The Upside: The retirement reboot: Five ways Canadians can thrive in retirement

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Subtitles are AI-Generated.

 

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Hello, everyone, and welcome to The Upside Plus.

 

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I'm your host, Emily Anonuevo.

 

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Retirement. It's a major transition in many people's lives, a journey many

 

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Canadians need to prepare for, both financially and emotionally.

 

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But retirement isn't just about leaving the workforce.

 

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It's about starting a new chapter in your life and hopefully leading it with

 

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purpose, possibility, and confidence.

 

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Today, with my panel of guests, we are going to explore how to approach this

 

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stage of your life with clarity and optimism.

 

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And not just survive retirement, but thrive in it.

 

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So let's get to it. Please welcome Michelle Munro, Glen Davidson, and Peter

 

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Drake. Thank you so much for being here today.

 

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Great to be here. Thanks, Emily. Pleasure.

 

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Great to be back at Fidelity.

 

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Yes, great to be back. Great to have you back, Peter.

 

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Now, Peter, this is sort of like a reunion for everyone right now.

 

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Peter, you are one of the original members of our research and retirement team,

 

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serving as former vice president of economic and retirement

 

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research. Michelle, you know Peter well, of course.

 

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Of course.

 

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I do, Peter's the OG in retirement.

 

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Research at Fidelity. He is. He is, and you've been part of the tax and

 

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retirement research team for close to 20 years.

 

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Glen, close to 30 years at Fidelty before you retired, serving as

 

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vice president of regional sales for many, many years.

 

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And all of you at different stages of retirement or thinking about retirement.

 

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Glen, I'm going to start with you. Newly retired, a few years into it, I

 

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believe. How has that journey to retirement been for you so far?

 

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It's been great, and it's two and a half years, actually, to be specific.

 

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I can say, though, that I was working hard.

 

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I was dealing with family. I wasn't thinking about it years ago and

 

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didn't have my sights set on it.

 

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But then I started to talk to people who were either planning for retirement or

 

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who had just retired. Started to hear what they were going through, how their

 

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planning was, their trips, the fun that they're having.

 

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And it was very positive discussion.

 

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So I started the look at my own situation.

 

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I looked at the ages of my kids.

 

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I thought of the fact that my dog will want to play fetch a lot more.

 

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My wife was happy with it. And so I decided to set a target and I worked

 

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towards that. I gave lots of notice and didn't have any second thoughts.

 

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And I think that's an important thing too. When somebody thinks I've decided on

 

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a date, if you start to waver, that's a bit of a litmus test, I think.

 

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Certainly didn't. And it was a wonderful experience to conclude my time here at

 

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Fidelity. And then it's been wonderful since as well.

 

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So a great path, there are many factors going into that decision.

 

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Peter, I'm gonna turn to you. You retired from Fidelity back in 2015.

 

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How was that path for retirement for you?

 

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Well, I came to Fidelity ostensibly

 

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for two or three years, and I had already retired from a job, a career

 

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job, and it stretched into nine years.

 

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I loved working here, great team, worked with Glen, worked with these guys,

 

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but I got to the point where I said, if I wanna go out

 

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and paddle my canoe more, ride my bike more, I am getting older,

 

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so maybe I should think about it, and I did a huge amount of travelling for

 

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Fidelity. My wife was wonderful about it, but I think she was

 

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getting a little tired of me being away.

 

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So I recognise that it was time to head into retirement.

 

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And that's, I can't believe it's more than 10 years ago.

 

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Incredible. Michelle, you've noticed a lot of trends,

 

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a lot of research on how Canadians view retirement.

 

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What have you noticed over the years? We do do a lot

 

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research in the retirement space.

 

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And in the last 20 years, people are telling us,

 

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Canadians are telling, us that retirement is becoming more complex.

 

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And there's reasons behind that.

 

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Well, just general increased cost of living, longer life expectancy.

 

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So people are living longer, as well as an increase in

 

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retirement lifestyle. So really want to enjoy that retirement lifestyle.

 

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So all that to say is that people. Thinking about it more, understanding the

 

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complexities and want to be intentional about how they live and ultimately

 

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thrive in retirement.

 

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Absolutely. Now I want to frame this conversation around five pillars of

 

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thriving in retirement, is the theme.

 

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So we'll go through each pillar, give me your stories, give me your thoughts,

 

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your insights, really interested to hear them all.

 

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The first pillar is about blending part-time work or work in

 

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retirement. This is a huge topic.

 

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Peter, I'm going to start with you. I know you have a lot of writing and

 

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consulting in your retirement life.

 

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What has that brought to you in your retirement chapter?

 

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Well, it's brought a number of things, a sense of purpose.

 

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I'm really fortunate because I do 10 economics

 

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presentations every year for a small investment group.

 

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And the great thing about that is that there's somebody willing to listen to

 

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me. If I tried to do that for my wife, she'd say, never mind, I don't want to

 

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hear about it. But this group are willing to list.

 

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It's hard work to put it together because I'm the

 

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research assistant, the editor, the slide maker, the proofreader.

 

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But the point is...

 

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Knowing that I've got to make this presentation for 35 or

 

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40 minutes gives you a different take on thinking about economics

 

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than if you just read about it.

 

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It's because you read about in terms of what can I say, or you look at the

 

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data and you say, look, what can say that will enlighten the group I'm talking

 

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to? So it's a lot of work, but it gives

 

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me a sense of purpose and it makes my brain work in a way that it probably

 

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wouldn't work otherwise.

 

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Well, studies have shown that working in retirement life keeps

 

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you socially connected and mentally active.

 

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Is that your experience?

 

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Absolutely right, and there are other things.

 

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I'm in a provost group, it's a retired people's group, and

 

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that is a great way to replace the social life that

 

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you might not realise you'd had when you were working, but you did,

 

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and so you need to replace that after.

 

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You've talked about this before, Glen, just still staying socially connected

 

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in retirement. Do you suggest working in your retirement chapter?

 

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How's that been for you?

 

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For me, it's been wonderful. I think people have to look, though.

 

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People that are planning for retirement have to think, will I need to, to

 

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supplement my retirement income? Or would I like to because, like me,

 

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I like get rewarded for efforts.

 

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And it's very good to keep connected and so on.

 

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And so I think that people watching this need to think what's going to be

 

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important to me.

 

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And for me, Fidelity fortunately came, fortunately for

 

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me came to me and said, would you like to do some stuff on the side?

 

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Hosting events, hosting. And moderating a few webcasts and so on.

 

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And that's wonderful because I do keep in touch with everybody.

 

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I love to know what's going on. I grew up at this firm pretty much.

 

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And so it's great to be connected. But as Peter said, it's also very mentally

 

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stimulating because we need to, what we do is preparing and

 

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being ready and being on. And I think that that's a wonderful position to be

 

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in.

 

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So a lot of positive factors there.

 

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At the same time, maybe for the older generation, I know for my parents'

 

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generation, they work 30, 35 plus years, they don't wanna work anymore

 

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in retirement lab. They wanna relax.

 

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But that view has changed.

 

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I feel like that view have changed and part-time work is being

 

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talked about in your retirement chapter.

 

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How have you seen those trends, Michelle, in our-

 

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So the research is showing that people increasingly want

 

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to do a phased-in approach to retirement.

 

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And that looks at for various different ways,

 

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retiring from a primary career, then doing a second act.

 

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Sometimes it's doing things that are part-time, sort of a little here.

 

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It's just more of a gradual approach to it, phased in.

 

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And the reasons behind that, sometimes it's financial, but

 

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the financial is to thrive, to do a little bit of extra.

 

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It's also, as the gentleman said, being engaged,

 

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being social, using mind in a different way, really having purpose

 

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in retirement.

 

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So is work and retirement the same as when you were and you're working

 

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in your working life? Or is it different?

 

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Is it better? I mean, how's it been for you?

 

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I think if for somebody it's the same as what they were doing, then why did

 

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they retire? And so for me it's very different, and I was going to add on to

 

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what Michelle said, and I think what viewers have to consider is, what else

 

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may I want to do that's complementary to what I've done over the years?

 

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It doesn't have to be in the same field.

 

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But I think it's been wonderful, but I think that it doesn't

 

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need to be the same what you did before or the frequency of what you

 

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did before. And people that I'm speaking to who are saying, I'm thinking of

 

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retiring, how did it go for you and what are you doing now and so on, they

 

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would like to tailor it down so that they do have more time on their calendar

 

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for what they find important in life.

 

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Emily, there's one.

 

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Caution here.

 

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Planning to work in retirement as a significant part of your retirement savings

 

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is not a particularly good idea because you don't

 

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know how you'll feel.

 

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Some people just get tired of working.

 

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You don't what's available and it's going to depend to some extent on what you

 

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did. Now I'm really lucky because I can continue to do economics which is

 

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a lot of what I did during my career, so do it by all means,

 

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but don't not save.

 

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Because you're gonna work in retirement.

 

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Well, and what you're doing is there's non-stop information that you need to

 

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disseminate to this group that you're speaking to as well with economics.

 

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Whereas somebody may be in a job where it's less involved and just say, no, I

 

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don't need to do that ever again.

 

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You'll have no shortage of things to talk about.

 

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It's changes and changes and that's what keeps it interesting.

 

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I've been doing it for a long time. You were really young when I started, Glen.

 

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I still am.

 

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Now the second pillar about thriving in retirement goes hand-in-hand

 

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with possibly doing part-time work in retirement and that's

 

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prioritising purpose, either volunteer work or charity work.

 

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Peter, I know you have a lot of passions. Can you expand on what type of new

 

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experiences you've had during retirement?

 

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One is having two grandchildren, one from each of our sons.

 

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We have a three-year-old and a seven-year old.

 

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Now, I used to talk about that when I was doing retirement presentations for

 

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Fidelity, and I joke about the fact that, hey, you're gonna be a grandparent,

 

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it's all fun, no responsibility, but I've learned there are other things.

 

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You have a very special relationship with grandchildren, and something that I

 

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didn't expect, you get to observe them in a way that you didn't

 

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when you were bringing up their parents.

 

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And I've talked to other people, and they all say the same thing.

 

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I think we were too busy bringing them up.

 

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The other passion is music.

 

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Now, I've been involved in music my whole life.

 

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I used to be a trombone player, but, and this is kind of a retirement story

 

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because as I got older, I developed glaucoma, which is an eye issue.

 

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And so you can't blow a horn anymore.

 

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So I switched to singing.

 

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And that happens in retirement.

 

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You have to pivot. And the other part was the pandemic.

 

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So, I was singing in a choir, we kept going, we started by recording on

 

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our iPhones, and every time we heard ourselves, we said, I didn't know I

 

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sounded that bad, but we kept going, and so we wound up,

 

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rather than singing an hour or two a week, we sang several hours a week.

 

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Oh wow.

 

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Our voices got better and we're able to take a few risks in doing some more

 

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things. So I've kept that up. So those are my two passions at the moment.

 

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So practise makes perfect.

 

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And the fact is that you have essentially more time on your hands to pursue

 

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those passions and those hobbies.

 

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How about for you, Glen? Was it difficult to find your interests and find what

 

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you really enjoyed doing in the few years that you've been retired?

 

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I was always aware of my interests, and they do centre around music as well,

 

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but not playing or singing, unfortunately.

 

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But I am on the board of directors for a community nonprofit

 

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radio station, which for me is very, very interesting, CIUT 89.5.

 

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It's community funded, it is commercial free, and as a board we're working

 

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really hard to keep it alive and to keep the way it is right now.

 

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And so. That's a passionate thing for me.

 

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I've been a listener for 30 years, but I love music and

 

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love the independence of what that station brings.

 

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And so that's very different than the work that I did before, and it's a

 

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fascinating way to kind of round out part of my brain that maybe I wasn't

 

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tapping into as much before.

 

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That's really, really neat.

 

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And Michelle, why is it important for retirees to

 

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find their purpose really in that specific

 

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chapter in their life?

 

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Well, it's also, I think you wanna be intentional every phase

 

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of life. But there's a little bit less structure around

 

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the retirement phase and it's a bit more open.

 

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Just reflecting on both of Peter and Glen's responses,

 

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these were things that you were interested in in your working years and have

 

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just taken a bigger role in your retirement years.

 

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Whereas if you think about, well, if you, live

 

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to work, well, then your transition into retirement is going to be pretty hard,

 

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whereas you work to live, and then that life in

 

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retirement takes on more space.

 

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It's an easier transition.

 

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I do hear that concern from people who are considering retirement, where they

 

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haven't had the time, or so they say, to figure out what it is that they really

 

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like that can help round out activities when they do retire.

 

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But I think they just need to look around and really absorb what that is.

 

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And I would say, when you think about finances, fidelity, we're mutual funds,

 

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what have you, finances will help in retirement,

 

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but it's the purpose that's going to fuel your retirement.

 

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And with that purpose comes the third pillar about redefining what

 

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thriving means in retirement.

 

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Like you were saying, Michelle, earlier, you know, work to live or

 

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live to work.

 

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So Peter, the one paper you wrote about the seven peaks to

 

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your retirement path, there was one point you made in there about being the

 

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CEO of your retirement life.

 

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I love that concept.

 

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Yeah, exactly. What do you mean by that?

 

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Can you expand on?

 

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This is really important because for most people, retirement

 

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is the first time in their lives when they can be the CEO.

 

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They're in charge of their lives.

 

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You're a kid, you're parents, you're maybe married with children,

 

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you've got a job, all those things. Other people are telling you what you need

 

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to do. You get to retirement, there's still gonna be some things that you have

 

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to do, but you're now in the position to actually make the decisions.

 

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The difficulty is that you've said a gazillion times, I wish I

 

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could do this. I wish i could do that.

 

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When it comes to the point where you can actually do it sometimes there's some

 

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hesitation because you're not used to making those decisions but recognise

 

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that you are now the CEO make those decisions and look you may make

 

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some bad ones you can change it you can change what you're doing but what

 

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is important is recognise that you are the CEO you are that you're running

 

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your organisation and make the decisions and and you'll thrive

 

15:12.778 --> 15:17.549

Do you feel like there was a lot of pressure when you first retired to

 

15:17.549 --> 15:21.520

fill your time and fill that space and you just, you know, you need

 

15:21.520 --> 15:24.857

to be busy? How did you feel when you, about that part?

 

15:24.857 --> 15:28.794

Your emails almost go to zero, and your text and

 

15:28.794 --> 15:33.232

your Teams and everything else, and Zoom becomes infrequent.

 

15:33.232 --> 15:36.402

And so I think that there are people, and I think you mentioned it earlier,

 

15:36.402 --> 15:38.771

about people that are defined by what they do.

 

15:38.771 --> 15:40.706

And they say, I've got this void.

 

15:40.706 --> 15:43.142

It's like a black hole now, what do I do?

 

15:43.142 --> 15:46.045

I was talking to a friend of mine last week who's retiring at the end of this

 

15:46.045 --> 15:49.882

year, and he's already figuring out how he's gonna categorise the thousand LPs

 

15:49.882 --> 15:53.786

that he has. Well, there's people that are just saying, you know what, I want

 

15:53.786 --> 15:57.756

to reduce all that other stuff and add in other things that

 

15:57.756 --> 16:00.526

are of more interest to me or that are more fulfilling.

 

16:00.526 --> 16:03.329

And so there is a big change though. And I think that there probably are

 

16:03.329 --> 16:06.532

people, especially, you have to think of the seasons too.

 

16:06.532 --> 16:09.268

In Canada, winter can be kind of dark and dreary.

 

16:09.268 --> 16:12.805

And I feel if people are retiring in the winter, which is very typical, it can

 

16:12.805 --> 16:15.908

be a kind of a dull time.

 

16:15.908 --> 16:19.578

And so it is important. Or go on a trip and do something.

 

16:19.578 --> 16:23.682

I think that's an idea is have something planned for when you retire to

 

16:23.682 --> 16:27.987

start to wean away. But you know, it's not unlike college or university.

 

16:27.987 --> 16:31.857

You're getting into the cycle of exams and everything else and coming out of

 

16:31.857 --> 16:34.693

that. I remember that took me a few years to kind of get away from worrying

 

16:34.693 --> 16:37.730

about April and December from an exam standpoint.

 

16:37.730 --> 16:41.000

And so definitely a change though, big change.

 

16:41.000 --> 16:45.104

Okay, the fourth and fifth pillars of thriving in retirement go hand

 

16:45.104 --> 16:49.375

in hand. So this is all about smarter retirement income planning

 

16:49.375 --> 16:52.811

and knowing where you wanna settle and how you wanna to settle.

 

16:52.811 --> 16:57.282

I mean, this is a huge part of retirement

 

16:57.282 --> 17:01.286

planning, knowing where your finances are gonna be,

 

17:01.286 --> 17:04.256

knowing where it's gonna come from. Michelle, you're an expert in this.

 

17:04.256 --> 17:09.028

You've seen it grow over the last 20 years in our retirement survey.

 

17:09.028 --> 17:13.032

What are your suggestions to Canadians on how to better prepare for

 

17:13.032 --> 17:14.833

retirement financially and emotionally?

 

17:14.833 --> 17:19.038

Right, and I think especially in the accumulation years, you're focused

 

17:19.038 --> 17:23.242

on saving that nest egg, whatever your target number might

 

17:23.242 --> 17:27.579

be. And our research shows that those who have a retirement

 

17:27.579 --> 17:31.717

plan, a written financial plan, don't

 

17:31.717 --> 17:36.388

feel, well they feel better financially, but also emotionally,

 

17:36.388 --> 17:41.126

socially, physically, which are four pillars of overall well-being

 

17:41.126 --> 17:44.963

that comes from having that written financial plans.

 

17:44.963 --> 17:49.334

So the importance of having a plan, writing pen to paper,

 

17:49.334 --> 17:53.272

and also thinking about the vision, what is it going to look like?

 

17:53.272 --> 17:57.643

It might change, it will ebb and flow, but all these pieces come

 

17:57.643 --> 18:01.513

together to really having the retirement, being intentional having the

 

18:01.513 --> 18:02.781

retirement that you're looking for.

 

18:02.781 --> 18:06.819

So how much do you actually need to have saved up for retirement?

 

18:06.819 --> 18:09.388

We've done the retirement survey now for 20 plus years.

 

18:09.388 --> 18:12.491

How has it changed over the years and how much should Canadians have?

 

18:12.491 --> 18:15.994

I get that question asked all the time.

 

18:15.994 --> 18:20.299

The research shows about 20 years ago, adjusted for inflation, people said

 

18:20.299 --> 18:22.835

about $650,000.

 

18:22.835 --> 18:27.439

Today it's just over a million dollars, but I

 

18:27.439 --> 18:32.778

want to roll that back because people are going to hear a number and say, whoa.

 

18:32.778 --> 18:36.548

It really depends on what are you going to do in retirement.

 

18:36.548 --> 18:38.550

What does that look like? What does it look like.

 

18:38.550 --> 18:42.688

And so it's sitting down with a financial advisor, can

 

18:42.688 --> 18:46.892

really be helpful and instrumental to helping someone create their

 

18:46.892 --> 18:50.529

plan. And there's definitely not a one size fits all.

 

18:50.529 --> 18:54.867

Peter, being an expert in this field, too, and now living in retirement,

 

18:54.867 --> 18:59.938

how have you adjusted to retirement life in terms of finances,

 

18:59.938 --> 19:03.075

financial planning, viewing your finances in retirement?

 

19:03.075 --> 19:05.344

How has that changed for you over the years?

 

19:05.344 --> 19:09.314

Well, I was fortunate that my saving for retirement went

 

19:09.314 --> 19:13.452

very well. And the great thing about that is that

 

19:13.452 --> 19:18.190

in retirement, the last thing you want to worry about is money.

 

19:18.190 --> 19:21.493

And something that bothered me when I was with Fidelity is that I was

 

19:21.493 --> 19:25.764

occasionally hearing advice out there in public discussion,

 

19:25.764 --> 19:28.133

saying, well, you know, you don't really have to save as much as you think

 

19:28.133 --> 19:31.003

because your expenses will go down. Sure, some will.

 

19:31.003 --> 19:33.071

But you'll still have expenses.

 

19:33.071 --> 19:35.207

The furnace will break when it's minus 25.

 

19:35.207 --> 19:38.677

That's happened to us. And you gotta be able to say, yes, I can replace that

 

19:38.677 --> 19:42.781

furnace and there's gonna be no disruption to anything else.

 

19:42.781 --> 19:45.217

So you've gotta be prepared for that.

 

19:45.217 --> 19:49.321

And I used to get, frankly, really mad when I'd hear so-called experts

 

19:49.321 --> 19:52.925

say, well, you know, people don't spend everything they've saved.

 

19:52.925 --> 19:56.895

Okay, is it better to have some leftover and not worry about it?

 

19:56.895 --> 19:58.764

You can let your kids have it.

 

19:58.764 --> 20:00.866

You can donate it to a charity.

 

20:00.866 --> 20:04.970

So you you you don't want to under save you don't want to

 

20:04.970 --> 20:08.340

live a terrible life while you're saving either I mean balance is important,

 

20:08.340 --> 20:12.511

but you've got to be prepared for things for expenses that you didn't

 

20:12.511 --> 20:14.079

think you might have

 

20:14.079 --> 20:14.980

to grandchildren.

 

20:14.980 --> 20:17.449

Well, yes, the grandchildren, yes.

 

20:17.449 --> 20:20.252

Because grandparents have a universal right to spoil their grandchildren, and

 

20:20.252 --> 20:22.154

their parents can't do nothing about it.

 

20:22.154 --> 20:24.456

But it is something to think about.

 

20:24.456 --> 20:27.826

Are you still supporting your children in retirement life?

 

20:27.826 --> 20:31.697

Are you now going to support in other ways with grandchildren?

 

20:31.697 --> 20:34.166

Where are you going to settle? Where are going to move?

 

20:34.166 --> 20:38.036

All these types of questions are important to ask yourself.

 

20:38.036 --> 20:40.472

Pre-retired life and retirement, am I?

 

20:40.472 --> 20:44.710

Does that sound about right? Creating that vision of what that looks like.

 

20:44.710 --> 20:47.713

One of our surveys, we asked, well, what do you want to do in retirement?

 

20:47.713 --> 20:51.883

Number one answer, consistently, 20 years now, I want to travel in

 

20:51.883 --> 20:56.755

retirement. But travel can mean so many different things to so many people.

 

20:56.755 --> 21:01.393

So you could have a more economical, let's take a road trip across Canada,

 

21:01.393 --> 21:04.997

or we could do multiple luxury cruises.

 

21:04.997 --> 21:07.699

So there's costs that are associated with that.

 

21:07.699 --> 21:11.670

So thinking about that vision, what does that look like

 

21:11.670 --> 21:15.874

and then adding some financial numbers to that?

 

21:15.874 --> 21:19.978

And obviously revisiting with your financial

 

21:19.978 --> 21:24.416

advisor, your financial plan, with every chapter, new

 

21:24.416 --> 21:28.920

or old in your life, really, really important to have that conversation with

 

21:28.920 --> 21:31.223

your advisor and with your loved ones.

 

21:31.223 --> 21:35.227

Yeah, and a lesson I learned back in the late 90s, as you'll recall,

 

21:35.227 --> 21:38.563

when the technology boom was happening, and I was a wholesaler at Fidelity out

 

21:38.563 --> 21:40.599

on the road talking to advisors.

 

21:40.599 --> 21:44.403

When the technology market corrected, for lack of a better word, there were a

 

21:44.403 --> 21:48.373

lot of investors who were completely focused

 

21:48.373 --> 21:52.411

on technology. And as a young person, I saw what that means to someone

 

21:52.411 --> 21:56.415

who's retired, and they've seen their nest egg dwindle to almost zero in many

 

21:56.415 --> 22:00.652

cases. And so. Keeping diverse, talking to your financial advisor,

 

22:00.652 --> 22:04.589

absolutely having that plan. I do liken it to someone who

 

22:04.589 --> 22:08.894

buys a first house and just has enough to buy that house.

 

22:08.894 --> 22:12.397

But as you said, Peter, then the furnace goes, the roof blows off, the basement

 

22:12.397 --> 22:15.300

floods. That sounds horrible, but that happens.

 

22:15.300 --> 22:18.904

And then they realise, I've got to have all this extra finance now in order to

 

22:18.904 --> 22:21.406

handle that. And I see that with retirement.

 

22:21.406 --> 22:24.943

Most people say, I'm retiring and I'm going to travel every month, I am going

 

22:24.943 --> 22:28.113

to be somewhere. The Canadian dollar doesn't get you very far if you are

 

22:28.113 --> 22:31.583

leaving our borders. And it's wonderful to get out and experience things, but

 

22:31.583 --> 22:33.719

it is at an expense.

 

22:33.719 --> 22:36.321

And it comes with budgeting and planning.

 

22:36.321 --> 22:40.325

But you also, sorry to cut you off, but you also should hold

 

22:40.325 --> 22:44.096

back from that and say, well, I'll save a little longer or we'll see what

 

22:44.096 --> 22:48.066

happens with the market. It is important to be having fun while you're able, as

 

22:48.066 --> 22:50.168

you talked about earlier, Michelle.

 

22:50.168 --> 22:53.405

It's about facing the realities, it sounds like, of retirement in life.

 

22:53.405 --> 22:57.242

It may not always be, I'm gonna head straight to the beach and everything's

 

22:57.242 --> 22:59.811

gonna be fine and dandy.

 

22:59.811 --> 23:02.013

It may not be the reality for everyone. Well, it's interesting, because the

 

23:02.013 --> 23:06.218

research shows that people want to travel in retirement,

 

23:06.218 --> 23:09.621

but neither of the gentlemen have spoken about travel extensively.

 

23:09.621 --> 23:12.124

Well, we don't want to brag about that. I'm sure there's a piece of it.

 

23:12.124 --> 23:14.559

That was just, yeah.

 

23:14.559 --> 23:18.730

But the focus comes from volunteer work, being part

 

23:18.730 --> 23:21.166

of various organisations.

 

23:21.166 --> 23:25.203

Travel is wonderful, and it's great to be able to do that, and we've been

 

23:25.203 --> 23:27.105

doing that quite frequently.

 

23:27.105 --> 23:27.973

And you don't.

 

23:27.973 --> 23:30.809

Have to necessarily be really exotic about it.

 

23:30.809 --> 23:35.013

We used to do car trips to various parts of the United States.

 

23:35.013 --> 23:39.084

We kind of stopped that in recent years, but we've spent a couple of summers

 

23:39.084 --> 23:41.486

or parts of summers in Prince Edward Island.

 

23:41.486 --> 23:45.090

Fabulous place to go and if I'd gone to the West Coast I would probably be

 

23:45.090 --> 23:46.658

having exactly the same reaction.

 

23:46.658 --> 23:47.559

Mm-hmm.

 

23:47.559 --> 23:49.127

Lots of places to go in Canada.

 

23:49.127 --> 23:49.895

Absolutely. But it isn't.

 

23:49.895 --> 23:52.564

It's important to know that the bills don't stop.

 

23:52.564 --> 23:54.433

CRA still comes knocking.

 

23:54.466 --> 23:56.802

Nobody says, oh, you're retired, you got a free pass.

 

23:56.802 --> 24:00.839

And so I think viewers need to understand that, is that there is the

 

24:00.839 --> 24:03.141

constant flow of need for money.

 

24:03.141 --> 24:04.709

And so you have to be prepared.

 

24:04.709 --> 24:09.114

Definitely a reality to a financial reality at that in

 

24:09.114 --> 24:13.118

one respect, but also what I'm hearing is that you do have a lot of flexibility

 

24:13.118 --> 24:17.689

to really pursue your passions and your hobbies and it just

 

24:17.689 --> 24:22.227

with proper planning could be a really fulfilling

 

24:22.227 --> 24:24.663

part of your life.

 

24:24.663 --> 24:28.633

Now as we just wrap up the show to all of you, just a last message

 

24:28.633 --> 24:32.571

on to Canadians on how you can really thrive in retirement.

 

24:32.571 --> 24:34.172

Peter, what would you say?

 

24:34.172 --> 24:36.341

Use it or lose it.

 

24:36.341 --> 24:38.844

Exercise your mind, exercise your body.

 

24:38.844 --> 24:42.981

Now, it doesn't matter how good you are or what you do, but if you

 

24:42.981 --> 24:46.985

do those two things, you will get much more enjoyment out of

 

24:46.985 --> 24:50.922

everything else. And if you happen to run into a medical issue, you're likely

 

24:50.922 --> 24:53.024

gonna recover faster.

 

24:53.024 --> 24:55.060

So, if there was one piece of advice, it's...

 

24:55.060 --> 24:56.828

Lose it or lose it.

 

24:56.828 --> 24:57.662

Glen, what would you say?

 

24:57.662 --> 25:01.666

Well, I think it's about having a plan, thinking about when you'd like this

 

25:01.666 --> 25:05.303

to begin, thinking about interests that you have that you can grow, thinking

 

25:05.303 --> 25:09.474

about a hobby maybe that you want to pick up or a song that you'd like to sing,

 

25:09.474 --> 25:12.711

and really a plan for having some fun as well.

 

25:12.711 --> 25:14.613

I just think that's so important.

 

25:14.613 --> 25:18.316

And Michelle, for those who are approaching retirement, what would you suggest

 

25:18.316 --> 25:20.252

to them? Be intentional.

 

25:20.252 --> 25:24.289

Create that vision, think about what you want to do, how you're going to

 

25:24.289 --> 25:28.693

go about doing it, create a plan to fulfil that

 

25:28.693 --> 25:30.128

intention.

 

25:30.128 --> 25:34.366

Michele, Glen, Peter, thank you so much for sitting with me today, for being

 

25:34.366 --> 25:37.536

here and sharing your insights. It was really a wonderful conversation and I'm

 

25:37.536 --> 25:39.871

so glad to see all of you here today.

 

25:39.871 --> 25:41.873

Thank you. Thanks, Emily. Thanks.

 

25:41.873 --> 25:45.810

For this video and more investor content, check out Fidelity Canada on our

 

25:45.810 --> 25:49.481

YouTube channel. Thanks for watching and we'll see you next time on the Upside

 

25:49.481 --> 25:50.448

Plus.

 

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26:39.798 --> 26:43.101

The views and opinions expressed on this podcast are those of the participants

 

26:43.101 --> 26:47.439

and do not necessarily reflect those of Fidelity Investments Canada ULC or

 

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its affiliates. This podcast is for informational purposes only and should

 

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It is not an offer to sell or buy or an endorsement, recommendation or

 

26:58.016 --> 27:01.019

sponsorship of any entity or security cited.

 

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Read a fund's prospectus before investing.

 

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Funds are not guaranteed.

 

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Their values change frequently and past performance may not be repeated.

 

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Fees, expenses and commissions are all associated with fund investments.

 

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Thanks for tuning in. We'll see you next time.