Don Altman obsessed over the financial aspects of retirement early on. He ran several models to convince himself he wouldn’t run out of money. He now has a cash flow model that goes until he turns 100 years old. (Ian Willms / The Globe and Mail)Ian Willms/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.
Donald Altman, 79, Toronto
I retired in April, 2016 at the age of 68 after a 35-year career in various planning, budget and finance roles at the City of Toronto. I wasn’t really planning to retire when I did, but I was unhappy – in part because I felt I wasn’t being given enough to do – so I decided it was time to leave.
When I first retired, I worried about money and what I would do with my time. I was already active with volunteer work at my housing co-operative, so I was able to focus more on that at first. I’ve also volunteered for several other non-profit organizations in my community over the years and since retiring. Also, two months after I retired, my mother passed away. I was the executor, so that kept me busy for several months.
My wife, who also worked for the City of Toronto, retired five years after I did. She’s also very active as a volunteer for various organizations. We aren’t big travellers, but we do enjoy spending time at my family cottage in the Almaguin Highlands in Ontario and a home she inherited in suburban Boston. We also enjoy live cultural activities such as theatre and concerts.
I obsessed over the financial aspects of retirement early on, which in retrospect was unnecessary. I’m a finance nerd, so I ran several models to convince myself that I wouldn’t run out of money. My wife and I each have pensions, a small stock portfolio and some GICs. We have no kids. My accountant advised me to take my CPP benefits at 65. My wife comes from a long line of long-lived females, so she waited until 70 years of age.
My advice to others approaching retirement is to make sure you can afford it long term. I have a cash flow model that goes to 100, even though it’s unlikely I’ll live that long.
I still miss work, specifically the regularity of getting out every day at a specific time, being near the centre of action at work and the sense of purpose. My advice to others is to make sure you have something to fill the day, even if it’s only a decision to read the classics. Also, if you’d like to volunteer, try to line it up before you retire so you have something to look forward to.
Last but not least, keep up with friends and family. It’s important to stay socially engaged in retirement. I see too many people sit around and watch TV all day, waiting for their time to be up. I think there are better ways to spend your time in retirement.
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.