Karim Bhaloo, 61, pictured in Toronto, retired in August. 'There are people I know who enjoy working, and that’s fine, but think about how you’ll feel watching your younger colleagues retire,' he says.Jennifer Roberts/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.
Karim Bhaloo, 61, Toronto
I retired on Aug. 1, at age 61, after a 30-plus-year career as a cytogenetic technologist. [Cytogenetics is the study of chromosomes.] The original plan was to retire at 65, but about a year ago, I started considering whether I could afford to retire earlier. I want to start doing more of the things I enjoy instead of working all the time. Three decades in the laboratory field were enough for me.
Before deciding whether to retire, my wife encouraged me to take a couple of weeks off and pretend I was retired. No travel, just doing things I would do when retired and see how it feels. It felt great. So, after talking to my pension plan company, I realized I could pull the plug sooner rather than later.
My wife bought me a guitar and some lessons as a retirement gift because I had shown some interest in learning. Now, I practice the chords on my own and watch online videos. It’s a lot of fun. I also enjoy spending time in nature, even during the colder months, and I plan to volunteer at either a food bank or long-term care home. I’m taking an online tax course and joined a book club. I’m also taking a stab at writing a novel. The genre I’m interested in is medical thrillers, given my background in science. I joined an international thriller writers organization to learn more. I’m dipping my toes in a few different areas.
Karim Bhaloo received a guitar and lessons as a gift from his wife following his retirement.Jennifer Roberts/The Globe and Mail
I’m not worried about running out of money in retirement. My wife and I don’t have children, and we’re careful with our spending. For instance, I make good use of the public library to borrow books, and read magazines and newspapers. We also plan to travel more, but nothing too extravagant.
I also have a defined-benefit pension plan, which is indexed to inflation, so that’s helpful. I am a do-it-yourself investor focused mainly on dividend-paying stocks in my TFSA and RRSP, both of which I’m leaving alone for now until I need to dip into them. I also don’t plan to apply for my Canada Pension Plan and Old Age Security benefit until I turn 65, which means a higher payout. My wife, who turns 65 next year, is also waiting to take her CPP and OAS until then. All in all, I think we should be fine, financially.
I’m in the honeymoon phase of retirement, but I don’t expect to get bored. I value my leisure time and count my blessings for being able to enjoy life at my own pace. My advice to others who want to retire is to look at the numbers, your paycheque and your lifestyle. See where you can cut back, if you have to, because you can always trim some fat somewhere. Look at your monthly expenses and calculate how much you need. If you can make some adjustments, then I highly recommend it.
Also, have some idea of what hobbies, activities and courses you wish to explore in your retirement. If you don’t think about these things in advance, then you might not be able to leave the workforce because there’s nothing else for you to do. There are people I know who enjoy working, and that’s fine, but think about how you’ll feel watching your younger colleagues retire.
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