Retirement Prudence

Emma Morano—believed to be the last person alive born in the 1800s—celebrated her 117th birthday on November 29, 2016.

Emma lives in Italy and credits her long life to eating three eggs every day. She is not rich by any means, and she worked in a factory until she retired at age 75.

Longevity in the West has been increasing, with many people like Emma living more years in retirement than ever before. Along with the usual questions about health, people are wondering if they will have enough money in retirement, and whether they will find meaning after a life of working.

When I was young, I never spent much time thinking about getting old and retiring. I was having too much fun! Education, career, travel, and then family all took priority.

Well, now I’m approaching the next chapter of my life—retirement. My wife and I have some money set aside. I have a CLAC pension, some personal savings, and there is always CPP.

Quality of life in the West has steadily improved in the last 200 years. Most of us have our basic needs met—and some luxuries as well—for which unions have played a positive role. While we are working, most people can manage basic and discretionary expenses quite well.

But as retirement approaches, I have found myself feeling apprehensive about managing the coming changes. One advantage I feel fortunate about is that I sit on the CLAC Pension Plan board of trustees, so I have a regular reminder of what it means to save for retirement.

When I go through pension trustee education, prudence is a word that comes up often. Prudence is about common sense and integrity in conducting your affairs.

My dad would often say, “Too old too soon; too smart too late.” I think that applies especially to retirement. Before you know it, you will be where I am—trying to prepare for retirement—which includes helping to prepare your kids for their retirement.

Why not take some time to think about your future, get some advice from family or a retirement planning expert, and speak to someone you know who is retired—they’re the real experts. The right planning, information, and advice can help you rest a bit more easily about the future while you enjoy the present.

We do not know whether we will live as long as Emma Morano. But a prudent person prepares.