In addition to volunteering, John Kerr of Stittsville, Ont., walks his 12-year-old dog Charlie, an Australian shepherd and husky mix, three to four times daily. "He has been my rock and helped me through the dark days," he says.Justin Tang/The Globe and Mail
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In Tales from the Golden Age, retirees talk about their spending, savings and whether life after work is what they expected.
John Kerr, 72, Stittsville, Ont.
I retired in January 2016 at 64 after working for 41 years as a financial advisor in the investment industry. Although I loved working with my clients and team, I grew tired of the increasing paperwork and stress. I felt four decades was a good run.
Retirement was very difficult at first. Just before my retirement, my wife of almost 30 years announced that she wanted to separate and, 10 months later, she filed for divorce. My retirement plan didn’t include getting divorced and the reduced income that comes with that. So, my first year of retirement was spent just surviving with the help of weekly Christian counselling and friends.
I think the two biggest concerns for seniors are loneliness and outliving their money. Retired people also need something meaningful to do with their time. I need to stay busy. I’m a schedule guy. I spend most of my time in retirement volunteering and helping others, which meets my socialization needs. I provide free financial counselling to refugees and other people with low incomes and volunteer twice a week at the nearby Mission Thrift Store.
I also walk my beloved 12-year-old dog Charlie, an Australian shepherd and husky mix, three to four times daily. He has been my rock and helped me through the dark days. He’s also a major source of exercise for me, along with a weekly aquafit class.
I was fortunate to meet a widow at my church, and we were married in 2020. She is a wonderful wife who provides support and companionship and helps balance my weaknesses.
I hired a career counsellor to help me come up with a retirement plan, which included transferring my business and shifting from a demanding job where I worked 50 to 60 hours a week to a more relaxing lifestyle.
Thanks to this long-term plan, and despite the divorce, I don’t worry about money in retirement. I live off a combination of income sources, including my Canada Pension Plan, which I started taking at age 70, my registered retirement income fund, a small company pension and a non-registered dividend portfolio.
I also maximize my tax-free savings account contributions, which act as a reserve fund. I’m careful not to spend more than my income each year, which has been my philosophy throughout my career.
My advice to others approaching retirement is to figure out how to transition. If possible, transition gradually by taking one or two days a week off work. Adjusting to the slower pace can be a challenge for some. Also, try to balance your retirement with exercise, a healthy diet and keeping your mind active. You also need emotional companionship, which you can find through family and friends.
As told to Brenda Bouw
This interview has been edited and condensed.
Are you a Canadian retiree interested in discussing what life is like now that you’ve stopped working? The Globe is looking for people to participate in its Tales from the Golden Age feature, which examines the personal and financial realities of retirement. If you’re interested in being interviewed for this feature and agree to use your full name and have a photo taken, please e-mail us at: goldenageglobe@gmail.com. Please include a few details about how you saved and invested for retirement and what your life is like now.
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