Super Agers – why do some folks thrive well into their 100s?

We always hear stories – from family, perhaps, or on the news – about a little old person who is not only alive and well past age 100, but thriving, with a sharp mind, fit body, and glowing health.

What’s behind the fact that some of us do so well at aging? Save with SPP decided to take a look around to find out.

A recent article by The Canadian Press tells the story of Angeline Charlebois of Levack, Ont., who at 105 “spends Tuesday afternoons in town playing cards with her friends at the golden age club, often bringing home-baked treats to share with her friends. Charlebois is an avid reader and loves to sew. She makes hats for babies at the nearby hospital — having picked up knitting as a new hobby when she was 100 years old.”

“She’s extremely social, and says she likes to have a drink on the weekends with her family. She’s partial to beer or rye and water, and she puts Irish cream in her coffee after mass every Sunday,” the article continues.

“She’s used to people who are astounded by her energy and good health at 105 years old,” CP reports. “I don’t really have a secret, it’s just good, plain living,” she tells CP.

Researcher Angela Roberts describes Charlebois as a “super ager,” or someone “80 and older that has the memory of someone 20 to 30 years younger.”

Roberts, the article says, is involved in a study on the topic of super agers involving Western University and four U.S. colleges. The research has found a few factors that seem to help people thrive into their 100s and beyond.

“Human connection, seeing and being with other people face-to-face, feeding off the emotional exchange is really important,” she said.

“We see this depth of social connection as perhaps being a defining piece of exceptional cognitive aging, and indeed that aligns with research that shows that social isolation is harmful in aging and can lead to dementia and contribute to cognitive decline,” she tells CP.

A story posted on the U.S. government’s National Institute on Aging website says research in the States has shown that super agers have more resilient brains than many of us.

“Physically, the brains of cognitive super agers seem to defy wear and tear better than the average brain,” the article notes, citing research from Chicago’s Northwestern University.

“Comparisons revealed that the cingulate cortex, a brain region considered important for the integration of information related to memory, attention, cognitive control, and motivation was thicker in super agers than in their same-age peers and showed no atrophy compared with the same brain region of the middle agers. In fact, a specific region of the anterior cingulate cortex was significantly thicker in the brains of cognitive super agers than in middle agers’ brains,” the article adds.

A flurry of research studies are trying to find out why some brains age better than others, the article continues.

Is there anything we can do in the here and now to boost the strength of our brains? Or the rest of us?

An article from Harvard Health Publishing suggests there are also physical “super agers” whose bodies “have an aerobic capacity of people 30 years younger.”

“Some studies have indicated that people in their 80s who exercised at high intensity for 20 to 45 minutes a day have an aerobic capacity of people 30 years younger,” Harvard’s Dr. J. Andrew Taylor states in the article.

The article suggests a number of steps we can all take to boost our brainpower and physical fitness as we age:

• Embrace mental challenges, such as puzzles and math games. Volunteer with a goal of trying and learning new things, the article adds, or leisure activities you haven’t done before.
• Increase your exercise capacity, and try to work out at a higher level for 20 to 40 minutes, three to five days a week, the article suggests.
• Prepare to be frustrated as you learn new activities – that’s OK, the article tells us.
• Don’t let you age deter you: some famous painters like Mary Robertson “Grandma” Moses did not start painting until their late 70s, the article notes.
• Get going with a group, since taking part in new activities with a group of other people builds social connections as well as putting you in a group of like-minded beginners, the article concludes.

If you’re planning to be around for the long haul, you’ll need to make sure you have adequate retirement savings.

The Saskatchewan Pension Plan is a great resource to help you build and grow your retirement savings. SPP invests your hard-saved coins in a professionally managed, low-cost pooled fund. When it’s time to turn savings into income, your options include the possibility of a lifetime monthly annuity payment, or SPP’s flexible Variable Benefit.

Check out SPP today!

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In the U.S., women have “just one-third of men’s retirement savings”

South of the border, “women… have saved just a third of the amount that men have set aside for retirement, setting up a potential crisis among female retirees,” reports Voice of America.

The VOA article cites new research from Prudential Financial that found “on average, men had saved $157,000 USD for retirement, while women had put aside only $50,000 USD.”

There are a number of reasons for the gap, Caroline Feeney of Prudential tells VOA, including the fact that compared to men, “women were three times more likely to be focused on providing for their families and children than on saving.”

“`The financial futures of certain cohorts – such as women – are especially precarious,’ Feeney states in the article. `Women have a more challenging time saving for retirement,’ she adds, citing inflation, housing prices and changes in tax policies as the main barriers.”

Not surprisingly, 46 per cent of men said they are looking forward for retirement, compared to just 27 per cent of U.S. women polled, the article notes.

A story from GoBankingRates, commenting on the same survey results, says there are challenges ahead for both men and women on the U.S. retirement front.

“While women find themselves in a more precarious situation than men, people of both genders have a lot of saving and investing to do over the next 10 years. With just a single decade until retirement, the average 55-year-old American has only $47,950 in median retirement savings. Additionally, about one-third of 55-year-olds have postponed retirement due to high inflation these days,” the article notes.

“Probably the scariest data point is that a stunning 71 per cent of 55-year-olds have not calculated how many years their current retirement savings will last them — and two-thirds of this group expect they’ll outlive their savings,” the article adds.

GoBankingRates strongly recommends saving for retirement “early and often” to prevent a shortage of money in your golden years.

Even if you start saving late, after age 55, “it’s never too late to start aggressively saving for retirement. You’ll have a lot of catching up to do, but better late than never. Ultimately, you’ll need to save a lot more every month to ensure you have enough funds to call it quits at work. You might also want to consider working past age 65 to ensure a financially sound retirement.”

Workplace pension plans are a great way to make saving for retirement automatic, but they aren’t always portable – you can’t always continue to be in one employer’s pension plan if you change jobs and move to another.

A portability solution is the Saskatchewan Pension Plan. Since you can belong as an individual, you can continue to make contributions even if you change employers. Rather than ending up with several small buckets of retirement savings, you’ll end up with one, larger bucket – and the options of an SPP lifetime monthly annuity payment, or the flexible Variable Benefit, at retirement.

Check out SPP today!

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Retirement is about “much more than money,” authors of Retiring? say

When friends Ted Kaufman and Bruce Hiland compared notes about their transition from work to retirement, they felt there was a book in there. The result, Retiring?, is a great little reference work that provides key things to consider as you transition away from the workplace.

As a starting point, the authors note that “retirement has changed enormously in the last few decades in its duration, the circumstances giving rise to it, and decisions the individual has to make.”

As well, they note that most retirees they spoke to “were unprepared for the profound personal and life changes retirement brings. Addressing these non-financial issues seemed to hold the key to a satisfying and fulfilling retirement, but only financial matters had gotten the necessary attention.”

In short, people “are living longer” and “the onset of age-related health problems has slowed.” So we live longer and are more healthy, yet “a career with a single employer is now virtually unheard of,” and “ageism is alive and well,” with successful people still being shuffled off to retirement because they are deemed to be too old, the authors write.

In retirement, you have to move on from the old reality that your work “defines you,” the authors point out. You will need new social connections. But, retirement will bring change that you can embrace – “you’ll have more choices than ever before,” the authors say.

To set sail on retirement, the authors suggest (worksheets and a quiz are in the book to help you) that you define “what I value” as well as a “never again” list. This useful pros and cons list may help you decide whether or not to retire, or more possibly, when, the authors maintain.

Activities are crucial in retirement – things like “teaching, writing, starting a business, exploring a new talent, or fully developing one you already have, such as art, gardening, or photography.” Having one activity is good. “Two is not uncommon, but three seems to be pushing it. The core idea is to define your anchor so you can fit other interesting, satisfying activities around it, like filling in the smaller stores in the mall,” the authors explain.

In a chapter on relocation after retirement, the authors suggest making a test run before the big move. “Give it a serious tryout before making a decision. The same advice applies to a move back to someplace once familiar but where you haven’t lived for many years. Renting – ideally for a year – offers the most realistic experience against which to test your expectations,” the authors advise.

In the section about physical health and fitness, there is a nice worksheet section that considers such factors as your age, family history, stress level (and sources), chronic issues, and other factors to help you design a suitable health plan.

Be active and watch the drinking, the authors warn. “Exercise. Eat and drink in moderation. Develop a sensible plan, and then stick to it!”

After helpful chapters on mental health and spirituality, the authors conclude this fact-laden, thoughtful book by advising that “the new retirement will bring many changes. The one constant is that those who enjoy a satisfying and meaningful retirement are those who applied their thinking and planning talents to the challenge.”

Living after work is over will still require money. If you are lucky enough to have a retirement program at work, be sure to contribute to the max. If you are saving on your own for retirement, considering partnering up with the Saskatchewan Pension Plan, who have been helping Canadians build retirement security for more than 35 years.

Check out SPP today!

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Number of Canadians over age 85 set to triple: Statistics Canada

The number of Canadians over the age of 85 is expected to hit 4.3 million by 2073, which is triple the current number, reports The Canadian Press.

And in that future, about 50 years from now, there will be 63 million Canadians compared to just over 40 million today, the article notes.

Interestingly, the article says, Canada’s low birthrate means that most of the increase will be due to migration, which “will be the key driver of Canada’s growth for the foreseeable future,” the article adds.

The increase in numbers of older Canadians may have numerous impacts, the article reports.

Demographer Doug Norris tells CP that the growing senior population “will put double the pressure on the labour market because people are not only aging out of the work they provide but also aging into needing services provided by others.”

“We’ve heard a lot recently about long-term care, about the need for support for people to perhaps age in place, live in their residence for as long as they can, that help with that is needed,” he tells CP.

He predicts more people working in healthcare and long-term care facilities, “because the demand for those kinds of services are going to increase tremendously,” the article notes.

The growth, the article reports, should be seen the most in Western Canada with B.C., Alberta and Saskatchewan “expected to take up more of Canada’s overall population in 50 years.” Eastern provinces, such as Newfoundland & Labrador, Nova Scotia, New Brunswick and Quebec are expected to see “a population decrease,” the report tells us.

Norris concludes by saying that addressing this growth in older seniors is something governments are going to have to address – for instance, more growth is expected in urban centres than in rural areas.

“We really are a very diverse country, and we need to understand the diversity not only in terms of aging and population, but in many other ways as well,” he tells CP.

So, let’s unpack this. Population is growing, more in some provinces than others, and more in cities than rural areas. The numbers of folks over 85 is going to triple over time, and there will need to be more long-term care or aging-in-place options for this group.

The future sounds pretty expensive. If you have a retirement program at work, be sure you are contributing to the max.

If you are saving on your own for retirement, a way to kick-start the process is to sign up for the Saskatchewan Pension Plan. Any Canadian with unused registered retirement savings plan room can join. SPP takes the heavy lifting of investment off your shoulders – they’ll merge your savings into SPP’s professionally managed, pooled fund which operates at a low cost.

And when it’s time to retire, you’ll have money to augment anything you’re getting from other sources – SPP retirement options include lifetime annuity payments, or the flexible Variable Benefit.

Check out SPP today!

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Some tips and tricks to take some of the headaches out of moving

It’s said that the only certain things in life are death and taxes. But the likelihood that you, or your family members, will move from location A to location B should be a close third on that list.

Having just finished helping one family member move, Save with SPP decided to check around the Interweb for tips on how to make the process easier, and perhaps, cheaper.

The folks at Forbes start us off with a few good ideas. Rather than running out and spending big bucks on packing boxes and bubble wrap, “consider asking neighbors and friends who have recently moved or are about to move—to save their boxes and any extra moving supplies for you. You can also stop by select retail locations like grocery, furniture or appliance stores and ask if they have any boxes leftover from their recent deliveries.”

The next one – our relative did this one with quite a bit of success – is to host a yard or garage sale to get rid of any unwanted stuff you have, rather than packing it up and dealing with it again later.

“By taking the time to get rid of any clothes, furniture or other items that you don’t want prior to your move, you create an opportunity to decrease the number of necessary movers, as well as possibly decrease the size of the moving vehicle that will be needed for your job,” Forbes points out.

A final good bit of advice from Forbes is this – to “pack strategically.” Huh?

“By packing in a way that utilizes fewer boxes, you can save space, time and, most importantly, money. Be tactical with your packing by nesting some items inside of others, rather than just thoughtlessly tossing all of your things into boxes,” Forbes explains.

The Money Excel blog adds an important one – the need to “declutter your house before the move.”

“You need to make categories—to donate, to sell, and to throw away. The donation pile may consist of old winter clothes and boots that can be useful to people who do not have the money to buy them. The pile for selling includes old kitchen appliances that you cannot take with you. The trash pile is for documents you no longer need, such as old income tax returns from five or more years ago. This pile can also include broken, heavier items that no longer have a purpose, meaning you’ll be able to toss out old furniture and other items into your waste dumpster to lighten the load too.”

The From Frugal to Free blog suggests considering a “hybrid move,” rather than going all-in with professional movers or choosing the labour-intensive DIY route.

“A hybrid move combines the best of both professional and DIY moving. Hire professional movers for heavy and bulky items, like furniture and appliances, while handling smaller, more manageable items yourself. This method can significantly reduce costs compared to hiring movers for the entire job,” the blog notes.

Another nice tip (one that we’ve used) is to “notify your utility companies well in advance of your move to avoid rush fees or penalties.” We used to keep the old utility bills (such as electrical or heating bills) from location A to show the utility folks at location B we were good bill payers, this often helped waive some hookup charges at the new location.

Finally, think of the tax breaks that may be out there for you, suggests MoneySense.

If you are moving to start a new job or for education, hang on to all your moving expense bills, because you may be able to claim them, the article notes.

“One of the key criteria for qualifying is that your move must take you at least 40 kilometres closer to a new work or post-secondary location (the shortest public route is considered). In addition, the move must be made to earn income at that new location from either employment, self-employment or to attend post-secondary school,” reports MoneySense.

These are all good tips. Our relative used both a garage sale and also social media to turn clutter – items that were still good, but not needed at the new location – into cash. A lawn mower, a BBQ, an outdoor hot tub, and appliances all generated more cash to help defray moving costs.

If you are moving to a new place for a new job, and are a member of the Saskatchewan Pension Plan, there’s at least one thing you won’t have to pack. SPP is a portable plan. Changing employers doesn’t affect your membership, and you can simply continue contributing when you land at your new job. It’s another way SPP helps you build a secure retirement.

Check out SPP today!

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Are Canadians putting enough away for retirement?

Writing for Yahoo! Finance, Andrew Button of Motley Fool Canada takes a look at where Canadians are with their registered retirement savings plan (RRSP) balances.

The numbers he found were a little low.

While Canada does not collect savings by age group data, he estimates that “the average single Canadian has about $12,949 saved in his/her RRSP for retirement.”

“Statistics Canada’s 2019 data says that Canadians under 35 have $9,905 in their RRSPs, and Canadians between 35 and 44 have $15,993 in their RRSPs. The average of these two is $12,949. Assuming that single Canadians’ retirement savings increase linearly over time, $12,949 should be pretty close to the amount single Canadians have in their RRSPs,” he explains.

The picture is brighter, he reports, for “economic families,” who have about $140,000 saved in the age 35 to 45 bracket. The term apparently refers to people living together.

OK, $140,000 sounds good – better than $12.9K. But are these folks on track to save what they need?

Button looks at that question.

“Most financial advisors recommend that Canadians retiring soon have $750,000 saved for retirement. If that figure is accurate, then it would appear that single Canadians are a ways away from being able to retire comfortably, while families are faring better. Either way, if you have more than $140,000 saved, you are ahead of the curve. That sum can easily be turned into $750,000 over a few decades (although your required amount will increase due to inflation),” he writes.

He concludes his piece by noting that investing may provide a way to grow your retirement savings.

“If you’re concerned about approaching retirement age with inadequate savings, you can try investing. Dividend stocks, index funds, and GICs are popular assets for RRSPs. A portfolio comprised of such assets may help you retire in comfort,” he concludes, providing examples of a Canadian utility stock and the annual dividends it provides.

If you are saving on your own for retirement, making the right investment decisions can be challenging. There are both risks and rewards to investing.

Fortunately, there’s a way you can get professional investment for your retirement savings at a low cost – have a look at the Saskatchewan Pension Plan. SPP will invest your hard-earned savings in a pooled, low-cost and diversified fund that is invested in Canadian, U.S. and international equities, bonds, mortgages, and more.

You decide how much you want to contribute (and contributions are tax deductible) each year, and you can transfer in any amount from other RRSPs you may have.

At retirement, your choices include a lifetime monthly annuity payment, or SPP’s flexible Variable Benefit option.

Check out SPP today!

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Looking for the best tips on saving

A couple of years before he passed away, my wife’s Uncle Joe pulled me aside and gently grilled me about money – specifically, the dangers of debt and the wisdom of saving.

“If you bank 10 per cent of what you earn, and live on the rest, you’ll never have any money problems,” he admonished me. We’re continuing to follow that example.

But what other great savings tips are out there on this fine summer morning? Save with SPP decided to take a look around for more.

Set saving goals with a specific deadline: It’s one thing to say you want to save a big amount of money, say $5,000, write the folks at Parade. “But no matter what your goal, make sure you set it and give yourself a deadline of sorts. “A goal of ‘save $5,000’ isn’t going to get accomplished if you give yourself your whole life to accomplish it,” the magazine advises.

Invoke the power of price-matching policies: Remember the store that boasted “the lowest price is the law” in their ads? Take advantage, recommends The New York Times of stores that offer to match the prices of their competitors, even if they are lower. “Price matching can occur online via chat, in-store, and over the phone, depending on the retailer. Be sure to check online policies and exclusions to confirm that it’s possible—if it is, you just got the item of your choice at your preferred price from your preferred store,” the newspaper advises.

No spend challenge: At the Mom Money Map blog, “no spend challenges” are seen as a great way to “optimize your money mindset.” Pick a time period – a day, or even a week, perhaps – where you simply don’t spend any money. “I don’t need to spend money to eat well. Have fun. Get that occasional self-care I crave,” the blogger tells us, adding “I’m more handy than I think. I can fix that leaky bathtub faucet myself. I don’t need to hire a plumber.”

Haggling over the phone: An oldie but goodie is suggested by the Money To the Masses blog – negotiating prices by haggling. “If you’re confident enough to pick up the phone, you can save a lot of money just by asking for it,” the blog explains – such as negotiating new contracts for services like cable or a phone plan. “Often, the best time to haggle is toward the end of a contract. You’re likely already checking around for cheaper prices, which you can use as leverage when you go to your current provider to ask them to match or beat it,” the blog advises.

We can advise that when you are haggling for a service in person, offering to pay cash can be a great way to negotiate a lower price.

Visit consignment and thrift shops: The gang at Lending Tree say that “instead of buying new, look for hidden treasures at a secondhand clothing store in town or online.” You may be able to turn your own unwanted clothes or other possessions into fast cash, too, the blog notes.

There are limitless other suggestions, like developing, and sticking to, a budget, to avoid grocery shopping without a list, to not use `retail therapy’ to cheer yourself up, and more. Conscious spending comes through in a lot of the articles – some say use cash rather than debit or credit cards because you’ll see the cash wad thin out as you start to burn through it, which doesn’t really happen with cards.

Any sort of Uncle Joe “pay yourself first” strategy should factor in saving for retirement, too. Pay your future self first! Consider setting up some sort of automated savings plan for your retirement savings so that the money goes into your savings pot before you have a chance to spend it.

This is a nice feature available through the Saskatchewan Pension Plan. You can set up pre-authorized contributions from your bank account, perhaps once or twice a month, or coinciding with your payday. The money you direct to SPP is then invested at a low fee in a professionally run pooled fund, at when it’s time to leave the bonds of work behind, SPP offers you the possibility of a lifetime monthly annuity payment or the flexible Variable Benefit option.

Check out SPP today!

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Half of Canadian women have just $5,000 saved for retirement: HOOPP

New research from the Healthcare of Ontario Pension Plan (HOOPP) has found that nearly half of Canadian women have saved less than $5,000 for retirement, and that “most Canadians feel unprepared for retirement.”

A media release from HOOPP outlining the results of the research appeared in a recent edition of the Financial Post.

HOOPP’s 2024 Canadian Retirement Survey found that today’s retirement outlook for Canadians is “particularly bleak,” citing “a rising cost of living and persistent interest rates.”

The survey, which HOOPP carried out with Abacus Data, found that “one in five (22 per cent) have no savings at all” for retirement. “Canadian women report having less in savings and a reduced capacity to save compared to men,” the release notes. And while 49 per cent of women have less than $5,000 in retirement savings, men aren’t doing that much better – 33 per cent of them also have less than $5,000 in retirement savings, the release notes.

“We know women make less money than men and they are more likely to work part-time or take time off work to have children or look after their families,” states HOOPP’s Ivana Zanardo in the release. “Factor in rising expenses and prolonged high interest rates and it’s no surprise that their retirement security is paying the price.”

A lack of ability to save may be what’s driving the “bleak” outlook for retirement, the release continues.

A whopping 57 per cent of Canadians “feel unprepared for retirement,” the release notes – that’s 64 per cent of women and 49 per cent of men.

Women, who already have less in savings, say they “have less money coming in to save,” the release adds; in all 36 per cent of women felt this way. Nearly half of men felt the same way, the release reports.

With less money coming in, saving for retirement isn’t always seen as a top priority, the research finds.

“Affording the day to day” is seen as a top priority by 57 per cent of women and 49 per cent of men, the release states. Fifty-one per cent of men see saving for retirement as a top priority versus 46 per cent of women, but “even so, all Canadians continue to feel concerned about affording daily life (70 per cent) against a challenging economy,” the release continues.

“Over the last few years, we’ve seen Canadians struggle to keep up, first with inflation and now with interest rates and the cost of living,” states David Coletto, CEO, Abacus Data, in the release. “But a small cut in interest rates won’t provide enough relief for Canadians, who told us they expect rates to continue to impact their ability to save even if they decrease slightly in the short-term.”

Other noteworthy findings:

• One in ten (13 per cent) unretired Canadians don’t think they’ll ever retire and one in four (26 per cent) plan to continue to work in retirement in order to support themselves.
• Significantly more women feel anxious (51 per cent of women compared to 39 per cent of men), fearful (50 per cent vs. 37 per cent), frustrated (50 per cent vs. 42 per cent) and sad (46 per cent vs. 36 per cent) about their financial situation.
• Almost half (49 per cent) of unretired adults have saved nothing for retirement in the last year, as all Canadians continue to worry about having enough money in retirement (58 per cent). 
• Even as they navigate a challenging economic environment, the vast majority (70 per cent) of Canadians continue to agree they would trade some of their salary for a pension (or a better pension).

HOOPP has been pointing out the need for Canadians to have better access to retirement programs like pensions for many years. When you look at even the “maximum” benefits payable through the Canada Pension Plan, Old Age Security and even the Guaranteed Income Supplement, they are modest. You need to augment that basic income via savings from workplace retirement programs or your own personal nest egg.

If you are able to take part in a workplace pension plan, be sure you are contributing as much as you can. If you don’t have a workplace program, take a look at the Saskatchewan Pension Plan, an open defined contribution plan available to any Canadian with registered retirement savings plan room.

SPP will invest your retirement savings dollars in a low-cost, professionally managed pooled fund that has had excellent returns over the years. When it’s time to retire, your options include a lifetime monthly annuity payment, or the flexibility of SPP’s Variable Benefit.

Check out SPP today!

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Take a break from social and don’t keep up with the Joneses: Worry Free Money

Everyone, writes Canadian financial author Shannon Lee Simmons, is worried about money. But her excellent book, Worry Free Money, provides a roadmap to a life where you can enjoy your financial life – and Spend Happy — while living within your means.

She starts by citing a few examples from clients she’s worked with – “there is always something, and we can’t seem to move ahead,” says one. “I’m sick of being broke,” says another. “Why am I falling so far behind,” laments a third.

On paper, she notes, “these people are not actually, numerically `broke.’ But being broke and feeling broke are two different things.”

There’s a way out, she writes:

• Understand the underlying reasons for why you want to overspend.
• Understand what you truly can and cannot afford, without budgeting.
• Spend money on things that make you happy.
• Say no to overspending (and yes to saving).
• Stop comparing yourself to others.

She talks about the risk of the “F*ck-it Moment,” when “you feel as if there’s no point in trying to be financially responsible and you end up overspending.” Examples – “I can never actually afford a vacation, but I need one. F*ck it, life is too short. Swipe.”

In another example, a single mom who can’t afford to buy her son a PlayStation feels forced to do so when his friends come over and mock him for not having one.

Later,she talks about creating Life Checklists as a way of avoiding what she calls “the Inadequacy Influence” (keeping up with the Joneses) which in turn leads to “F*ck It Moment” rash spending. As an example, such a list might include your goals you are proud of – a job with a good pension, and owning property – and your own lifestyle expectation you yourself want to meet – a nice car, a job you like, running a marathon, travelling, getting married, etc.

You then look at the expectations on your checklist to identify goals “you’ve achieved… and where you may feel you are falling behind.” This process helps you to find “the non-negotiable goals, the ones that are truly important to you. Once you know what those goals are, you’ll also recognize the expectations that may not be financially realistic – the boxes that can sabotage your happiness.”

Further on, she talks about having a “Social Media Detox” to prevent yourself from being tempted to overspend on things you may not need. Her rules:

• Two weeks fully off social media. No cheating.
• Unsubscribing from all favourite retailers that currently send notifications to your inbox.
• Deleting credit card information from all apps and online stores.

“Ignorance is bliss when it comes to sales…. Unfollow any lifestyle brands or retailers that trigger you to overspend,” she recommends.

Interestingly, she is not a believer in traditional budgeting.

Budgets usually mean you “track your historical spending, categorize your expenses, forecast your monthly spending, set spending targets based on that historical data and then (you) try to live within those limits.” This approach is “totally unrealistic for modern life… (they) have too many rules and involve far too much work.”

She prefers the Hard Limit – four categories, including Fixed Expenses, Meaningful Savings, Short-Term Savings and Spending Money. There are charts and examples to show how you can move to this simplified, four-bucket approach. She also recommends that you consider putting your spending money in a separate bank account from any saving money, so there is less chance of overspending!

You need to be conscious about how you use your spending money, she adds.

“Your spending money is an investment in how much you enjoy your life. That’s why cutting back can feel so hard and frustrating… if you’re cutting back on the wrong expenses it can feel like you’re divesting from your happiness. It feels like none of the money you earn is for you,” she notes.

This is a great, insightful and well-written book this is thought-provoking and provides easy-to-follow self-help tips. By following the advice, you can be on the road to Happy Spending, she concludes, a place where “no one has to be ashamed about their financial choices.”

If you are saving for your long-term future – retirement – there’s a great resource open to any Canadian with available registered retirement savings plan room. The Saskatchewan Pension Plan has been helping to build secure retirements for Canadians for more than 35 years. Find out how SPP can be your retirement savings partner.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Across the pond, cooling inflation has people saving for retirement again

Over in the United Kingdom, there are signs that inflation is starting to go into retreat – an increased number of folks are starting to save for retirement again.

Writing for Yahoo! Finance UK, Helen Morrissey reports that research from “Hargreaves Lansdown shows only 17 per cent of people said they had stopped or cut back pension contributions over the past six months. This is down from well over a fifth of people (22 per cent) who did the same thing this time last year.”

Translated – less people aren’t saving for retirement. That means more people are, the article explains.

“There are also signs that people are looking to rebuild their pensions (retirement savings) after these tough times, with seven per cent saying they had chosen to boost contributions over the past six months. A further two per cent said they had hiked contributions after previously cutting back,” the article continues.

While it’s good news that there has been a turnaround in retirement saving – generally amongst younger Brits – the article cautions that there is still more work to do on the savings file.

“The most recent Hargreaves Lansdown savings and resilience barometer which shows just 40 per cent of older households are on track for a moderate retirement income compared to 43 per cent of Generation X households,” the article reports.

What do you do if you have not been able to save for retirement during the inflation wave?

“If you have had to take the difficult decision to cut back, or even stop (saving for retirement) in recent years, then it’s important not to panic. Our budgets have taken a pounding as inflation has soared, leaving many needing to make tough financial decisions,” Morrissey writes. “Make a note to revisit your decision every six months, because restarting as soon as possible will help you make up any gaps more quickly,” she advises.

The article offers up some ways you can get your retirement savings going again.

“On an ongoing basis, there are small but important steps you can take to boost your contributions. Increasing them every time you get a new job or pay increase is one way of hiking how much goes in without being too painful,” writes Morrissey.

If your employer offers a retirement program where your contributions are matched by the employer, be sure to participate, as Morrissey notes that “the employer match and can mean a lot more goes into your pension overall without much extra necessarily needing to come from you. If it’s available to you it’s a great way of rebuilding your pension after a difficult time.”

One great thing about the Saskatchewan Pension Plan is that, unlike many employer-sponsored retirement savings programs, you decide how much to contribute – there is no mandatory contribution amount. If you have stopped contributing due to the high cost of living, you can resume contributions as inflation rolls back down. The choice of how often to contribute, and how much, is yours.

Find out how SPP can be your retirement savings partner – the plan has been helping Canadians build retirement security for more than 35 years.

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