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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Retirement planning in a novel format: Retire Younger Canada

Russell Roy’s Retire Younger Canada not only offers solid information on how to take control of your finances (and your life), but is a well-told, gritty novelized life story of fictional engineer Sam Jackson. We follow Sam’s life from his very early retirement at 48 until his death, in his 70s.

The author begins by telling us that he is “just a regular working Joe Schmoe who hated his job enough to be motivated to investigate and understand what I needed to do to retire early.”

As Sam prepares to clear out his desk at work, he gives a younger co-worker some important lessons “I learned as a kid,” specifically, “delayed gratification,” or learning to “save and plan,” the “impact of children on personal finances,” the importance of getting a higher education and “you get out what you put in, so work hard.”

Later, in a post-retirement party discussion, his wife Cindy remarks that many people don’t really enjoy their jobs, adding “I think that the people who truly enjoyed their jobs were the ones who chose to work for themselves.” This discussion led to thinking around the value of trying to retire as early as possible so that you can enjoy life after work in good health.

In retirement, Sam tells us, you get “freedom on so many levels. Freedom from work anxiety. You know I already feel freer to speak my mind… it feels like a weight has been lifted from my shoulders.”

Thinking about how he was able to retire at 48, Sam recalls that “as a young, bona fide working citizen, Sam saved a down payment and bought a house. This was the first, and most important and key financial decision he made.”

In a section about living off savings (decumulation) Sam talks about the ideas of spending four per cent (or 3.5 per cent) of your nest egg each year, with the goal of not outliving your money. He discusses the “bucket” plan where your nest egg is divided into “a cash bucket for the short term… a bonds bucket for the intermediate term and maybe stocks bucket for the long term.”

He goes into detail on how to track your income and expenses via a spreadsheet, and factoring in any upcoming big expenses. A second spreadsheet should track the progress of your investments, and a third, the “big picture” or grand total of all savings and investments.

He talks about the dangers of high investment fees. “You know, here in Canada, mutual funds will take an average of 2.2 per cent of your cash each year just to manage your money,” he explains to a young friend. Even if the indexes double, the annual fees eat up much of your growth, he explains. Instead, Sam reveals, he and his wife switched out of mutual funds into a portfolio of stocks – the Canadian ones eligible for the dividend tax credit – and fixed income, which he describes as “loan(ing) the money you save to others…. (so that) the money (interest) will slowly flow to you. The work of others will go into your pocket.”

He later goes on to explain that you need to be aware of the tax consequences of every type of income you will be receiving in retirement, so that you can plan to opt for a route that offers the least taxation possible.

In looking at his parents’ and in-laws’ finances, Sam noticed the risk of risk aversion had put them in the highest income tax bracket, since nearly all of their income came in the form of interest. Being anxious about investment risk, Sam observes, is a common trait. “It seems fear, more than anything, cripples people as they get older. They are afraid of more and more so they do less and less.”

“That is just another reason to retire early and live life now,” Cindy responds.

“Every day is Sunday in retirement,” the book notes, but without the dread of returning to work Monday.

The book concludes with this bit of advice.

“One parting thought. Few of us can afford the savings it would take to live forever. Retirement isn’t necessarily the end of anything. What it really is, is the freedom to make the best of the last years of your life on your own terms. Get after your bucket list, live your life to the fullest, and have fun.”

This is a very unique, creative, story-telling approach to the topic. It’s a highly recommended addition to anyone’s retirement library.

The Saskatchewan Pension Plan is a voluntary, defined contribution plan that is open to any Canadian with registered retirement savings plan room. If you don’t have a workplace retirement plan, SPP may be just the ticket for you. You decide how much you want to save, and SPP does the rest, investing your hard-saved loonies in a low-cost, professionally managed pooled fund. At retirement, your income options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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Jim Green’s Retirement Reimagined makes the important point that while traditional retirement at 65 may not work (or be available) for everyone, there are other options, such as “intermittent retirement” or the FIRE approach, to consider.

In discussing the traditional “retire at 65” approach, Green writes that “more and more Canadians are discovering that having all the time in the world doesn’t necessarily make you happy. In fact, too much free time – without purpose, challenge or community – can leave you feeling lonely, bored and even depressed.”

But there are alternatives to traditional retirement, such as “the FIRE movement – Financial Independence, Retire Early” or the Travis McGee plan, “retiring in chunks. Picture this: work hard for a few years, save up, then take a full break.”

In the section on traditional retirement, Green notes that 65 “became the standard” for government retirement programs and company pensions because, years ago, “life expectancy wasn’t much higher…. In post-World War II Canada, a male teacher retiring at 65 had a life expectancy of just 66. One quiet year of rest – and that was it.”

While some people – notably those in public service jobs with defined benefit pensions – do fine with the traditional “retire at 65” plans, many others don’t. Green notes that the average registered retirement savings plan (RRSP) balance by age 65 is just $129,000. The Canada Pension Plan pays “roughly $9,600 a year” on average, he continues, with Old Age Security adding, on average, another $8,400 annually. Only 37 per cent of Canadians have a workplace pension, he notes. These modest amounts then must stand up to the “unwanted houseguest” of inflation.

The old model isn’t broken, but it has cracks, Green writes. If you are on the path to a traditional retirement, you need to ask yourself “what will I do with my time? How will I stay engaged, healthy and connected? Can I afford the lifestyle I picture – or is it based on assumptions from my parents’ generation?”

Planning helps. You need to know, in advance, your retirement income from all Canadian sources, Green writes. Max out retirement savings vehicles where you can and create a “purpose plan” to make the most of your free time.

Another approach is the FIRE plan, Green writes.

For this to work, you need to “earn a lot (or at least more than average.” You then “live on very little… FIRE fans are masters of minimalist living.” You need to “save aggressively – like 50 per cent of your income…. Your bank account grows while your social life… doesn’t,” he warns. This money must then be invested wisely. “No crypto. No lottery tickets. Just good old index funds, ETFs, and compound interest doing its thing over time.”

FIRE can work. The book cites the example of Priya in Mississauga, who was able to “retire” at 39, mortgage-free. “Freedom. No bosses, no commutes,” writes Green, adding that many FIRE devotees will still do part-time work they like to cover expenses, but are retired from full-time work they didn’t like.

On the negative side, FIRE “can also turn into a pressure cooker of frugality and spreadsheet obsession.” You will, writes Green, be saying no to things now “so you can say `yes’ later,” and driving a more modest car, but “the magic lives” in the moment where your investments cover your expenses. “That’s when you can start living differently, and you can do it decades before 65,” he adds.

The final idea presented in the book is the “retirement in chunks” or Travis McGee approach.

“Take on a risky but well-paying job. Earn enough for a comfortable break. Sail off, read, relax, restore. Repeat when funds (or purpose) ran low.”

“It’s a little like sabbaticals, seasonal work, or freelance life – but with better tans and more tequila,” Green adds.

Green describes “retirement in chunks” as a “middle way” between traditional retirement at 65 and FIRE.

“You work, when it suits your finances and your passions. You pause, to reset, travel, raise kids, study or just breathe. You return, not out of desperation, but because you’ve still got gas in the tank – and curiosity that needs satisfying.”

Interesting side benefits of this strategy include doing your travelling while you are young, rather than waiting until you are older and less healthy, Green writes. “When you live intermittently retired, you stay in the world. You meet people. You try new things and keep adding colour to your life canvas.”

This is a great book, particularly if you are younger and still planning your future life. The idea that there is more than one way to approach life after work is a strong one, and Green lays out the strategies clearly, with lots of references to Canadian resources, handy checklists, and a very good sense of humour. An excellent read!

No matter how you approach the inevitable end of full-time work, money will be very handy to the future you. As the book mentions, a mere 37 per cent of us have access to workplace pension plans. If you are among the 63 per cent who don’t have a workplace plan, the Saskatchewan Pension Plan may be just what you have been looking for.

You save the money in your SPP account, and we invest it, professionally, in a low-cost pooled fund. At retirement, you can choose from such options as a lifetime annuity payment or our flexible Variable Benefit.

Check out SPP today!

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Inspiring book helps you face challenges, manage negativity and adversity

“Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.”

This quote from Thomas Jefferson launches you into The Mental Toughness Handbook by Damon Zaharaiades.

“Mental toughness,” he writes, “is required to overcome hurdles that threaten to derail us from our goals. This state of mind can literally mean the difference between success and failure,” he adds.

He continues by noting that “mental toughness is durability in the face of adversity.” Faced with stress, “do we crumble or persist? Do we give up or stay the course?”

There are emotions, too, notes Zaharaiades. “How do we deal with our anger and disappointment when life seems unfair to us?” Are we resilient – “do we dust ourselves off and get back on track, or complain and blame others for our predicaments,” he asks. Finally, there’s grit – “do we press onward or concede defeat” when goals are going to be hard to achieve.

The book outlines some of the attributes of those who have mental toughness, while also offering steps we all can take to boost these qualities in ourselves.

An example is adopting “practical optimism,” he explains. “Mental toughness is usually found in those who have a positive attitude… optimistic about the future,” and striving “to make the best of every situation rather than being ‘gloomy and pessimistic.’”

Among the challenges to combat is listening to hard to your “inner critic,” writes Zaharaiades. “It’s the voice in our heads telling us that we’re not good enough, smart enough, or attractive enough… it finds fault in everything we do and asserts that others will do the same.”

The book outlines ways to “showing your inner critic who’s the boss,” he continues.

Other things to overcome include fear, laziness, perfectionism, self-pity and self-doubt, emotionalism, and self-limiting beliefs.

Zaharaiades notes that self-awareness holds great value. We need, he writes, “to be acutely aware of our thoughts, beliefs and convictions.” Rather than trying to be detached from our emotions, he continues, we need to “embrace them… by acknowledging our fear, frustration and other negative emotions when things go wrong, we’re able to evaluate them, determine their veracity, and regulate the ones that are unrealistic,” he writes.

With emotions, control is possible through reflection, scrutiny of negative emotions, meditation, and confronting “your inner critic whenever it `speaks,’” he explains. Recognize “circumstances you can influence and circumstances you can’t influence.” Finally, take action, even when you’re uncertain of the outcome. This will train your mind to be proactive,” he notes.

On catastrophic thinking, he notes that “if we fail to prepare psychologically for the challenges we’re sure to face every day, our minds will slowly perceive every obstacle to be more consequential than is true.” He advises us to “push back” against any catastrophic thoughts as they emerge.

He presents a technique to use to develop good habits – “start small.”

“For example, suppose you’d like to start exercising on a daily basis. You might be enthusiastic and tempted to start your new habit with a 45-minute workout on Day 1. Don’t do that. Instead, take baby steps. Start with a five-minute workout…. (then) make slow, incremental progress.”

Near the end of the book, in a chapter focusing on tactics to boost your mental toughness, Zaharaiades suggests we “stop spending time with negative people… they complain, criticize, and can put a negative spin on anything… guard your time. Don’t allow negative people to monopolize it.”

The book concludes by noting if you build up the “muscle” of mental toughness, “you’ll be able to rely on it whenever life presents you with unanticipated challenges and obstacles.”

This is a really well-written, well-researched and helpful guidebook, well deserving of a spot on your bookshelf.

Many people know they should be saving for retirement, but never get around to it, perhaps because they think it will require a big effort and/or a big outlay of cash. As the book suggests, an approach is to start small and build your savings rate incrementally.

This is entirely possible for members of the Saskatchewan Pension Plan as you, the member, decide how much the contributions will be. You can start very small and ramp things up over time. The heavy lifting of investing your contributions in a professionally managed, low-cost pooled fund is done by SPP. And when it is time to turn savings into income, your SPP options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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If your knowledge of investment terminology is limited – or even if you have done a bit of it over the years – Bob Kaye’s How To Avoid Not Having Enough Money To Live On After Retirement delivers a lot of info in a fun, crossword-laden way.

While the book is aimed at U.S. readers (several chapters are devoted to the ins and outs of the tax system south of the border) the investment overview material is good for anyone.

The first chapter reassures us with a quote from the great Warren Buffett – “to invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from eroding that framework.”

On inflation, Kaye warns that “if inflation moves upward at four per cent, then the cost of living will double every 18 years…. (and) in 36 years, $1 million will be worth only $250,000.” That’s why people need higher returns on investments than the rate of inflation, he explains.

He makes a distinction between long and short-term investments. “Due to the frequent ups and downs of stock investments, they are usually only a correct investment for the long term, four to five years, or more.” If you are saving not for say, retirement, but for a short term goal, “a time horizon (of) less than four to five years,” it is better to invest in a savings account or “fixed income” investments.

He sees stocks as the most important investment category for long-term investing.

“Stocks should constitute the overwhelming proportion of all long-term, financial portfolios. Based on historical evidence, even the most conservative investors should place most of their financial wealth in common stocks,” the book quotes Jeremy Siegel as saying.

Stocks provide you “a share of ownership in a company,” and the value of them “goes up and down with the value of the company.” Bonds, on the other hand, “are a loan from you to a government or large corporation” that is paid back with interest.

Kaye sees equity investment as “insurance against living too long” as they tend to appreciate in value over time and often pay you income via monthly or quarterly dividends. Bonds tend to pay you interest twice a year, the book explains.

He notes that a “small cap” investment refers to shares in a company that is valued at $300 million to $2 billion; “medium-cap” is $2 to 10 billion and “large cap” refers to companies values at more than $10 billion, such as “Microsoft or Disney.”

Kaye also explains the difference between “value investing” and “growth investing.”

“The manager… who buys stocks at a bargain and waits for them to increase in value is said to be managing a `value’ fund,” he writes. If the goal is to “buy stocks which are steadily increasing in value,” it’s a growth fund. “Neither of these two strategies may be superior, but rather, they complement each other,” he notes.

“Rebalancing” refers to “periodically rebalancing the percentages of (securities) in a portfolio to their original allocations.” As one security will do better and another worse, rebalancing “automatically sells high and buys low, which is a positive way to earn more income on investments.”

He presents a “diversification scale” which explains that if your portfolio contains “a few stocks and bonds in the same asset class” it is not diversified. If you have a portfolio containing “10 to 20 stocks and 10 to 20 bonds” you are, Kaye writes, “barely diversified.” He sees a “well diversified” portfolio as having “several mutual funds in different asset classes,” along with many dozen stocks or bonds.

Kaye concludes his book, which is laden with crosswords, interesting famous investing quotes, graphics and charts, by hoping readers are now “more proficient in the basic terminology which is the foundation of investments and retirement planning.”

A message of Kaye’s book is that a diversified basket of investment “eggs” is preferable to owning only one or two things. Members of the Saskatchewan Pension Plan, open to all Canadians with registered retirement savings plan room, can rest assured that their savings are well diversified. The SPP Balanced Fund features investments in Canadian, U.S. and Non-North American equities, real estate, infrastructure, bonds, mortgages, private debt and short-term investments.

Check out SPP today!

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Years ago, at another job, we put out a booklet about what to do if you had an “unexpected” retirement. Where we were trying to go was to think about people who leave their jobs due to health problems, layoffs or cutbacks, and other unpleasant surprises.

Target Your Passion by Joy D. Holland uses a case history approach to present the stories of five people who faced unexpected adversity in their retirement years – and what they did to right the ship.

“Not everyone has the opportunity to travel on long vacations, to play 36 holes every week or `shop till you drop,’” she writes. Her book is aimed at those who “need to make plans” for retirement but “don’t have the direction.”

Many arrive at retirement asking, “what am I going to do now,” she continues. Do they know where they are headed – “do I have any ideas… any clues?” Or, if they aren’t doing anything with their time in retirement, “am I in a rut… how did I get here? What am I good at doing? What do I love to do?”

She warns us that “those who retire into a rocking chair fare very poorly. Their quality of life is not optimum, and their lives are shortened by boredom, poor health, or both. What a shameful loss! We still have so much more to give!”

Next, the book introduces five people facing five different retirement challenges. Retired bank employee Gloria’s husband Matt “suffered a massive stroke which left him almost completely incapacitated” soon after his retirement, throwing plans for retirement travel out the window.

Workaholic engineer Ted – divorced at age 57 – gets “a devastating diagnosis,” that he “was destined to spend the rest of his life in a wheelchair,” making the avid, fit golfer “more and more angry.”

Maggie, the book tells us, is a single parent housekeeper who – now with an empty nest – isn’t able physically to do her work due to back problems. Chris, who worked for a construction company, found he had “cabin fever” after just months of retirement. Finally, Jessie, 60, is alone, unemployed and divorced “after decades of being a wife and mother who worked odd jobs to keep the family together.”

All five, writes Holland, “had some really difficult choices to make. Not one of them had any idea of where to begin. The first thing each of them did, after taking time to bemoan their future, was to face it and take stock of the situation in which they found themselves. They then listed their strengths and weaknesses, what they loved (and didn’t) and what they could do; and whether it was something they even wanted to do.”

Gloria looked for things she could work at and “drop in a second whenever Matt needed her.” She resumed an old hobby of needlework; “she could knit or crochet baby blankets” and sell them online.

Ted relaxed and “downsized his home and made it wheelchair-accessible and functional,” and bought a van he could drive with hands only. He looked into being a teacher of the engineering skills he had mastered.

Maggie, bad back and all, decided to hire a team of women to take her place in a cleaning business she would start and manage. Chris recalled the days of making wooden toys for his kids and got back into woodworking. Jessie dusted herself off, put a resume together based on her office skills, and began looking for new work and an affordable place to live.

All five took steps that ultimately turned their retired lives around, Holland writes.

“Most of us, at least, have options that those five might not have had… but they all used the same format to move forward,” Holland writes. Review and brainstorm your ideas and dreams, she writes. Look at things you like and love, your skills, and any “potential opportunities” that are out there for you. Look for resources at the local level, perhaps with the Chamber of Commerce or online tutorials, she continues.

She includes a detailed list of ideas for activities that can generate income and enjoyment.

This is an interesting and well-written approach to the subject of coping with adversity in your elder years.

Many people don’t think about saving for retirement and also don’t have any sort of retirement savings program at work. If the idea of saving and investing dollars for retirement is daunting to you, you may want to take a look at the Saskatchewan Pension Plan.

SPP does all the heavy lifting of retirement savings for you – they will take your savings dollars, invest them in a professionally managed, low-cost pooled fund, and grow them until you retire. When that day arrives, your options include a lifetime annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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In her book Effortless Frugality: 25 Tips to Save Money and Maximize Efficiency, Jenny Koo’s goal was to provide “a practical guide for anyone looking to incorporate frugal living into their daily routine.”

“Adopting a frugal lifestyle doesn’t mean compromising on quality or comfort; rather, it emphasizes making smart, sustainable choices that enhance our lives and reduce waste,” she continues.

And then, this slim but information-packed book launches into details on 25 money-saving and often environmentally friendly frugality tips.

There’s the idea of turning old sheets into curtains, “an excellent way to save money on home décor while reducing waste.” All you need, the book advises, are some old sheets, scissors, a sewing machine (or fabric glue) and a curtain rod and hooks.

Our first apartment featured curtains that were made out of an old Halloween costume – a Scotsman’s kilt – that we still had lying around a few years later! A fine tartan design touch.

There’s the idea of converting old jeans into cut-off shorts, as well as a section on how to braid old clothes into braided rugs. “Karen, a retiree looking for a new hobby, created a beautiful, braided rug from her old clothes. Not only did she enjoy the creative process, but she also produced a durable rug that added charm to her living room,” Koo writes.

There’s an idea our parents used to employ – saving old jars from things like pasta sauce “for pantry organization,” a move that “not only saved money, but also made (the) pantry more visually appealing and easier to navigate.”

Each of these ideas is accompanied by clear, easy-to-follow instructions.

There’s the idea of ditching your disposable razor and picking up an old-style “safety razor” like your dad or granddad used to use. That keeps the disposable razors out of landfills and provides “a more durable and cost-efficient” shave over time, Koo writes.

Avoid using disposable plastic “single use” plastic wraps by using “beeswax wraps, silicone wraps, and fabric bowl covers,” Koo suggests. This is how we used to roll in the 1960s, before plastic wrap was rolled out. Reusable non-plastic wraps save on waste and save you money, she explains.

Getting a rain barrel and attaching it to your downspout gives you a nice, free supply of water for “non-potable uses, such as watering plants or cleaning.” Our neighbour does this, and it is surprising how strong a flow of water is delivered via the tap on his rain barrel.

There’s the idea of an indoor drying rack to save using a dryer, and another one we often do, to “bake multiple items in the oven at once to save energy.” Both take some money off your gas or electric bill.

There’s a bit on making your own apple cider vinegar, and on using leftover veggie scraps to make your own vegetable stock powder. There’s a recipe for a homemade herbicide (based on vinegar, salt, and dish soap) that Koo says can help control garden weeds without the use of “harmful chemicals.”

There’s a section extolling the value of shopping thrift stores for clothes, housewares, and books and media. “Donate any unused items back to the thrift store to continue the cycle,” advises Koo.

Final ideas include preserving fruits with a dehydrator, and making gifts, such as “knitted or crocheted items, homemade candles or soaps, or personalized photo albums or scrapbooks.”

“Adopting frugal living and productive habits may seem challenging at first, but remember that every small step counts,” advises Koo. “Start with one or two tips that resonate with you and gradually incorporate more into your daily routine. The journey to a more frugal and sustainable lifestyle is ongoing, and the benefits you reap will grow over time.”

Money saved in the short-term can often benefit you in the long term. How? By directing some of your savings to your retirement savings plan, your future you will benefit from today’s frugality. Consider the Saskatchewan Pension Plan when choosing a retirement savings partner.

Open to all Canadians with unused registered retirement savings plan (RRSP) room, SPP lets you contribute at your own pace to your plan. We do the heavy lifting of investing your hard-saved loonies in a pooled, low-cost, professionally managed fund. At retirement, you can select a lifetime monthly annuity payment, or other options such as the more flexible Variable Benefit.

Check out SPP today!

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Whether it’s money problems, weirdness at work, relationships going wonky or what have you, other people can bring you down.

In her book Let Them, author Mel Robbins provides a seemingly simple way to turn the situation around.

She begins by discussing the “5 second rule,” a coping strategy she developed during tough times with employment and money. “I was paralyzed by my own thoughts, and the last thing I wanted to do was get up and face another day,” she writes. But, she thought, why not try a NASA-style countdown – 5, 4, 3, 2, 1 – and then “launch myself out of bed.”

This little trigger helps you “take action before hesitation kicks in.”

And while the “5 second rule” helps trigger you to take action, Robbins searched for a way to address things like fear of failing, being “nervous about taking a risk… why do I have a hard time asking for what I need? What exactly is in my way?”

Her research found that for most of us, “struggling to change your life, achieve your goals, or feel happier… the problem isn’t you. The problem is the power you unknowingly give other people.”

“You make the mistake of thinking that if you say the right thing, everyone will be satisfied. If you bend over backward, maybe your partner won’t be disappointed. If you keep the peace, maybe your family will stop judging your choices,” she rights.

The solution, she says, to “driving yourself crazy trying to manage or please other people,” is “Let Them.”

“Let Them be grumpy. It’s not your problem,” she writes, Let Them “have their opinions… they don’t change who you are.”

“The more you let other people live their lives, the better your life gets,” she explains.

The book is filled with anecdotes to illustrate how simple idea works, and how liberating it is. “Let my family be late to absolutely everything we go to,” she writes. “Let Them leave dishes in the sink. Let my mother-in-law disagree with my parenting.” The list is exhaustive.

But “Let Them” is just half of the toolkit, she writes. “There is a second, critical part to the theory – Let Me.”

“That’s why the theory only works if you say both parts. When you say Let Them, you make a conscious decision not to allow other people’s behaviour to bother you. When you say Let Me, you take responsibility for what YOU do next,” she explains.

“Let Me immediately shows you what you can control…. your attitude, your behaviour… your values, your needs, your desires, and what YOU want to do in response to what just happened,” she writes.

In a chapter on stress, the book explains how the Let Them/Let Me tool can help you overcome it. “Stress causes you to doubt yourself, procrastinate, burn out, doom scroll, and struggle with comparison,” she warns.

In a chapter on dealing with difficult people – those who have negative opinions about you or your work, for example – the Let Them tool reasserts the idea that “adults are allowed to think whatever they want,” so fearing that sort of criticism “is a complete waste of time.”

“Let Them go silent. Let Them erupt. Let Them play the victim. Let Them sulk. Let Them deny that it happened. Let Them make it all about them,” she writes.

“Then, Let Me…. be the mature, wise, and loving adult in this situation. Let Me decide if I want to address them directly or not at all,” she advises.

It can help with “comparison” issues, where we feel inferior in appearance, wealth, or athleticism.

“There are two different types of comparison that people engage in – torture or teacher,” she explains. “Torture… is when you find yourself obsessed over, caught up in, or beating yourself up over something that you will never be able to change.”

Instead, “use comparison to your advantage” and learn from what others have done right. “Let it fuel your own journey. Other people’s success is evidence that you can do it too…. And build the extraordinary life you deserve.”

Closing chapters of the book use the techniques for such topics as restoring old friendships, creating new ones, embracing change, and helping others heal from downturns in life.

Robbins concludes by noting “you’ve always been in charge. You’ve always had the power. Now, it’s time to take it back.”

This is a well-written, well-researched book that is fun to read and even a little empowering. A good addition to your personal library, as we all go through periods of self-doubt and need to re-ignite our energy.

The Saskatchewan Pension Plan is a great savings partner in your dream of building up a retirement nest egg. If you aren’t sure how to invest in today’s turbulent markets, let them do the heavy lifting for you. SPP’s investments are professionally managed in a low-cost, pooled fund – and at retirement, you’ll choose among options such as a lifetime monthly annuity cheque, or the more flexible Variable Benefit.

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The book Retirement Reimagined by A. Cameron Strong is a fact-filled, well-written and clear walkthrough of all facets of retirement – from saving up, to living off the savings, and even on to the tricky phase of estate planning, wills and executor duties.

To answer the classic question of how much to save for retirement, the author first explains how you need to know what you are spending now (before retirement) as well as what you expect you’ll spend once retired.

He provides a handy checklist of fixed, discretionary and unexpected expenses you may be facing. Then, you need to think ahead to what income you’ll get in retirement – money from registered retirement savings plans (RRSPs), Tax Free Savings Accounts (TFSAs), registered retirement income funds (RRIFs) and their locked-in cousin, the Life Income Fund (LIF), insurance, annuity income, and maybe rent from a rental property.

There will also be money coming in from the Canada Pension Plan (CPP), Old Age Security (OAS) and for some the Guaranteed Income Supplement (GIS); others may receive workplace pension benefits.

Subtract future expenses from future income, he suggests.

“If this number is a positive, congratulations! You now know what your income number must be to cover off your expenses in retirement and you have a plan or have already reached your savings and retirement goals,” he writes. But if the number is negative, “you are not living within your means. You will need to find ways to cut your expenses or boost your income to avoid going further into debt before you retire,” he warns.

Ways to cut costs during your working years include “downsizing to a smaller dwelling or moving to a more affordable province or country,” or going to one car from two, and “paying off credit card debt immediately to save on high interest charges,” he writes.

Knowing what you need to cover your expenses is key to establishing a savings target, writes Strong. Many financial institutions suggest you need to save eight to 10 times what your last annual income was, he says – so for a family “with a combined family income of $130,000 per year,” the savings target would be $1.04-$1.3 million, he explains.

The book covers investments, ranging from low-risk, interest-bearing investments like bonds and guaranteed investment certificates and precious metals, like gold and silver, on to higher-risk categories.

Strong notes that gold and silver can be good investments in challenging economic times.

“Gold has an important economic role as a means of exchange should current collapse,” he explains. Gold and silver can be bought physically – apparently even at Costco – or via stocks in gold mining companies or exchange-traded funds that own precious metals. He calls these “paper gold and silver,” and says they are easier to buy and sell on the stock exchange and don’t require secure storage.

Higher risk investments (and the author recommends you get professional advice before entering into this category) include crypto, currency trading, real estate investment trusts (REITs), junk bonds, venture capital, penny stock and options.

Bitcoin, he warns, has had a wild ride in pricing. “In 2017 bitcoin was trading at around $3,000 U.S. Then it went as high as $60,000 U.S. in 2021 before `crashing’ down to close at $17,000 U.S. in 2022.” He adds that central banks remain on the fence about crypto, and some countries have even banned it.

He spends some time on do-it-yourself investing and its pros and cons.

“Do you have enough skills and knowledge to make sound decisions,” he asks. Are you being too conservative (losing out to inflation) or “not conservative enough?”

Is DIY your best long-term option, and what will you do “if you are no longer able to manage your own investments due to health issues.”

An option for DIY investors, he writes, is to go “hybrid” and have some of your investments managed professionally by a third party.

“Good investing is about the long-term experience and trying to avoid mistakes along the way that could damage your investment portfolio. It is vital to keep learning, researching and trying new strategies. But do so carefully and with knowledge and professional help!”

In a chapter on investing for retirement, he talks about borrowing to contribute to an RRSP.

“Who should be taking advantage of the RRSP loan strategy? Anyone who wants to make an RRSP contribution for the previous year in the first 60 days of the new year, has less cash on hand than they’d like to contribute, and has sufficient RRSP contribution room. And this is crucial: you are disciplined enough not to spend the refund.”

In a chapter about RRSPs and RRIFs, he makes another good strategic point.

There is an annual minimum withdrawal amount that kicks in a couple of years after you start your RRIF. If you don’t need that income, “you can deposit any excess cash or securities in-kind to a non-registered account.” From there you can consider moving the funds to a TFSA “to benefit from tax free growth.”

On annuities, Strong writes that an annuity “provides some income stability for the retiree when stock markets and other investments are volatile. It pays out the same amount no matter what is happening in the capital markets.” He says most financial advisors suggests an annuity should provide 30 per cent of your retirement income.

There’s a great chapter on wills, and a checklist showing the duties of an executor that sadly is becoming something more and more frequently needed as this writer leaves his mid-60s behind. Trust us, when a loved one passes, there is a lot of paperwork required.

Strong notes that “if a parent, relative, or spouse passes away the spouse or child of that person is not responsible for any debt held by that individual if it is not joint or co-signed.”

At the end of this excellent book Strong focuses on the need to stay healthy and focused in retirement. “You need a goal or a series of goals, something with purpose because that’s what makes life meaningful,” he advises. “Explore and find your niche!”

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“History never repeats itself; man always does.”

This quote from Voltaire kicks off Morgan Housel’s thought-provoking and well-researched look at how our past behaviour and actions, as a society, can help us try and prepare for what’s ahead.

Amazon’s Jeff Bezos, the book tells us, is often asked “what’s going to change in the next 10 years,” but rarely is asked “what’s not going to change in the next 10 years…. And I submit to you, that the second question is actually the more important of the two.”

“Things that never change,” explains Houssel, “are important because you can put so much confidence in knowing how they shape the future… the same philosophy works in almost all areas of life.”

And while we are pretty good at predicting the future, it’s surprises that throw us, he continues.

No one predicted The Great Depression, he explains. Why?

“Either everyone in the past was blinded by delusion,” he posits, meaning they didn’t want to see the crash coming, or “everyone in the present is fooled by hindsight.”

“The biggest news, the biggest risks, the most consequential events are always what you don’t see coming,” he explains.

Another category Housel talks about is overall happiness.

A problem that works against us is the tendency to “compare yourself to your peers,” he writes. We want the same things that the super-rich purport to have, at least according to social media.

“You see the cars the other people drive, the homes they live in, the expensive schools they go to… The ability to say `I want that, why don’t I have that? Why does he get it but I don’t,’ is so much greater than it was just a few generations ago,” he explains.

Indeed, he points out, in the 1950s people earned less, but were okay with living in smaller homes, not having healthcare, wearing hand-me-downs and camping instead of staying in hotels because everyone else was in the same boat, doing the same things.

“Economic growth accrued straight to happiness. People weren’t just better off, they felt better off,” he explains of the 1950s.

In a later chapter, he stresses the importance of “the story,” versus the numbers.

He notes that Jeff Bezos once said “the thing I have noticed is when the anecdotes and the data disagree, the anecdotes are usually right. There’s something wrong with the way you are measuring it.”

It’s not easy to measure things like “feelings, emotions, and fears, all of which regulate what we’re capable of,” he explains.

As an example of data versus “the story,” he quotes investor Jim Grant:

“To suppose that the value of a common stock is determined purely by a corporation’s earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defence of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed.”

“Every investment price,” writes Housel, “every market valuation, is just a number from today multiplied by a story about tomorrow.”

Near the end of the book, he makes three interesting points about navigating the future:

• “When good and honest people can be incentivized into crazy behaviour, it’s easy to underestimate the odds of the world going off the rails.”
• “Unsustainable things can last longer than you anticipate.”
• “A good question to ask is `which of my current views would change if my incentives were different.’”

A final bit of advice, in the chapter “Wounds Heal, Scars Last,” is that “people tend to have short memories. Most of the time they can forget about bad experiences and fail to heed lessons previously learned. But hard-core stress leaves a scar.”

This is a book that makes you think. There’s a lot of great ideas and stories in this book that a short review can’t fully explore – it’s definitely worth adding to your home library.

These days, the idea of working at one place for decades seems unlikely, a fate only a few of us get. You’re more likely to work at many different jobs in your career. All those career changes don’t have to impact your retirement saving.

Since the Saskatchewan Pension Plan is open to individuals (as well as organizations), changing jobs won’t affect the progress of your retirement savings with SPP. That’s because we collect pension contributions directly from you, rather than going through your employer. Find out about Canada’s made-in-Saskatchewan retirement savings solution!

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