Dan Raitz, a retired teacher, at home in Leduc, Alta. "I knew I wanted to do something after retiring, but subbing or supply teaching didn’t interest me," he says.Amber Bracken/The Globe and Mail
In Tales from the Golden Age, retirees talk about their spending, savings and whether life after work is what they expected. For more articles in this series, click here.
Dan Raitz, 63, Leduc, Alta.
I retired in 2018 at age 56 after more than 30 years as a high-school teacher. For the final three years, I was on secondment at Alberta Education, working on student-assessment programs. It was a perfect way to end my career. When I retired, I was fully pensionable, had fulfilled my career goals, and was comfortable moving on to the next chapter of life.
I knew I wanted to do something after retiring, but subbing or supply teaching didn’t interest me. I wanted to do something part-time, local and different from the school system. So, I took a job at a new Costco store that opened not too far from my home.
It was very different from the classroom and interesting. I was able to work in various areas and with many great people, and my schedule was flexible. I did that for three years until 2021.
I then did some contract work with Alberta Education until last year, when I decided to stop doing any more paid work. I have been approached to do other casual, part-time jobs, but I no longer have an urge to work. I have enough to do in recreational activities and travel.
My wife, Karen, who is 60, retired in 2023 after a 32-year career with a natural gas utility. We bought a motorhome during the pandemic, which we use for shorter summer trips. We also travel to places such as Europe. While we enjoy travelling, we’re also homebodies.
We’ve lived in Leduc for 25 years and significantly renovated our home in 2018. We really like our neighbours and community, and can see ourselves living here for decades. Our two grown children are living independently nearby in Edmonton.
We aren’t concerned about money in retirement, mostly because we don’t have any debt. We made sure our mortgage and renovation were paid off before my wife retired. We both have defined benefit pension plans as well as RRSPs.
I converted my RRSP to a RRIF in 2022, when I was 60, instead of waiting until 71, based on advice from our advisor. I also took my Canada Pension Plan benefits at 60. I know there are advantages to waiting and taking it later, but it’s like my “play” cheque.
Essentially, my pension is three-quarters of my income and my CPP and RRIF are one-quarter. We’ve had the same advisor for 20 years and have been pleased with the returns and advice, and are starting to look at more conservative investments in our portfolio.
I didn’t have tremendous anxiety entering retirement because we had planned for it since our honeymoon in 1992. We are both active people, and I really wanted to emphasize that after a childhood in which activities were sometimes compromised owing to illness. As a child, I was a pretty serious asthmatic and spent a fair bit of time in the hospital. Thankfully, I have outgrown virtually all of the allergies and triggers.
My advice to others is to think about what you want to do in retirement and how you will spend your time. I think men, in particular, have more trouble retiring than women because many have their identity tied to work.
You have to plan for the financial side as well, but for most people, expenses are lower. I don’t spend nearly as much on items such as professional-looking clothes, gas for commuting and other necessary expenses.
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