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

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

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

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

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

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

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

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

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

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

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

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

So now we know a little more about sustainable fashion!

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

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

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

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

Check out SPP today!

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Retired financial writer reviews his first retirement moments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Check out SPP today!

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

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

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

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

Science News Today suggests a few more ideas.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Check out SPP today!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Check out SPP today!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

It can also include volunteering, he writes.

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

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

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

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

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

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

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

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

Check out SPP today!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Check out SPP today!

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We often read (or hear) about the fact that as our parents and grandparents age and pass away, there’s a phenomenal transfer of wealth from old to young underway, via inheritance.

But sadly, a lot of people who get an inheritance windfall blow it all within a couple of years. Save with SPP decided to probe into this issue a little more.

In an article posted on LinkedIn, financial author Jake Gaudet refers to getting an inheritance as “Sudden Wealth Syndrome.”

He reports that according to the National Endowment for Financial Education, “nearly 70 per cent of people who receive a large windfall lose it within just a few years.”

In exploring why this happens, Gaudet says he sees a pattern amongst those who burn through mom and dad’s cash.

There’s “performative generosity,” or “spending to earn love or loyalty,” he explains. There’s “unconscious rebellion,” or “overspending as a rejection of past deprivation.” Next is “shame-based discipline,” or “saving out of fear, not strategy.” Finally, there’s the “martyrdom mindset,” or “feeling obligated to fix everyone else’s struggle.”

The Ask the Money Coach blog explores the “why” of inheritance-blowing as well.

“One of the most significant dangers of receiving an inheritance is impulse spending. It’s tempting to splurge on luxury items or experiences that you’ve always wanted. You might think, `I deserve this after all I’ve been through,’ and while treating yourself isn’t inherently wrong, it’s essential to strike a balance,” the blog tells us.

Even those who decide to invest their inheritance need to be careful, the blog continues.

“Another common mistake people make with their inheritance is diving headfirst into high-risk investments. The allure of quick returns can be hard to resist, especially if you’re feeling confident after receiving a substantial sum of money. However, high-risk investments can lead to significant losses just as easily as they can lead to gains,” the blog explains, citing the risk of chasing a “hot stock” or “cryptocurrency.”

Other pitfalls include “lifestyle inflation,” where the sudden appearance of wealth in your bank account prompts you to “live beyond your means,” the blog reports. Other dangers include “a lack of financial planning” and “ignoring taxes and fees.”

The Finance Key blog notes that “70 per cent of inherited wealth disappears by the second generation, and 90 per cent by the third.”

“A survey by Ohio State University revealed that individuals typically save only half of their inheritance and spend or lose the rest,” the blog reports.

The blog suggests that the newly wealthy inheritors “embrace financial literacy,” as “understanding how money works is the first step in protecting it.”

A professional’s assistance, the blog continues, is also a wise step. “Working with a certified financial planner can provide structure and clarity when managing a large sum. These professionals help create sustainable spending plans, tax strategies, and diversified investments,” the blog asserts.

Be sure, the blog continues, to avoid “emotional spending.”

“Retail therapy or celebratory splurges may feel justified after a financial windfall, but they often lead to regret. A Credit Karma study found that 58 per cent of Gen Z and 52 per cent of millennials identify as emotional spenders, with many racking up debt because of it,” the blog tells us.

In addition to establishing “clear financial goals” for your inherited money, the blog suggests that you “implement a waiting period before major purchases,” particularly if you now have hundreds of thousands of dollars burning through your pocket.

“This pause gives time to assess whether a purchase fits long-term goals or stems from emotion. It also allows for comparison shopping, consultation with advisors, or even discovering better alternatives. Building this habit fosters more intentional, value-driven spending,” the blog adds.

The blog concludes by suggesting a diversified investment portfolio (repeating the idea of avoiding putting your inheritance eggs in a high-risk basket) and thinking long-term.

“Inheritances represent more than just money—they often carry the hopes and sacrifices of previous generations. Reflecting on this deeper meaning can help guide how the money is used. Aligning spending and investing decisions with personal values creates a more fulfilling financial journey,” the blog states.

A definite take-away from these articles is that you need to think before you spend – a slow and steady approach may be the most successful.

Slow and steady also works if you are saving for retirement, as does starting young. If you’re saving on your own for retirement and aren’t sure how to build a diversified portfolio, perhaps the Saskatchewan Pension Plan may be of assistance. Any Canadian with registered retirement savings plan (RRSP) room can join.

You decide how much to contribute – and you can also consolidate other RRSPs within your SPP account.

SPP does the rest – we invest your savings in a professionally managed, diversified and pooled fund that operates at a low cost. Over time, and with contributions and transfers from you, your balance grows, and at retirement, your choices include a monthly annuity payment that you can’t outlive or the more flexible Variable Benefit.

Check out SPP today!

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Tidal wave of boomer retirements about to hit?

Writing in the Financial Post, Pamela Heaven warns us all to brace ourselves for the oncoming, peak wave of boomer retirements – and its impact on the economy.

“For the past 15 years since the first boomers turned 65, an estimated 5.2 million people have left the workforce. Within the next few years, 2.7 million more Canadians, now between the ages of 60 and 64, are likely to join them,” she writes.

That’s going to have a big impact on the labour market, the article continues. In the article, RBC assistant chief economist Cynthia Leach observes that the outflow of experienced workers will have a significant effect. “Canada needs to accept that, viewed from the supply side, it’s headed toward an even structurally tighter labour market within a few years,” she states in the article.

One reason why boomer retirements will have a labour force impact is that the country’s population is no longer growing at a fast clip, the article continues.

There’s been a “clampdown” on immigration, and as well, the article notes, “Statistics Canada reported that the country’s population growth hasn’t been this slow since the pandemic lockdown and RBC expects near-zero growth in 2026 and 2027 under the government’s `drastically lower targets.’”

What, the article asks, “does this mean for the economy?”

“Some industries and regions will be hit harder by labour supply pressures than others. Nine of 21 sectors have more than a quarter of employees now over 55, a share that tops the overall average of 21 per cent. In fishing and agriculture, the percentage of workers over 55 rises to 40 per cent,” Heaven writes.

“Regionally, British Columbia, Quebec and the Atlantic provinces have a higher share of older people,” she adds.

So, less workers available to fill jobs vacated by retiring boomers, and less immigration – are there other impacts from boomer retirements? Let’s read on.

“As people age annual health care costs to the state rise, from about $3,400 at age 40 to $10,000 at 70 and more than $36,000 at 90,” writes Heaven, quoting data from RBC. “So far, (RBC) estimates Canada has only seen about 11 per cent of the additional health care costs of the aging baby boomers — with the lion’s share to come.”

Heaven then explains that there will soon be fewer workers “to shoulder this burden” of rising healthcare costs. She refers to this as a “rising seniors’ dependency ratio.”

Thankfully, the article ends with talk of solutions to the problem of boomers departing the workforce.

“There are ways to bolster the workforce domestically such as training, better labour mobility and recruiting from demographic groups with lower participation rates,” Heaven writes, quoting from Leach. “But the biggest gains could be achieved by increasing productivity and capital intensity in the overall economy,” she concludes.

A route to having more independence in retirement is to have your own savings – and income from those savings. Be sure to sign up for any retirement program offered at your workplace.

If there isn’t such a program, then the Saskatchewan Pension Plan may be just the ticket for you. It’s a do-it-yourself, voluntary defined contribution program – you decide how much you want to save, or transfer in from your registered retirement savings plan. SPP does the rest, investing your precious savings loonies in a low-cost, professionally managed pooled fund.

Uniquely, SPP offers an in-plan annuity option – you can convert some or all of your savings to an annuity without having to move your money out. Another option that’s available is the more flexible Variable Benefit option.

Check out SPP today!

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What gets people to start saving?

Saving is a lot like staying in shape, or losing weight – you know you should be doing it, you know it makes sense for you, yet it’s easier to not think about it and do something else.

Save with SPP decided to try and find out if there was a particular trigger, or strategy, that got people started on their saving journey – and tips on how they stuck with it.

At the Bustle blog, Allie, age 22, says “my best tip (which stems from my lack of self-control) is to pretend like that money isn’t even there. I set up direct deposits so that the money is taken right out, and I factor my savings into my monthly overhead as if it’s non-negotiable. (And I can negotiate with myself preeeetty well when it comes to money!)”

So, her plan is to pay herself first, and to make it automatic.

Erin, 29, tells Bustle she has developed a strategic approach to saving.

“Since I started working full-time, I’ve adopted a system of ‘hiding’ money from myself. I set up automatic transfers of 15 per cent of my paycheque to the other accounts. That way, I was able to build my (emergency) fund up to equal six months of my living expenses in a couple years. To help me save more money, and replenish my (emergency) fund, I’m currently trying out spending ‘fasts,’ where I try to live off as little as possible. My goal is to keep my spending under $100/week. I also made sure to participate in company-sponsored retirement plans and max out any matching, when I had the option.”

Erin also automates saving, but uses savings challenges to jump-start her efforts.

Lisa Picardo, Chief Business Officer at Pension Bee in the UK, tells MSN that she got more serious about saving as she got older.

“Like many people, I wasn’t as engaged as I could have been in my early career, so I just made minimum contributions into the workplace pension I was auto-enrolled into, and then forgot about it,” she tells MSN. Later, she didn’t contribute at all, but when she joined Pension Bee (a retirement savings app/program), “I started to consolidate my old workplace pensions into one easy-to-manage plan and became a more active saver. I now use the PensionBee app to track my pot, top up contributions and have felt empowered to actively select a plan that invests my savings in line with my values and goals.”

Lisa consolidated her savings into one plan, and ensures she contributes to the maximum, and uses a savings app to monitor her progress.

Kate Dore, 32, tells Money Rates believes in the power of starting the savings journey early.

“When I was in my early 20s, I wasn’t earning a lot,” Dore tells Money Rates. “But I knew that I had to start saving anyway, even if it was just a little. When I was 18, I contributed $1,000 a year. That was my goal, even when I was waiting tables. Since then, I’ve tried to contribute as much as I can to that.”

It was the need to become more self-reliant after a divorce that got Oraynab Jwayyed on the savings bandwagon later in life, around age 42, Money Rates reports.

“I knew that I had to take care of myself financially after the divorce,” Jwayyed tells the publication. “I had decided it was time to focus on saving for retirement and I wasn’t going to let my divorce stop me from doing that.” She now contributes 10 per cent of her earnings to her retirement account.

She’s catching up on savings in early middle age.

Sooner or later, something will get you to start saving. Maybe retirement age is fast approaching. Or you’re just starting out in the work world, and want to put a bit away for the future. Maybe it’s a life changing event that forces you to take on more saving. All reasons to start saving are good and valid ones.

And if you are saving for retirement on your own, the Saskatchewan Pension Plan may be just the partner you have been looking for. With SPP, you can contribute any amount you wish, right up to your annual registered retirement savings plan limit. You can also transfer in any amount from a non-locked in RRSP to consolidate your nest egg.

SPP will then take those hard-saved dollars and invest them in a low-cost, professionally managed pooled fund, growing them for your future. When it’s time to turn savings into retirement spending money, SPP options include a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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The tricky part of retirement – turning savings into income

You’ve got to the point where you are ready to retire – you’ve saved up a nice nest egg. But now comes the tricky part, turning that lump sum of money into income you can live on.

A recent Investopedia article took a look at what it calls “the part of retirement planning no one talks about – turning savings into income.”

“Navigating the math of decumulation –how to draw down savings without running out — is one of the biggest blind spots in retirement planning. And while lifetime income tools are gaining traction, the foundation of a secure retirement still lies in a smart withdrawal strategy — one that balances your need to live well today with the reality of funding a future that could last decades,” the article begins.

It’s basically flipping the script for most people – you are now trying to sustainably spend the money you just finished saving for years.

“After decades of saving, people are suddenly expected to figure out how to spend it down in a way that lasts,” states Mark Stancato, founder of VIP Wealth Advisors, in the article. “There is no built-in structure, no paycheque, and considerable uncertainty.”

The risk, the article adds, is “over-withdrawing in the early years, or being overly conservative and losing purchasing power over time.”

One route to deal with retirement income needs would be to structure your portfolio so that it “builds a foundation of guaranteed income,” states Stancato in the article. For instance, fixed expenses might be covered by a “core floor” that includes government income from the Canada Pension Plan and Old Age Security, as well as any workplace pension benefits you might have that deliver a monthly pre-determined income.

“From there, you can structure your income sources and assets using what’s known as a bucket strategy. Short-term spending needs are covered with cash or bonds, while medium- and long-term needs can rely on equities and other growth-oriented investments, effectively giving your portfolio room to grow while still supporting your near-term liquidity needs,” the article continues.

Another way to guarantee how much money your investments will generate is through an annuity, the article explains.

“Annuities, which turn a lump sum into a predictable monthly paycheque for life, are often the first option considered,” the article points out. A recent Nuveen study in the U.S. found that 90 per cent of members of 401 (k) plans (similar to a registered retirement savings plan or defined contribution plan) “would consider using fixed annuities to create a steady retirement income.”

“Turning a nest egg into retirement income requires more than just taking withdrawals — it requires intention, strategy, and adaptability. “The biggest mistake people make is treating every dollar the same,” Stancato states in the article. “You need to know what each account is for and when you will need it.”

Members of the Saskatchewan Pension Plan have the option of an annuity when they decide to retire. SPP’s Pension Guide provides full details on the plan’s life only annuity, joint and last survivor annuity and refund life annuity.

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