It’s a tough landscape for saving out there. Higher costs for housing, groceries, fuel, and life in general make it very hard to squeeze out a few bucks to earmark for your post-work future.

However, having been the brother of a very frugal sister, Save with SPP has seen what a little tightfistedness on the spending side can do for one’s piggy bank. Let’s take a look at some frugality tips from the experts.

The Little House Living blog offers up some “frugality outside the box” ideas.

One is to “meal plan for an entire month.” With this idea, you’d not be eating out at restaurants, and would know what to shop for at the grocery store.

Another radical idea – “get rid of the cell phone and go with landline.”

“So few of us truly NEED a cell phone, we’ve just become spoiled to the idea we do. Also, extreme? Get rid of the TV and thus the streaming needs. With all that, do you need internet,” the blog asks.

Wow. That’s extreme frugality!

A final one from this blog that we’ve not seen before is “shop the perimeter of the store… it literally cuts grocerying in half.”

The A Dime Saved blog features some tips that “people laugh at, but actually work to save money.”

The blog suggests making your own condiments. “You’d be surprised at how easy—and cost-effective—it is to whip up your own condiments. Salad dressings, flavored vinegars, or even your own ketchup—once you get the hang of it, you’ll never want to buy those pricey store versions again,” the blog notes. We recall our grandma in New Brunswick making her own mayo, among other things.

What about cutting your own hair, asks the blog.

“For some, the idea of cutting their own hair is terrifying, but with a little practice and the help of online tutorials, you can easily save on salon visits. A trim here and there can make a huge difference, and you might just find you’ve got a hidden talent for it. Worst case? You save money,” the blog explains.

Finally, a more familiar one – grabbing a few toiletries when you stay at a hotel.

“From soaps to toilet paper to tea bags, those small items are already factored into your hotel bill. Why not take advantage of them? It’s one less thing you have to buy when you get home,” the blog concludes.

Finally, GoBankingRates provides a few tips for retirees.

First, the blog suggests, review your streaming subscriptions and cut back. “If you take a close look at your monthly bills, you might be surprised to see how many recurring charges you rack up every month,” the blog warns. There are cheaper and even free streaming options out there, the blog adds.

“Comparison shop,” the blog advises. “Nearly any product or service you’re interested in is likely offered by a number of different vendors, so you can pick and choose the combination of price, service and quality that works best for you.”

As well, retirees who are also empty nesters should consider moving to a smaller house, or an apartment.

“Frugal living tips can go a long way toward saving for retirement or living your best life once in retirement,” the article concludes.

If you are able to squeeze some savings out of your monthly spending, then for sure retirement saving is a good place to direct those loonies to. If you are saving on your own for retirement, take a good look at the Saskatchewan Pension Plan. SPP takes the hassle out of retirement saving by making it simple – you contribute however much you want, and SPP invests it in a low-cost, professionally managed pooled investment fund. At retirement, your options include collecting a lifetime monthly annuity, or the more flexible Variable Benefit.

Check out SPP today!

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Retirement savers can do a big “catch up” in their 50s

By the time you’ve reached your 50s, the kids are usually fully educated and gone from the back room, your mortgage is close to paid off, and you’re making the most you ever have – a perfect time to catch up on those neglected retirement savings.

Writing for Money Canada, Romana King takes a look at the “catch up” years – your 50s.

“According to a data report released by Money.ca, the average retirement savings for Canadians aged 55 to 64 is $833,696 — a significant increase compared to the $183,067 saved by those in the 45 to 54 age range,” she writes. “This sharp rise suggests that many Canadians focus heavily on increasing their retirement contributions in their 50s in an effort to close the gap before they retire,” she continues.

So, she explains, if you haven’t actually got around to retirement saving and you have hit the big 5-0, don’t get stressed. “If you’ve fallen behind on your retirement savings, don’t panic — there’s still time to make meaningful progress towards this goal,” she notes, reassuringly.

Her article shows a recent social media post by a 49-year-old woman who confesses that she is “almost 49 and I have zero retirement savings. No exaggeration. Absolutely nothing…. And I know I can’t be the only one.”

It’s not a surprise, continues King, that those among us who are middle-aged aren’t finding a lot of spare dollars to tuck away for their golden years.

“Many middle-aged Canadians report feeling unprepared, often due to competing financial responsibilities such as mortgages, children’s education, and daily expenses. A survey by YouGov found that only 19 per cent of Canadians aged 35 to 54 feel confident in their retirement savings, compared to 26 per cent of those over 55. This growing concern underscores the need for proactive financial planning, even for those who feel behind in their savings journey,” she adds.

So how to catch up? Take a look at how much room you have in your registered retirement savings plan (RRSP) or Tax Free Savings Account (TFSA), she advises. If you haven’t been contributing, you may have quite a lot of room in either of these savings vehicles, she explains.

Next, make savings automatic.

“Automate contributions to your RRSP, TFSA, or other savings accounts to ensure that you’re putting aside money regularly. Payroll deductions or pre-authorized transfers make it easier to stay disciplined,” she writes.

Consider meeting with a financial adviser to “maximize investment returns” through balancing your portfolio “between high- and low-risk assets,” taking advantage of tax-efficient savings vehicles, and looking at adding “dividend-paying stocks, mutual funds, or bonds that align with your risk tolerance and retirement timeline.”

Have you calculated when you think you want to retire, and how much you’ll get from government or company retirement programs? King says this is a crucial bit of research to carry out.

As well, in your high-earning 50s, it’s time to “pay off high-interest debt” and consider “downsizing or simplifying living arrangements,” she continues.

If it doesn’t look like you’ll have saved enough by your chosen retirement date, consider working longer, or part time, or developing a “side hustle,” she suggests. If you find yourself retiring after age 65, you can delay the start of your Canada Pension Plan and Old Age Security payments, increasing what you’ll get per month.

“Catching up on retirement savings in your 50s is not just possible — it’s achievable with a well-thought-out plan. By taking advantage of tax-advantaged accounts, reducing debt, optimizing investments and boosting income where possible, you can bridge the gap and retire comfortably. Remember, the best time to start was yesterday, but the next best time is today,” she concludes.

The Saskatchewan Pension Plan is an invaluable partner for your retirement savings. SPP’s Balanced Fund features exposure to Canadian and international equities, fixed income, real estate, and more – all provided via a low-fee, professionally managed, pooled fund. If you want to make your contributions automatic, SPP can do that, via pre-authorized contributions from your bank account that can coincide with payday.

Check out SPP today!

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Research from the Alliance for Lifetime Income (ALI) in the U.S. finds that U.S. retirees are worried about money – how much they have, and how much things cost.

“Nearly half of America’s retirees (46 per cent) say spending their savings creates anxiety and is having an emotional toll on them and nearly a third (32 per cent) are spending money faster than they expected,” states a release from the Alliance about their 2024 Protected Retirement Income and Planning (PRIP) study.

The more than 2,500 respondents cited inflation/cost of living as the top concern (82 per cent) and healthcare costs (70 per cent) in second place, the release notes.

It’s the “drawing down” phase of retirement, or decumulation, that is seen as a “major contributing factor” to the anxiety, the release notes. Less than a third of respondents had any kind of plan in place for drawing down their savings as retirement income, the release adds.

Save with SPP reached out to the Alliance by email to ask a few questions, kindly answered by ALI’s Research Fellow David Blanchett.

Q: We were interested in the concerns about living on drawdowns from a lump sum in retirement. It sounds like some people are beginning to realize that annuities are a way to avoid decumulation risk (i.e., running out of money). Are annuities getting more consideration these days?

A: I think there is definitely growing interest in annuities from a variety of retirement stakeholders in the US, these include not only retirees, but also financial advisors, defined contribution plan sponsors, etc.  There is a growing realization that you can’t solve longevity risk with a portfolio and that a product/strategy that provides lifetime income is the best way to do this.  Note, one way to do this is through delayed claiming of Social Security benefits (which I see is noted in your next question), so there’s both a public (delayed claiming) and private (buy an annuity) ways a household can address this issue.

Q: We were interested to read that some U.S. retirees are taking Social Security benefits earlier than planned due to “fears.” Fear that Social Security benefits will be cut? Or that the program will run short on funding? Or both? Just wondering what the fears are about.

A: Yes, the Social Security trust fund is projected to be depleted in about a decade.  At that point if there’s no additional legislation benefits would be cut by about a quarter.  I think it’s unlikely benefits would actually get cut (because this would really anger older Americans receiving benefits, who tend to vote!), but the uncertainty around future benefits I think is causing concern among many older Americans and I’d like to see this get addressed sooner versus later.

Q: Final question — what was your biggest take-away from this research?

A: With respect to the License to Spend research, just the impact the way a household structures its wealth can have on savings.  I’ve spent over a decade focused on the economic benefits of annuitization, but I think it’s behavioral angle that is probably the most important.  When confronted with uncertainties around future market returns, longevity, etc., it makes sense just not to spend savings… but that’s not the point of retirement (or really saving for retirement).  I think lifetime income just makes it easier for retirees to use their savings to enjoy retirement.

The research shows the need for having a “clear retirement income plan,” the release notes.

“It can be a very emotional thing when you wake up one day and realize that paycheck from work won’t be coming, and you’re left with a lump-sum of money that has to last for what could be 20, 30 or more years,” states ALI’s CEO Jean Statler in the media release. “If there’s just one thing you can do to prepare and lower your anxiety, it’s having a clear retirement income plan. And the most important thing in that plan is having enough protected income between Social Security, annuities, or a pension, to cover your basics – those essential expenses you have to pay for like housing and food.”

We thank David Blanchett and ALI for taking the time to field our questions.

Members of the Saskatchewan Pension Plan can, at retirement, choose from a number of SPP annuity options to convert some or all of their account balance into a lifetime monthly income stream. By choosing this option, you’ll be guaranteed to receive a monthly payment on the first of each month for the rest of your life. It’s an option designed to deliver retirement income security.

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Serious illness not factored into many Britons’ retirement plans: study

One of the unfortunate possible side effects of having a longer lifespan could be that you will develop a condition that will require long-term care.

Yet in the U.K., only about one-fifth of retirement savers (19 per cent) are factoring that possibility into their savings plans, reports Zoe Wickens of Employee Benefits.

She writes that research from Barnett Waddingham found that “25 per cent of respondents under the age of 50 have prepared for this possibility, compared to just 16 per cent of those aged over 50. Two-fifths (43 per cent) of this older age group have thought about it but not included it in their retirement planning, and 32 per cent have not considered it at all.”

In fact, she continues, only 17 per cent of respondents to the survey have “considered the possibility of having to go into care.” A surprising 39 per cent of respondents say they thought about it but did not factor it into their plans, and 35 per cent “have not considered it at all.”

Interestingly, while 21 per cent of respondents “have fully planned for their children needing urgent financial support during their retirement,” only 12 per cent are planning to provide financial support to parents during retirement.

Barnett Waddingham’s Mark Futcher states in the article that “poor planning is almost as bad as not saving. The evidence shows we’re at risk of waving goodbye to a lost generation of retirees, cut adrift by insufficient planning, a myopic attitude to the harsh realities of financial shocks, and an unwillingness or inability to ask for help.”

“The industry needs to urgently engage and educate people, especially those in their 50s and above,” he continues. “It’s not just about instilling in them the importance of planning but about making sure they have the necessary tools to do so and a true understanding of the hurdles ahead and their familial financial ecosystem.”

He concludes by recommending people look for professional advice in their retirement planning and saving.

Are you the owner of a business, looking for ways to attract and retain good employees? Having a company pension plan is one of those ways, and the Saskatchewan Pension Plan makes it easy for you, the employer, to offer SPP as your firm’s pension plan. SPP will handle the lion’s share of administration once the plan is set up, including providing your employees with tax slips, annual statements and all benefit-related communication.

Check out SPP today!

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You continually read stories, or watch TV interviews, about people who are 100-plus, sharp as a tack mentally, and still living life to the best.

What are they doing that the rest of us aren’t? Save with SPP decided to take a look-see.

The Mental Floss blog offers up 100 pieces of advice from folks who are 100 years old or more.

“Don’t look at the calendar,” begins one tip. “Just keep celebrating every day.”

“Travel while you’re young and able,” suggests another. “Don’t worry about the money, just make it work. Experience is more valuable than money will ever be.”

A third tip – “most times, things will figure themselves out.” Another tip is simply “forgive.”

And this bit of advice – “have a pet. Life gets lonely sometimes. Pets are a reminder of how we’re all living things.”

The Life Extension blog serves up a few more ideas.

“Eat meals with loved ones,” the blog advises. “The important ingredient here is the people, not the food.”

A second suggestion, also a simple one, is to “laugh… laughter nourishes your soul. It brings levity into your day and helps lower stress levels, crucial to healthy aging.”

Learning new things, the blog continues, will “keep your mind sharp and your soul happy for the long run. When you start a new hobby, master your chess game, learn a new language, or stir up a new recipe, it opens your world to different experiences, increasing your joy, widening your social circle, and improving your quality of life.”

A final thought from this blog is to “live in the moment.”

“Studies suggest that adults who practice mindfulness tend to experience less stress, pessimism, and regret as they age. Practicing present-moment awareness is a wonderful way to stay grounded and focused on the life you’re living now, so you can make the most of every moment—from daily tasks to big events,” the blog adds.

An article from People magazine provides us with some additional insights.

Lucia DeClerck, 105 when interviewed, suggests “prayer, prayer, prayer. One step at a time. No junk food.”

Arlena Labon of Ohio, who was 108 when interviewed, advises us to “love one another” and “treat one another good.”

On the scientific side, People quotes Don Buettner, who has studied the so-called “Blue Zones” where people seem to live the longest, sees activity and diet as important. According to his research, the article says, citizens of Sardinia currently live the longest and “are mostly shepherds – a job that requires a lot of physical activity.” As well, Buettner notes in the article, they tend to “eat a plant-based diet, as eating meat is considered a luxury. Still, most of the people in Sardinia still enjoy a glass or two of red wine with dinner.”

We don’t know today if a long, long life is in the cards for us. But more and more of us are living longer lives. That makes another tip worth mentioning – be sure to save for your retirement, as it might last as long, or longer, than the time you spent working.

A great saving partner is the Saskatchewan Pension Plan. The plan is open to individuals or groups – SPP can serve as your organization’s pension plan. SPP will carefully invest your retirement savings dollars in a professionally managed, low-cost, pooled fund. At retirement, your options include the security of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

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Are annuities making a comeback?

More and more defined contribution (DC) pension plans in the U.S. are seeing an old retirement staple – the annuity – as a way to meet “the rising demand for lifetime income products” within those plans.

According to an article by Leo Almazora in Investment News, research from TIAA, who surveyed “insights gleaned from 500 C-suite decision makers” sponsoring DC plans, 76 per cent feel interest in annuities will grow over the next five years.

For background, a DC plan (like the Saskatchewan Pension Plan) is the type of retirement savings program where what goes into the plan, in terms of contributions, is what’s defined.

At retirement, the job is to turn a lump sum of money into an income stream.

An annuity is a way to turn a lump sum into a guaranteed income stream. You can’t run out of retirement savings with an annuity; you’ll get a payment – typically on the first of the month – for each month of your retired life.

Almazora notes that “among sponsors who do not currently offer an annuity, more than 40 per cent say they plan to introduce one within two years.”

There is one problem, however, the article notes – understanding what an annuity is and how it works and then explaining it all to plan members.

“Even though the interest in lifetime income solutions is real, the report points to a lack of `annuity fluency’ as a potential challenge, with only 37 per cent of respondents feeling confident in explaining the value and importance of these products,” the article explains.

Kourtney Gibson of TIAA tells Investment News that DC plans are on the rise in the U.S. due to the decline of traditional defined benefit (DB) pension plans. With a DB plan, the amount a member will receive in retirement each month, for life, is what’s defined.

“Now, with growing uncertainty around Social Security and people living longer lives, we need to help people manage their savings to last through retirement,” Gibson states in the article.

A whopping 85 per cent of the DC plan sponsors surveyed felt that “employees require guaranteed income beyond Social Security,” but 43 per cent feel that understanding how an annuity works and explaining it will require help – perhaps via consultants – to boost adoption.

Members of the Saskatchewan Pension Plan already have the option our U.S. DC friends are thinking about. Members can convert some or all their account balance to an annuity when they retire. With an annuity, you will get a lifetime, guaranteed monthly payment for as long as you live. And SPP’s stable of annuity products includes options that can provide benefits for your surviving spouse.

Check out SPP today!

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“History never repeats itself; man always does.”

This quote from Voltaire kicks off Morgan Housel’s thought-provoking and well-researched look at how our past behaviour and actions, as a society, can help us try and prepare for what’s ahead.

Amazon’s Jeff Bezos, the book tells us, is often asked “what’s going to change in the next 10 years,” but rarely is asked “what’s not going to change in the next 10 years…. And I submit to you, that the second question is actually the more important of the two.”

“Things that never change,” explains Houssel, “are important because you can put so much confidence in knowing how they shape the future… the same philosophy works in almost all areas of life.”

And while we are pretty good at predicting the future, it’s surprises that throw us, he continues.

No one predicted The Great Depression, he explains. Why?

“Either everyone in the past was blinded by delusion,” he posits, meaning they didn’t want to see the crash coming, or “everyone in the present is fooled by hindsight.”

“The biggest news, the biggest risks, the most consequential events are always what you don’t see coming,” he explains.

Another category Housel talks about is overall happiness.

A problem that works against us is the tendency to “compare yourself to your peers,” he writes. We want the same things that the super-rich purport to have, at least according to social media.

“You see the cars the other people drive, the homes they live in, the expensive schools they go to… The ability to say `I want that, why don’t I have that? Why does he get it but I don’t,’ is so much greater than it was just a few generations ago,” he explains.

Indeed, he points out, in the 1950s people earned less, but were okay with living in smaller homes, not having healthcare, wearing hand-me-downs and camping instead of staying in hotels because everyone else was in the same boat, doing the same things.

“Economic growth accrued straight to happiness. People weren’t just better off, they felt better off,” he explains of the 1950s.

In a later chapter, he stresses the importance of “the story,” versus the numbers.

He notes that Jeff Bezos once said “the thing I have noticed is when the anecdotes and the data disagree, the anecdotes are usually right. There’s something wrong with the way you are measuring it.”

It’s not easy to measure things like “feelings, emotions, and fears, all of which regulate what we’re capable of,” he explains.

As an example of data versus “the story,” he quotes investor Jim Grant:

“To suppose that the value of a common stock is determined purely by a corporation’s earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defence of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed.”

“Every investment price,” writes Housel, “every market valuation, is just a number from today multiplied by a story about tomorrow.”

Near the end of the book, he makes three interesting points about navigating the future:

• “When good and honest people can be incentivized into crazy behaviour, it’s easy to underestimate the odds of the world going off the rails.”
• “Unsustainable things can last longer than you anticipate.”
• “A good question to ask is `which of my current views would change if my incentives were different.’”

A final bit of advice, in the chapter “Wounds Heal, Scars Last,” is that “people tend to have short memories. Most of the time they can forget about bad experiences and fail to heed lessons previously learned. But hard-core stress leaves a scar.”

This is a book that makes you think. There’s a lot of great ideas and stories in this book that a short review can’t fully explore – it’s definitely worth adding to your home library.

These days, the idea of working at one place for decades seems unlikely, a fate only a few of us get. You’re more likely to work at many different jobs in your career. All those career changes don’t have to impact your retirement saving.

Since the Saskatchewan Pension Plan is open to individuals (as well as organizations), changing jobs won’t affect the progress of your retirement savings with SPP. That’s because we collect pension contributions directly from you, rather than going through your employer. Find out about Canada’s made-in-Saskatchewan retirement savings solution!

Check out SPP today!

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In the U.S., retiring women wish they’d saved more

A study south of the border has found that half of retired women are finding life after work more expensive than expected – with 63 per cent of them wishing they had started saving earlier.

The study from Corebridge Financial is covered by writer Trina Paul for Investopedia.

“Half of the women surveyed in a recent study by Corebridge Financial said that retirement was more expensive than they had anticipated, while just under half said that they retired earlier than they expected,” she writes.

An earlier than expected retirement, she notes, can mean “retirees have insufficient savings” and are forced to take government retirement benefits (here in Canada, this would be the Canada Pension Plan and Old Age Security) earlier than planned, leading to “lower monthly cheques.” And, the article continues, “since women have longer life expectancies than men, they may need more in retirement savings or make their dollars stretch for longer.”

These realities point out the need for a solid retirement savings plan, states Terri Fiedler of Corebridge Financial in the article.

“Women are both starting retirement earlier than expected and managing costs that are higher than anticipated. These dual challenges point to the importance of creating an action plan early in your working years that can help you both build your retirement savings and make them last throughout your retirement,” Fiedler tells Investopedia.

As noted, nearly two-thirds of the retired women surveyed say they now wished they’d started saving for retirement earlier, the article notes. As well, “40 per cent said they didn’t start to prioritize retirement until they were age 41 or older,” the article continues.

The earlier you start saving, the better, notes the article.

“Since investors benefit from the power of compound interest, those who start saving for retirement earlier in life may not need to invest as aggressively as those who start later. In fact, nearly one-third (31 per cent) of retired women surveyed said that, when they were working, they wished they had contributed more from each paycheque into a retirement plan,” the article notes.

The article concludes by pointing out that good workplace pension plans are not easy to find these days.

“While more workers could rely on pensions in the past, the responsibility of saving for retirement has largely fallen on individuals. One-third (33 per cent) of retired women said they had a pension versus nine per cent of non-retired women who said they had one,” the article concludes.

If you are among the fortunate people who have any kind of retirement arrangement through work, be sure to join up as soon as you can and contribute as much as possible.

If you don’t have a plan to join, don’t worry – any Canadian with registered retirement savings plan (RRSP) room can join the Saskatchewan Pension Plan. You decide what you’d like to contribute, and we’ll do the rest, investing your savings in a low-cost, professionally managed pooled fund. At retirement, you’ll have choices on how to turn savings into income, such as SPP’s lifetime monthly annuity payment options or the more flexible Variable Benefit.

Check out SPP today!

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Let’s face it – it’s not easy to go through the checkout line at the grocery store these days without having a sharp intake of breath when it’s time to pay. There seems to be less and less money left over after the bills are paid.

Is this impacting Canadians’ ability/desire to support charities? Save with SPP decided to do a little digging.

According to The Financial Post, citing research from the Fraser Institute, Canadians are “turning more stingy” when it comes to charity.

“The number of taxpayers who gave to charitable causes dropped to 17.7 per cent in 2021 — a 20-year low, according to the Fraser Institute’s annual report measuring generosity in Canada,” the newspaper reports. “Charitable giving hit a high in 2004, with 25.4 per cent of tax filers making donations, but gifts to charity have dropped each year since. Twenty-three per cent of taxpayers gave to charity in 2011.”

Not only are fewer people making donations, but those who do are giving less, the article adds.

“People are also donating less money, the study said, with the total amount given dropping to 0.55 per cent of income in 2021 from 0.58 per cent in 2001,” the article continues. Jake Fuss of the Fraser Institute, a co-author of the report, tells the newspaper “the data shows Canadians are consistently less charitable every year, which means charities face greater challenges to secure resources to help those in need.”

CanadaHelps, an organization that assists charities in gathering charitable donations, also sees a downward trend in charitable giving.

The organization’s Giving Report provides a couple of reasons why people are donating less these days. First, the group says, Canadians aren’t joining as many groups as they once did and are volunteering less.

“Canadians are increasingly disconnected, and their social networks have shrunk; this correlates with lower rates of giving. From 2013 to 2022, the number of Canadians with six or more close friends has declined by 40 per cent (from 37 per cent to 22 per cent), and those who feel a very strong sense of belonging to their community have dropped by 12 percentage points. More than 80 per cent (84 per cent) of those with many close friends donate, while just over half (53 per cent) of those with very few close friends donate,” an article on the CanadaHelps website explains.

Similarly, CanadaHelps sees a disconnect between causes we all say we value, and the actual cha-ching coming out of our pockets in the form of donations. An example is the environment, the group says.

“Only 1.5 per cent of donations made through CanadaHelps are directed to environmental charities, despite 32 per cent of Canadians saying climate change or protecting the environment is a top cause for them, and almost half (48 per cent) of Canadians expressing anxiety about climate change on at least somewhat of a regular basis,” the group charges.

So, at a time when “more than half of charities are unable to meet current levels of demand,” fewer of us are donating. The CanadaHelps article concludes by noting that “one in five Canadians was using charitable services to meet essential needs in 2023.”

As an example, reports the CBC, Toronto’s Daily Bread Food Bank saw about 55,000 client visits each month before the pandemic. Since then, the monthly client visits have nearly tripled to 130,000 visits per month. Donations, on the other hand, have not tripled, the article says.

If there’s a takeaway here, it is that times are tough for everyone but are even worse for those of us just scraping by. Consider making more charitable donations – bump up any you might be making, or start doing some, perhaps via automatic withdrawals from your bank account. Alternatively, volunteer some of your time. Every dollar and hour of donated time will help.

Have you got a retirement savings plan in place? If not, take a look at the Saskatchewan Pension Plan, a voluntary defined contribution pension plan open to any Canadian with registered retirement savings plan room. With SPP, you decide how much money to contribute, and we do the rest. Your precious retirement savings dollars are investing in a professionally managed, pooled, low-cost fund. They’ll grow while you work, and when work is done, your retirement income options include getting lifetime monthly annuity payments, or the flexibility of our Variable Benefit option.

Check out SPP today!

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Is America “doing retirement all wrong?”

Writing for Business Insider, Hannah Seo suggests two problems – not saving enough, and not making use of all the time – mean Americans are doing retirement “all wrong.”

Many of us think that retirement means a time “of endless leisure and zero responsibility,” reading, golfing, and binge-watching TV, but there are other factors at play, she writes. Americans aged 65 to 74 spend an impressive average of seven hours a day on leisure (including four hours of TV watching), which is getting close to twice as much time as adults aged 25 to 54.

However, this sedentary lifestyle “is associated with earlier death,” she continues. People are also living “15 years longer than they did 100 years ago,” meaning retirement is growing into a much longer segment of one’s overall life – decades.

“While there’s much handwringing over how to save up enough money to enjoy those work-free years, much less discussed is how we should spend those years. More and more research is finding that both physical and social activity are crucial for well-being in old age — they keep people happier and living longer,” Seo explains.

“But that’s not what most people are doing. Americans are doing retirement all wrong,” she contends.

The fact that we are all working longer and living longer creates a couple of problems – “how to pay for a longer retirement, and how to spend their time.”

Research from the Center for Retirement Research at Boston College has found that one solution to both problems is simply to work longer, the article continues. In the U.S., the piece continues, more folks are working later into their lives and claiming their government retirement benefits (here in Canada, this would be things like the Canada Pension Plan and/or Old Age Security) while still working.

“Of Americans 65 and older, nearly 11 million, or about 19 per cent, are employed, and that number is projected to rise to nearly 15 million by 2032. Twenty years ago, just under five million Americans over 65 were employed,” she writes.

Why keep working? Work, the article explains, “fulfills a lot of needs that people don’t know how to get elsewhere, including relationships, learning, identity, direction, stability, and a sense of order.” The article goes on to note that research by Mass Mutual found that one-third of new retirees reported becoming “unhappier” in retirement than at work, and a study by the University of Michigan links “some of the negative effects people can experience in retirement” to “lifestyle changes, such as being less active and social in the absence of work.”

If not work, what else do we need to address post-retirement blues?

A sense of purpose, the article suggests, is key.

Virginia-based retirement coach Dee Cascio tells Business Insider that the transition from work to retirement is not “a piece of cake” and can be “like jumping off a cliff.”

“Cascio has found that when helping clients bring purpose back into their lives in retirement, it can help to think about the `six arenas of life’: work, relationships, leisure, personal growth, finances, and health. A lot of people have drawn their sense of purpose or identity from work, and they might want to continue doing so through jobs or volunteering in retirement, she says. But any of these arenas can be a source of purpose,” the article notes.

In fact, Cascio tells Business Insider, if you haven’t been taking care of your health, doing so in retirement can provide you with that sense of purpose.

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