At the beginning of her entertaining and informative book, The Well-Lived Life, Dr. Gladys McGarey – age 103 at time of writing – says she is often asked “the secret of a long, healthy, happy life.”

“No, I don’t run. I do occasionally do Pilates. And yes – I do eat cake. In fact, I really love cake. I even popped out of one for my 95^th birthday,” she writes. But the secret, she continues, has “nothing to do with vitamins or supplements,” but “a simple shift in perspective.”

“To be truly alive,” she notes, “we must find the life force within ourselves and direct our energy toward it.”

She distills this general idea into six “secrets,” the first one being, “you are here for a reason.”

“Each of us is here for a reason, to learn and grow and to give our gifts,” she explains. “When we are able to do so, we’re filled with the creative life energy that I call the `juice.’”

The juice, she continues, “is our reason for living. It’s our fulfillment, our joy.”

“Lives filled with juice become lives filled with purpose. And that has a profound effect not only on our mental healthy but on our physical health,” McGarey states.

Her second secret is that “all life needs to move.”

“Life itself is always in movement, so aligning with our life force means that we must always look for the flow within us,” she writes. “Children understand this. That’s why they’re always wiggling. I never stopped wiggling…. Wiggling is good for us – it indicates that life is happening around and through us. It moves our lymph, lubricates our joints and keeps our muscles from getting tight.”

The third secret is that “love is the most powerful medicine.”

“Our life force is activated by love. Love has an uncommon ability to transform everything it touches,” she explains.

The next secret is that “you are never truly alone.”

Social connections are essential, she explains. “Connective with community amplifies our individual life force by re-aligning it with the collective life force,” she writes.

The fifth secret, an especially wise one, is that “everything is your teacher.”

Even bad things carry a lesson, she states. As we get older, “we begin to extract more and more from the pain of the past. We realize that we can keep gaining lessons out of our old hurts, and they can affect how we approach what comes next.”

Finally, she advises, you must “spend your energy wildly.”

This last secret needs to be integrated with the first five. “When we align our energy with life, we create a give-and-take, sharing relationship with the source… we invest the energy we have in life. Then when we’re running low on what we need, we simply borrow it back.”

In the end, she concludes, we need to “flip our understanding on its head, from thinking that we are in life to understanding that life is in us.”

This is a mesmerizing journey of a book, well-told and filled with exercises and examples to keep your thinking on track.

A long, well-lived life will require some savings.

And if you’re saving on your own for retirement – or want to get started – look no further than the Saskatchewan Pension Plan. SPP offers a voluntary defined contribution pension plan to any Canadian with available registered retirement savings plan (RRSP) room.

You can make annual contributions to SPP up to your RRSP limit, and can transfer in any amount from other non-locked in RRSPs you may have.

SPP’s role is to grow those savings in our professionally managed, low-cost, pooled fund. When it’s time to log off for the last time at work, your retirement income options include the security of a lifetime SPP annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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Should wealthier seniors get less Old Age Security?

Writing in The Globe and Mail, Robyn Urback wonders if the federal government will consider taking the politically risky step of reforming Old Age Security – specifically, to tweak the system so that wealthier seniors get less.

Today, she notes, the OAS system is “an $80-billion-and-growing” program “that currently rewards couples who earn up to $182,000 with the full $18,000 annually.”

By comparison, she adds, Child Tax Benefit clawbacks begin at a level that’s $100,000 lower than the OAS clawback limit.

“The combined cost of both OAS and Guaranteed Income Supplement (GIS) payments is both the largest and the fastest-growing expenditure for the federal government, and it will become even greater if the government adopts the proposal from the Bloc Québécois to hike OAS payments by 10 per cent for seniors aged 65 to 74,” she continues.

Previous attempts to reform OAS have not worked out well, she writes.

Many may remember what happened when former Prime Minister Brian Mulroney tried to de-index OAS benefits (reducing payout adjustments for inflation), Urback notes. Political opponents called the decision breaking “a sacred trust,” and a protester outside Parliament, Solange Denis, told Mulroney “You lied to us. You made promises that you wouldn’t touch (OAS). It’s goodbye, Charlie Brown!”

Former Prime Minister Jean Chretien tried to roll the OAS and GIS programs into a new entity, the Seniors Benefit, which would have been based on “household income, not individual income.” He too backed down under political heat, Urback reports.

Finally, a third former Prime Minister, Stephen Harper, made an effort to “gradually” lift the age of eligibility for OAS from 65 to 67. This idea also became a political hot potato, the article continues, and was reversed by the government of former Prime Minister Justin Trudeau.

Will Prime Minister Mark Carney’s government look at changes to OAS?

“Mr. Carney’s pitch to voters was that he was not a lifelong politician in pursuit of a legacy, but a guy who would come in, try to fix things, and then, one could reasonably infer, get out. Who better, then, to make the politically tough but economically necessary decision to rein in OAS benefits?,” she writes.

The article notes that Generation Squeeze, “an advocacy group for young adults, has proposed lowering the threshold for OAS clawbacks to couples earning $100,000, which it estimates will save Canada’s coffers $7 billion per year.” Some of those savings, the group suggests, could be “redirected to low-income seniors,” low-income families and families with kids, or simply be used to pay down the national debt.

Reviving the Harper plan, and moving eligibility to age 67 gradually, would save $10 billion in federal spending per year, the article adds.

Urback concludes by calling OAS reform “a necessary move” that will have political consequences for the government, but will stop the “insane” practice of “handing out billions of dollars to wealthy seniors in this economic environment.”

It’s worth noting that the OAS payments that people receive are actually quite modest. According to the Art of Retirement blog the maximum OAS for those aged 65 to 74 is $706.7 per month “if your net annual income is less than $148,451.” For those 75 and over, it’s $880.40 a month if your net income is less than $154.196, the blog reports.

Once you pass those income milestones, the OAS recovery tax starts to kick in and reduces your payments.

If you don’t have a pension or retirement program through your work, you might want to augment your retirement income from government programs with your own savings.

A tremendous partner in this effort is the Saskatchewan Pension Plan. All you have to do is make contributions – and you can transfer in any amount from a non-locked-in registered retirement savings plan.

SPP invests your savings in a professionally managed, low-cost pooled fund, growing them for your future retirement income. Among your options at retirement is a lifetime monthly annuity payment from SPP, or the more flexible Variable Benefit option.

Check out SPP today!

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As happy retirees, we are often asked what being retired is like. Is it, one younger friend asked, like being on vacation 24/7?

No, we said – but it is more like waking up and every day is the weekend.

That got us thinking – what do famous people say about retirement?

Let’s start with the great Gordie Howe, whose epic long career in professional hockey with the NHL, the WHA, and back to the NHL again, will likely never be matched.

The Internet Pillar site quotes him as saying “I don’t want to retire, because you stay retired for a really long time.”

He also once said “it’s not easy to retire. No one teaches you how. I found that out when I tried it the first time,” the site notes.

According to the AZquotes website there are some other interesting thoughts.

“In the end, it’s not the years in your life that count. It’s the life in your years,” U.S. President Abraham Lincoln once said.

“You know you’re getting old when you stoop to tie your shoelaces and wonder what else you could do while you’re down there,” quipped the late comedian George Burns, who lived beyond age 100.

Children’s writer A. A. Milne of Winnie the Pooh fame once noted “don’t underestimate the value of Doing Nothing, of just going along, listening to all the things you can’t hear, and not bothering.”

Southern Living provides us with a few more thoughts.

“Often when you think you’re at the end of something, you’re at the beginning of something else,” Fred Rogers, star of Mr. Rogers’ Neighbourhood, once said.

The late actress Betty White, the publication reports, once said “retirement is not in my vocabulary. They aren’t going to get rid of me that way!”

Actor Chris Pine, the magazine notes, once said “my father calls acting `a state of retirement with short spurts of work,’” and golfer Chi-Chi Rodriguez noted that “when a man retires, his wife gets twice as much husband for half as much money.”

Comedian and philosopher Will Rogers summed retirement up this way, the magazine tells us. “Half our life is spent trying to find something to do with the time we have rushed through life trying to save.”

Let’s finish off with some quotes from the Lasting Quotes website.

“I can’t say I was unhappy, but I was not as happy as I am now since I’ve retired,” notes author Garrison Keillor.

“You know you’re getting old when the candles cost more than the cake,” the site quotes Bob Hope as saying.

And a final, anonymous thought – “retirement is not the end of the road. It is the beginning of the open highway.”

If there’s a theme to all these quotes, it perhaps is that while it is often hard to give up what you’ve been doing for years – decades, even – you may get a chance to be happy doing something else, for yourself, in retirement.

If you’re saving on your own for life after work, a willing and capable partner is the Saskatchewan Pension Plan. Open to any Canadian with registered retirement savings plan (RRSP) room, SPP is a voluntary defined contribution plan.

You can contribute any amount you want, up to your RRSP limit, each year – and you can transfer in any amount from other RRSPs you might have.

SPP’s job in all of this is to grow your savings in our professionally managed, low-fee pooled fund. When work’s in the rearview mirror, your retirement income options include a monthly SPP annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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Younger Canadians see retirement as “slowing down work,” not ending it: report

The younger set does not envision a future where they will attend their retirement party, receive a gold watch or other parting gift, and then march off into a sunset of worklessness.

Instead, reports Leah Golob, writing for Yahoo! Finance Canada, younger Canadians visualize a “slowing down” of work, rather than a full retirement.

This, her report continues, is having an impact on the purpose of their long-term savings.

“New findings from FP Canada’s Money and Milestones survey suggest a generational shift in how Canadians picture life after work. While half of Canadians are saving for retirement, more than a quarter (26 per cent) are saving for a version of retirement where they `work less,’ compared to over a third (35 per cent) who are saving for retirement where they don’t work at all,” she writes.

The split between the `work less’ and `don’t work at all’ groups is close to 50-50 when the question is put to younger Canadians, her story continues.

“Among those aged 18 to 34, the share saving for semi-retirement and full retirement is nearly identical (21 per cent versus 20 per cent), a sign that younger Canadians are preparing for a more flexible, non-traditional version of retirement,” she reports.

The idea of a retirement that still includes some work seems to be driven by “financial pressure and uncertainty about their long-term security,” the article notes.

“Some do it because they realize that it’s probably unrealistic to have a full retirement due to their current financial situation,” Kelly Ho, certified financial planner at DLD Financial Group, tells Yahoo! Finance Canada. “They’re feeling pessimistic about their own trajectory.”

Certainly, the article continues, today’s “housing and the labour environment are markedly different from the ones their parents experienced in young adulthood.”

Another factor, the article points out, is that of longevity.

“Retirement could stretch from age 60 or 65 to as late as 90 or 95 — a whole other working lifetime,” the article notes, quoting Ho. “Canadians can feel particularly triggered when they hit their 40s, realizing that their working journey could be 20 years or less away,” the article continues.

So, what to do on the savings front, given all these barriers?

“Canadians should track where their money is going and how much they can reasonably set aside. They should also check whether they’re taking advantage of any retirement savings plans offered through an employer,” the article tells us.

Savings, Ho tells Yahoo! Finance Canada, creates an “illusion of choice.” Many don’t choose to save because no one is forcing them to do it – so seeking professional financial advice, and/or setting up an automated savings plan, are recommended, the article adds.

The article concludes by suggesting that going with a `work less’ retirement plan – semi-retirement – can be healthier than the “shock” of full retirement. “Semi-retirement can create a longer, more prosperous life, regardless of whether it’s done out of financial necessity,” Ho states in the article.

When you’re in a company pension plan, your contributions are usually deducted from your paycheque – so cash goes into your nest egg before you have the chance to even think about spending it. Members of the Saskatchewan Pension Plan can automate their savings through pre-authorized contributions from a bank account or credit card.

This “set it and forget it” approach makes savings automatic – all you need to do is to consider ramping up your contributions whenever you get a pay raise.

Check out SPP today!

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The phrase “sustainable fashion” jumped out at us from the morning paper recently, so we decided to figure out what this emerging lifestyle trend is all about.

According to the Dear Canada blog, sustainable fashion or “eco-friendly apparel” is a movement that “highlights the benefits of choosing sustainable garments, which include reducing waste and lowering carbon emissions.”

“The concept of Sustainable Fashion is gaining traction across the globe, and Canada is at the forefront of this movement. Initiatives by Canadian fashion brands to adopt more eco-friendly practices represent a significant shift towards environmental responsibility in the fashion industry. This transformation is driven by both increased consumer awareness of environmental issues and the innovative approaches of Canadian designers and manufacturers,” the blog explains.

“Not only does it help in reducing the carbon footprint, but it also promotes fair labour practices and reduces waste. Canadian brands are increasingly experimenting with organic materials, employing eco-friendly production techniques, and ensuring fair wages for workers, setting a commendable example in the industry,” the blog continues.

The organic materials for making clothes include “natural fibres like bamboo, hemp and organic cotton,” the use of which “significantly cuts down on the chemicals used” in creating other types of clothing material, the article states.

The “eco-friendly production techniques” include, the article continues, “technologies that reduce water use and improve recycling processes.”

Elle magazine (Indian edition) refers to sustainable fashion as “a call to rethink how clothing is made, worn, and ultimately valued.”

It is not, the article insists, about “wearing sackcloth to save the planet.” Instead, the article continues, “it’s about designing and producing clothing that respects both people and the environment. It means slowing down the endless churn of fast fashion and prioritising longevity, ethical labour, and environmental responsibility. From fabric choice to fair wages, it’s about reimagining fashion as a circular system rather than a disposable one. It’s slow fashion, circular fashion, conscious fashion — different words pointing to the same idea: garments that last, are ethically made, and tread lightly on the earth.”

Italy’s Notizie.it calls sustainable fashion “the future of well-being and style.”

“In the last few years, sustainable fashion has gained significant momentum, becoming not just a trend, but a real cultural movement. (Sustainable brands) are pioneers in the use of recycled materials and ethical practices, demonstrating that it is possible to combine style and environmental responsibility,” the article tells us.

“To wear sustainable products; it’s not only an eco-friendly choice, but also a personal wellness choice. Natural, chemical-free fabrics can improve skin health, while purchasing quality garments reduces the need to frequently update your wardrobe, contributing to a more minimalist and mindful lifestyle,” the article adds.

“A future is foreseen where fashion and well-being are increasingly intertwined. With the rise of social awareness and the adoption of sustainable practices, the fashion industry is set to transform radically. Industry experts encourage investing in clothes that reflect personal values ​​and supporting brands that respect our planet,” the article concludes.

So now we know a little more about sustainable fashion!

When we turn our minds from fashion to retirement, there is a different kind of sustainability to think about – will we have sufficient income after leaving the workforce to keep up with our personal cost of living?

If you have a workplace pension program of any kind, be sure to join it and contribute to the max. If you don’t, you may want to take a hard look at the Saskatchewan Pension Plan.

The SPP is open to any Canadian with registered retirement savings plan (RRSP) room. You can make annual contributions to SPP up to your RRSP limit. You can also transfer in any amount from existing RRSPs you may have to consolidate them in SPP.

Once you put money into your SPP retirement nest egg, our investment team takes over and does the rest – investing your hard-saved loonies and toonies in our low-cost, professionally managed and diversified fund. Once work is over, your SPP income choices include receiving a monthly annuity payment for life or the more flexible Variable Benefit option.

Check out SPP today!

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Retired financial writer reviews his first retirement moments

Any of us who have retired will remember, perhaps, the “I wonder what retirement will be like” moments we felt as the time clock for the last day at work wound down. We remember our last coffee run for the team, the last train ride home, and so on.

Rob Carrick of The Globe and Mail, a well-read personal finance columnist for many years, is now taking his first steps in the world of retirement.

“You have instant community when you retire – just go to a mall, diner or blood donation clinic early in the morning on a weekday,” he observes.

“Retiring is stepping into a different life with different rules. Let me tell you about a few of them based on personal experience,” he adds.

First, he writes, “regardless of your financial status, you are rich in time” once you are retired. “You can do what you want, when you want. And so, you go to the mall when it’s emptiest,” he adds.

Next, he adds, is the shift away from weekly or bi-weekly paycheques to monthly pension payments.

“Getting paid monthly means new thinking on how to save for big expenses. Right now, I’m carving off some of those monthly payments as soon as they’re received to cover recurring costs such as property taxes, insurance premiums and utilities. We have separate savings accounts for these, each labelled specifically. I find this really helps with organization,” he suggests.

Similarly, you must think a little harder about income taxes.

“Another expense to be covered is income tax, which brings us to one more way retirement differs from your working life. If you have an employer, the correct amount of taxes for your income is taken off the top of your paycheque. You may have a balance owing to Canada Revenue Agency when you file your annual income tax return, but it shouldn’t be anything unmanageable,” he notes.

Now, he continues, “my wife and I both have a 15-per-cent withholding tax applied to our pension payments. I set up yet another high-interest savings account to hold the additional amount of tax we expect to owe after we file our 2025 tax return next spring. With each pension payment, money is automatically transferred to that account.”

Carrick has an interesting take on the term “retirement” itself.

“One more life adjustment when you leave the full-time workforce is how the word `retirement’ sounds to your ears. Telling people you’re retired earns you all kinds of reactions – some envy, some surprise and some disapproval from those who can’t imagine their lives without the fulfilment and status of a job,” he notes.

He concludes with the good news that he’ll continue writing for the Globe on the topic of retirement and other personal financial subjects. We wish him the best in his new role.

While it is possible to self-fund a retirement through disciplined personal saving and a strong investment program, not all of us have the ability to stick with the program or the investment savvy to get started.

That’s where the Saskatchewan Pension Plan comes in. All you need to do is send us contributions, by pre-authorized contribution from a bank account or credit card, via online banking as a “bill,” by cheque – SPP is flexible. What we do is invest those hard-saved dollars in our low-cost, professionally managed pooled fund. You can ramp up contributions as you earn more, and transfer in any amount from registered retirement savings plans you may have.

At retirement, you can choose the security of a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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Retirement is a lot like being a student – you get a lot of choice about what to do with your time, and you’re not (yet) punching a clock after a long commute to work.

So, if retirement is one of life’s sweet spots, what tips and tactics do people suggest we consider in order to make that time as long and as healthy as possible? Save with SPP took a look around to see what is being said on this topic.

Medical News Today starts us out with a few positive ideas – “being physically active, not smoking, managing stress and maintaining a good diet.”

As well, the publication suggests, “not regularly drinking alcohol excessively, good sleep hygiene, and positive relationships” are great ways to add years to your lifespan.

Science News Today suggests a few more ideas.

Heart health, the publication notes, is essential. “Protecting your heart is one of the most effective strategies for living longer,” the publication reports.

“Science shows that controlling blood pressure, maintaining healthy cholesterol levels, exercising, eating well, and avoiding smoking dramatically reduce heart disease risk,” the article adds.

As well, the publication continues, it is important to “keep your brain active and sharp.”

“Lifelong learning, reading, solving puzzles, learning new skills, and even playing musical instruments strengthen neural connections and may delay cognitive decline. Physical exercise and a healthy diet also protect the brain by improving blood flow and reducing inflammation,” the article observes.

An article on the Today show website covers some of the same ground, but also points to the importance of having a healthy blood sugar level, or A1C. The article also describes the need to have and maintain good relationships and to ensure that you have “meaning in life” once work is done.

Another tip identified by Today is avoiding the risk of skin ageing. Be sure, the article explains, you wear sunscreen.

“`UV rays from the sun ages us,” causing brown spots, skin cancer and wrinkles, Dr. Shari Lipner, associate professor of clinical dermatology at the Weill Cornell Medical Center, tells Today. `Using sunscreen can protect us from these changes,’” the article notes.

Finally, the Today article expands on the virtues of maintaining “muscle and bone strength” via cardio and strength exercise.

“Exercise is one of the most powerful longevity tools for all parts of the body, but especially for helping people live independently into their 80s and 90s. It also reduces the risk of chronic conditions,” the article notes.

“The goal in exercising is maintaining functional strength as long as possible, which allows people to engage in their normal behaviors, such as grocery shopping, driving, cooking and cleaning,” the article adds.

Examples of exercises you can do with longevity in mind include “running, dancing, or walking,” as well as “weightlifting and body-weight activities, such as yoga, Pilates or tai-chi.” The article suggests we should aim for about 150 minutes of exercise per week.

Many retirees worry about longevity in a different way – will they outlive their savings?

The Saskatchewan Pension Plan offers a way for its members to receive a guaranteed lifetime income in retirement, through its annuity program.

With an annuity, in exchange for some or all of your SPP savings, you’ll receive a monthly payment for life. There are a number of different SPP annuity options available, including the option of having your annuity payments continue to a surviving spouse.

Check out SPP today!

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Dropping interest rates – great for borrowers, less great for savers

Those of us with mortgages follow interest rates like hockey scores. We’re always keenly aware when rates go up (terror) or down (elation).

But, writes Dale Jackson for BNN Bloomberg, the latest dip in interest rates is not great news for savers.

“While borrowers celebrate a general trend toward lower yields, the reward for savers who want their cash to grow is diminishing,” he explains.

So far, interest rates for guaranteed investment certificates (GICs) are “holding,” Jackson writes. Recent data from ratehub.ca suggests most are in the 3.5 per cent range and are close to four per cent for longer terms in the five-year range.

“It’s a far cry from the five per cent plus yields of two years ago but investors wanting to lock part of their portfolios in the safety of GICs can still grow their investments,” notes Jackson.

And, he adds, today’s rates are far better than in the early 2020s, “when central bank rates were near zero and fixed income, like bonds and GICs, were yielding less that one per cent.”

So, what do risk-averse, fixed income investors do when rates start to trend downward?

Lower rates traditionally have forced retirement investors “into riskier dividend-paying stocks, real estate investment trusts (REITs), and other income-generating instruments,” he explains.

“There’s a big difference. While the principal and interest on GICs is `guaranteed,’ dividend equity investments trade on the broad equity markets and their day-to-day value is subject to its whims. Dividends are cold comfort for retirees who can’t afford to wait out a market downturn and need to sell beaten-down stocks to pay their bills,” Jackson notes.

“The extra risk might be worth it for investors who need to boost returns to meet retirement goals. Big Canadian banks stocks currently pay annual dividends between three per cent and five per cent and have a long history of never cutting their dividends,” he continues. “Big Canadian telecom, and some resource companies, pay similar dividend yields,” he adds.

However, his article concludes, fixed income is still an important part of an investment portfolio.

“A set portion of GICs, and other fixed income products like investment-grade government and corporate bonds, acts as a stabilizer to the more volatile equity portion of a portfolio. With fixed income you can count on more buoyancy when markets tank,” explains Jackson.

“Equity returns are historically higher but fixed income generates reliable returns that compound over time and provide a steady stream of cash in retirement,” Jackson writes. “Retirement investors will generally hold fixed income to maturity, unlike professional bond traders or bond funds, which seek gains by trading existing debt to take advantage of short-term fluctuations in interest rates.”

Fixed income plays an important role for members of the Saskatchewan Pension Plan. SPP’s Balanced Fund has exposure to bonds, mortgages, and private debt as well as Canadian, U.S. and non-North American equities. If you want less exposure to equities, SPP’s Diversified Income Fund is invested 50 per cent in bonds, and 50 per cent in short-term investments.

Any Canadian with registered retirement savings plan room can join SPP. Let us help you grow your savings!

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When former U.S. President Jimmy Carter authored The Virtues of Aging in 1998, he could not have then known that he would continue his long and productive retirement for a further 26 years.

The book provides some nice insights about making your “golden” years the best years of your life.

“I was just 56 years old when I was involuntarily retired from my position in the White House,” he begins. “What made losing the job even worse was that it was a highly publicized event, with maybe half the people in the world knowing about my embarrassing defeat.”

Worse news lay ahead – the family peanut business, run in a blind trust while he was president, had hit a bad patch due to “prolonged drought” in Georgia and was a million dollars in the red.

With a young daughter heading off to college, their short-term financial picture looked dim, and “it was natural for us to assume – like many other retirees – that our productive lives were over.”

Instead, things began to improve. The farm business was bought by a large agricultural firm, both Carters received offers to write about their lives, and soon they were on the college lecturing circuit.

Instead of facing retirement with despair, the Carters worked to “ensure that our retired years would be happy, and maybe even productive.”

It’s Carter’s view that older citizens should not be nudged out of the workforce at retirement age. A survey taken at the time the book was written found “93 per cent of respondents believe that the elderly should be allowed to work as long as we wish… and 75 per cent think wisdom comes with age.”

After all, he continues, “during the past 25 years the number of people over the age of 85 grew almost six times more rapidly than the overall population. The faster-growing group of all, however, is those over a hundred!” In fact, there were 100 times more centenarians by 2000 than there were in 1956, the book notes.

After worrying that the U.S. Social Security system might eventually be unable to keep up with payment demands of retiring boomers, Carter observes that the U.S. savings rate was far lower than that of other nations – around two per cent per year, “less than a quarter as much” as the Japanese savings rate. “Most baby boomers… will have little if any savings when they retire,” forcing them to rely on government programs which are underfunded, the book continues.

The Carters began their long retirement together by staying active at such things as tennis, fly fishing, going for a run, and hiking in the hills.

In “retirement,” they established the Carter Center, an organization devoted to the advancement of human rights, promoting peace, and alleviating suffering around the world. The former president won a Nobel Peace Prize in 2002 for these and other humanitarian efforts.

Perhaps the high level of activity and engagement helped the Carters value their time in retirement more highly.

“There is no doubt we now cherish each day more than when we were younger. Our primary purpose in our golden years is not just to stay alive as long as we can, but to savour every opportunity for pleasure, excitement, adventure and fulfillment,” he writes.

A later chapter talks about the pleasure of developing adult relationships with grown children, enjoying “the indescribable bless of aging – grandchildren.” Because of the logistics of getting the family of 20 kids and grandkids for Christmas or Thanksgiving (competing with other in-laws for the privilege), the Carters try to organize an annual trip where the whole family comes along, say for skiing in Colorado or cruising the Caribbean.

Asked by others how he has managed to stay in good health well past retirement age, the former president summarized the advice of experts as following:

• “Do not smoke.
• Maintain recommended body weight.
• Exercise regularly.
• Minimize consumption of foods high in cholesterol and saturated fats, sugar and salt.
• Do not drink excessively and never drive when drinking.
• Fasten seat belts.
• Have regular medical checkups, including blood pressure tests.”

Later, he quotes some findings from the McArthur Foundation, which “concluded that the three indicators of successful ageing are avoiding disease and disability, maintaining mental and physical function, and continuing engagement with life.”

The engagement part involves “keeping up relationship with others and performing productive activities,” he explains.

It can also include volunteering, he writes.

“There is still a tremendous potential to expand the present level of volunteerism among elders,” he notes. “Although more than 80 per cent of us do work around our homes and 70 per cent provide some assistance to friends and relatives… two out of three older people do (no volunteering) and most active volunteers contribute less than four hours a week.”

“You are old,” the book continues, “when regrets take the place of dreams.”

“When I have mentioned the title of this book too a few people, most of them responded `Virtues? What could possibly be good about growing old,’” he writes. “The most obvious answer, of course, is to consider the alternative to ageing.”

This is a great read, and the energy and sense of purpose of the Carters is quite something to behold.

The book talks about how people are saving less than they used to and how having your own savings can improve your income if – without savings – you are fully reliant on government programs.

The book mentions how people today save far less than their parents and grandparents did. As well, the book warns of the dangers of – without personal savings – having to rely solely on modest government programs for your retirement income.

If you are alone on the savings journey, why not partner with the Saskatchewan Pension Plan? With SPP, you decide how much to chip in – you can make annual contributions up to your personal registered retirement savings plan (RRSP) room level, and can transfer in any amount from other RRSPs.

SPP looks after the growth of those saved loonies, via a pooled, professionally managed and low-cost fund. At retirement, you can choose how you want to convert savings into income – options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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Majority of Canadians surveyed fear they will never retire: HOOPP and Abacus survey

A surprising 59 per cent of Canadians “believe they will never be able to retire due to their financial situation,” reports Steven Brennan of Money Canada, citing recent research from the Healthcare of Ontario Pension Plan (HOOPP) and Abacus Data.

As well, the article reports, 66 per cent “of unretired Canadians now expect they will have to continue working after retirement to make ends meet,” and nearly half – 49 per cent – “are worried about outliving their savings.”

“These worries are especially pronounced among renters and homeowners facing mortgage renewals at higher interest rates. For many, homeownership is no longer the clear path to a secure retirement that it once seemed,” the article adds.

Given these concerns, it’s not surprising that the research found favourable views towards workplace pensions, particularly the defined benefit (DB) model which provides a guaranteed lifetime monthly benefit, the article continues.

“Canadians continue to see DB pensions as the most reliable foundation for retirement security. Nearly nine in ten survey respondents (88 per cent) said they would willingly contribute nine per cent of their salary — if matched by their employer — into a DB pension plan in exchange for guaranteed lifetime income in retirement,” the article notes.

“Support for pensions was consistent across age groups: 82 per cent of those aged 18 to 34, 88 per cent of those 35 to 54, and more than 90 per cent of those 55 and older all agreed they would opt in if given the chance,” the Money Canada article tells us.

A “societal benefit” is seen by those surveyed as being possible via improved access to workplace pension programs.

“More than 80 per cent believe it is in the country’s best interest for more people to have access to better retirement savings, and nearly three-quarters say companies could afford to offer workers good pensions if they chose to,” the article explains.

There’s no question that belonging to a pension plan, particularly one where the employer also contributes, is one of the best ways to build retirement savings.

But if you don’t have such a plan, how much should you be saving? The Wealth Awesome blog provides some savings targets, which were originally devised by Fidelity Canada.

By age 30, you should have saved one year’s salary, the blog suggests. By age 40, you should have three years’ salary in your nest egg. At 50, it’s up to six years, and by 60, it’s eight years’ salary, the blog reports.

If you’re saving on your own for retirement, a great partner is the Saskatchewan Pension Plan. With SPP, you decide how much you want to contribute each year – you can start small and ramp up as your income grows. You can also transfer in any amount from any registered retirement savings plans (RRSPs) you may have.

If you are looking for a program that provides guaranteed income, then SPP is the right place. SPP offers a variety of annuity options – all of them provide you with income for life, some provide income options for a surviving spouse or beneficiary. SPP also offers the more flexible Variable Benefit option.

Check out SPP today!

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