To Retire or Not to Retire
Many Canadians are now working past the age of 65. The government has made changes to the Canada Pension Plan and Old Age Security to encourage Canadians to keep working past the traditional retirement age and to facilitate transitioning into retirement. I view the changes as reflecting a positive attitude toward seniors. It is not that long ago when many employers, including governments, pushed employees out the door when they became 65 whether they wanted to go or not. Today with most jobs less physically demanding, better health and a longer life expectancy there is no need for people to automatically retire at any given age. Some people, rather than continuing in the same job or business, essentially start over with a new career. Whether you choose to keep working is a personal decision. The people who continue working past retirement age do so for a variety of reasons, which are not necessarily financial in nature.
- Their work is their life.
- They like the work, or the sense of accomplishment, the recognition and the self fulfillment that comes from working.
- They like the social interaction with clients and colleagues.
- They are afraid to change.
- They are afraid of being bored.
- They are afraid of being alone.
- They want to beef up their pensions or RRSPs.
- They need the money.
- They are afraid they might run out of money in the future.
Think about where you want to live. You and your spouse or partner might want to downsize, relocate, or you might want to retire to another country. Cheap places to retire.
Spend some time contemplating how you will fill up your time in retirement. There all kinds of ways to keep busy. Hobbies and Activities
Talk to your spouse or partner. Your decision to retire or not will affect them too.
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