Can this 69-year-old afford to stop working two jobs and retire? Plus, snowbird destinations that won’t break the bank

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Thirty years ago, Barbara had two children, was single again, and immersed herself in her work. The 69-year-old home care worker still seems stuck. She works two jobs and on some years she earns over $100,000 including mileage refunds.

“She is out all the time, especially at night, to help patients go to bed, often on short shifts,” her son, now in his 40s, wrote in an email. Barbara has savings and investments in a small town in Ontario, and she has a home without a mortgage, but she still feels she has to keep working.

“I think part of the reason is habit. She says yes to any request anytime, anywhere,” her son says. She worries that she won’t be able to live on her retirement savings. “Also, she has a sense of purpose in working and she thinks she enjoys it,” he added.

Barbara’s family wants to show her that she can afford to work less and retire completely. Her son helped her fill out an application form for a financial facelift.

Barbara’s retirement goals are to live comfortably, maintain her home, and replace her car when necessary. She also worries about paying for the medical bills she will need when she gets older.

In her application, she asks whether she should buy an annuity for income or whether an income-focused investment portfolio is better. Her retirement spending goal is $50,000 a year, more than she currently spends.

In this financial facelift, Toronto CPA and Fees Only Certified Financial Planner Warren Mackenzie examines Barbara’s situation.

Want a free financial makeover? Email finfacelift@gmail.com.

How hard would it be to save enough to retire at 60?

In the latest Charting Retirement article, Fred Vettese, Morneau Chepel’s former chief actuary and author of Retirement Income for Life, explores the challenges of saving for early retirement.

What portion of your retirement benefits have you already paid?

Rock hopeful Paul McCartney wrote lyrics to future Beatles hit ‘When I’m 64’ at just 14, contributor Paul Brent says Retired Rich Roadmap News I wrote about it in the fourth letter. (You can watch weeks 1, 2 and 3 here.) The famous chorus asks what happens when the young lover reaches the age of the title. “Do you still need me, can you still feed me?” For Canadians over 64, the answer to these questions is something like “yes,” says Brent. points out.

Older Canadians are needed and political parties definitely need their votes. Older people tend to vote more than any other demographic, and politicians are serving their needs. On “feeding” the elderly, Brent said there will be financial assistance when he turns 65 (or 64 or 60), but most of us are unaware of how much Ottawa can help us at that time. He says that he will spend his working life with only vague thoughts. we retire Some of us benefit from pension plans provided through our employers, but it is equally difficult to know how much we will receive from those plans.

So what exactly are the financial programs available to older retirees in Canada? Find out here.

Ready to think about your (ultimate) financial freedom?

Introducing the Retire Rich Roadmap, a five-part newsletter course to equip you with the tools you need to think about retirement now and decades from now. Sign up now – each lesson arrives in your inbox on Thursday.

in case you missed

5 Winter Vacations for Snowbirds Seeking Sunshine and Adventure

Winter fugitives are looking for a more meaningful stay in new destinations without breaking the bank, writes Vivian Vassos in this article on Snowbird destinations.

Those lucky enough to leave in the colder months prefer the term ‘winter vacationer’ to ‘snowbird,’ she says. But whatever you call them, they are escapist artists, seeking respite from the gray skies and snow that are unrelenting in much of Canada, she added.

There is a movement among snowbirds to find destinations that offer cultural experiences. Snowbird Advisor President and Editor-in-Chief Stephen Fine says the new generation of Canadian Snowbirds will be easier to access, especially to destinations outside the United States, and perhaps more importantly, more affordable. He points out that as he grew older, he became more adventurous.

Georgia Lakopoulos, travel advisor for Uniglobe Enterprise Travel, said, “While Snowbird customers are primarily heading to Portugal and Spain, we anticipate increased demand for Greece in the future.” Told.

Typically Lakopoulos’ customers are senior citizens looking for stays of 3 weeks or more. She added that most people want the chance to discover the region, experience the culture and food, and “want a rich and meaningful experience.”

MRG Travel Director Georgia Kourakos says Italy, Portugal, Greece and Spain top the client list. “They have a desire to explore these destinations further, go to beaches, meet locals, and experience a deeper connection to the local culture,” she says.

So where are we going next? If you’re already planning your winter vacation, consider these destinations.

Read the full article here.

As I get older, I spend more time alone, but I don’t feel lonely

“As I get older, I become more aware of my need for friends. “Some of them are friends who’ve been in my life for decades, friends I’ve made since moving into my condo, and caregivers who’ve been a part of my life over the past year. The pictures and objects around my apartment, the music I’m listening to, the books on my bookshelf, and even watching me out the window that evoke memories of past events and trips. Even the birds that entertain.”

Rawlings says all of these “friends” contribute to his mental well-being in their own special ways, especially since outdoor movement is more restricted.

Many of the people Rawlings knew over the years have moved on, and others (including his wife) have passed away, leaving a void in their lives to fill, he says. “In many ways, I’m lucky. I’m 84 years old and have many medical problems that quietly creep with age, but I’m not locked up or locked up. Now I’m able to walk almost every day.” I have two wonderful caregivers who come to visit and help me, who understand and appreciate my shortcomings and my quirky sense of humor.”

Ms. Rawlings lives in a building “filled with interesting people (many of whom are retired, like myself)” and spends in-person or virtual book club meetings, coffee mornings and wine tastings, or the occasional dinner. meet with them Although he keeps in close contact with his friends and family, he says he’s come to realize that there are more “friends” that are closer to him than human interactions.

Read the full article here.

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Q&A about retirement

Q.: I am 55 years old, single, and have made good financial decisions throughout my career. I want to retire when I can enjoy my old age (60-65 years old) while I am still healthy. Is there an easy way to know if you’re spending your money wisely?

We asked Mick Lord, Certified Financial Planner at Investors Group Financial Services in Ottawa, to answer this question.

There are many ways to approach your question and many angles to consider, some of which are non-financial in nature (as it might seem). what is your income? how is your body? Are there genetic factors to consider as you get older? Are there, or likely to be, people who are financially dependent on you in the future? There are several.

Financial well-being is not a finish line to cross. You don’t suddenly get financially strong. When I go to the gym today and look in the mirror, I see no change. When I went back to the gym the next day and looked at myself in the mirror, I still saw nothing. No clearly visible results, right? Many people quit at this point. Another approach is to fundamentally understand and believe that going to the gym is the right thing to do, and stick with it, much like a savings plan, an insurance plan, or a regular financial review from a financial professional. . At some point you will achieve a financially prosperous life. Financial well-being is largely about consistency, and there are no shortcuts other than the lottery.

Just as cholesterol and blood pressure are important numbers to track your health, there are numbers you need to track your financial well-being.

• Net worth (all assets minus all liabilities; bigger is better, so it should be increasing year by year).
• RRSP contribution limit (lower is better, so you should aim for 18% of your annual income).
• TFSA contribution limits (should decrease over the years, since lower is better).

Given that you are single, it sounds like you are self-sufficient and want to remain so. Considering you are single (and would like to remain self-sufficient, I assume), there are also several types of insurance to consider. But this deserves more time to discuss.

Do you have questions about money and lifestyle for seniors? Email us at sixtyfive@globeandmail.com Find an expert to answer your questions in future newsletters. Interested in more stories about retirement? Sixty Five aims to inspire Canadians to feel confident, safe and live their best lives. sign up About our weekly retirement newsletter.