Jun. 15: BEST OF THE BLOGOSPHERE

June 15, 2026

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!

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Financial Post

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