These days, many of us are trying to buy Canadian – avoiding products that come from south of the border. We’re changing vacation plans from Florida to Europe – or doing an all-Canadian tour of our beautiful country, its three-ocean coast, gorgeous mountains, and golden prairies.

But what about investing? Should we try and invest 100 per cent in Canada? What are the pros and cons of an all-Canadian investment portfolio?

Save with SPP asked Jonathan Kestle of Milestones Retirement Insights for his thoughts on the subject.

On the “pro” side, he says investing in Canada is investing “in something we are familiar with. There are fewer surprises – and boring sometimes is good,” he says. It’s overall a little easier to “keep your money at home,” he adds.

However, because of our country’s economic ties to the U.S., going all-Canadian won’t avoid some of the volatility the American markets feel – there is a “positive correlation” since our markets are (currently) so intertwined, he adds.

Investing in Canada means “you are supporting Canadian companies and workers, a `feel good’ move that is important for our economy,” he says.

There’s also a tax advantage or two, Kestle points out. “If you invest in Canadian companies, you may receive a dividend tax credit from certain types of investments,” he explains. That means the tax treatment – for Canadians – of Canadian investments is “more favourable than investing in U.S. stocks, where the income is treated more like interest.”

He adds that the dividend tax credit matters most to non-registered investments, as there are no such tax considerations for investments within registered retirement savings plans or Tax Free Savings Accounts. “But there is definitely more favourable taxation for non-sheltered portfolios,” he says.

Kestle adds that there are also some “cons” to consider when thinking about an all-Canadian investing strategy.

Canada’s economy “is a smaller, more resource-based economy – there is less diversification” than in the broader markets, he begins.

“In an all-Canadian portfolio you can only get some much exposure to different assets classes, like research and development, technology, healthcare, biotech, and big consumer brands. There’s no Canadian version of Nike or Coke, although we do have companies like Shopify,” he notes.

“But we don’t have all the media companies – entertainment, movies, and Netflix.” While our largely resource-based economy, sprinkled with banking, utilities, and consumer staples offers growth, “or the potential for it,” all-Canadian returns lack some of the “bat it out of the park” returns you see with U.S. technology stocks, like chipmakers. Also in Canada, there is more government regulation of most industries, which also “can hamper growth,” he explains.

Kestle says there is a potential silver lining to our current trade issues with our southern neighbours.

“We have woken up to the fact that we can’t just hitch our wagon to the U.S. economy,” he says. That offers up the potential for “internal trade barriers (between the provinces) melting away,” he explains.

“Maybe we can start to refine more of our own oil. Perhaps there will be new supply chains with new trading partners, such as the European Union. There are a lot of opportunities out there,” he says.

There is encouraging talk of finally developing an “energy corridor” so that our oil and gas can reach new markets. “We have the unity and the will to potentially do those things now – there is an `all hands on deck’ feeling,” he says.

Anyone thinking of changing their investment portfolio should first consider getting expert financial advice, he says. “It is important to diversify, yes. But investing can be difficult and timing the markets is very difficult.” It is better, he suggests, to have a plan that sets out your investment guidelines, your tolerance for risk, and other factors. Develop a plan and then stick to it, he advises.

For those thinking of reducing their exposure to U.S. securities, Kestle advises against a quick sell off, and suggests a “lazier approach” of gradually lightening your exposure over time. That way, you can get out of the U.S., investment wise, “when something goes up.”

We thank Jonathan Kestle for taking the time to talk to us.

Diversification is an important part of any investment strategy. Did you know that the Saskatchewan Pension Plan’s Balanced Fund is invested in nine different asset categories? Those categories are Canadian, U.S. and Non-North American equities, real estate, infrastructure and bonds, and mortgages, private debt and short-term investments. It’s smart to avoid putting all your retirement savings eggs in one basket – and SPP’s diversification delivers just that.

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Only 36 per cent of Canucks confident they will “maintain financial stability in retirement”

A mere 36 per cent of Canadians feel they will be financially stable in retirement, according to a new poll for Bloom Finance carried out by Angus Reid.

The poll’s results were covered recently in a Toronto Sun article by Jane Stevenson.

While seven per cent of respondents “say they feel very confident” about their post-retirement finances, “27 per cent say they’re not confident at all, and another 37 per cent feel only slightly confident,” Stevenson’s article notes.

Other poll findings reported by the Sun article:

• “46 per cent say that increasing Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) is the financial relief measure that would be the most helpful in retirement.”
• “67 per cent ranked OAS and GIS in their top two most helpful financial relief measures.”
• “Increasing tax-free earnings for working seniors (39 per cent) and maintaining the current OAS and GIS (35 per cent) were the next most popular measures.”
• “The top expected sources of retirement income for Canadians are Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) (72 per cent), personal savings (69 per cent) and OAS and GIS (61 per cent).”

With nearly three-quarters of Canadians thinking CPP/QPP and OAS will be their top source of income, it’s important to realize these programs provide a fairly modest benefit.

According to the Government of Canada’s own website, the maximum CPP benefit anyone can receive this year is $1433 per month. However, the same site notes that the average amount being paid to new beneficiaries this year is $899.67.

You have to have worked for a very long time in Canada, and have contributed the maximum CPP contribution for all of those years, to get the full benefit.

For those age 65 to 74, the maximum OAS amount is $727.67, another government website notes, while for those 75 and over it is $800.44.

If there’s a takeaway from all these numbers, it’s this – those among us who think the CPP and OAS may be their top source of retirement income may not be aware that the most they can get from these sources is currently just over $2100 a month.

That’s a fairly modest figure. If you have a retirement program at work, be sure you are contributing to it as much as you can.

If you’re saving on your own for retirement, consider partnering up with the Saskatchewan Pension Plan. SPP is an open, voluntary defined contribution plan. Any Canadian with available registered retirement savings plan room can sign up. Once you are an SPP member, you decide how much you want to contribute each year, and SPP does the heavy lifting, investing your savings dollars in our low-cost, professionally managed pooled fund. When it’s time to retire, your choices include a lifetime annuity payment each month, or the more flexible Variable Benefit.

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Let’s face it – we all wish that our kids and grandkids live long, happy lives and manage their finances well. Ideally, we are setting an example for them to follow, right?

But Save with SPP suspects that we may inadvertently be setting some poor examples for them to follow. Let’s have a look around the Interweb for things we should not teach our kids about money.

At the MoneyTime blog, the top tip is to avoid “not talking about money with your kids.”

“Not talking about money to kids is setting them up for financial disaster. After all, money makes the world go round. We all use it, we all need it. It gives us choices and the freedom to do things for ourselves, our family and our community. Kids need to know about it so it’s essential we include them in our day-to-day conversations – like doing the shopping, buying stuff online, going to the bank, budgeting for a holiday,” the blog advises. Just be honest with them, the blog continues.

The blog opposes the idea of “giving children money for nothing.”

“Giving them money without them having to earn it means they don’t learn the value of it. That it doesn’t grow on trees or appear automatically from a hole in the wall. Money is earned by working hard and being smart. It’s one of life’s immutable laws and the sooner they get that ingrained in their heads, the better for their future and your cash flow,” the blog suggests.

A third idea from MoneyTime is to avoid “not teaching your children about debt and credit cards.”

“Without understanding the true cost of debt, your kid may be headed for a bad start to their independence when they turn 18 and get inundated with credit card applications. They may be lured into getting credit cards and thinking their credit limit means they `have money.’ Of course this is not the case. It’s borrowed money and if the repayments are not met, the interest escalates rapidly,” the blog warns.

Great advice – we have already had this convo with our oldest granddaughter.

The Codeyoung blog serves up a few more.

Don’t “not set a good example” with your own money management skills. “Children learn by observing. If parents and teachers don’t manage money well, children may pick up bad habits,” the blog notes.

Another example from the blog is to avoid “overemphasizing spending.”

“Focusing solely on acquiring things rather than on financial responsibility and values can lead to poor money management habits,” the blog notes. You can avoid this, the blog adds, by making an effort to “balance lessons on spending with teachings on saving, budgeting, and investing…  emphasize the importance of keeping records of money spent and balancing it with saving.”

Similarly, a mistake parents can make is “not explaining the difference between needs and wants.”

“Children must know the difference between needs and wants so that they can plan their budget accordingly which becomes in favour of their interest,” the blog reports. “Without understanding the difference, children may struggle with prioritizing their spending.”

The Times of India provides some final thoughts on this topic.

Don’t, the newspaper reports, micromanage your kids’ finances. This “can prevent them from learning valuable lessons about finances. Allow them to make choices with their pocket money and discuss the outcomes together, helping them understand the consequences of their financial decisions. This will help them become independent.”

Similarly, don’t force kids to save, the Times suggests.

“Forcing children to save can lead to resentment and a lack of understanding about its importance,” the newspaper notes. Instead, teach the importance of saving “by setting savings goals together,” the article adds.

Finally, the Times asks us all as parents not to “depend on the school/teachers to teach” about money. Assuming they’ll learn about money in school can “lead to gaps in their financial knowledge.” Better to help their education by setting up fun saving and budgeting activities on the home front, the newspaper concludes.

One way we can help our older, adult children is to ensure that they are saving for retirement. If they can join a retirement savings program through their workplace, encourage them to join and contribute to the max.

If they don’t have a workplace pension program, let them know about the Saskatchewan Pension Plan, a voluntary defined contribution plan that’s open to any Canadian with available registered retirement savings plan (RRSP) room. One great feature that parents like – once someone makes contributions to the SPP, they are “locked in” until retirement. That prevents the retirement piggy bank from being raided in the decades leading up to the gold watch.

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Two things Suze Orman feels we need to “get honest about” in our savings efforts

Writing for GoBankingRates, Laura Bogart reports that most people are “feeling a financial crunch” and are “tired of hearing that if you would only give up avocado toast, you’d instantly have enough money to retire on.”

Her article quotes well-known financial commentator Suze Orman as citing two basic things that people need “to get honest about” if they truly want to get their savings on track.

Orman, the article notes, felt “sad and concerned” when a recent CNBC survey found that “less than half of all workers feel even cautiously optimistic about having a secure retirement.”

“I am fully aware that for many households, the lack of optimism is not because of bad choices — spending too much, borrowing too much — but more a function that the cost of just getting by each month can make it hard to save more for retirement,” Orman is quoted in the article as having stated.

However, she states in the article, even if “times feel tough through no fault of your own,” we all need to “buckle down and get back on track with retirement savings.”

And it all starts, she states in the article, with “getting honest with yourself.”

Her first question is this – “are you really prioritizing your needs over your wants?”

She issues, in the article, this challenge: “No lip service, or casual commitment. I want you to carefully stop yourself every time you are about to spend money and ask yourself: Is it for a need or a want?”

Try this, she states in the article, for three months. “Be ruthless in asking yourself whether you really need to spend money on something or if it’s just to keep up with the Joneses. If your kids come begging for concert tickets or the latest smartphone, say no — no matter how hard it may be. You owe your children love and support, not front-row seats to the hottest show in town,” the article explains.

And, when you do spend, maybe it’s time “to consider reaching for a cheaper store brand or shopping at more budget-friendly outlets” rather than loading up on expensive “brand-name organic food,” the article continues. If you can, pick the least expensive option when shopping for cars and other major purchases, GoBankingRates advises.

When it comes to savings, Orman states in the article, “every $10, $20, $50 matters.”

The other key thought from Orman, the article continues, is this – “are you saving everything you possibly can?”

“If you are currently saving six per cent of your salary in a retirement account, change it to seven per cent, and set a calendar alert to bump that to eight per cent in six months,” she is quoted as saying in the article.

Other advice from Orman cited in the piece includes adding an extra $50 to your minimum credit card payment. Small changes – saving more, paying down debt faster – will add up, the article continues.

“Make sure you’re spending only on needs, not wants, and at the same time, save, save, save as much as you can. It’s really that simple,” the article concludes.

The idea of gradually increasing your retirement savings rate by small increments is an achievable one for members of the Saskatchewan Pension Plan. SPP allows you to decide how much you want to contribute to your retirement nest egg – you can set up pre-authorized contributions from your bank account and can ask us to increase them whenever you want. More contributions increase your savings nest egg, which is win-win for your future you.

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Many of us, especially those longer in the tooth, picked up a guitar in high school and have dragged it around ever since, occasionally trotting it out to pick out the opening notes of Stairway to Heaven.

But the experts say taking up an instrument more seriously in your later years can actually be more than a party trick, but a boost to your overall health. Save with SPP scoured the Interweb to find out a little more on this topic.

At the New Music World website, we find out that “research has shown that playing an instrument can improve literacy and math skills, enhance verbal memory, spatial reasoning and cognitive function, as well as increase discipline and time management skills.”

Wow!

Physical benefits of playing an instrument, the article continues, include “improved hand-eye coordination and increased fine motor skills.” Your mental health, the article adds, benefits from “reduced stress and anxiety” and “improved memory and cognitive skills.”

And on the social interaction side, playing an instrument can present “opportunities for collaboration.” We remember our basement high school band fondly – a very loud and badly tuned memory, but a good one.

The article says there are also emotional benefits that come with playing an instrument, as playing “allows you to express emotions” and can increase your empathy skills.

Canadian music company Long & McQuade provides some more thoughts on the topic.

Playing an instrument, the article notes, “promotes brain development in the same areas related to language and reasoning skills for children. Studies show that children who learn music tend to perform better in math and reading.”

It’s also a benefit, the article suggests, to your personal growth.

“Music is a lifelong journey. Learning to play an instrument provides endless growth opportunities, whether you’re a child taking your first lessons or an adult returning to an instrument after years away,” the article notes.

“Learning music encourages a mindset of lifelong learning, pushing yourself to improve and expand your skills and craft. This quest for knowledge can lead to newfound passions and interests that enrich life and make you feel like you are `levelling up,’” the article concludes.

The Scientific Origin blog points out a few more benefits of learning to play.

Music playing “increases discipline and patience,” the blog notes.

“The daily commitment to practice teaches musicians how to manage their time effectively and stay focused on their goals. For children, this structured discipline often carries over into their schoolwork and extracurricular activities, helping them develop better study habits and time-management skills,” the blog notes.

It also boosts your individual creativity; the blog tells us.

“Music provides a vast canvas for self-expression, allowing you to explore and experiment with different sounds, melodies, and rhythms. As you grow more proficient with your instrument, you gain the freedom to compose your own pieces, improvise, or re-interpret existing music in unique ways. This creative exploration strengthens your ability to think outside the box and approach problems with an innovative mindset,” the blog states.

Some final thoughts come to us from the Musical Pursuits blog.

Playing an instrument can help ward off “age-related hearing loss,” the blog reports.

“Many studies prove that musicians are less susceptible to the deterioration of the auditory cortex. It means they can hear better despite the aging process,” the blog adds.

The final, and most important thought from all the articles is that playing music makes you happy.

“Science reveals that music releases a chemical in your brain called dopamine, which not only improves your mood and decreases anxiety, but also helps the production of stress-reducing cortisol, inducing pleasure, joy and motivation,” the blog tells us.

A lot of the findings listed here have been borne out by our personal experiences. Our late father was a fine pianist – even when battling dementia, he could still play any song anyone called out, always in the key of C. There were other folks in the memory care ward who didn’t speak much but could still play harmonica or accordion.

Our mother’s folks played mandolins together for all their long marriage, and grandma lived to a ripe old age of 98.

We have had the time to play more often since our retirement from full time work over a decade ago, and we’re getting a little better. The dogs now lie down and listen rather than howling for an end to it – progress!

Getting out of the workforce is one thing, but being able to afford post-work life is another. As we always say, look for work in your younger years where a pension or retirement program of some type is offered. If there isn’t such a program where you work, consider the Saskatchewan Pension Plan, which is available for individuals to join, or can be leveraged by organizations as their company pension plan. You provide the contributions, we do all the rest – investing your savings dollars in a low-cost, professionally managed pooled fund. At retirement your income options include a monthly annuity payment for life, or the more flexible Variable Benefit option.

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What to do if your savings have dried up – and you are still going strong

A recent article from MoneySense explains that even if we outlive our savings, we still have some options.

Not everyone, the article begins, is able to save for retirement, or has some sort of pension program at their workplace. The article cites the example of Cheryl, 60, “a single parent with low income” who suffered a workplace injury and is now receiving modest Ontario Disability Support Program benefits.

Or Shannon, who along with her husband works full time, but is struggling to make ends meet, the article continues. “We have good educations and somewhat good jobs,” she tells MoneySense, “but at the end of the month, there’s not much left over.

“Canadians today are living longer than previous generations, and not everyone has the financial means to support themselves throughout retirement. According to the latest data from Statistics Canada, six per cent of Canadian seniors lived below the poverty line in 2022. And at present, nearly eight per cent of food bank clients are seniors,” MoneySense reports.

So what should you do if you have run out, or are running out, of savings? MoneySense has some suggestions.

Be sure, the publication advises, to file your income taxes on time. “If you’re a low-income earner who isn’t filing their taxes, you’re missing out on all sorts of benefits. It’s one of the worst things you can do financially,” certified financial planner Jackie Porter tells MoneySense.

For example, low-income seniors who file their taxes on time are “automatically enrolled for the Guaranteed Income Supplement starting at age 65 and receive tax-free payments on a monthly basis.”

Next is budgeting – do you have one and are you sticking to it, the publication asks.

“Take a good look at your budget and cash flow,” MoneySense suggests. “Answer this question: does your income (including Canada Pension Plan and Old Age Security and other government payments) cover your fixed and variable expenses? Expenses can include rent or mortgage payments, insurance premiums, car payments, groceries, entertainment, etc. If your income falls short of your expenditures, establish a budgeting goal based on the gap that you’ve identified,” the publication continues.

OK – be sure you are signed up for any government programs and are spending less than what you bring in. What other thoughts does MoneySense have?

Low-income homeowners might want to consider a reverse mortgage, the publication reports.

“Here’s how it works: If you’re 55 or older, you may be able to borrow up to 55 per cent of your home’s appraised value. These funds are tax-free and can be received in a lump sum or monthly installments. Interest is charged on all borrowed funds, but the balance isn’t typically due until the home is sold or until the last surviving homeowner dies (whether that’s you, your partner or a property co-owner),” MoneySense advises.

You may, the publication continues, be able to access some of the cash value in your term or whole life insurance policy. “Cashing out the policy means you’ll have some money but no life insurance, while borrowing against the cash value means you’ll get a loan while retaining the policy,” MoneySense notes, adding that those considering this option should first seek professional advice.

There’s a way to take some or all of your savings to produce an income stream that won’t run out – converting savings to a lifetime annuity payment. This is an option for retiring members of the Saskatchewan Pension Plan. With an SPP annuity, you’ll receive a monthly payment for life, and depending on the option you choose, your surviving spouse or beneficiary may be eligible for benefits when you pass away.

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How to stay calm and carry on during a period of tariffs and economic roller-coastering

There were some weeks in the past few months where we studiously avoided watching TV news or “doomscrolling” on social media. The tariffs, the bluster about annexation and statehood, the scary ups and downs of the markets – it’s a lot.

To figure out what to do we made a call to Janet Gray, an advice-only Certified Financial Planner with Money Coaches Canada.

Overall, her message was one of staying calm, and not being “impulsive or reactive.”

“We’ve been here before,” she says of the economic and market uncertainty, noting that there is usually volatility in the markets when there are big question marks on where the economy is going. She recalls similar wild up and down markets during the 9-11 crisis, the pandemic, and the credit crunch of 2008-9.

This current tariff war, she notes, is a brand of “idiocy we have never seen before,” but it’s having similar effects to previous uncertainties.

“The messaging for people is the same,” she advises. “It’s hold the course… don’t take on new debt if you can wait,” and think twice before making any big discretionary spending decisions. The tariff situation, she explains, has not yet played out fully but could lead to things like higher unemployment or higher interest rates.

You don’t want to buy a house or a car in a period where you might lose your job, or lending rates start to rise, she explains.

“This is a time to hunker down, and to support the local and national economy” by buying Canadian, she continues. There’s a crisis, sure, but it will have an end point, she predicts.

“Even after 2008/9, the markets did return,” she notes. Many sold off their positions in a panic; others chose not to “buy low” when market prices were way down.

“So, it’s a time for patience. Wait it out. Don’t watch a lot of media, and be prepared to talk with your financial adviser,” she says.

Volatile times for markets, and the potential for scarcity and higher prices for goods and services, would be managed more easily by those who have a good financial plan, she suggests.

“If people had a plan, they might not feel this way,” she notes, adding that any long-term plan ought to call for the setting aside of some cash reserves for a time of instability whenever that occurs. Another way to safeguard your savings from market swings is to “have a diversified portfolio in the first place.”

If you are young, say in your 30s, time is on your side and there are still decades coming your way with higher market returns, says Gray.

The market ups and downs are particularly worrisome for older folks who are facing mandatory withdrawals from their registered retirement income funds (RRIFs), she continues. For them, she recommends keeping enough cash in your portfolio to cover several years of scheduled withdrawals. That way you are avoiding “selling low” to cover the cost of your RRIF withdrawal, she explains.

She calls this a “cash wedge” strategy.

Another way to eliminate or reduce the RRIF withdrawal issue is to convert some or all of your RRSP to an annuity. “An annuity is a way of hedging your bets – you get the security and safety and confidence of continued payments even if the markets go down.”

In conclusion, Gray says we are in a period of “short-term pain,” so we focus on needs over wants and think about “reducing, minimizing or delaying discretionary spending.” Maybe take a small local vacation this year, and “go big in the future” when times are back to normal.

Planning, she reiterates, is essential. “Every dollar you make should have a job,” she says.

And don’t get scared by the headlines. “People react more to negative news,” she notes. Remember, she says, that slow and steady progress is the key to financial success, a “tortoise versus hare” way of thinking.

We thank Janet Gray, as always, for taking the time to talk with us.

Annuities are one of the retirement income options provided by the Saskatchewan Pension Plan. With an annuity, you convert some or all of your SPP account balance to a monthly lifetime payment. SPP’s annuities come in several varieties that offer benefits to a surviving spouse or beneficiary. Your annuity payment will never vary, even if market conditions take a downward turn.

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Planning, spending and social connections called keys to retirement success

Writing for Yahoo! Finance, Robert Powell outlines what he feels are the key steps to having “a happy, successful and wealthy retirement.”

He quotes Christine Benz, author of How to Retire, as noting that you need to “visualize your retirement lifestyle and put habits in place to make it happen.”

“The point is that we’re all wired a little bit differently in terms of what we want from our retirement cash flows,” Benz tells Yahoo! Finance. “A broader message of this book is there’s more than one way to do this. … You should give a little thought to what you specifically are looking for.”

We recall, at another pension plan we worked for, hearing the anecdote that if you asked 100 people what an ideal wedding would look like, you would get 100 different answers. The same would be true, we were told, if you asked them to describe retirement.

Benz shares in the article some of the insights she learned in putting together her book.

She notes that “phasing into retirement” rather than leaping in, may be the best approach. “You don’t have to take concrete steps; you can just start thinking about which parts of your work you like and dislike,” the article explains.

“Consider making decisions about your work life in the years leading up to retirement, either in `stealth mode’ or through candid discussions with your employer. Then, take additional steps, such as saving contact information and personal files from your work computer,” the article continues.

And, maybe you start “dabbling” in post-retirement activities early, “before fully retiring,” the article suggests. It’s important to realize, the article stresses, that you need to have something concrete planned to do in the new, expansive swath of free time you’ll soon have.

Benz notes that Michael Finke of the American College of Financial Services told her in an interview that “retirement is not all about relaxation, leisure activities, and free time. After all, you need something to relax from.”

Finke’s advice, she relates to Yahoo! Finance, is to “find an `animating force’ that provides a sense of purpose in retirement, such as volunteering, continued work in some capacity, or reengaging with family.”

Another finding, Benz relates, was the value of social connections in retirement. She learned about that, the article notes, from interviews with Laura Carstensen of the Stanford Center on Longevity.

You will, the article explains, need to build “day to day interactions” with people after work. “Make sure that you are replacing work friendships with friendships outside of work because those work friendships may not stand the test of time,” Benz tells Yahoo! Finance.

“It’s OK to have your network shrink a little bit as you age,” she states in the article, adding that “you don’t want that social network to get too small. You don’t want to be down to just, say, two or three people.”

Another area of post-retirement success is on the spending side, the article notes. There’s the problem of the “spending smile,” referring to the shape of the post-work spending pattern – it tends to drop off early in retirement but then builds near the end due to possible long-term care costs.

Benz quotes Dave Blanchett of PGIM DC Solutions as saying he’s a believer “in people giving themselves a little bit of permission to spend more earlier on.” People tend to try and avoid spending in retirement, the article notes, because after a lifetime of saving for retirement, it is strange to have to draw down the savings.

The article concludes with a look at asset allocation for post-work savings. She quotes J L Collins, author of The Simple Path to Wealth, as suggesting using “a simple index-fund based portfolio with a bit of cash, focusing on stock and bond market indexes, rather than overly complicated investments.”

There’s a lot to like, she states in the article, about a simpler, minimalistic approach.

For Saskatchewan Pension Plan members reaching retirement age, there are a number of income options that turn savings into spendable money. SPP’s lineup of annuity options will provide the retiring member with income for life. If you want to keep on investing your savings, the Variable Benefit option may be a more flexible choice.

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Every once in a while, a bit of life advice comes our way – things like “happy wife, happy life,” or why the glass should be half-full and not half-empty.

There’s more to life than money, so Save with SPP decided to roam the Internet in search of more life tips.

From the Inc. website, we find this bit of advice – “don’t dwell on the past, and don’t daydream about the future, but concentrate on showing up fully in the present moment.”

There’s also this thought – “don’t make assumptions…. if you don’t know the situation fully, you can’t offer an informed opinion.”

A third idea is that “life is not so much what you accomplish as what you overcome.”

The Thrive Global blog provides us with a few more deep thoughts.

“Your life is your responsibility,” the blog begins. “There is one person and one person alone over which you have control in this life – and that is yourself.”

As well, a classic one, “your word is your bond.” The blog explains that “our words can bring us together or tear us apart. Remember this power before you speak.”

“Release,” the blog advises, “the idea that things could’ve been better any other way. There’s no point in wondering what if… there is only the way things are.” The blog goes on to point out “it’s useless to try and make sense of the past,” which in itself is only “a recollection kept alive by your belief in its importance.”

There’s some more interesting advice from the Live Bold & Bloom blog.

“Have the courage to live a life true to yourself, not the life others expect of you,” the blog suggests.

Another interesting thought is “remember you’ll always regret what you didn’t do rather than what you did.” The blog explains further that “no one grows and develops by staying in their comfort zone.”

And finally, quoting David Foster Wallace, the blog notes that “you’d worry less about what people think of you if you knew how seldom they do.” This is a wise variation on the idea that it isn’t all about you, at least in our opinion.

Final thoughts from the Life Hack blog.

“Most things are not as bad as you think they are,” the blog begins, adding “don’t make things worse than they really are.”

“Be considerate of others,” the blog continues. This includes things like arriving on time, the blog explains.

And finally, “the power of habit can transform your life.” The blog explains that developing a good habit that you repeat daily “can transform your life.”

Common threads running through this collection of ideas would appear to be being self-aware, considerate to others, and conscious of your own actions and behaviours.

When it comes to our own favourite topic, saving for retirement, an axiom to think about is “pay yourself first.” There will always be bills to pay in life, but you can look after your long-term you by putting a little bit each way on the road to seniorhood.

A great place to stash those loonies is the Saskatchewan Pension Plan. Open to all Canadians with available registered retirement savings plan (RRSP) room, SPP invests your savings in a low-cost, professionally managed pooled fund. When it’s time to collect those savings as income, your choices include getting a monthly annuity payment for life, or the more flexible Variable Benefit.

Check out SPP today!

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Are retirement parties becoming a thing of the past?

We remember it well. After a little over 20 years at work, we turned in our security pass and headed for retirement. And to cap it all off there was a nice party in Toronto with work colleagues and friends. A great memory.

But, according to The Globe and Mail that retirement party in 2014 may well be a relic from a bygone era.

Take the example of B.C.’s Linda Lawrence, the newspaper suggests.

“The former marketing and communications professional planned to retire in June, but her role was suddenly eliminated last year when her employer was purchased by investors in the United States. She found out on an online call,” the Globe reports.

“After briefly considering finding a new job, Ms. Lawrence decided to retire early,” the article continues.

“Months later, the B.C. resident, now 60, says she has struggled with reconciling how her 30-year career ended with zero fanfare. She had long looked forward to celebrating her retirement in the company of loved ones and colleagues like her parents had, but that didn’t happen,” the Globe notes.

“I couldn’t wrap my head around it,” she tells the Globe. “I felt cheated.”

It’s not an uncommon feeling, the article continues.

“While a workplace retirement party was once seen as a rite of passage marking the end of one’s career and the start of a new chapter, many departing employees are leaving without sheet cakes and novelty-sized farewell cards – and with a lack of closure,” the article explains.

Retirement coach Marilyn Hintsa tells the Globe the retirement party “is a tradition that appears to be waning.”

“People retiring now have lower expectations about what happens when they retire. I think it’s unfortunate that it’s happening, especially if you put in a lot of years with that employer,” she tells the Globe.

“If Wednesday is your last day at work, Thursday is your first day of retirement, and there’s not some line that’s drawn between that, the first day will be tough,” she states in the article.

Why is the tradition changing?

The Globe cites a number of factors, such as “shorter average job tenures” and the rise of remote and hybrid work. Shrinking company budgets, where the onus is on employees to pay for gifts and parties rather than the company, is another factor.

A smaller party is better than no party, the article suggests.

Last word to B.C.’s Linda Lawrence, who believes “organizations should play a role in recognizing retirees’ contributions and wishing them well in their new chapter.”

“What does it cost to send an email,” she asks.

Whether or not you get a gold watch or a slice of cake, retirement is still something to look forward to, particularly if you have retirement savings.

If you don’t have a workplace pension, fear not. The Saskatchewan Pension Plan has a do-it-yourself, voluntary defined contribution program ideal for individuals or organizations. You determine how much you want to contribute, and SPP does the rest, investing your savings dollars in a low-cost, professionally managed pooled fund. And when it’s time to start life after work, your SPP options include the chance of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!