We got a chance to catch up recently with Sheryl Smolkin, the original Save with SPP writer who has had a long career as a pension lawyer, a magazine editor, and a freelance writer/blogger.

Speaking over the phone from her Toronto home, Sheryl explains that because she worked at a variety of jobs over her working years, her retirement income comes from a variety of different streams.

She was Canadian Director of Research and Information at a global consulting firm for 18 years. Later, she became editor of Employee Benefit News magazine for four years, and subsequently she turned her talents to freelance writing. Sheryl played a pivotal role in setting up the Saskatchewan Pension Plan’s (SPP) social media efforts, including the Save with SPP blog that she pioneered.

When she left consulting, she received a defined benefit pension and retiree health insurance, she explains. As a result, she and her husband have retirement income from an employment pension, government benefits, and other registered and un-registered savings, including SPP. They have been “drawing down” income from various streams since their mid-50s.

Sheryl says she regularly transferred $10,000 annually from her RRSP to SPP over the years. When she reached 71, she looked at her SPP options and decided on the prescribed registered retirement income fund (PRRIF) to draw down her savings. With that option, she will cash out the Canada Revenue Agency (CRA) required minimum amount from her account each year.

So, she says, while some folks (including this writer) might think that 71 is a sort of magic age when all retirement savings gets converted to retirement income, that’s probably not the case for many people.

“My recommendation is always this,” she explains. “Everybody worries about having enough money in retirement; but the real worry is, are you going to have enough time” to spend it. “Enjoy spending the money – there are very few people who actually run out of money.”

She’s been busy since she wrapped up her writing work for SPP back in 2018. In the pre-COVID era, she took courses at Ryerson University, took care of her aging mom who passed away in 2019, visited the kids and her granddaughter in Ottawa, and went to every sort of live theatre, music performance or other show on offer. “We were having a lot of fun before COVID,” she says, and that will resume now that the pandemic appears to be winding down.

Her husband, a “serial hobbyist,” has not slowed down on his woodworking during the pandemic. She has taken advantage of the quiet period to catch up on her reading.

Sheryl does not hanker for a return to the workforce. When she left her consulting position in 2005, she notes, “I was NOT ready for retirement, but by 2018, it was time.”

She says however, that occasionally she does “miss the satisfaction of producing a piece of work, and seeing it online or in print – creating.” With her job at the magazine, there were a lot of conferences and travel, which she liked – but recalls that at one conference, she also agreed to produce a daily newspaper which was particularly hectic.

Fun is a central theme in talking to Sheryl. She says it is very important to have fun in your retired life. “Everyone has something they want to do, but the beauty of it (retirement) is that you don’t HAVE to do anything, if you don’t want to,” she says.

These days, she is anticipating getting involved “in the rhythm of the year” again through visits with friends and family. She looks forward to resuming “long distance travel” again once things are safe. Until then, “I’m excited to be able to go back to Stratford, back to the Shaw Festival, and other Canadian destinations.”

Sheryl says retirement really consists of three phases – the early stage, the mid-stage, and the later stage.

“Don’t be afraid to spend money in the earlier, more active stage of retirement,” she advised. “There will be less travel and shopping as you get older.”

She is glad that the SPP has provided one of her retirement income streams. “I think it’s a very good program,” she says. “For us, SPP is part of a bigger overall plan, which has both registered and unregistered components.”

So retirement income is a river fed by multiple income streams – we thank Sheryl for that lovely, and very evocative image. She says hi to everyone at SPP in Kindersley, and we all thank her very much for her time and wish her continued happiness in her life after work.

Need to add a good stream to your future retirement river? Consider joining the SPP. It can augment the income you’ll receive from workplace and government plans, and the best part is that you can now contribute up to $6,600 a year – and can transfer in up to $10,000 a year from other RRSPs. Be sure to check out SPP today!

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