Paying it forward
In the
interests of full disclosure, I did attend every retirement-related workshop
and seminar Ryerson offered. I am very
glad that I did though I did not realize at the time just how practical and
useful what I learned was going to be.
In keeping with the interests of full disclosure, here are my five
favourite of the many nuggets of advice shared by various retirement panel
participants at those workshops and seminars:
1.
If you are not now physically fit – get
fit.
2.
Become involved with something bigger than you.
3.
Schedule your day.
4.
Maintain your social networks.
5.
Learn something difficult.
The Mad Retiree
(Early)
Retirement Check List
Money!
o
I really hate that all of the financial
planners are right about debt - but ridding yourself of all major debt before
you retire is a good plan. If that is not possible, any debt you are carrying,
ie: a mortgage, should be offset by other assets you have on hand
o
Don’t forget about income tax. Have all income tax deducted at source. Though if you are planning to continue with
Ryerson’s benefits package, the monthly payments are tax deductible
o
Base your monthly budget on your after-tax
pension income (and you have to have a monthly budget in place before you
retire!)
o
Any budget you concoct should cover all of
your fixed monthly expenses (cable, hydro, mortgage), your variable expenses
(groceries, gas, etc.), leave a little bit of money left over for “fun”, and
leave some cash left over to cover emergencies so you don’t have to dip into
savings (hands up anyone who hasn’t heard my fuel pump story!)
o
If you are not already having your bank
automatically “slide” some of your paycheque into a savings account – start now
so that a portion of your pension cheque will also automatically slide into a
savings account. (Again, hands up anyone
who hasn’t heard my fuel pump story!)
o
Strictly adhere to your monthly budget for one
calendar year (12 months) so you can “chart” the months of the year when you
are spending more, or if you’re really lucky, spending less. (i.e. probably spending more on gas during
the summer months and December is an expense-heavy month for everyone!) Revisit your budget after twelve months, make
any necessary adjustments …… and strictly adhere to your new monthly budget for
one calendar year – and then start the process over again
Lifestyle
o
A minimum of five (5) years prior to your actual
retirement date, start making concrete plans for what you plan to “do” when you
actually retire. If possible, in fact,
start seven (7) years prior to your retirement date. That means actually
starting a pen and paper list of all of the activities you plan to engage in
once you are retired
o
Then start figuring out exactly what you need to
do over the next five to seven years (while you are still making a full-time
salary) to make those retirement plans a reality. For example – if you are planning to take up
photography, you might want to buy a camera!
o
Do not mock the list
o
Enrol in every retirement lifestyle workshop and
seminar offered by Ryerson. Make
notes. And keep the notes and all
handouts. (I have fallen back on a
myriad of hints and information I picked up at one workshop or another many
times during this past year)
Social Contact/Networking
I had severely underestimated the
amount of social contact I require to keep my sanity intact. I am a relatively independent person. I can usually figure out ways to keep myself
amuse
Not so, now that I am gainfully
unemployed. I enrolled in all of the
retirement workshops and seminars. I
read the handouts. I actually read a couple
of “self-help” retirement books. I was
relatively confident I had enough interests and hobbies to keep me busy 16
hours a days, seven days a week
I can’t do it. I have had to make an effort to make and
maintain contacts with other people. For
example, the ad hoc bird watching group that tramps through the Riverwood Conservancy
twice a week, the Ides of Tea luncheons, stitch and bitch.
In
my humble option, life style and social networking/planning should be the
number one priority when planning for retirement – ahead even of financial
planning. This is especially true of
retirees like me – single, no children.
...... next ... and now the really hard work starts! Retirement!!!!
