Piggy bank strategies – making piggy work harder for you

All of us, even those of single-digit age, understand how a piggy bank works. You fill it up with loose change and the odd bill, and when it’s full – wait, what do people do with it then?

Save with SPP took a look around to see what piggy bank strategies are lurking out there on the Interweb.

Let’s start with ETFFIN blog.

The blog sees piggy banks as an ideal place “to keep your spare change. Dropping loose change from your purse, pocket and car cushions into a piggy bank will keep you from knowing how much money you have accumulated until you open up the piggy and count up the change. You can take the saved change to a bank to deposit it into an account or in exchange for bills. This process allows you to make the most of every cent you earn, which can accumulate into saving of $10 from a piggy bank of pennies, up to at least $50 from a (bank) of quarters.”

The blog recommends that you use a different coloured piggy bank for each type of change and bill. “This saving trick will help you be more organized with your money, and can lead to more saving since you can keep better track of the money you have, as well as how much you want to put away rather than spend,” the blog explains.

The blog recommends that you have a savings purpose for each piggy bank – “such as to book a vacation or buy a new item of clothing.” This, the blog continues, “creates incentive to use a piggy bank more, and therefore, creates more opportunity for saving money.”

A final thought from ETFFIN – a piggy bank can hold bills, and not just change. “Even small bills, such as ($5 and $10 bills), will add up quickly if you put them in a piggy bank. A piggy bank full of… $5 and $10 bills can quickly add up to several hundred dollars. After you have filled the piggy bank, empty it, then take the money to a bank to deposit or to get the amount back in more manageable bills,” the blog advises.

The Monzo website advocates a multi-piggy bank approach, with each bank having a specific savings goal.

“Piggy banking involves setting up multiple piggy banks… and splitting your money between each one. You use the money in each piggy bank for a different purpose – like bills, groceries and new clothes,” the site explains. We are instantly reminded of the multiple jar approach popularized by Canadian financial author Gail Vaz-Oxlade (Feb 8: Control spending and debt, and you’ll free up money to save: Gail Vaz-Oxlade | Save with SPP).

The Monzo site suggests – after setting up a budget – that you establish separate piggy banks for these categories: rent or mortgage, bills, groceries, eating out, new clothes, holidays and “savings, investments and debt repayments.”

The site suggests that you overestimate the amounts you’ll need (to stay on the safe side) and that if you don’t want to use cash in physical piggy banks, you can set up separate online accounts for each “piggy” category. No matter how you approach it, the money in each bank can only be used for spending on its designated category.

The Moneystepper site provides a few additional ideas.

“Never empty your piggy bank haphazardly,” the site warns. “If you do, it’ll quickly simply become a nice tidy way to store your money rather than being a money-saving tool.”

Don’t, the site suggests, set a limit on what goes into the bank – say, nothing bigger than a quarter. “All that does is tell your brain that (anything over a quarter) can be spent,” and not saved, the site notes.

Have the goal of doing something specific with your piggy bank once it is full, the article concludes.

“You should be aiming to empty and place your piggy bank amounts into your real bank account on a scheduled basis (I would recommend every six months at most). If not, you will be losing out on too much compound interest,” the site adds.

We used our piggy bank to save all loose change, any scratch ticket winnings, payouts from our dental and vision insurance, and other unexpected amounts. All money saved was contributed to our Saskatchewan Pension Plan accounts! We even used small gift cards to make contributions.

SPP invests everyone’s savings dollars in a low-cost, professionally managed, pooled fund. You can decide how much you want to contribute, and can also transfer in any amount from registered retirement savings plans (non-locked-in) you may have. When it’s time to retire, your income options include the security of a monthly lifetime annuity payment or the more flexible Variable Benefit.

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The Annuity Puzzle – working paper looks at why annuities, an answer to running out of savings, are not more popular

If people fear running out of savings when they retire, you’d think annuities – a way to convert some or all of your savings to a lifetime income stream – would be more popular.

A working paper produced for the National Bureau of Economic Research (NBER), titled The Annuity Puzzle Revisited: Barriers, Behaviour, and Policy Paths to Lifetime Income, takes a look at why the annuity solution is not more top of mind for retirees.

The paper’s authors are Hal E. Hershfield, Suzanne Shu, Jeffrey R. Brown, Abigail Hurwitz, Olivia S. Mitchell, Tamiko Toland and York University’s Moshe Arye Milevsky.

The paper begins by noting that, when considering retirement, “retirement plan design and academic research have focused on wealth accumulation, emphasizing how to encourage employees to begin saving and contribute at rates sufficient to support financial security later in life.”

However, the authors note, “the process by which retirees spend down their wealth has historically received far less attention from academics, policymakers and industry. Wealth decumulation decisions, or how to optimize consumption over an uncertain remaining lifespan, are among the most difficult ones that people face.”

The paper notes that “a life annuity… in which the consumer exchanges an amount of money for guaranteed lifetime income that may start immediately or at a future date” is often overlooked as a decumulation tool.

“A large body of economic literature has concluded that consumers should place a high value on annuities, yet in practice, few individuals voluntarily annuitize, a conundrum known as the `annuity puzzle,’” the authors notes. “There is also a substantial disconnect between the roughly half of consumers who report they would favor buying an annuity to protect against running out of money in retirement and the much smaller share of about 12 per cent that actually do (Arapakis & Wettstein, 2024),” the paper adds.

So why are annuities, which are the primary way to deliver guaranteed lifetime income, the paper continues, less popular than other options?

Many households, the paper suggests, “value retaining liquid assets to leave to heirs.” In many cases, an annuity conversion is “fully or partially irreversible,” meaning you can’t undo your choice, the paper adds. The paper (designed for a U.S. audience) notes that most government retirement benefits already provide “a substantial stream of guaranteed lifetime income.” (The same can be said of Canada Pension Plan and Old Age Security benefits here in Canada.)

The paper goes into detail on other factors that impact people’s willingness to convert savings to annuities, including such things as pricing and their own thoughts on their potential longevity.

There’s a “behavioural impediment,” the paper notes – “people tend to focus on the chance of `losing’ principal when they die, rather than on the insurance value of having lifetime income protection” while they are alive.

Similarly, the paper notes, “retirees who have worked for decades to build a healthy retirement balance are likely to feel strong ownership and endowment over these balances, making the transfer of these funds… in exchange for an annuity highly uncomfortable.”

The paper then explores ways to boost annuity adoption.

“Survey evidence also suggests that many older Americans regret not having purchased annuities, highlighting the consequences of this gap (Hurwitz & Mitchell, 2025a),” the paper notes.

In some jurisdictions – notably Singapore and Israel – retirement systems require “partial” annuitization, the paper notes. At least some of the savings must be used to provide guaranteed income via an annuity, the paper explains.

Another plan design seen in Sweden and Switzerland is to have annuitization as the default choice for decumulation right from the time the member is enrolled, the paper continues. Some systems offer deferred annuities that start when the member reaches an advanced age.

Other systems build in ways “to address concerns about bequest, regret, and loss aversion,” such as offering “refundable income annuities, including cash-refund and installment-refund variants,” to reduce the perception that you have “lost” money by converting to an annuity.

The paper notes that most defined benefit pension plans offer lifetime annuity-style payments, but that the focus for more common defined contribution plans has more usually been on capital accumulation, with less design consideration given to decumulation. In the U.S., the paper notes, more policy and regulatory actions have been recently taken to increase annuity adoption, but progress has been slow.

Clearly, the paper notes, there needs to be more advice given to individuals on the importance of the annuity option, perhaps via more emphasis on financial literacy.

“One set of interventions would involve enhancing financial and longevity literacy, as low levels of financial literacy remain a major impediment to effective retirement planning (Lusardi & Mitchell, 2024),” the paper notes. “This ability is especially important for annuities, given the complexity of the decision process required (Brown et al., 2021). Although evidence on whether general financial literacy increases annuity demand is mixed, annuity-specific knowledge appears to be positively associated with annuity demand (Goedde-Menke et al., 2014; Hurwitz & Mitchell, 2025b),” the paper adds.

Indeed, the paper concludes, the need for better education to help people make informed choices is quite apparent.

“Creating more effective retirement income choice environments will require coordination among employers, insurers, advisors, regulators, and policymakers, even when incentives are imperfectly aligned. No single innovation or regulatory change will reliably deliver the outcomes predicted by idealized economic models. Meaningful progress will instead depend on a combination of education, carefully designed nudges, and continued innovation in products and choice architecture,” the paper concludes.

Members of the Saskatchewan Pension Plan have access to a variety of annuity options when it comes time to convert their savings (in total or in part) to income.

According to the SPP Pension Guide (retirement_guide.pdf), members can choose a life-only annuity (income goes to the member for life with no survivor options), a refund life annuity (where any balance remaining of the amount you transferred for your annuity can be paid to your beneficiary), and a joint and last survivor annuity (where a surviving spouse or common law partner receives some or all of your annuity payment for the rest of their life after you pass away).

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Putting your best foot forward – the benefits of walking

We keep seeing it on television, our phones, and over the airwaves – walking is one of the best exercises out there.

What makes it so? Save with SPP decided to prowl around the Interweb to see what people are saying about the health benefits of walking.

According to the Mayo Clinic, “regular brisk walking” can help maintain or manage your weight, “prevent or manage various health conditions” such as “heart disease, stroke, high blood pressure, several cancers and type 2 diabetes,” improve heart health and fitness, and build endurance.

As well, the article continues, walking helps strengthen your bones, boosts your energy level, “improves mood, thinking, memory and sleep,” reduces stress and anxiety and “improves your physical function and, in older adults, lowers fall risk.”

The Clinic suggests that “walking faster and farther” is linked to the best results. “If you are just starting out, slowly work your way up to walking faster and farther. Over time, you may notice you can walk farther in less time. This helps you get aerobic activity, improve heart health, build endurance and burn calories.”

The Prevention website chimes in on the health benefits of a nice brisk stroll, noting that it can help your cognitive function and overall heart health.

“Walking is an easy-to-do exercise that has so many benefits with very little risk of injury or death,” Adam Mills, exercise physiologist and cycling coach at Source Endurance, states in the Prevention article.

The key, the article continues, is to get in at least 30 minutes of walking per day.

And, the article says, all the stuff you read about aiming for 10,000 steps a day may be overdoing it.

“A 2021 study published in JAMA Network Open found that for people ages 38 to 50, 7,000 steps was associated with a lower mortality rate,” Prevention reports. “And a 2025 study published in the British Journal of Sports Medicine found that people who walked a minimum of 4,000 steps daily at least three days a week had a 40 per cent lower risk of dying (prematurely),” the article adds.

Any amount of walking helps and is beneficial, the article concludes.

Last word to the folks at Harvard, who add a few “surprising benefits” we can achieve from regular walking.

A half-hour of walking briskly “counteracts the effects of weight-promoting genes,” the article begins. This, the article says, is a way to counter the risks and effects of obesity.

Interestingly, walking “helps tame a sweet tooth.” Research from the University of Exeter, the article reports, found that even “a 15-minute walk can curb cravings for chocolate and even reduce the amount of chocolate you eat in stressful situations. And the latest research confirms that walking can reduce cravings and intake of a variety of sugary snacks,” the article notes.

Walking regularly reduces your risk of breast cancer, “eases joint pain,” and can boost your immune function, the article reports. “Walking can help protect you during cold and flu season. A study of over 1,000 men and women found that those who walked at least 20 minutes a day, at least 5 days a week, had 43 per cent fewer sick days than those who exercised once a week or less.”

So, the next time you’re thinking of driving to the corner store for milk, consider putting on your running shoes and taking a stroll. You’ll be doing yourself – and your health – a big favour, while at the same time, saving a little on gas.

And a great place to park those savings is the Saskatchewan Pension Plan.

The SPP was created to provide a pension plan for those of us who don’t have one through work – or want to supplement any plan we do have. SPP is open to any Canadian with registered retirement savings plan (RRSP) room – you can contribute any amount you want each year up to your personal RRSP limit.

As well, you can transfer in any amount from other RRSPs you may have, to consolidate your retirement savings nest egg.

Funds deposited in SPP are professionally invested in a low-cost, diversified pooled fund. When it’s time to turn savings into retirement income, your options as an SPP member include the security of a lifetime monthly annuity payment or the flexibility of the Variable Benefit.

Check out SPP today!

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Social isolation is a concern for seniors – but there are ways to build new connections

Health researchers across the country are identifying the danger of social isolation for older Canadians.

An article on the Healthing.ca website notes that “in Canada, older adults are facing growing rates of social isolation and loneliness. This can hurt both their physical and mental health. But loneliness and isolation do not have to be an inevitable part of aging.”

The article then presents some concerning statistics.

Quoting research from Angus Reid Canada, the article reports that “almost 25 per cent of people 65 years and older reported they would like to have participated in more social activities in the past year, 19 per cent felt a lack of companionship, while 30 per cent were determined to be at risk of social isolation.”

Incredibly, the article maintains that the risk of earlier death for isolated seniors “is similar to smoking 15 cigarettes a day. There is also higher risk of diseases such as stroke and heart disease as well as anxiety, depression and dementia,” the article notes, quoting statistics from the United States Surgeon General Advisory from 2023.

The Compassion Senior Care website expands on the risks that social isolation can bring.

“Social isolation can be a hidden threat for seniors. Retirement, loss of loved ones, or mobility limitations can all contribute to feelings of loneliness,” the article begins.

Isolation can lead to “a cascade of negative effects,” the article continues, including cognitive decline, a weakened immune system, an increased risk of depression and anxiety and reduced physical activity.

However, the article concludes, there are many easy ways that seniors can rebuild stronger social connections, which “provide a sense of belonging, purpose, and a vital support system. Sharing laughter, engaging in conversations, and feeling part of a community provide a sense of security and belonging that enriches their lives.”

Alright – what are some of the things seniors can do to get re-connected?

An article on the Second Wind Movement blog starts us off with a few ideas.

Retirement, the blog notes, provides you with the ability to “take the time to date your spouse again.” Set time aside for date nights, the blog continues, and “try to enjoy new retirement activities together.”

Another idea is to find a walking buddy.

“Did you know that walking for 30 minutes a day can improve your mood and even help prevent chronic diseases? Walking is also an easy form of exercise that anyone can do, no matter their physical condition,” the article suggests.

Another tip is to “be a regular.” Huh?

“On your quests to make friends, become a friendly regular face at different places. Go to the same store, gym, bars, and restaurants. Introduce yourself to staff members and become the regular they all know and like. If it seems like someone is also frequenting these establishments then take this as an opportunity for interaction,” the blog notes.

Another idea is group travel, the blog continues.

“If you’re an older adult looking to improve your social life in retirement, explore the world on a retirement budget, or just want something fun and different to do in retirement — then group travel is for you. Join the growing number of seniors who are discovering that group travel is a great way to improve and maintain your social life,” the blog adds.

Let’s get some more good suggestions from the Lifeline blog.

Start small by getting to know your neighbours better, the blog begins.

Another good idea is to volunteer, the blog adds. “Roles at local food banks, museums, or libraries are great places to meet like-minded people,” the blog notes.

Pick up a new activity and join a group that is into it, the blog continues. “Arts and crafts, book clubs, gardening circles, and faith-based study groups can all spark connection,” the article suggests.

You can also take classes. “From tai chi to French lessons, senior-specific programs create social opportunities built around learning and fun,” the blog enthuses.

We can attest that joining a group and learning a new activity is a great way to make friends. We’ve been on a number of trips with new friends we met via line dancing. Retirement gives you the time you never had while working to do new things.

Retirement income, of course, is an important part of the puzzle. If you’ve got a retirement program through work, be sure you are signed up and contributing.

If not, the Saskatchewan Pension Plan stands ready to partner up with you. You provide the savings dollars – any amount up to your annual registered retirement savings plan (RRSP) limit – and we’ll do the heavy lifting on the investment side. SPP contributions are invested in a low-cost, professionally managed pooled fund with a successful track record of steady returns.

When it’s time to collect your money, options include the security of a lifetime monthly annuity payment or the flexibility of the Variable Benefit.

Check out SPP today!

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Maytree research: looking for ways to lift seniors out of poverty

A recent report by the Toronto-based human rights group Maytree notes that while much has been done since the 1970s to lift seniors out of poverty, as of 2022 there were still “430,000 seniors below the Official Poverty Line.”

Their report, Seniors’ Poverty in Canada: Why It Exists and Why It Doesn’t Have To, was co-authored by Alexi White and Yasmine Gill.

Their research identified two chief reasons why, “despite the relatively robust income security system in place” in Canada that senior poverty still exists.

First, they note, “too many low-income seniors are not eligible for key federal seniors’ benefits or do not access them even when they are eligible.” Secondly, the nation’s income security programs, collectively, “are not generous enough to lift all seniors out of poverty.”

On this last point, the pair note that “in parts of Canada, where the cost of living is relatively low, the combined total of federal and provincial income supports may be enough for a single individual or a couple to entirely escape poverty. Where the cost of living is highest, however, income supports still leave many people thousands of dollars below the poverty line.”

A surprising finding was that “15 to 20 per cent of seniors in poverty do not receive Old Age Security (OAS) or the Guaranteed Income Supplement (GIS) at all,” the authors note. Some in this group are ineligible due to not meeting the minimum 10-year residence requirement, or face other barriers to applying, such as the fact that they had not filed an income tax return and need help to do so.

The report’s recommendations call for increased focus by government “on ending seniors’ poverty everywhere in Canada,” for government to raise the level of income provided by its programs, particularly the GIS, to fund more “deeply affordable housing,” and to change the 10-year residence requirement so more seniors in poverty could qualify for help and help dismantle the barriers – such as lack of experience in filing income tax returns – that are keeping some from their entitled benefits.

We had a few more questions that one of the report’s authors, Maytree Director of Systems Change, Alexi White, kindly answered.

Could the decline in access to workplace pensions account, in part, for the high numbers of seniors in poverty?

Reduced access to workplace pensions is likely one contributing factor. That said, the report emphasizes that seniors’ poverty is driven by a range of factors, including inadequate lifetime earnings, precarious work, caregiving-related workforce interruptions, rising housing costs, and inequities experienced by certain groups of seniors. Workplace pension decline is part of the story, but it’s not a sufficient explanation.

What could be done to make it easier for seniors to access government benefits?
Improving automatic enrolment would be a significant step. Many eligible seniors miss out on benefits due to lack of awareness or barriers navigating the process. Where eligibility can be reasonably established through existing tax and administrative data, governments should move toward automatic enrolment. Simplifying processes and improving outreach will also be part of the solution.

Do you think there will ever be appetite at the government level for making OAS and CPP more liveable, or for moving toward a universal basic income model?
Regardless of the mechanism, the core policy question remains how to ensure seniors can live with dignity. In many ways, OAS and GIS already serve as a limited basic income system for seniors, and we have decades of evidence that they are making a material positive impact on levels of seniors’ poverty in Canada. It is difficult to predict government appetite for large-scale reform, but our analysis suggests this may not be necessary. Canada could end seniors’ poverty with a combination of incremental changes:  improved take-up, higher GIS maximums, and expansion of OAS eligibility.

What surprised you most about this report, and what was your main takeaway?
One of the most striking findings was that senior poverty in Canada is not inevitable. It is a policy choice. Canada has significantly reduced seniors’ poverty in the past through deliberate public policy interventions, which demonstrates that the problem is solvable.

We thank Alexi White for taking the time to answer our questions.

Did you know that the Saskatchewan Pension Plan was originally designed to help farm wives save for retirement? Today, 40 years later, any Canadian with available registered retirement savings plan (RRSP) room can join the plan.

SPP is a voluntary defined contribution plan. You “define” how much you want to contribute each year, or transfer in from an existing RRSP. SPP does the rest, investing those contributions in our low-cost, professionally managed pooled fund. At retirement, your options include the security of a monthly lifetime annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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Searching for some easy ways to save a few loonies

A friend once said that while it was all well and good to recommend saving for retirement, what money is ever left over to save?

It’s a valid point. The cost of living continues to rise – groceries that used to be $100 for four bags are now more like $100 per bag. We are happy when we find gas at the pump for under $1.90 – we paid below $1.20 mere months ago.

So how can we free up a few loonies for saving? Save with SPP investigated.

The MoneyLion blog via AOL starts us off with a few solid ideas.

Open a high-interest savings account, the blog advises. “Why work hard to save money just to park it in an account that generates close to nothing in interest? A high-yield savings account will supercharge the impact of all the other savings steps you take.”

Another bit of good advice from the blog is to “pack a lunch at least every other day” when you roll out for work. “Limiting lunches out to every other workday can be a simple way to save $5 to $15 per meal — easily $100 over the course of a month,” the blog suggests.

Finally, a classic idea – “make a list before heading to the grocery store,” MoneyLion suggests. “It’s amazing how planning a list of purchases before each weekly shopping trip will prevent you from coming home with an extra bag filled with potato chips, soda and frozen pizzas.” Keeping to your list will get you in and out of the store faster and having spent less.

Over at the Money Bliss blog, poster Kristy offers up some more ideas.

A unique one – bank every $5 bill you get.

“Every time you get a $5 bill, put it aside in a jar or an envelope and let it add up over time. This simple habit can turn small amounts into a bigger fund.”

Another slightly outside the box idea in this age of paying by tap is to use cash. Very old school.

“Paying with cash makes you think twice before buying something because you see the money leaving your hands,” writes Kristy. “It’s a great way to control impulse spending. When you stick to only using cash, it’s easier to track how much you have left and stick to your budget.”

A final good thought – “turn unexpected income, like bonuses and refunds, into immediate savings,” the blog suggests.

“Any extra money you weren’t planning on, like a bonus or a refund, should go straight into savings and investment accounts,” Kristy writes. “Since you didn’t expect to spend it, you won’t miss it.”

Let’s add in a few more from Reader’s Digest Canada.

Buy staples, such as pet food or meat, in bulk. “If you can afford the upfront cost, you may be able to save big by purchasing larger quantities of meat from a local butcher or a bulk grocery store and freezing it for later use,” the magazine advises.

Another tip is to build an emergency fund to help pay for future problematic expenses, like sudden home or car repairs.

“You can mitigate the impact of unexpected expenses by putting a small amount of money into an emergency fund each month. Talk to your bank about high-interest online savings accounts, which are typically free and also tend to offer higher rates compared to a regular savings account, making them perfect for rainy-day saving,” Reader’s Digest Canada tells us.

A final thought – your fridge should always be nearly empty, not jammed full. Huh?

“Empty the fridge before bringing in more food. That means keeping track of what’s already there, eating leftovers, coming up with creative recipes for leftover produce and not buying new condiments (i.e., finish one bottle of salad dressing before buying another). It’s made for almost zero food waste and approximately $50 each week in savings—that’s around $2,500 a year,” the article enthuses.

Two from us to finish the article. First – this one was featured in a book we reviewed a few years ago – was to simply live on 98 per cent of what you make, and to bank the other two per cent. Amazingly, this works, especially if you automatically whisk the two per cent into savings before you have a chance to spend it.

Second, we took all scratch card winnings, money from bottle returns, rebate money from eyewear, dental plan refunds, and even Visa gift cards and used it to contribute to our Saskatchewan Pension Plan (SPP) accounts. These little bits of money really added up over time.

Thanks to SPP’s low-cost, professionally managed pooled fund, our savings grew and we both enjoy a lifetime monthly annuity payment (with survivor benefits for each other) that arrives like clockwork each month.

See what SPP can do for your drive to save for retirement. Check out SPP today!

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What do people value most about being retired?

This morning, while out walking with the dogs, we ran into a neighbour who retired around the same time as us – we hadn’t seen her for a while, and vice-versa.

That’s because all of us are so busy, we’re never at home as much. She’s taken up pickleball, we’re into our tenth year of line dancing – and we’ve never felt busier. Our friend Anne says she’s met lots of new friends on the pickleball court, so her social life has also got busier.

That made us curious – what do people value the most about being retired? Is it doing new things with new people? Not working and going to meetings? Let’s have a look-see.

An article from Forbes, written by Andrew Rosen, begins by suggesting “that happiness in retirement depends on more than just money. Factors like social connection, emotional well-being, daily purpose and reliable income have emerged as powerful drivers of post-career satisfaction.”

Research, he continues, has found that “many retirees report greater life satisfaction than they anticipated before leaving the workforce,” and “that retirees often experience lower stress and better mental well-being than they did during their working years.”

“This suggests that retirement, when planned with intention, can lead to a meaningful boost in quality of life,” Rosen writes. “The key takeaway is that happiness in retirement is not strictly tied to a retirement account balance. Lifestyle flexibility, time with family, and freedom from career pressure play important roles.”

He notes that two factors “stand out consistently” in any conversation about retirement values – “purpose and connection.”

“Retirees who stay engaged through volunteering, hobbies, mentoring, or community work report higher levels of life satisfaction. A sense of purpose helps fill the gap left when career responsibilities fade,” Rosen explains.

“Social relationships matter just as much. Loneliness and isolation can negatively affect both mental and physical health. Those with close friendships and strong family ties tend to fare much better in retirement than those who withdraw from social circles,” he adds.

The Retiredom blog provides a handy list of retirement values that people abide by.

Focusing on health and wellness is a key value, the article begins. “Your well-being is your foundation in retirement. Investing time and energy into your health ensures that you can truly enjoy the freedom this stage of life brings. It means developing routines around exercise, nutritious meals, regular checkups, and plenty of rest,” the article advises. “Mental and emotional wellness matter just as much,” the article adds.

Continuing to learn new things is another important value, the blog continues.

“Retirement doesn’t mark the end of growth—it’s the perfect time to expand your horizons. Learning doesn’t have to be formal or structured. It could mean diving into history books, learning a new language, taking online classes, or trying your hand at watercolour painting,” the blog notes.

It’s also a period of life where you can focus on helping and giving within your community, the blog suggests.

“Giving isn’t just about money—it’s about time, attention, and kindness. In retirement, you have more of all three. Volunteering, mentoring, or supporting local causes can create deep connections and give your days a greater sense of meaning. Generosity helps you feel useful, appreciated, and part of something bigger than yourself,” the blog notes.

For some final thoughts, let’s turn to the Second Wind blog.

The blog suggests that finding purpose in the years after work is essential in countering “age-related decline.”

“Just think of it this way — in retirement, you have the time and space to explore your passions and discover your purpose. And with the right structure in place, you can start living with more purpose,” the blog advises.

Those with higher scores on having purpose in life had, the article notes:

• 24 per cent lower likelihood of becoming physically inactive 
• 33 per cent lower chance of developing sleep problems
• 22 per cent lower likelihood of developing unhealthy body mass index

As our conversation with our friend Anne concluded, we all agreed that stepping up our activities was driving more exercise and stronger social connections – we aren’t sitting around reading the paper.

Having retirement income security is of course another important pillar of a good retirement.

If you don’t belong to a retirement savings program or pension plan through your workplace, the Saskatchewan Pension Plan may be the savings plan you’ve been looking for.

SPP is open to any Canadian with available registered retirement savings plan room. You can contribute any amount up to your RRSP limit, and you can transfer in funds you may have in other RRSPs to consolidate your savings nest egg. And if you change jobs, that’s no problem – SPP is not tied to any single employer as other types of pension plans are.

Find out how SPP has been delivering retirement security for Canadians for 40 years!

Check out SPP today!

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Some tips and tricks for saving on gas

While a recent tax cut has offered up some relief on the price of gas, it’s still a lot higher than it was during the winter.

We’ve already started to think about ways to cut back. Maybe we don’t really need to warm up the car for so long. Perhaps we can find what we’re looking for closer in the neighbourhood. And once the weather warms up, the two-wheeler can be dusted off and used for short errands.

What are other people doing to save on gas? Save with SPP took a look around to find out.

In a long, COVID-era article on generally saving on household expenses, the folks at MoneySense start us off with a few solid ideas.

First, the publication suggests, be sure your vehicle is well-maintained.

“Stay on top of oil changes and components as they wear, so your machine is running with as little as friction as possible—that’s the best way to save money,” Josh Smythe of the British Columbia Automobile Association tells MoneySense.

Next, check your tires and make sure they are correctly inflated. “Air pressure is super important for fuel economy,” Smythe tells the publication. “Tire wear in the wintertime is not only effective for traction, but for saving fuel.”

Another interesting tip – clear out your trunk, and remove roof racks when you aren’t using them. The extra weight burns more fuel, and the rack can increase wind friction, which also burns more gas.

Over at CTV a number of tips authored by the Canadian Press are featured.

A first idea is to know in advance where you’re going – plan your trips, the article suggests.

“If you research your route and use traffic newscasts or driving apps, you can avoid accident zones and other slow-moving areas, which help you save on gas,” the article begins, quoting Teresa Di Felice of the Canadian Automobile Association. Also, consider grouping trips to save on gas – combine errands into one trip rather than multiple ones, the article adds.

Keep your foot off the gas, and don’t slam your brakes, the article continues.

“Cars consume more fuel when they go from stopping to travelling at a high speed immediately or vice versa. When you drive, try not to slam on the brakes at the last second or hit the gas hard as you take off from a stop light or sign to save on gas,” the article notes, again quoting Di Felice.

Using cruise control (if you have it) is a way to “boost savings because you are avoiding fluctuations that hurt your fuel efficiency,” the article continues.

You also should avoid “over-idling,” as most vehicles are ready to go within 15 to 30 seconds of starting up, the article adds.

Keep a sharp eye on gas prices – there are apps and websites available that can alert you to outlets offering the best prices, the article adds.

The team at Kiplinger, by way of MSN, offer up a few more ideas.

Watch your speed, the article tells us.

“No list of gas-saving tips would be complete without the admonition to slow down. There’s no getting around the fact that lower speeds require less fuel, mostly because aerodynamic resistance increases with the square of speed,” the article states.

Joining in on the idea of reducing your vehicle’s weight, the article suggests that if your vehicle comes with a third row of seats that you seldom use, consider taking those seats out and leaving them in the garage until needed.

The article also chimes in on the idea of reducing your use of brakes and the gas pedal.

“Look down the road farther, and coast down by lifting your foot off the accelerator when you know that traffic signal’s going to change to red. You might actually find it rewarding. Bonus: You’ll be a safer driver, too, which could help with those insurance costs,” the article adds.

Let’s throw in a couple more ideas that have worked out in the past.

Consider carpooling. If you and a neighbour, friend or family member both work in the same part of town, you’ll save a lot on gas by riding together to the office. Parking one vehicle will be cheaper than parking several.

If there’s public transit in your area, jump on more often to save on gas.

It’s also never a bad idea to walk, or bike, to do some of your errands closer to home.

The money you save from any or all of these ideas might allow you to put away some loonies for retirement.

That’s where the Saskatchewan Pension Plan may be of interest. If you don’t have any sort of retirement savings program through work, then the SPP may be just the ticket. SPP is open to any with available registered retirement savings plan room.

You decide how much you want to contribute – any amount up to your RRSP limit – and SPP does the heavy lifting, investing your hard-saved dollars in our low-cost, professionally managed pooled fund.

At retirement, your options include the possibility of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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Taking a look at Investing Clubs – where ideas about money are pooled

A few years ago we were honoured to attend a meeting of the Ottawa Share Club – a group of investment-savvy individuals who share ideas on investing strategies, tips and tricks.

It was pretty eye-opening, even for a reasonably experienced (small) investor, to see how others make their way around the stock and real estate markets. The meeting was held in a downtown Ottawa venue – we bravely travelled by OC Transpo that evening!

Save with SPP decided to take a look around to see what others are saying about investment clubs.

The Supermoney blog states “investment clubs pool their money to invest collectively, often to learn about investing, reduce costs, and make more significant investment decisions.”

“An investment club is a group of individuals who pool their money to invest collectively in stocks, bonds, or other securities. Unlike a traditional investment fund managed by professionals, investment clubs are typically managed by the members themselves, who make joint decisions on where to invest. These clubs can vary significantly in size and structure, ranging from informal groups of friends to formally registered partnerships with legal obligations,” the blog tells us. 

At the Wealth Awesome blog, noted financial writer Christopher Liew tells us that “whether you are a new investor or more seasoned in your approach, it can help to have a community or group of investors to bounce ideas off of.”

While getting a home run tip – such as the “extremely risky and highly speculative” success of the GameStop stock a few years ago – is perhaps a rare thing, investment clubs can “help you expand your portfolio knowledge,” he writes.

He lists a few of what he feels are the best investment clubs in Canada.

“Personal Finance for Canadians is a group on Reddit where Canadians can discuss anything related to Canadian personal finance. Topics that are usually covered include taxation, goal planning, budgeting, baking, insurance, credit cards, savings, and many more,” Liew writes. There are more than one million followers, he adds.

Another club cited by Liew is “Canadian Dividend Investing, a group on Facebook where members share dividend strategies and approaches. Dividend investing involves focusing on companies that offer investors a good yield through dividends.”

Other examples of groups in Liew’s article include Blossom (a mobile app) Canadian DIY Stock Investing (a Facebook group), the Wealthsimple Trading Community and the Canadian Real Estate Investors Association (Facebook).

“Sharing or discussing ideas in a community or group setting can be very beneficial when it comes to learning about investing and how the market functions,” he concludes. “If you are able to join several groups that cover different investment areas (i.e. stocks and real estate), you may have access to well-rounded opinions on the overall market in Canada.”

Writing for GoBankingRates, Sean Bryant tells readers how they can start their very own investment club.

“One of the biggest reasons people choose to start an investment club is that they want to learn and share ideas with people who share their values. It makes sense to start an investment club with family members because, most of the time, your values are well-aligned. Yes, you may have different opinions, but your values are generally on the same page,” he observes.

Keeping the group fairly small is a logical first step, he suggests.

“Most investment clubs will have at least five people but no more than 15 or 20. You must have enough ideas, but too many can make things more difficult. Each person will be required to make an initial investment, say $500 or $1,000. Then, each month, a lower investment will be required. Most clubs stick with a $50 or $100 monthly investment,” he explains.

The group will need to set investing goals, continues Bryant. While the overall goal is going to be “making money and learning from others,” you also need to establish guidelines. How much risk is the group ready to take on? Are you going, he asks, all in on equities, or are other investments, such as alternatives, in play for your group?

In the days before there were low-cost brokerages, a pooled fund run by an investment club was a way to minimize investment fees. This pooling is less common now that there is a low-fee option for buying securities. But, if you are planning to have the money in a common, pooled account, legal advice for setting up the fund and rules governing it is strongly recommended. Bryant’s article lists U.S. legal steps, so let’s just say go see a lawyer and get their recommendation before setting up anything here.

Pooling is a central concept for the investment team at the Saskatchewan Pension Plan. Member contributions are invested in a large, professionally managed pooled fund with management expenses typically below one per cent per annum. The track record – an average rate of return of eight per cent annually since inception – has been impressive (Rate of Return & Fund Performance | Saskatchewan Pension Plan).

SPP’s investment expertise is available to any Canadian with available registered retirement savings plan room – and if you have existing RRSPs, you can transfer them into your SPP account once you join. SPP will grow your savings and income options when you retire include a lifetime monthly pension, or the more flexible Variable Benefit.

Check out SPP today!

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Where do we spend all our money?

Everything you hear, see or read about saving for retirement implores you to cut back on spending so you can stash some cash away for your future.

But to do that, we have to be aware of what we are spending our loonies on. To that end, Save with SPP took a look around the Interweb to try and find out what our hard-earned cash is being used to buy.

Let’s give our first words to Statistics Canada, who last spring released a summary of the latest data on Canadian household spending, from 2023.

On average, the article notes, Canadian households spent $76,750 in 2023. That worked out to $24,671 on shelter, $12,046 on food and $12,090 on transportation.

Next, the article continues, Canadians spent $9,404 on “household operations, furnishings and equipment,” $5,231 on recreation, $4,947 on healthcare and personal care, and $8,361 on “other.”

So, based on these numbers, if you were able to save $1 of every $100 spent, you’d contribute $767.50 to long-term retirement savings. Ramping up to $5 of every $100 would net you $3,837.50, and making it a tenner per $100 yields double that, or $7,675.

Stats Canada dives a little deeper on some spending categories.

We spent $1,200 on air travel in 2023, on average, and about the same on package trips. About $400, the article says, per person was spent on restaurant alcohol, and over $3,000 on restaurant meals. Is there an opportunity to cut back, even a bit, there and direct the difference to savings?

The folks at the Fortunly blog takes at how that spending measures up in aggregate.

The blog notes that in 2024, “consumer spending in Canada grew to $1.4 trillion.” We spent, that same year, a collective total of $774.608 million on credit cards, and “personal spending on the food services and drinking subsector grew to $8.1 billion in 2024.”

The blog notes that Canada “ranks 22^nd among the world’s most expensive countries in 2025,” with 65 per cent of Canadians (in 2024) feeling “worse off” because of inflation. Visits to food banks have jumped by “90 per cent since 2019” the blog adds.

On the more positive side, the blog reports, the savings rate among Canadians grew to “7.1 per cent per household” in 2024, and salaries were expected to rise by 3.4 per cent as of last year.

Citing stats from TD Bank and Ipsos, the blog reports that “83 per cent of Canadian citizens have concerning expectations over the impact of inflation on their grocery budgets. The expected rise in food, rent, and gas prices is among their primary concerns.”

“Lower-income individuals and older people tend to be more worried about the costs of groceries and rent,” the blog states, while “younger people are generally more concerned about house prices, which makes sense, as millennials can expect to pay a third more for their homes than older generations.”

If there is a takeaway to all of this, it is that the only way we may be able to figure out how to save money is by knowing where we are already spending it. Tracking your cash flow, reports the Get Smarter About Money blog, “can give you valuable information about your financial habits. It can also show you where you might be able to adjust your spending. Use this tool to compare your money coming in, and money going out, and look for ways you could adjust if needed.”

The site provides a handy calculator to help you get going on cash flow tracking.

And once you know what you’re spending, a budget is fairly easy to create – Get Smarter About Money provides step-by-step instructions on how to get that going.

If you can live on 99 per cent of what you earn, and save the rest, you are on your way to building long-term retirement savings that can augment your income when you’re no longer willing or able to work. Start small and then ramp up when you can.

You can figure out how your Saskatchewan Pension Plan retirement savings are growing by using the plan’s handy Wealth Calculator (Wealth Calculator | Saskatchewan Pension Plan).

SPP is a made-in-Saskatchewan savings plan that’s open to any Canadian with available registered retirement savings plan (RRSP) room. You decide how much to contribute and SPP does the rest, investing your hard-saved dollars in our low-cost, professionally managed pooled fund. At retirement, your income choices include a lifetime monthly annuity payment or the more flexible Variable Benefit

Check out SPP today!