Tag Archives: Forbes magazine

Is working longer good for your health?

There’s mounting evidence that shows Canadians have to work longer than they planned, due to the combination of high personal debt and low retirement savings.

Save with SPP took a look around to see if this “new normal” is a good or bad thing, health wise.

Interviewed in Forbes magazine, Heller Sahlgren, author of Work Longer, Live Healthier, sees working longer as a positive, health-wise.

His book makes the point that healthy people in their 60s should have no problem working, and that the work is good for them. “Continuing some form of paid work in old age is one way to ensure a healthier population,” he states in the article.

How is working healthy? The article notes that “studies have found that the mental demands of a job can be a force for staving off cognitive decline, an insight summarized by the catchphrase `use it or lose it.’”

An article in the New York Times makes a similar argument. “What is the benefit of work? Activation of the brain and activation of social networks may be critical,” states Nicole Maestas, associate professor of healthcare policy at Harvard, in a Times interview.

There is a potential downside to working later in life, reports the Money Ning blog. If you’re “not passionate” about your work, or “are working in a job that is physically demanding or extremely stressful,” the idea of keeping your job “may not be a pleasant one,” the blog states.

A paper by the Canadian Centre for Policy Alternatives, Working After Age 65: What is at Stake provides a great overview of this issue. One section deals with the health of older workers, and notes that “more than 50 per cent of retired workers over 65 have three or more chronic health conditions (such as high blood pressure, diabetes, or arthritis.”

As well, the paper notes, “one in four fully retired workers over 55 list poor health as their reason for retirement,” adding that “many older workers will have difficulty remaining in the workforce due to poor health, even if they are not financially ready to retire.”

To recap, then, working past 65 can be good for your mind – keeping it in gear, so to speak – and the social connections from work are helpful, preventing isolation. But these benefits assume your health is good, and that seems to be the delineator – older folks do tend to have more health issues than younger ones, and if your job wore you out emotionally and physically, keeping at it may not be a great idea. So you’ll need to weigh all these factors should you consider working for the longer term.

A hedge against becoming a long-serving worker is retirement savings. Those savings give you options, such as scaling back on the amount of time you put in at work, or even moving to something that’s more fun but pays less. Be sure to make retirement savings a priority, and consider the Saskatchewan Pension Plan as part of your savings toolkit. They offer an end-to-end retirement plan for you, investing your savings and turning it into a lifetime stream of income.

Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock. He and his wife live with their Shelties, Duncan and Phoebe, and cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22

Aug 27: Best from the blogosphere

A look at the best of the Internet, from an SPP point of view

Asking the question “what is retirement really like”
Everyone who is working, or frankly, just getting older, eventually wonders what it would be like to be retired. It is very difficult to imagine what “there” looks like.

Save with SPP had a look around to see how people describe the so-called “golden years.” What are they really like?

Forbes magazine recently covered a survey on this topic, and their top three results were quite interesting. Retirees said that “boredom is not a problem.” One retiree said “I have to remember (repeatedly!) that I can’t do everything I want, even in retirement.”

Second on their list was the revelation that retirees “often downsize and cut their living costs – by choice.” The typical survey respondent “is living quite comfortably on about half of his or her pre-retirement income,” the article notes.

Rounding out the top three is the fact that retirement “requires some big adjustments for married couples.” In order to avoid one spouse supervising the other, “me time” is essential, the article notes.

US News and World Report also covered the “what is retirement like” question, and their findings were similar. They found most new retirees want to continue to be active. Citing examples of doing part-time work or managing their own savings, the article says most retirees “would rather continue to be active after they retire from their career than relaxing around the pool all day.”

Retirement, the magazine notes, can be “a difficult transition if you are not prepared for it.” Those who were forced into retirement during the economic downturn of 10 years ago found they had less savings and “a lot of heartburn,” the article adds. Some looked to part time work until more stable economic times returned.

On balance, the article says, having fun in retirement is very important. You can “volunteer, freelance coach, or (do) many other activities,” the article notes. It’s a way to help avoid missing the “structured routine of work,” the article states.

What will your retirement be like? The conclusion is that it’s up to you. Having a plan for retirement savings and for turning those dollars into future income is also a good underpinning for your future life after work. The Saskatchewan Pension Plan can help you on both fronts.

Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22

 

What’s on your bucket list for retirement?

We often hear about “bucket lists” and what should be on them – things that people want to do, boxes they want to check off, all before they reach the end of life’s runway.

So what’s on some of these bucket lists? Save With SPP took a look around the Internet to see a few examples.

In the UK, Mature Times lists three ideas – seeing the Northern lights, buying a dog, and travelling the country by train. The article is based on a study of 2,000 Brits. “Many Brits view their later years as a chance to do all the things they’ve wanted to do for ages, it is considered to be one big long holiday,” the article notes, gently reminding readers that you still have to pay the bills and taxes once work is in the rearview mirror.

The late chef and TV host Anthony Bourdain once said a tour of Newfoundland and Labrador should be on everyone’s bucket list. The province, he once told the Chronicle Herald, has “that perfect mix of culture, cuisine and landscape that travellers want to experience.”

From the Personal Excellence blog, the top three are travelling around the world, learning a new language and trying a new profession. Number four – achieving your ideal weight – is also noteworthy. 

Forbes magazine recommends making a pilgrimage, eating a meal “good enough to be your last,” and climbing a mountain.

The Great Canadian Bucket List recommends seeing polar bears in the wild, walking the seabed at Hopewell Rocks in New Brunswick, and cycling across PEI.

Have you already done any of these bucket items? Remember, in order to do your list to its fullest, it’s wise to save for your golden years. A great way to do that is by signing up to be a member of the Saskatchewan Pension Plan.

Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. After a 35-year career as a reporter, editor and pension communicator, Martin is enjoying life as a freelance writer. He’s a mediocre golfer, hopeful darts player and beginner line dancer who enjoys classic rock and sports, especially football. He and his wife Laura live with their Sheltie, Duncan, and their cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22