After a layoff, Allan Hobbes became a funeral director. Though the pay is a fraction of what he once made, he says the emotional reward is immeasurable.Malte Mueller/iStockPhoto / Getty Images
Oh, hi again. Today, we have another instalment of our “Second Act” series, where we explore how Canadians are reinventing life after retirement. Let’s get into it.
From media sales to the funeral home
Allan Hobbs had spent four decades in media sales, climbing the ranks as his employers went through mergers and rebrands. Then, just about three months shy of his 60th birthday, he lost his job, he says.
Despite surviving multiple buyouts, he knew “ageism is something that’s certainly practised in the media business,” he said. “It happened to my colleagues... the roads getting shorter all the time.”
Still, the layoff was a shock. “I had never been let go in my life from any job,” he said. “It really did have an impact on my identity, and who I saw myself as. I’ve been this person for 40 years... suddenly it was like, I am not that person any more.”
Hobbs tried to find another job in the industry, but he said his age and experience worked against him. One former colleague told him while interviewing for a job: “I’m intimidated by what you know and what you’ve done,” he remembers him saying.
“It’s like your knowledge that you accumulated actually has turned into something that is working against you and trying to find a job,” Hobbs said.
He spent the next year in limbo, caring for his mother as her health declined. After she died, a conversation at a wedding with an old colleague sparked something unexpected. He told Hobbs that he was working in a funeral home, and suggested he do the same.
At first, Hobbs dismissed it. But months later, still searching for direction, he applied to a local funeral home. They called the next day.
They said “We promise not to scare you off,’” Hobbs said. “I started working there and the good news is I met the most amazing group of people.”
Hobbs started with small tasks, such as greeting families, and found deep meaning in the work. “It got me out of the house and even more so got me out of my head,” he said. “In that business, the older you are, the more valuable you are,” he said.
A year later, the funeral home offered to send him to school. At 62, Hobbs went back to class and became a licensed funeral director.
Now in his late 60s, he works part-time. The pay is a fraction of what he once made, but the emotional reward is immeasurable, he said.
His advice to others who are struggling after a layoff is, “It’s one step at a time after that, it’s really just about keeping walking forward. But be mindful of how you’re feeling and where you are mentally in that process, and reach out for help.”
The Calculator
CRA’s call centres are still hanging up on Canadians. A new Auditor-General report found that only 18 per cent of taxpayer calls were answered in a timely manner last year, and just 17 per cent of general tax questions got accurate responses. Service levels plunged after the CRA cut call-centre staff in half, though hiring has since ramped back up.
Have Your Say
Are you looking for a financial facelift? Share your financial situation with The Globe and Mail and get free expert advice on whether your plan is on track. E-mail finfacelift@gmail.com.
The Retirement Receipt
Vivian, 62, is weighing whether to take CPP early to pay off debt before retirement.
The situation: A single, divorced woman living paycheque to paycheque, with a workplace pension partially split with her ex, credit card debt, and a car payment due next year. She hopes to be debt-free by 65 by tapping CPP early, which would reduce her future payments.
Advice from an expert: Financial planner Howard Kabot notes that taking CPP at 62 would reduce her monthly payments by about 22 per cent compared with waiting until 65. While early access could help with short-term cash flow and debt repayment, delaying CPP would boost her long-term retirement income. But, he said, “if you feel that this will really help you and provide you with peace of mind, then I would not be against it.”
Best of the Rest
🌴 Snowbirds defy the chill (and trade tensions). Despite tariffs, travel rules and political friction, many Canadian retirees are still heading south. New data show Canadians are booking Florida stays nearly a month earlier than last year and paying 70 per cent more on average. For many, the draw of community and sunshine outweighs the rhetoric.
💳 Buy now, pay later isn’t just for lower-income shoppers. About one in four Canadians has used BNPL this year, and higher earners are jumping in, too. But with late fees climbing and regulation still catching up, some experts warn it’s starting to look a lot like the early days of credit cards, when there was little oversight.
💸 Nadine, 70, lost the inheritance she was counting on from her mother after decades of caregiving. Her mother dissolved the estate and is now giving gifts directly to grandchildren, leaving Nadine with nothing. She’s adjusting by stretching her pension, paying down debt, and saving wherever possible for a long retirement.
Try This
📊 Feeling nervous about lofty stock prices? Take a cue from readers of The Globe’s On Money newsletter and give your portfolio a quick tune-up: You can try strategies such as pausing your dividend reinvestments, trimming a few high-flyers, or build up a small cash cushion. Tiny tweaks can make your portfolio more resilient, but be sure it makes sense for your financial situation.