Oct. 13: BEST FROM THE BLOGOSPHERE

October 13, 2025

Consider these steps to help you afford retirement – even if you are starting late

Gen Xers, reports GoBankingRates, are a “scrappy” bunch who are raising kids and caring for parents against a backdrop of “inflation and other rising expenses.”

A Lending Tree survey, the publication adds, suggests that 70 per cent of Gen Xers will “need all the help they can get to be able to retire.”

But the article lists eight things this group can do to help them to arrive safely in the Land After Work.

First, the article says, you need to understand “your own cost of living, health and goals” when figuring out how much you’ll need – not some generic “retirement blueprint,” states Tyler Meyer, CFP, and founder of RetireToAbundance.com.

Second, he adds. “don’t think of retirement as an all-or-nothing finish line.”

“For many people, retirement may look like a blend of part-time work or flexible work with investment income instead of a complete stop,” the article notes. “That shift in thinking instantly lowers the savings target and opens up more possibilities,” Meyer tells GoBankingRates.

The article is aimed at an American audience, but the third step applies to Canadians as well – be sure to contribute as much as you can to any workplace pension, or registered retirement savings plan, or Tax-Free Savings Account. If you have unused room, begin to fill it up, the article suggests.

If debt is a barrier to your saving, pay it off, the article tells us. Pay off the debt with the highest interest rate first, the article advises.

Think about side hustles that will bring in money when you are retired, rather than simply the idea of having to live on less, Meyer tells GoBankingRates.

“I have seen clients successfully turn interests such as woodworking, photography, fishing and gardening into steady income streams,” he states in the article.

Don’t judge yourself “for not being prepared for retirement,” states Ashley Stearns of Michigan’s Community Financial Credit Union. “Realize you are not alone,” she tells the publication, noting that on average, Gen Xers in the U.S. carry $9,557 USD in credit card debt, surpassing even boomers.

“The most important thing is to start. With the right support and a clear plan, Gen X can rewrite the narrative on debt,” she states in the article.

Another idea, the article continues, is to get the help of a money coach or financial adviser to help you develop “a workable retirement plan.”

The article concludes with a three-step approach to freeing up money for retirement savings, developed by Stearns:

• “Begin by tracking your expenses for a month to identify potential areas to cut and shift to retirement.”
• “Analyze your spending habits.”
• “Make small changes one at a time.”

Many members of the Saskatchewan Pension Plan take advantage of SPP’s automatic contribution feature. SPP permits you to make pre-authorized contributions from your bank account or credit card. By going this route, you are saving money before you have the chance to spend it. SPP will take those contributions and grow them in our low-cost, professionally managed pooled investment fund.

When it’s time to turn savings into income, your options include receiving a monthly annuity payment for life, or the more flexible Variable Benefit option.

Check out SPP today!

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GoBankingRates

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