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

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

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

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

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

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

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

Another approach is the FIRE plan, Green writes.

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

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

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

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

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

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

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

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

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

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

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

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

Check out SPP today!

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Can visualization help you save for retirement?

The golf pro visualizes the flight of his ball, imagines it landing on the green near the cup. Then, the pro steps up and executes the visualized shot.

Certainly visualization is a proven approach. But could it also work for retirement savings? A recent article in Forbes magazine by Wes Moss suggests that it could.

The Harvard Business school, the article begins, recently wrapped up “a decade-long longitudinal study on retirement behavior—tracking 14 individuals closely over ten years and surveying 106 more—revealing comparative insights into different retirement transition approaches.”

The study, Forbes reports, had a notable key takeaway – that “retirees often struggle when their vision of (retirement) happiness is unclear or lacks purpose.”

“Charting a course for retirement is difficult without a clear destination. The study illustrates this by contrasting two knowledge workers’ post-career lives—one who proactively envisioned a fulfilling retirement found happiness quickly, while the other became isolated and unhappy. Think of two people embarking on separate open-road adventures; the one with a map will likely enjoy a more efficient trajectory.”

We are reminded of the old George Harrison lyric – “if you don’t know where you’re going, any road will take you there.” So OK, having a positive vision of retirement is beneficial to your overall happiness. Where does saving come into it? Let’s read on.

Research carried out by Indiana University asked “whether feeling a stronger connection to one’s future self would encourage more retirement saving. After 20 experiments, the answer was a clear yes,” Forbes reports.

The Indiana University research, led by Professor Katherine Christensen, asked participants “where they wanted to end up instead of where they were or how they would get there,” Forbes reports. This question got respondents thinking more positively about helping, via savings, their future selves, the article explains.

“In one experiment analyzing over 6,700 customers of a Swedish fintech company, individuals with low-balance savings accounts were 14 per cent more likely to invest in a long-term savings product when prompted to think about their future selves first,” the article adds.

“Retirement isn’t just about growing a bank account. It’s about buying the opportunity for peace of mind. The sooner a current or future retiree envisions their ideal life, the easier it becomes to take the first step toward building it. When practiced with consistency and intention, this exercise may help convert today’s modest savings into tomorrow’s purpose-filled retirement,” the article concludes.

If you haven’t started saving for retirement, it’s never too late – and your future self will thank you, gratefully, for any work you put in today.

The Saskatchewan Pension Plan is a great choice for those of us saving on our own for retirement. SPP will do the heavy lifting, professionally investing your hard-saved dollars in a low-cost, pooled fund. The fund is heavily diversified, and includes Canadian and international bonds and equities, mortgages, real estate, and other categories. You won’t be putting your precious savings eggs in one basket.

Check out SPP today!

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We’re forever hearing from our friends about the various challenges they are carrying out – often focused on getting fit, or eating better.

So, we wondered, what about money saving challenges? Anyone doing those?

Laura Beck, writing for Go Banking Rates recently reported on the 52-Week Savings Challenge. In this challenge, you save $1 in week one, increase it to $2 in week two, $3 in week three, and so on.

The woman who carried out the challenge, identified as Amelia K., thought it sounded easy, asking “how hard could it be?”

“The 52-week challenge appealed to her because it started small. A dollar in week one felt manageable, and the gradual increase seemed less intimidating than trying to save a large lump sum all at once,” the article reports.

She started in January, and by the end of March, “she’d saved $378 and was feeling confident about completing the full challenge.” By May, however, the savings amounts were larger, like $20. “Twenty dollars a week doesn’t sound like much until you realize it’s almost $80 per month on top of everything else you’re trying to save,” she states in the article.

By the end of the year, it was “brutal,” she says, saving $40 to $50 a week in the run-up to Christmas. “I finished the challenge, but I also ended December with more credit card debt than I started the year with,” she admitted. “I was basically borrowing money to fund my savings account,” she says. But she did manage to save $1,378.

OK, maybe there are other approaches out there – let’s look.

The Inspired Budget blog suggests a similar daily challenge – the 365 Day Nickel Saving Challenge.

“This challenge is for anyone that feels overwhelmed making weekly or bi-weekly deposits – and you end up saving even more money with it,” the blog tells us.

It’s a simple as it sounds. On day 1, save a nickel, and deposit it into savings. On day two, two nickels. On day 3, three nickels, and at the end of 365 days, $1,840.

“When you look at the numbers, they seem so doable,” the blog enthuses. Plus, the blog adds, “the best thing is that when you add it all up, the total you put into savings will be $3,300.”

The Experian website discusses the Round Up Challenge.

“Anytime you make a purchase, round up to the nearest dollar and pocket the change. For instance, if you spend $28.57 at the store, the difference is 43 cents,” the site explains.

“Keep a tally of your change throughout the day or week and then transfer that money over to savings, if you’re using cards for payment. If you’re paying in cash, stash the change away in a change jar,” the article suggests.

The Wealthy Woman Finance blog provides our final example, which reminds us a bit of the approaches used by noted Canadian saving expert Gail Vaz-Oxlade.

The blog calls it a Cash Only Week Challenge. Huh?

“Take out your budget in bills for the week,” the blog instructs. “Separate it into cash envelope categories.” Categories listed on the blog include Eating Out, Groceries, Outings, Gas and Personal Care – you would, of course, be able to set your own categories.

Spend the cash from each envelope for expenses in each category. “Once you spend it, the money’s all gone. You’ll learn a lot about your spending habits and how you can save in the future.”

We’ll add in one more, the Uncle Joe Challenge. The late Uncle Joe always told us that if we saved 10 per cent off the top of everything we earned, we’d do great even if we spent the other 90 per cent. This is challenging to do if you are paying a mortgage or high rent – so start by banking one per cent each month. Increase it to two per cent when you can, and go on from there.

If there is a theme amongst these challenges, it may be the systemic, automated method behind them – making savings almost automatic.

The Saskatchewan Pension Plan can let members automate their savings. You tell us how much you want to save, as well as the account you want it to come from, and we’ll take it from there. Alternatively, you can set SPP up as a “bill” to pay on payday, you can send us cheques, and more.

Once your savings dollars are in your SPP account, they will be professionally invested in a low-cost, pooled fund with a successful track record. At retirement, your future you can decide among such options as a lifetime monthly annuity payment or the more flexible Variable Benefit.

Check out SPP today!

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Who wants to be a millionaire, but not feel rich?

Years ago, we joked that while we might never be millionaires, we could at least claim to be thousandaires.

But these days, reports The Globe and Mail, there are way more millionaires than ever before. Why, the article asks, do so many of them not feel rich?

Take the example, the article begins, of Martin Alderwick, 76, of Guelph. “The couple brings in about $7,500 a month in retirement income and own a townhouse that makes up nearly 40 per cent of their total assets. Their net worth crosses the seven-figure threshold,” the article notes.

All good, then?

“Mr. Alderwick doesn’t identify with the millionaire title. `I live comfortably,’ he said. `But I still look for bargains and where I can save,’” the article notes.

“His unease reflects a growing reality in Canada: A rising number of people technically qualify as millionaires, but don’t feel, or function, like it,” the Globe reports.

The article, citing the UBS 2025 Globe Wealth Report, notes that the number of millionaires globally has quadrupled since the start of the century. The report suggests there are 52 million people worldwide with wealth between “$1 and $5 million, U.S.”

Much of the growth in personal assets comes via real estate, the Globe reports. “As home values surged in major cities and even mid-sized markets, many middle-class homeowners became millionaires without doing anything beyond staying put,” the article explains.

However, having a million in assets these days may not be as big a deal as it used to be, the article continues.

“Many of these individuals are likely confronting an uncomfortable truth that having a million-dollar net worth doesn’t necessarily mean you are financially ready for retirement,” the article adds.

“We still have this notion of a millionaire as someone on a yacht or a private jet,” said Brenda O’Connor Juanas, a financial adviser at UBS, tells the Globe. “The makeup of what this millionaire looks like is quite different,” she states in the article.

Incredibly, by last year, the “average Canadian household net worth reached $1,026,205, a 30 per cent jump from 2019, according to Statistics Canada,” the article notes. Gen Xers had the “greatest average real-estate wealth, at $666,146 per household,” the Globe adds, followed by Boomers, at $550,994 per household.

The article makes the point that your real estate holdings – i.e., the family home – isn’t really something that counts towards retirement savings.

“If your $1-million net worth includes a $900,000 house and just $100,000 in liquid savings, you’re likely well short of the mark of what you may feel like you need in order to comfortably retire,” the Globe tells us, citing data from Fidelity Canada’s 2025 Retirement Report.

Fidelity’s Michelle Munro tells the Globe that while “the sale of a home can be a way to fund long-term care, it’s a good idea to have assets that are more easily accessible.” She recommends “having a portion of liquid assets in accounts such as a high-interest savings account for short-term goals,” and “investing in the stock market can offer growth over a longer period” for longer-term goals. She stresses the importance of having a savings plan, “not just a number,” the Globe article concludes.

Lots to digest here, but the takeaway seems to be that even a valuable home may not be enough to fund a long period of retirement, particularly if you or your partner needs long-term care.

If you are saving for the long term – to generate income when you are no longer working – be sure to join your workplace retirement program and contribute to the max. If there is no such program, or you want to augment the one you have, consider the Saskatchewan Pension Plan. Open to any Canadian with registered retirement savings plan room, SPP will take your contributions (you decide how much to save) and grow them in a professionally managed, low-cost pooled fund.

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

Check out SPP today!

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We were out on the golf course recently when my tech-friendly golf buddy pointed out that his smartwatch not only tracked how many yards there were to the centre of the green, but also his blood pressure, number of steps taken in the match, blood oxygen levels and more.

His wife, he added, wore a special ring that gave similar helpful health data. Another friend of our monitors her blood glucose levels not by getting a regular blood test, but via a wearable device hooked up to her smart phone.

Save with SPP decided to take a closer look at the wearable fitness tech boom, to find out what else has appeared on the market.

NBC News begins their review by noting that “whether you are training for a marathon or working out for the first time in months, a fitness tracker can show you health and exercise data that can help you better understand your efforts. Most have heart rate, GPS and activity tracking built-in, and many can provide insights into your sleep and recovery.”

The trackers, the article continues, come in the form of watches, bands and rings. If you are looking to buy one, the article notes, comfort is critical.

The article quotes Dr. Koyya Lewis-Trammell of California State Polytechnic University as saying “a fitness tracker is only useful if you wear it. It can have the most advanced tools on the market, but those features are meaningless if you don’t wear it regularly.”

It’s also important that the wearable tracker be compatible with your mobile phone, the article notes, and that it yields useable data on categories such as “steps and heart rate… (and) analysis of your workouts and efforts.”

The top pick was a Fitbit Charge 6, which the reviewers found to be “lightweight and easy to use… (it’s) a small, beginner-friendly fitness app that’s light on weight and light on price.”

A review on MSN found the Oura Ring 4 to be “the best smart ring for most people, thanks to its long battery life, highly accurate tracking, and intuitive and easy-to-understand app for reporting your health data.”

“I aim to hit 10,000+ steps a day, like to know the cumulative load from my daily workouts, and prefer to have a read on how recovered or taxed my body is from stress, travel, fluctuating sleep quality, and activity,” writes MSN’s Rachael Schultz.

The devices are growing in popularity here in Canada.

According to The Health Insider, a study authored by Guy Paré of HEC Montreal found 66 per cent of respondents “kept track of something related to their health, with most of them using some kind of device to aid them in doing so.”

The article discusses some Canadian health and fitness trackers from companies such as HeartWatch, Muse, Hexoskin and iMerciv.

Save with SPP has not tried, and is not endorsing, any of these products. If you do become interested in purchasing one, it is important to do your research on fit, ease of use, phone compatibility, and so on, and perhaps chat with a professional – like your doctor – about what he or she can do with the resulting data.

It’s nice to have a professional doing the heavy lifting and decision making, and that’s what members of the Saskatchewan Pension Plan experience. Money they contribute to their retirement nest egg is carefully and professionally invested in SPP’s low-cost pooled fund.

Years from now when the days of work are mercifully over, SPP members can choose to convert their savings to income through such options as receiving a monthly lifetime annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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Six ways to start saving for retirement – at age 50

So you’ve hit the half-century mark – hooray for you! Many best wishes, and there are many good years ahead of you.

But what if you haven’t yet started saving for retirement? Can you still catch up?

According to an article by Daniel Liberto, writing for Investopedia, the answer is yes. His article outlines six ways you can get into the savings game, even starting late.

We have Canadianized some of the ideas in this U.S.-facing article.

First, he suggests that if you can, you should try to maximize contributions to government retirement savings programs. Here in Canada, this generally refers to registered retirement savings plans (RRSPs) and Tax Free Savings Accounts – if you have room in either, fill it.

Secondly, if you have any sort of workplace retirement savings program, be sure you are registered in it and contributing to the max. Such plans, he writes, often provide “matching funds from your employer.”

When investing for retirement, Liberto writes, “avoid being too aggressive or too conservative.”

“How you invest your money is equally important. Starting at 50 doesn’t mean you should choose overly aggressive and speculative investments. You’ll want to invest sensibly, which could mean waiting a bit longer to retire if you’re struggling to hit targets,” he explains.

Your savings target needs to factor in inflation – the idea that the cost of most things today will be a lot higher in the future, even if inflation is relatively low.

“Remember to consider inflation when estimating how much you’ll need to live on. Today’s money will be worth less when you retire, so your savings targets should account for this reality,” he writes.

If you are late to the savings game, you should consider deferring the start of government benefits (here, meaning the Canada Pension Plan and Old Age Security) until after age 70. “The longer you can hold off before reaching 70, the higher your monthly payments will be. This strategy can significantly boost your retirement income, which is especially important if you’re starting to save later in life,” he adds.

Finally, understand fully the tax rules about Canadian retirement income. Most of us will get many streams of retirement income, and all have slightly different tax impacts. As well, if you are retired and converting an RRSP to a registered retirement income fund (RRIF) there are taxes on mandatory withdrawals from the RRIF. It is best to consult a professional for tax advice regarding your retirement income sources and strategies.

If you don’t have a workplace pension plan to contribute to, you do have a great option for retirement savings via the Saskatchewan Pension Plan. SPP is open to any Canadian who has available RRSP room. You can decide how much to contribute each year – any amount up to your personal RRSP contribution limit.

SPP also allows you to transfer in any amount from other RRSPs. If you have several RRSPs (non-locked in), perhaps from past workplace programs, you can consolidate them all in SPP.

Check out SPP today!

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Those closely watching the federal election this spring on CBC will have seen a brief segment featuring Vernon, B.C.’s Carole Fawcett of the Seniors Tin Cup movement, advocating for more help for low-income seniors.

While pleased by the publicity, Fawcett says the CBC “didn’t use a lot of the things they asked me about – I guess I got a little strident, as I am wont to do!”

The movement’s aim is help improve federal benefits for seniors “to meet at least the current accepted line of poverty,” about $25,252, the organization’s website notes. “Twenty-eight per cent of senior women are living in poverty,” the site adds.

With all that’s going on in the world, from trade wars to actual wars, it has been a quiet time on the seniors’ advocacy front, Fawcett says. “Other things are on people’s minds – but now, we are about to get back up and running.”

The group’s next event will be “a rally up and down the main street of Vernon. We’ll be bringing lawn chairs and will sit at all intersections,” distributing literature, taking questions and “getting the word out,” she says.

While the recently rolled out national dental care program is good news for many low-income seniors, there hasn’t been much action on senior income and care from the government lately. In fact, says Fawcett, a federal program called NEXUS in B.C., which helped older people “age at home” and offered seniors help with housekeeping, doctor visits, mowing the lawn and so on, recently announced it was winding down due to program cuts.

“These are low income seniors, not always in the best of health – these are not people who are going to be able to do these things themselves,” she says.

It’s not easy being a low-income senior in these days of eye-popping rents and grocery bills, she says.

“I live on $23,000 a year. But I’m lucky, I have a townhouse and a good vehicle, both are paid off and mine. But many seniors have nowhere to live, and finding an affordable place when rents are so exorbitant – in the thousands – is very difficult,” she explains.

“I really don’t know when this government is going to pay attention to seniors – of late, with every budget brought forward, there is no mention of seniors. Meanwhile, everything is going up in price.” As an example, she says a can of Maxwell House coffee now goes for $25 in her local grocery store. “I’m going to have to switch to tea,” she says with a laugh.

The efforts of the Seniors Tin Cup movement are starting to gain traction. Their website “looks great, and is getting more traffic,” she says.

Seniors themselves can help government see that the modest benefits offered by the Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) are not keeping up with the rising cost of living.

“They can write letters. I’ll help them draft the letters, even,” she says, adding that a letter to government template will soon be added to the website.

Fawcett says one policy change — increasing the GIS — would be the best way to help low-income seniors. “That’s the change we absolutely hope for,” she explains. Often, she points out, increasing CPP or OAS can actually reduce GIS amounts — that’s why the group favours increasing GIS over changes to the other benefits.

“We are looking for the government to take action,” she says. Provinces can also help by lowering costs for seniors – an example is shingles vaccines, which you have to pay for in B.C., she adds.

“All we’re looking for is to raise people’s incomes up to around $25,000, so they can function. They will be able to live a basic, simple life at that level of income,” she says.

We thank Carole Fawcett for taking the time to speak with us.

Saving for retirement today, while you are younger and working, is an important step to help you avoid living solely on very modest government income programs in the future. If you have a pension program at work, be sure to join up and contribute to the max.

If you don’t have such a program, the Saskatchewan Pension Plan may be a good option for you. You decide how much to chip in, and SPP does the rest, investing your savings dollars in a professionally managed, low-cost pooled fund. Your retirement income options include a lifetime monthly annuity payment that can never run out, or the more flexible Variable Benefit.

Check out SPP today!

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Bleak retirement savings picture for U.S. divorced, widowed women

South of the border, new research has found that one in four “divorced, separated or widowed women” have less than one month’s worth of retirement savings, reports Benefits Canada.

Less than one in 10 divorced, separated or widower men are in the same situation, the article continues, citing research from PensionBee.

“The survey, which polled more than 1,000 employees, found following a marital transition, women (43 per cent) are twice as likely as men (21 per cent) to report having a loose retirement plan and may lack clear retirement goals. Just nine per cent of divorced, widowed or separated women report working with a financial advisor on their retirement, compared to 18 per cent of men undergoing the same life transition,” Benefits Canada reports.

Nearly 23 per cent of “separated, divorced or widowed women” said they were unlikely to be able to survive more than a single month on their retirement savings, the article tells us.

This group, with scant savings, was also seen as less likely to increase their retirement contributions in the coming year, the article continues.

Twenty-three per cent of all “separated, divorced or widowed” respondents have made hardship withdrawals from their retirement savings accounts, the article adds. That compares to 17 per cent of married respondents, Benefits Canada notes.

And while 50 per cent of married people “reported a positive view of retirement,” that number falls to just “28 per cent for women and 31 per cent for men following divorce, separation, or the death of their partner.”

An article in Financial Advisor adds more detail about some of the retirement income problems faced by single, senior American women.

“While 26 per cent of all Americans are predicted to run out of money in retirement, the reality can be worse for single women who need long-term care. Those costs run as high as $248,000, and some 52 per cent of them will run out of money in retirement, according to Morningstar data,” the publication reports.

“With lower income earners, even without long-term-care costs, there’s a really large percentage who are running short of money and having to rely on charity or government programs. And then with higher earners who have more wealth saved, they can oftentimes self-insure,” states Morningstar’s Spencer Look in the article. “So it’s really the middle class, the middle two income quartiles, who are most exposed to this risk.”

Running out of savings can be a great concern for any of us.

Fortunately, here in Canada, government retirement benefits such as the Canada Pension Plan, Old Age Security and the Guaranteed Income Supplement are paid for life.

Members of the Saskatchewan Pension Plan have a retirement option that can help with “longevity risk,” or the danger of outliving your savings. SPP offers a variety of different annuities – you can convert some or all of your SPP savings into an annuity when you retire.

You’ll receive an SPP annuity payment on the first of every month for the rest of your life. Some of the annuities offer survivor benefit options, as well. For full details, see our Pension Guide.

SPP is open to any Canadian who has registered retirement savings plan room. Check out SPP today!

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Inspiring book helps you face challenges, manage negativity and adversity

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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The key to retirement saving – start as soon as you can

Writing for Morningstar, Paul A. Merriman says saving for retirement is “easier than you think.”

“Time – lots of it – is your biggest ally,” he writes. And the process of saving for retirement, he insists, is “easier than they think… if they get a few things right.”

First, he suggests, “you’ve got to set aside money regularly, without fail.” Even small amounts will add up over time, and “you have to invest that money where it will work hard for you.”

And you have to start – right away, if you haven’t already, he adds.

“If you haven’t yet `got around to’ starting a retirement savings program, do it now. Start this very week, using whatever money you have. It will feel good to be on your way,” he explains.

Once you start, keep it going regularly “with a plan you can afford,” he adds.

“Get the long-term power of the stock market working for your savings right away,” he notes, and “find a way to make your savings automatic, so you don’t have to think about it every month or paycheque.”

Consider, he suggests, your “savings plan as if you were starting a business, along with a terrific business partner: the stock market.”

“Your job: Fund the business by regularly adding capital. Your partner’s job: Make that capital grow big enough so you can retire comfortably,” he writes.

He provides an example of the return rate someone would get if they put $1,000 a year into an index stock fund starting in 1985. If you increased your contribution by three per cent each year, he writes, “and kept doing it until the end of 2024,” you would have earned $4 for every dollar you contributed after 15 years.

You must factor in inflation as a consideration, he writes. So what’s a good amount to set aside each year?

“If you can set aside 10 per cent of your earnings each year and invest that money intelligently, you’ll be well on your way toward a comfortable retirement,” he writes.

“If you’re fortunate enough to work for an employer that matches some part of your contributions in a retirement plan, you’ll do considerably better than this table suggests,” he adds.

“The `magic’ in this scenario comes from doing what millions of people do all the time: They engage a willing and capable business partner (the market) in order to own stakes in hundreds (and in many cases thousands) of real-world companies,” Merriman writes.

“Every business day, employees of those companies show up for work. Managers figure out how to profit from that work. Executives plot to make sure investors get a share of those profits,” he continues.

“Your job as the `senior partner’ in this little business arrangement is to keep your focus on the big picture and the long term. If you do that and let your partner do its job, the long-term payoff can be huge,” he concludes.

Automating your savings, and ramping your savings rate up when you get a raise, are key pieces of the savings puzzle. Members of the Saskatchewan Pension can choose to make their contributions automatically. You can let us know (PAC-PCC-application.pdf) where you want your contributions to come from – either a bank account or your credit card. We’ll do the rest, and invest your savings in our professionally managed, low-cost pooled fund.

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