By Chris Forman

Retirees in Canada may not find retirement fulfilling, financially or otherwise. In fact, 72% of Canadians said in a 2019 survey their retirement isn’t what they expected.1

Whether it’s a slower pace of life or lack of a routine, you might find it difficult to transition from decades working to decades in retirement. The key to success? Identify and manage potential road blocks ahead of time.

Consider how your working roles have benefited your life, and then explore opportunities to create those roles when no longer following a 9-to-5 routine.

Here are six reasons why working, whether on salary or volunteering, can make your retirement more stable and fulfilling:

  1. Financial Stability: Many assume that in their later years they’ll be physically or mentally unable to work, but that’s not always the case. Consider a graduated retirement through job-sharing or working part time to ensure you’ll have continued financial stability.
  2. Structure: Successful retirees add elements of structure into their lives. Sometimes this is the type of structure that comes with working part time. Don’t shy away from commitments or obligations. Create part-time work plans and develop strategies to keep some structure in your life.
  3. Utility and Value: Retirees may feel left out after they leave the workplace, but retirement is also a great time to volunteer or work part time work to feel valued. Charities and other nonprofit organizations are always on the lookout for experienced, dedicated people. Choose an organization that aligns with your values and see how your skills can help them.
  4. Community: Expand your friendships outside of the workplace. Retirement is a good opportunity to get involved with other organizations to form new associations. Also, put in extra effort to transfer your significant work relationships to your new life.
  5. Status: Losing workplace status is one of the hardest adjustments for many retirees. However, retirement offers many opportunities to fill that void. Leverage your current position and connections to search for volunteer work with a not-for-profit, become involved in fundraising, sit on corporate boards, or serve on local government or non-government committees.
  6. Forward Progress: The ability to learn is not related to one’s age. Going back to school can reinvigorate retirees and give them new direction. Also, consider your strengths and transferable skills: Perhaps you can use them in a new way in a new industry.

Asses your skills and move confidently into the future

As you move into your retirement, consider the skills you developed at work that brightened your day or gave you satisfaction. These skills can help you determine post-retirement employment, teaching or consulting opportunities, hobbies, personal education, and even coaching and mentoring.

HUB International’s team of qualified retirement plan consultants have extensive experience with all aspects of retirement planning.

1 SunLife, “Counting pennies: the frugal facts of retirement, November 19, 2019.