Michael Sensenstein, who retired last November, spends more time playing guitar and cycling in Montreal.Adil Boukind/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
Michael Sensenstein, 61, Montreal
I retired last November at the age of 61 after a career in information technology. My last job was working for a consulting firm. After my last client ended its contract, I decided it was time to test the waters of retirement.
I wasn’t tired of working, but I was tired of IT and the tech environment. My wife retired a few months earlier. If she was still working, I might have looked for a different type of job in a more people-facing environment, but we had three grandkids at the time – and five today – so I wanted to spend more time with them.
The transition to retirement was anticlimactic, as there wasn’t a traditional end date, but the transition was smooth and welcome. I keep busy with cycling, swimming, walking, cooking, reading and doing crosswords to keep my brain and body active. I also started playing guitar again regularly, including composing my own material and posting it online for family and friends.
I volunteer one day a week at a homeless shelter in downtown Montreal, serving breakfast from 6 to 9 a.m., and plan to look for more volunteer opportunities in the coming months. I like the feeling of making a difference and being of use to a worthy cause. Volunteering also gives my week structure and routine and helps me increase my social engagement.
I sometimes struggle to fully disconnect from a routine, because I always feel like I need to get things done and be productive. My work ethic is still active and I need to learn to turn it off, be comfortable in my new routine and sometimes just do nothing.
Initially, I was concerned about whether my wife and I would have enough money for retirement in the long term, as neither of us has a company pension. However, we contributed to our RRSPs throughout our careers and benefited from early, regular contributions, which allowed our investments to grow.
Once I retired, I transferred my money to a financial advisor to maintain and grow my savings. (We keep our finances separate and my wife had already transferred her money before she retired). Our advisor reassured us we were in good shape to sustain our desired retirement lifestyle.
We have reasonable spending habits, no debt, one car and our kids are employed and financially secure. That said, I sometimes wonder about the impact any major health-related issues may have on our finances, but I don’t lose sleep over it.
I wish I had engaged a financial planner sooner, while I was still employed, for professional guidance on my finances. That would have given me the insight and assurance about my financial health ahead of retirement, rather than waiting until the last minute.
My advice to others in retirement is to try to find something to do every day. Begin with an existing interest or find a new one and build a routine around it. If possible, go somewhere new to get out of the house and meet people.
Also, be curious and try a new activity or volunteer. That will fuel your days and can provide purpose and enjoyment. The daily routine of employment will be replaced by the daily routine of retirement, which can lead to a journey of self-discovery and, hopefully, new places.
This interview has been edited and condensed.
Attention retirees! Are you a Canadian retiree interested in discussing what life is like now that you’ve stopped working? The Globe is seeking participants for 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 about how you spend your time. We look forward to sharing your story with our readers.