Planning Perspectives

A look at life and finance from every angle.

From personal to professional, from family to financial, there are many facets to your life. Yet, each is interconnected. Planning Perspectives is a source of ideas and information to help you make the most of them all, all together.


Are You Ready for an Encore Career?

September 20, 2017 Life Events, Lifestyle, Living Well, Planning Well, Retirement

Nearly a third of Canadians return to work after retiring. They decide to go back to work or take on part-time volunteer roles after retiring.

The reasons vary. Some want to make the most of their talents; some want social interaction; still others seek to keep their minds sharp and their bodies busy. The extra money doesn’t hurt either, especially since there are several unknowns that can cloud your retirement picture (e.g., longevity, inflation and long-term care needs). Of the 30% of retirees that return to work, 48% of them did so for financial reasons. If they could go back in time, 29% of retirees in Canada say they would go back to their 20s and 30s and save more for retirement.

If you think about it, even a part-time job that brings in $10,000 a year can be a significant boon to your retirement coffers. Of course, it’s not unheard of to make more than that as a consultant, freelancer or contractor in a professional field, but using the often quoted 4% annual withdrawal rate, adding $10,000 in income is basically equivalent to a year’s withdrawal on a $250,000 nest egg, which means you may be able to:

Working in retirement isn’t for everyone, but if you’re considering it, here are some things to think about first.

Reasons to “Unretire”

Financial Factors to Factor In

Off to Work you Go?

Many Canadians rely on work to define their identity and their days, but just as many dream of an idyllic retirement with no time constraints. Both may be right for you at different stages of your post-career years. Just be sure to carefully review the reasons behind your decision and the possible impact on your financial plan before you punch the proverbial clock once again.

Sources: Toronto Sun, Nearly a third of Canadians return to work after retiring, survey finds.