Eric Matto, who retired in 2018 at age 63, plays pickleball in Hamilton.Nick Iwanyshyn/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.
Eric Matto, 69, Hamilton, Ont.
I retired in April, 2018, at 63, after a 40-year career in information technology. My last job was at Toronto-Dominion Bank, at which I worked for 14 years. I was getting tired of working all the time, and when I looked at my financial picture – I’m single with no kids – I saw that I could retire comfortably. I also wanted to spend more time doing things I enjoyed, such as travelling and pursuing hobbies such as photography and singing in community choirs.
I remember the first Saturday morning I retired. I got up early to take pictures of the sunrise. I saw it as a metaphor, the ‘dawn of a new day’ kind of thing. But it turned out to be misty that day, and the photographs weren’t as spectacular as I had imagined. It was disappointing. But in hindsight, it was a different metaphor – that the future isn’t always clear.
It took me a while to figure out what to do with myself in retirement. I love to travel. I have taken several ‘bucket list’ trips to Africa, Antarctica and Iceland, but obviously, you can’t travel all the time. Retirement pushed me out of my comfort zone. I realized I needed to build a social network outside of work.
I’ve volunteered for different organizations in retirement, including the Hamilton Literacy Council, which helps adults improve their reading and writing skills. I also volunteered for the Grey Cup Festival when the event came to Hamilton in 2023. Today, I volunteer occasionally at the Hub Hamilton, a homeless drop-in centre, handing out free coffee and food. I also sing in a couple of community choirs and volunteer on their boards.
I also like attending different academic lectures, have started learning Spanish, and recently started playing pickleball.
I don’t worry about money in retirement. I have a pension from TD Bank and started taking my Canada Pension Plan benefits upon retirement and Old Age Security at age 65. I didn’t want to wait longer to take my CPP and OAS – even if it meant getting more money – because other members of my family have died relatively young; one of my brothers died in his 50s, one in his 60s, and my dad died in his 60s. I’m healthy and want to use the money to enjoy life now.
I also converted my registered retirement savings plan to a registered retirement income fund when I retired. I know I didn’t have to do this until the end of the year when I turn 71, but I like the security of getting a fixed amount of money every month. I got into home ownership in my 30s and currently own my condo with a small home equity line of credit on it.
My advice for others considering retiring is to build a life outside work through hobbies or other interests. Volunteering is also a great way to give back to your community. That said, don’t feel guilty about days when you do nothing. For example, sometimes when it’s snowing, I look outside and think, ‘I don’t have to go anywhere,’ which is nice. The best thing about retirement is the ability to do what you want when you want.
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.
How has living with your partner affected your financial life?
It's no secret that being in a relationship where you live with your partner can save you money, especially on housing. A recent RBC poll found that 47 per cent of respondents in a relationship couldn't afford to pay their bills if they split up. We want to hear from people who recently started living with their partner and those who've recently become single: how has living with your partner or living alone affected your financial life? Has it had a noticeable impact on the kind of lifestyle you can afford? Fill out the form below or send an email to Salmaan Farooqui at sfarooqui@globeandmail.com.