP. SPP does the rest, investing those contributions in our low-cost, professionally managed pooled fund. At retirement, your options include the security of a monthly lifetime annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Avoid these common retirement regrets

You’ve given back your ID badge and parking pass and company mobile phone – the party’s been and gone, and work is finally in the rear-view mirror.

What could possibly go wrong?

Well, writes Daniel Liberto for Money.ca, there are half a dozen common “retirement regrets” that the newly retired are reporting.

He acknowledges that “the dream of early retirement is powerful: more freedom, more time, more life. For many Canadians, they’re working towards a plan to step away from the daily grind before the traditional age of 65 — but sometimes, the leap happens faster than planned.”

And while things can often work out fine, they also may not, he warns.

Not saving enough

“Having more free time quickly loses its appeal when it comes with constant financial anxiety. Among the most common complaints from early retirees is that savings and other retirement income don’t stretch nearly as far as they expected,” Liberto reports.

He cites a recent BMO study that found 36 per cent of Canadians “are worried they won’t have enough money to support their retirement because prices continue to climb.”

It’s almost like compounding but in reverse, he explains. “The number of years your savings need to support you keeps growing, while the time you have to contribute keeps shrinking. What felt like a comfortable nest egg at 58 may feel very different at 78.”

OK, so keep saving before and after retirement is our takeaway.

Underestimating costs (especially healthcare)

Many folks figure their retirement spending will be the same as it was before they retired, notes Liberto.

“What they often underestimate is the long-term cost of inflation and another financial risk: The loss of employer-provided supplemental benefits covering prescriptions and other medical needs,” he warns. “According to Statistics Canada, approximately 66.8 per cent of employed Canadians have workplace medical or dental benefits through their main employer. When those benefits disappear at retirement — particularly for those leaving before age 65 — the financial gap can be significant,” he adds.

Be aware of this, he suggests, and consider getting private coverage if your workplace benefits end when you retire. Find out what your province or territory covers in advance, when it comes to drugs and other costs.

Down the road, long-term care costs can be huge. While provinces “subsidize” long-term care, it is not free. Costs start around $2,000 a month for a private room and can be far higher depending on the level of care you need, he warns.

So, the second regret is not considering post-retirement care costs in your planning efforts.

Claiming CPP too early

Many of our friends took the Canada Pension Plan (CPP) as soon as possible, at age 60 – even while still working. This decision can lead to regret, the article suggests.

Liberto notes that “claiming (CPP) before the standard age of 65 comes at a steep price. Payments are permanently reduced by 0.6 per cent for every month you collect before age 65, up to a maximum reduction of 36 per cent if you start at 60. On the other hand, if you defer CPP past age 65, payments increase by 0.7 per cent a month — or 8.4 per cent annually — for a maximum increase of 42 per cent if you wait until age 70.”

“Like CPP, Old Age Security (OAS) can be deferred up to age 70, increasing payments by 0.6 per cent each month, for a potential increase of 36 per cent,” he reports.

“It may be worth discussing with a financial advisor whether using personal savings and delaying CPP and OAS would be beneficial to max out your lifetime government pension income,” he adds, noting that some advisors suggest you spend your registered retirement savings plan (RRSP) money first before starting government benefits.

Skipping long-term care insurance

You may regret not considering long-term care insurance, the article continues.

“The Canadian Life and Health Insurance Association (CLHIA) notes that long-term care (LTC) insurance policies are available in Canada and can help offset the costs of care that government programs don’t cover — approximately 22 per cent of the total cost. Considering the rising demand and growing wait lists for subsidized LTC, financial planners are recommending exploring coverage options while premiums are still manageable,” Liberto writes.

Missing structure, purpose and social connection

“Academic research shows that leaving the workforce early is often accompanied by a reduction in social networks and mental engagement, both of which are strongly associated with overall well-being,” he reports.

“Financial advisers and retirement coaches encourage people on the verge of retirement to develop a concrete plan — not only for their finances, but also their time, social connections and sense of purpose,” he adds.

Difficulty re-entering the workforce

Many of us, writes Liberto, assume (perhaps incorrectly) that if post-work life isn’t affordable, we can just head back to work.

“Age discrimination in Canadian workplaces is a documented challenge. According to a study by Indeed Canada, 14 per cent of all Canadian workers perceive their age as a barrier to employment — a figure that doubles to 28 per cent among those aged 65 and older. A separate report from Access Work Service estimates that approximately 60 per cent of Canadians aged 45 and older have experienced workplace age discrimination,” he warns.

This article raises some very important points that most near-retirees aren’t thinking about. The focus is usually on savings.

If you don’t have a retirement savings program through work, and aren’t sure how to go about saving on your own, the Saskatchewan Pension Plan may be just what you need to get your savings plan going.

You can contribute any amount up to your RRSP limit and can as well transfer in any amount from other RRSPs you may have. This will consolidate your retirement nest egg. SPP will take your savings and grow them in our professionally managed, low-cost pooled fund. At retirement, income options include the security of a lifetime monthly annuity payment, or the flexibility of the Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Searching for some easy ways to save a few loonies

A friend once said that while it was all well and good to recommend saving for retirement, what money is ever left over to save?

It’s a valid point. The cost of living continues to rise – groceries that used to be $100 for four bags are now more like $100 per bag. We are happy when we find gas at the pump for under $1.90 – we paid below $1.20 mere months ago.

So how can we free up a few loonies for saving? Save with SPP investigated.

The MoneyLion blog via AOL starts us off with a few solid ideas.

Open a high-interest savings account, the blog advises. “Why work hard to save money just to park it in an account that generates close to nothing in interest? A high-yield savings account will supercharge the impact of all the other savings steps you take.”

Another bit of good advice from the blog is to “pack a lunch at least every other day” when you roll out for work. “Limiting lunches out to every other workday can be a simple way to save $5 to $15 per meal — easily $100 over the course of a month,” the blog suggests.

Finally, a classic idea – “make a list before heading to the grocery store,” MoneyLion suggests. “It’s amazing how planning a list of purchases before each weekly shopping trip will prevent you from coming home with an extra bag filled with potato chips, soda and frozen pizzas.” Keeping to your list will get you in and out of the store faster and having spent less.

Over at the Money Bliss blog, poster Kristy offers up some more ideas.

A unique one – bank every $5 bill you get.

“Every time you get a $5 bill, put it aside in a jar or an envelope and let it add up over time. This simple habit can turn small amounts into a bigger fund.”

Another slightly outside the box idea in this age of paying by tap is to use cash. Very old school.

“Paying with cash makes you think twice before buying something because you see the money leaving your hands,” writes Kristy. “It’s a great way to control impulse spending. When you stick to only using cash, it’s easier to track how much you have left and stick to your budget.”

A final good thought – “turn unexpected income, like bonuses and refunds, into immediate savings,” the blog suggests.

“Any extra money you weren’t planning on, like a bonus or a refund, should go straight into savings and investment accounts,” Kristy writes. “Since you didn’t expect to spend it, you won’t miss it.”

Let’s add in a few more from Reader’s Digest Canada.

Buy staples, such as pet food or meat, in bulk. “If you can afford the upfront cost, you may be able to save big by purchasing larger quantities of meat from a local butcher or a bulk grocery store and freezing it for later use,” the magazine advises.

Another tip is to build an emergency fund to help pay for future problematic expenses, like sudden home or car repairs.

“You can mitigate the impact of unexpected expenses by putting a small amount of money into an emergency fund each month. Talk to your bank about high-interest online savings accounts, which are typically free and also tend to offer higher rates compared to a regular savings account, making them perfect for rainy-day saving,” Reader’s Digest Canada tells us.

A final thought – your fridge should always be nearly empty, not jammed full. Huh?

“Empty the fridge before bringing in more food. That means keeping track of what’s already there, eating leftovers, coming up with creative recipes for leftover produce and not buying new condiments (i.e., finish one bottle of salad dressing before buying another). It’s made for almost zero food waste and approximately $50 each week in savings—that’s around $2,500 a year,” the article enthuses.

Two from us to finish the article. First – this one was featured in a book we reviewed a few years ago – was to simply live on 98 per cent of what you make, and to bank the other two per cent. Amazingly, this works, especially if you automatically whisk the two per cent into savings before you have a chance to spend it.

Second, we took all scratch card winnings, money from bottle returns, rebate money from eyewear, dental plan refunds, and even Visa gift cards and used it to contribute to our Saskatchewan Pension Plan (SPP) accounts. These little bits of money really added up over time.

Thanks to SPP’s low-cost, professionally managed pooled fund, our savings grew and we both enjoy a lifetime monthly annuity payment (with survivor benefits for each other) that arrives like clockwork each month.

See what SPP can do for your drive to save for retirement. Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Boomers are the wealthiest, but younger generations can catch up

In an article for Money Canada, Rebecca Holland notes that while boomers are Canada’s “wealthiest generation ever,” younger generations have the means to catch up.

“Baby boomers have long held the largest share of this country’s financial assets, and the numbers back it up,” she begins.

“The average boomer household’s net worth rose to $1,458,282 in the second quarter of 2025, according to StatCan figures,” Holland continues. Boomers, she notes – this time citing data from TD Asset Management – control “almost 50 per cent of Canada’s wealth – while millennials, despite making up the largest share of the labour force, hold just 10 per cent.”

How, she asks, did the boomers get to the top of the heap?

“Real estate appreciation was one way — boomers bought homes when prices were modest, and those properties generated wealth over the years. Many retirees received defined benefit (DB) pensions, something far less common today. And boomers hit their prime earning years during one of the longest stock and bond market rallies in history,” she explains.

There is a bit of a subset here, she remarks. “TD Asset Management confirms that while boomers collectively hold close to half of Canada’s wealth, a large portion of that is concentrated at the top of the income ladder,” notes Holland.

What can other boomers do prior to retiring to close the gap with their peers? Holland’s article recommends they consider working up to age 70, so that their Canada Pension Plan (CPP) and Old Age Security (OAS) benefits get a significant boost.

“For boomers still in good health, delaying both CPP and OAS can add hundreds of dollars monthly in permanent, inflation-indexed income that will never run out,” she advises. Downsizing in retirement, she continues, is a good way to “unlock” some of the equity in their larger, existing homes.

Gen Xers, Holland says, born between 1965 and 1980, aren’t going to have the security of a DB pension like their parents. Most, if they have a pension at all, take part in defined contribution (or DC) plans, which don’t offer a guaranteed income in retirement, but one based on the success of investment results, she notes.

It’s a group that, according to a recent Healthcare of Ontario Pension Plan study, have their doubts about affording retirement, with 20 per cent fearing they will never be able to retire. But, Holland reassures us, there is still lots they can do to improve their chances.

“Maxing out registered retirement savings plan (RRSP) and Tax Free Savings Account (TFSA) contributions is the most important starting point. The 2026 RRSP contribution limit is $33,810 — or 18 per cent of the previous year’s earned income, whichever is less — and any unused contribution room from that carries forward. That carry-forward is a lifeline for anyone who couldn’t contribute in previous years, perhaps when income was lower. Additionally, the TFSA limit sits at $7,000 for 2026, with a cumulative lifetime limit of $109,000 for those eligible since 2009,” she points out.

As well, she advises, Gen Xers must “tackle debt… Gen X households aged 46 to 55 carry the highest average non-mortgage debt of any age group — $34,564 as of Q4 2024, according to Equifax Canada.”

It’s debt that is the biggest savings obstacle for Canadian millennials. They and their GenX cousins “together carried $1.1 trillion in outstanding credit balances as of Q4 2024 — a 10 per cent jump from the year before, according to TransUnion Canada. The average non-mortgage debt for each Canadian consumer hit $21,931, with debt-to-income ratios remaining high. Meanwhile, disposable income for millennials crept up to just 1.7 per cent year-over-year in Q2 2025, compared to 3.9 per cent for all households — making it harder to chip away at debt and save for retirement at the same time.

But there’s good news for millennials, writes Holland.

“Millennials who are young enough to still have two or three decades of earning ahead of them have two of the most powerful financial tools available — time and compounding growth. Automating savings — directing even a small, fixed percentage of each paycheque into an RRSP or TFSA — removes the decision-making tension that can lead to missing contributions,” she writes. They should set up Registered Education Savings Plans for their kids, the article adds.

Interestingly, the youngsters in the Gen Z cohort seem to be doing better than their older peers, Holland writes.

“Data shows the youngest generation of Canadian adults may be the most financially self-aware of all. The National Payroll Institute’s 2025 Annual Survey of Working Canadians by Canada’s Financial Wellness Lab found that Gen Z workers are saving an average of 11 per cent of each paycheque — a higher proportion than any other generation,” she reports.

“The main focus for this generation is maximizing employer matching in workplace pension or group RRSP plans — free money that too many workers leave on the table — while also taking full advantage of the TFSA for tax-free growth. With cumulative TFSA room growing at $7,000 every year, a young Canadian who starts contributing early and invests consistently can build a substantial, tax-free nest egg over a 40-year career,” she explains.

Her closing thoughts are as follows – be sure to know your government pension options in advance. Maximize registered accounts first. Get debt under control, she concludes – get going on this yourself “and don’t wait for the inheritance.”

A couple of key themes that run through this article are relevant for current and future members of the Saskatchewan Pension Plan. Once you join the plan – the earlier, the better – be sure to make automatic contributions each payday. SPP makes it easy to do this (PAC-PCC-application.pdf).

The second idea is the power of compounding – investing over a long time frame. SPP invests your savings in a professionally managed, low-cost fund that has had an average rate of return in excess of eight per cent throughout SPP’s 40-year history.

You save, we invest – and when it’s time to turn savings into income, your SPP options include the security of a lifetime monthly annuity payment, or the flexibility of our Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

What do people value most about being retired?

This morning, while out walking with the dogs, we ran into a neighbour who retired around the same time as us – we hadn’t seen her for a while, and vice-versa.

That’s because all of us are so busy, we’re never at home as much. She’s taken up pickleball, we’re into our tenth year of line dancing – and we’ve never felt busier. Our friend Anne says she’s met lots of new friends on the pickleball court, so her social life has also got busier.

That made us curious – what do people value the most about being retired? Is it doing new things with new people? Not working and going to meetings? Let’s have a look-see.

An article from Forbes, written by Andrew Rosen, begins by suggesting “that happiness in retirement depends on more than just money. Factors like social connection, emotional well-being, daily purpose and reliable income have emerged as powerful drivers of post-career satisfaction.”

Research, he continues, has found that “many retirees report greater life satisfaction than they anticipated before leaving the workforce,” and “that retirees often experience lower stress and better mental well-being than they did during their working years.”

“This suggests that retirement, when planned with intention, can lead to a meaningful boost in quality of life,” Rosen writes. “The key takeaway is that happiness in retirement is not strictly tied to a retirement account balance. Lifestyle flexibility, time with family, and freedom from career pressure play important roles.”

He notes that two factors “stand out consistently” in any conversation about retirement values – “purpose and connection.”

“Retirees who stay engaged through volunteering, hobbies, mentoring, or community work report higher levels of life satisfaction. A sense of purpose helps fill the gap left when career responsibilities fade,” Rosen explains.

“Social relationships matter just as much. Loneliness and isolation can negatively affect both mental and physical health. Those with close friendships and strong family ties tend to fare much better in retirement than those who withdraw from social circles,” he adds.

The Retiredom blog provides a handy list of retirement values that people abide by.

Focusing on health and wellness is a key value, the article begins. “Your well-being is your foundation in retirement. Investing time and energy into your health ensures that you can truly enjoy the freedom this stage of life brings. It means developing routines around exercise, nutritious meals, regular checkups, and plenty of rest,” the article advises. “Mental and emotional wellness matter just as much,” the article adds.

Continuing to learn new things is another important value, the blog continues.

“Retirement doesn’t mark the end of growth—it’s the perfect time to expand your horizons. Learning doesn’t have to be formal or structured. It could mean diving into history books, learning a new language, taking online classes, or trying your hand at watercolour painting,” the blog notes.

It’s also a period of life where you can focus on helping and giving within your community, the blog suggests.

“Giving isn’t just about money—it’s about time, attention, and kindness. In retirement, you have more of all three. Volunteering, mentoring, or supporting local causes can create deep connections and give your days a greater sense of meaning. Generosity helps you feel useful, appreciated, and part of something bigger than yourself,” the blog notes.

For some final thoughts, let’s turn to the Second Wind blog.

The blog suggests that finding purpose in the years after work is essential in countering “age-related decline.”

“Just think of it this way — in retirement, you have the time and space to explore your passions and discover your purpose. And with the right structure in place, you can start living with more purpose,” the blog advises.

Those with higher scores on having purpose in life had, the article notes:

• 24 per cent lower likelihood of becoming physically inactive 
• 33 per cent lower chance of developing sleep problems
• 22 per cent lower likelihood of developing unhealthy body mass index

As our conversation with our friend Anne concluded, we all agreed that stepping up our activities was driving more exercise and stronger social connections – we aren’t sitting around reading the paper.

Having retirement income security is of course another important pillar of a good retirement.

If you don’t belong to a retirement savings program or pension plan through your workplace, the Saskatchewan Pension Plan may be the savings plan you’ve been looking for.

SPP is open to any Canadian with available registered retirement savings plan room. You can contribute any amount up to your RRSP limit, and you can transfer in funds you may have in other RRSPs to consolidate your savings nest egg. And if you change jobs, that’s no problem – SPP is not tied to any single employer as other types of pension plans are.

Find out how SPP has been delivering retirement security for Canadians for 40 years!

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Millennials face a variety of barriers to saving

Writing for MoneyLion, Dawn Allcot identifies a number of barriers that are impacting the ability of millennials to save for retirement.

Millennials are today between 29 and 42 years of age. Allcot refers to them as “the generation often scolded for their love of pricey pleasures like Starbucks and avocado toast (that) now find retirement looming just a few decades away. Only 42 per cent are on track to retire by age 65,” according to research from Vanguard, she writes.

So, what’s blocking their savings efforts?

Top of the list, the article notes, are student loans.

“Student loans are a big problem for millennials, states Quote.com finance expert Melanie Musson in the article. “Laws that keep loans affordable for lower-income individuals also leave them with just as much debt 30 years after college or graduate school as they had when they left. It’s a huge problem to pay toward the loan every month without chipping away at it.”

The rising cost of housing is another barrier to saving, the article continues.

“Millennials are juggling mortgages that cost more than their parents’ first homes,” Julia Bartak, financial advisor at Edward Jones, tells MoneyLion. “High home prices and high interest rates mean they’re devoting larger portions of income to housing than prior generations. There’s an emotional response to feeling like all their financial bandwidth is going toward their mortgage, and that can push retirement savings to the back burner.”

Rounding out the top three is credit card debt.

“Debt is holding many millennials back from properly preparing for retirement. Experian data shows that 77.9 per cent of millennials have credit card debt, with average balances close to $7,000,” the article notes. This data is U.S.-generated, so that figure is in American dollars.

The tough economy and related difficult job market is also impactful when it comes to saving, the article notes.

 “Wages haven’t matched housing, childcare and healthcare cost increases. Basic expenses are taking up a big chunk of their income, so they’re not saving consistently. When you fall behind it’s hard to catch up, even as a high earner today,” the article notes. While we may not have the same healthcare costs as folks in the U.S. must deal with, the rising cost of living is a hot topic – and savings barrier – here in Canada.

Some millennials are part of the “sandwich generation,” where they are looking after aging boomer parents while raising kids of their own.

“Millennials are sandwiched between the declining baby boomer generation and the booming Gen Alpha,” states Mawuli Vodi of Financially Present in the article. “They have retiring parents who may or may not be able to support (their children) because they are settling into their own wants. Meanwhile, their Gen Alpha kids require a significant amount of help. Even if all goes well, Gen Alpha may end up living at home with their millennial parents.”

And even if the millennials inherit, a general lack of financial literacy may limit the benefits of the transferred wealth, the article concludes. Those receiving an inheritance need to “manage it well, protecting yourself and your family. Lack of financial literacy and poor planning is the biggest threat,” the article warns.

If you make long-term savings a part of your monthly budget, and automate that process, the money will zip into savings before you have a chance to think about spending it and will quietly build for your future.

The Saskatchewan Pension Plan provides great flexibility around automating contributions. First, it is you who decides how much you want to save. Then, you can set up pre-authorized contributions from your bank or credit card (PAC-PCC-application.pdf).

Once SPP receives your contributions, we invest them in our low-cost, professionally managed pooled fund, growing your savings until it’s time to collect them at income. When that day arrives, your choices include the security of a monthly annuity payment for life that can never run out, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Some tips and tricks for saving on gas

While a recent tax cut has offered up some relief on the price of gas, it’s still a lot higher than it was during the winter.

We’ve already started to think about ways to cut back. Maybe we don’t really need to warm up the car for so long. Perhaps we can find what we’re looking for closer in the neighbourhood. And once the weather warms up, the two-wheeler can be dusted off and used for short errands.

What are other people doing to save on gas? Save with SPP took a look around to find out.

In a long, COVID-era article on generally saving on household expenses, the folks at MoneySense start us off with a few solid ideas.

First, the publication suggests, be sure your vehicle is well-maintained.

“Stay on top of oil changes and components as they wear, so your machine is running with as little as friction as possible—that’s the best way to save money,” Josh Smythe of the British Columbia Automobile Association tells MoneySense.

Next, check your tires and make sure they are correctly inflated. “Air pressure is super important for fuel economy,” Smythe tells the publication. “Tire wear in the wintertime is not only effective for traction, but for saving fuel.”

Another interesting tip – clear out your trunk, and remove roof racks when you aren’t using them. The extra weight burns more fuel, and the rack can increase wind friction, which also burns more gas.

Over at CTV a number of tips authored by the Canadian Press are featured.

A first idea is to know in advance where you’re going – plan your trips, the article suggests.

“If you research your route and use traffic newscasts or driving apps, you can avoid accident zones and other slow-moving areas, which help you save on gas,” the article begins, quoting Teresa Di Felice of the Canadian Automobile Association. Also, consider grouping trips to save on gas – combine errands into one trip rather than multiple ones, the article adds.

Keep your foot off the gas, and don’t slam your brakes, the article continues.

“Cars consume more fuel when they go from stopping to travelling at a high speed immediately or vice versa. When you drive, try not to slam on the brakes at the last second or hit the gas hard as you take off from a stop light or sign to save on gas,” the article notes, again quoting Di Felice.

Using cruise control (if you have it) is a way to “boost savings because you are avoiding fluctuations that hurt your fuel efficiency,” the article continues.

You also should avoid “over-idling,” as most vehicles are ready to go within 15 to 30 seconds of starting up, the article adds.

Keep a sharp eye on gas prices – there are apps and websites available that can alert you to outlets offering the best prices, the article adds.

The team at Kiplinger, by way of MSN, offer up a few more ideas.

Watch your speed, the article tells us.

“No list of gas-saving tips would be complete without the admonition to slow down. There’s no getting around the fact that lower speeds require less fuel, mostly because aerodynamic resistance increases with the square of speed,” the article states.

Joining in on the idea of reducing your vehicle’s weight, the article suggests that if your vehicle comes with a third row of seats that you seldom use, consider taking those seats out and leaving them in the garage until needed.

The article also chimes in on the idea of reducing your use of brakes and the gas pedal.

“Look down the road farther, and coast down by lifting your foot off the accelerator when you know that traffic signal’s going to change to red. You might actually find it rewarding. Bonus: You’ll be a safer driver, too, which could help with those insurance costs,” the article adds.

Let’s throw in a couple more ideas that have worked out in the past.

Consider carpooling. If you and a neighbour, friend or family member both work in the same part of town, you’ll save a lot on gas by riding together to the office. Parking one vehicle will be cheaper than parking several.

If there’s public transit in your area, jump on more often to save on gas.

It’s also never a bad idea to walk, or bike, to do some of your errands closer to home.

The money you save from any or all of these ideas might allow you to put away some loonies for retirement.

That’s where the Saskatchewan Pension Plan may be of interest. If you don’t have any sort of retirement savings program through work, then the SPP may be just the ticket. SPP is open to any with available registered retirement savings plan room.

You decide how much you want to contribute – any amount up to your RRSP limit – and SPP does the heavy lifting, investing your hard-saved dollars in our low-cost, professionally managed pooled fund.

At retirement, your options include the possibility of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!