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Using “behavioural science” to help boost retirement planning
For far too many of us, the words “retirement planning” conjure up a frustrating jumble of spreadsheets, calculations, application forms and sums of money we don’t have. Easier, we think, to change the channel and worry about something else.
Recently the Ontario Securities Commission researched these “barriers to retirement” and came up with a new idea – the use of behavioural science tactics to aid the planning process. The OSC’s research is featured in a recent article in Benefits Canada.
It’s more of a “nudge approach.” One idea the report suggests is scheduling a retirement planning meeting at work. The individual must then choose to opt out of the meeting or just go with the flow and attend, the article notes. Another similar approach is to bring the future closer by showing people a variety of retirement activities and asking them to choose their favourite one.
“Keeping people from being overwhelmed or feeling other negative emotions is also important to the planning process,” the article notes.
One suggestion not touched on in the article might be to make your retirement savings automatic. Rather than rounding up dollars at the RRSP deadline, why not have a pre-set amount deducted each payday? That sort of automated savings approach is possible with the Saskatchewan Pension Plan; check out their website for full details.
A toast to the better days ahead
We’ve all been to lots of retirement parties. Here are some great retirement toasts, courtesy of the Public Speaking Advice blog, that you may be able to make use of at the next “farewell to work” event you attend.
“We don’t know what we’ll do without him but we’re about to find out.”
“May we always part with regret and meet again with pleasure.”
“May the best of happiness honor and fortune keep with you.”
“A bad day at fishing is still better than a good day at work.”
“Here’s to your health and your family’s health. May you live long and prosper.”
That last one has a bit of a Star Trek/Mr. Spock ring to it, doesn’t it?
|Written by Martin Biefer
|Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22|