John Lennon reminds us “life is what happens while you are busy making other plans."
The lyrics of his 1981 song “Beautiful Boy” speaks to our chase of that next achievement or object and how time just slips by. It all becomes a blur and a series of goal posts plus fading memories. The why of it all is soon forgotten in the process.
Birth and dependence as young children, then being an adolescent, getting an education, graduation, finding work, maybe finding a life-mate, possibly starting a family, buying a house, having a mortgage. The first kid off to university, the first grandchild. Where did the years go? Then suddenly (it seems) your friends are retiring. Or worse, dying!
Oh my, that sounds a bit dreary and overly regretful.
Quite a few steps here are skipped in this timeline, and clearly we don’t follow them all lock step. That last one though is unavoidable. What comes before your last breath concerns us here in this column. Actually let’s refine the scope and tether it to age 55-plus.
The term “senior citizen” is no longer politically correct in most circles, and many 65- to 80-year-olds don’t feel senior at all. “Older Adults” may be truer, but nonetheless is still not an adequate term. Maybe it is something closer to “prime."
Le troisième âge is, in some say, the best time of our lives. It can be an amazing time.
These year-long series of stories under the Prime banner are aimed at older adults is about that third age. A time when there are many possibilities ahead and for some the promise of a pension is a blink away. Agreed, not everyone gets a golden company handshake. Maybe you are already a recipient of CPP (Canada Pension Plan) or OAS (Old Age Security) or GIS (Guaranteed Income Supplement)? With retirement now stretching for two plus decades ahead there are many concerns.
It can be health anxieties, financial issues, avoiding fraud, social isolation, safety, caregiving and long-term care… It can be these and more all at the same time! Added to this is the likelihood of living longer.
“The 100 Year Life” by Lynda Gratton and Andrew Scott has the subtitle “Living and working in an Age of Longevity” and certainly many of our current cohort have that as their goal. A century is achievable we are told. “The growth rate of the centenarian population has often been one of the highest of all age groups in the last 40 years,” states Statistics Canada. For a little more perspective acknowledge that “the 2011 Census enumerated 5,825 people were aged 100 or older.” So maybe we modify our expectations. Look it up! “The average life expectancy in Canada in 2021 was 82.66 years.” Though women in Canada were living four years longer than men recent data demonstrates that number is coming down.
So how do we prepare to be one of the ones that reach that target? The robustness and “ableness” of 55 is not the same at 85, 95, nor later. Nevertheless, that should not stop us from trying to live, love, and laugh and enjoy life to its fullest.
Neil X. (he has chosen to remain anonymous) feels that in hindsight “[…] there are things I should have done. Mental preparation is a big part of it. But most of us don’t have a roadmap.” Some of us just say que sera sera. Doris Day and cheerful fatalism aside most feel there has to be some planning and homework.
The Globe and Mail recently (Jan. 25) offered an answer to the question “How many healthy years will I have in retirement?” For a Canadian woman aged 65 in 2015 there is a high likelihood of reaching 87, however, there will be, on average, almost seven years that will not be disability-free.
Add to this the worry about the “more decades than dollars” dilemma.
Some, like lifetime Sudbury resident Glen Jankiewicz, say we have to take financial planning for the golden years much more seriously.
“We are not saving like our parents did in the 1960s and 70s,” he said.
He believes the constant release of new technology is a siren’s enticement.
“We definitely spend differently — and more — than our parents. Retirement packages are not the same today and your mid-40s is not the time to start an RRSP. My two boys are 25 and 30 years old and they are already participating in and contributing to self-managed plans.”
In conversation Jankiewicz, aged 54, he said it was nice to dream about winning Lotto 649 or LottoMax, but that is not a realistic retirement plan.
Do you feel you should enjoy today, or save it all for future happiness? Anecdotally, don’t we all seem to know stories of people who deferred everything to retirement only to die before collecting a cent?
“We surely have an opportunity to revel in the moment, but that doesn't have to be at the expense of everything in the future. Our everyday existence should be punctuated (as much as possible) with a certain sense of self-fulfillment. If not, we will become disillusioned and cynical,” shares Neil X. in an email.
He has some additional insights. “Consider if you're ready for full-time retirement. For many people, going from full-time to part-time job (if possible) is a good idea. It also alleviates some of the initial financial stress, especially for those without a guaranteed pension. Consider what your life will be like after retirement. People with passionate hobbies (e.g. woodworking or golf) often fantasize about spending untold amounts of time with these hobbies; only to find out they are fed up with them after six months.”
Will your employment future be a short sharp stop or more of a transition? Will you volunteer? Will your health and money run out before your expiry date?
What will retirement and the golden years hold for you?
The next edition of Prime may hold some answers and valuable insights.
Expect a monthly article on topics related to being Prime. You will also meet some wonderful fellow citizens who are going strong, contributing to community, and being active and engaged.
Hugh Kruzel is a writer in Greater Sudbury. Prime is made possible by our Community Leaders Program. Got a question of comment for Hugh? Email [email protected].
