Two of the problems with writing personal articles for posting on a blog is knowing where to start and how much information to include. One runs the risk of leaving out important information while possible including too much.
With that thought in mind I’d like to talk about choices we make in life that can have long reaching effects on our senior years.
If anyone had told me in my earlier years I would still be working a fulltime job at age 75, I might have said, “Well just shoot me right now.”
Well maybe not, but I usually blame the pandemic for raising the cost of living so high that our CPP and OAS could no longer keep up. However, part of the blame is on me.
When I got my release from the Canadian Armed Forces in 1978 I had a pretty good pension plan. Trouble is, because I got out before ten years, all I got was return of contributions which was enough to pay for our move from Nova Scotia to Alberta.
None of my jobs from then on included a pension plan. Trucking jobs especially are notorious for not including a pension benefit.
I know, many people, much smarter financially than I, will say, “Why didn’t you start a private pension fund?” That’s a legitimate question. My only answer is, It didn’t seem affordable at the time. There were always unforeseen events that took every available spare dollar, and then some.
I know I’m not the only one who made this mistake and my hat is off to anyone who has made better preparation for retirement. But, if I had any advice to give anyone just starting these days it would be to invest in some kind of plan because the government plans are only meant to provide the bare necessities.
If you find yourself in a similar position, take comfort in knowing you are far from alone. Statistics Canada data shows that more than half of all Canadian workers do not have an employer-sponsored pension plan, meaning millions of us are navigating this exact same road. While the numbers can seem daunting, there is a tremendous amount of community, purpose, and shared resilience among those of us still contributing to the workforce. We aren’t failing; we are adapting, sharing our stories, and showing that a meaningful life doesn’t stop at an arbitrary retirement age.
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