Wei Ding, who retired in 2018 at the age of 50, joined a badminton club in Calgary and plays twice a week.Sarah B Groot/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.
Wei Ding, 58, Calgary
I retired in July, 2018, at the age of 50 after a career in pharmacy. My last job was as director of pharmacy operations at Loblaw Cos. Ltd., at which I worked for 24 years.
I had always planned to retire at 50 for a few reasons: after immigrating to Canada from China in my 20s, I worked hard with the goal of achieving the financial security to retire at that age.
Also, after my father passed away in 2012, my mother was living alone in Shanghai. I would try to visit her twice a year, but it was getting increasingly difficult while working full-time.
In the fall of 2018, a few months after I retired, I spent six weeks with her. She passed away in February, 2019. Looking back, of course, I wish I could have done more for her. On the other hand, I was grateful to be able to spend that extra time with her before she died.
My wife, who’s the same age as me, retired in the spring of last year. She still does some part-time consulting work, which she enjoys. In my experience, you need to have some structure in retirement; otherwise, it’s easy to drift aimlessly.
There’s an expression that, while you retire from work, you should also retire into something. I thought a lot about what I would do in retirement, and I always had broad interests outside of work, so I was at peace with my decision.
To stay busy in retirement, I joined a local badminton club and play twice a week, year-round. It’s not only fun but also good for my health and my social life. In the summer, I play golf with my wife, who usually beats me.
I also enjoy cooking, doing work around the house and reading, including keeping up with current events. My wife and I also travel more these days and can spend time with our two adult children, who have careers of their own.
I was financially prepared to retire at 50 after saving and investing throughout my working years. My wife and I made sure that the mortgage was paid off, we had no debt and a healthy bank account balance before I retired. We’ve made fairly conservative projections of retirement income and expenses to ensure our retirement financial plan is sound. We also review our finances regularly, taking into consideration rising costs and inflation.
We manage our own investments and maintain sufficient cash to cover several years of living expenses, so we don’t have to liquidate our stocks during a prolonged market downturn. We also plan to delay our Canada Pension Plan and Old Age Security until age 70 to maximize the benefits.
I believe that having a solid financial plan is key to a successful retirement. Plan early and be disciplined with your approach. You also need to be prepared mentally for how your lifestyle will change in retirement.
Just because I retired early doesn’t mean I think others should do the same. Whether you choose to retire early or work into your 70s and 80s, be happy with what you’re doing.
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.