# What do you wish you knew before you retired?



## BlissfullyUnawareCanadian (Dec 23, 2020)

I am 51, my husband is 47 turning 48 in a week. He can retire at 56 with a good pension, and I have a disability pension and will receive a small work pension at age 60.

We are Canadian. We have two young kids still at home (ages 13 and 9). So they will be in their late teens/early 20’s when my husband retires.

My husband and I haven’t travelled much - we have travelled but only 2-3 bigger trips (to the Caribbean or South America mostly). We both want to travel more, so hopefully an early retirement will allow this.

Our finances are okay, and with some rental property income and our pensions and dividend income, we should be fine. But rent and dividends are not guaranteed - likely, but we can’t count on either to cover our basic expenses.

I feel as though so many people seems to just know where they want to move when they retire. For us it will depend heavily on what our children do and where they move to. So I feel a bit off trying to think about our retirement. But I dream regardless.

For those who are retired, are there things you wish you had done when you were still working? Or anything you wish you had planned differently?


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## Don M. (Dec 23, 2020)

Enjoying a decent retirement seems to be centered around 2 Basic requirements....Health and Finances.   Nothing screws up retirement more than these 2 items....IMO.  Staying fit, eating properly, and keeping the excess weight off is Paramount, especially as we age.  Sitting around watching TV and "snacking" all day insures that your calendar will be filled with doctor visits.  

Where finances are concerned, being Debt Free, and sticking to a reasonable budget is very important.  Having investments that can grow enough to offset inflation, as time passes, is important.  Fixed retirement incomes will erode over time as inflation reduces their value.  Things like making house payments in retirement can be a real drag on enjoying the "golden years".  

IMO, planning for the "Worst" is always a good "strategy".   No one knows how their health, etc., will hold up as we age, but trying to prepare, ahead of time, for a "setback", and having a plan to deal with it, substantially reduces the stress if something Does happen.   Having a substantial Emergency Fund is important, as well as buying a Long Term care insurance plan can go a long way towards reducing the problems that so many of us might eventually have to deal with.  

Looking back, the only thing I wish was that these IRA/401K plans had been in place throughout my working career, and I had been wise enough to get into them.  I'd be a millionaire had I been able to do so.  As is, these plans were in place long enough to supply us with a real nice "boost" to our pension and SS income.   

Staying reasonably close to family...a reasonable driving distance...is also a plus.  No one is a better "aide" than a trusty child, and if they are hundreds or thousands of miles away, they cannot offer the help or guidance we might need as time passes.


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## Remy (Dec 23, 2020)

You are different than me since you have children. I also never got married. I think of my mother who had my stepfather who stayed with her no matter how bad she treated him. She got under 600 U.S. dollars social security. It was my stepfather's social security and good local government pension that gave them a comfortable, not rich, retirement.  I don't think she appreciated that or would realize, I'd have it harder then her.

I would have been smarter with my money. I would have saved more. I've never got in debt, but I know I could have had more money now. I would have bought that cool loft condo in the mid 90's that I thought I couldn't afford and was too big for me. I could have afforded it though interest rates were high then. It would be payed off years ago I'm sure. They sell now for 3x the amount.

I won't travel. I'm fine with it. Though I'd love to go to Lake Tahoe. I've never even seen it. I can spend little when I put my mind to it. Like thrift stores.


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## OneEyedDiva (Dec 23, 2020)

I get a pension and have great health coverage. Even so, in a way I wish I had taken advantage of the State Deferred Compensation plan earlier but I didn't like the language that was used in the contract. When I finally signed up for the plan, I had them take the max, 20% of my salary. By then I had private investments though so I don't know if getting in earlier and likely not contributing nearly as much would have made much difference. I do wish I would have been able to start investing in my 20's instead of 30's.


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## Murrmurr (Dec 23, 2020)

I can't think of a better DO list than the one Don posted, so here's a DON'T. This is the one thing I wish I hadn't done just before I retired.

I gave away all my art supplies. There was a LOT of it and it was quality stuff that I can't afford to replace now. I didn't foresee there'd be hours of boredom or that the need to express myself on canvas wasn't gonna go away just because life changed, and that I'd have loads of time to just paint and draw to my heart's content. If you have a hobby or some creative outlet that can gobble up hours of nothin' to do, or that just gives you a good feeling, hang onto all the related *stuff* even if it seems in the way right now or you're downsizing or whatever.


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## Nathan (Dec 23, 2020)

BlissfullyUnawareCanadian said:


> What do you wish you knew before you retired?



What would have made a difference is knowing about some changes that came about at work, I would have stayed on for 5 more years.


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## Chet (Dec 23, 2020)

You might want to consider moving to a warmer climate. Winters last for months. Retirement means lots of free time on your hands but in the winter you are limited to what you can do so you sit indoors a lot and look out the window which is what we are going through right now. It's hard to do when you are older and settled so the earlier the better. That's my only regret.


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## tbeltrans (Dec 23, 2020)

How large unstructured time is.  You can drown in it if you are not prepared.  Whenever retirement is discussed, it seems to be about money.  Yes, one needs a decent amount of savings, we all know that and have heard it many times during our working lives whenever 401k is mentioned.  What is often not mentioned is structuring one's time so we don't lose ourselves in the endless days and nights of retirement.

Even though we had our hobbies lined up, it still took some adjusting to figure out how to deal with all that available time and no responsibilities incurred by a job.  What helped me make the transition was taking occasional engineering contracts that got me back in touch with having to structure my time for a couple of months, a few days a week.

Tony


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## Pecos (Dec 23, 2020)

BlissfullyUnawareCanadian said:


> I am 51, my husband is 47 turning 48 in a week. He can retire at 56 with a good pension, and I have a disability pension and will receive a small work pension at age 60.
> 
> For those who are retired, are there things you wish you had done when you were still working? Or anything you wish you had planned differently?


It sounds to me like you have all the basics covered.

The thing that II have learned is that there are two stages to retirement and you need to plan for both of them. In the early stage (up to late 70's) you are still reasonably healthy, able to drive, able keep up your home, and don't need help with shopping or anything else. In the later stage, you have to deal with declining eyesight, and an inability to do yardwork or shop. In the later stage, you need pay attention to the advice of Don M. 
"Staying reasonably close to family...a reasonable driving distance...is also a plus. No one is a better "aide" than a trusty child, and if they are hundreds or thousands of miles away, they cannot offer the help or guidance we might need as time passes."

My wife and I are one the opposite coast from our adult children and should have moved closer many years ago. We can manage the move as soon as the COVID crisis ends, but it would have been better if we had really understood that "retirement" is not a stagnant event. Things continue to evolve. Fortunately we are financially able to make the move.

So my advice is to plan for part of your retirement being during the time when you are still vigorous, and part of your retirement being during the time when you will need help. 

Oh, and LOL, become good friends with your children!


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## Butterfly (Dec 24, 2020)

I wish I would have realized how much I would miss the work I did.  Not the job, but the actual meaningful work itself.


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## IrisSenior (Dec 25, 2020)

I have 2 sons still living at home so moving is out of the question. Why would I want to and I am certainly never leaving Canada even for a warmer climate? I like it here. Get yourself a financial planner to invest and save your money. You will need it if you plan to go on trips out the country. We have CPP, OAS and our work pension but there is still a loss of income from leaving work. Good luck to you.


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## BlissfullyUnawareCanadian (Dec 25, 2020)

IrisSenior said:


> I have 2 sons still living at home so moving is out of the question. Why would I want to and I am certainly never leaving Canada even for a warmer climate? I like it here. Get yourself a financial planner to invest and save your money. You will need it if you plan to go on trips out the country. We have CPP, OAS and our work pension but there is still a loss of income from leaving work. Good luck to you.



we self direct our investments. After finding out that “free” financial advisors are simply sales people I was really quite disgusted. There are a bunch of articles online that explain what a racket this industry is. It hits me hard because they prey on the vulnerable (including seniors) and I want everyone to know the truth about free financial advisors in Canada. If anyone wants to know more just google it, it’s quite shocking.

We considered paying a fee advisor but decided to spend a year reading and researching before self directing. It gives us a sense of calm, knowing the ins and outs of various investments and the shocking hidden fees involved in some.

sorry for the rant, but I think it’s important for people to know free advisors are anything but free, and they are limited in what investments they can offer you (like most sales people, they can only sell what they carry) and the hidden fees you are paying.


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## IrisSenior (Dec 26, 2020)

My financial advisor is a relative on my husband's side so I trusted her completely.


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## BlissfullyUnawareCanadian (Dec 26, 2020)

It may just be a Canada thing, but any "free" financial advisor is limited to selling what investments they have access too. As long as people realize the limits, and have done their research, and understand what hidden fees they are paying, and are still comfortable with hiring a free advisor then so be it.  Everyone has different comfort levels.  I just like to let people know because it's a very common misconception I see on financial forums.


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## OneEyedDiva (Dec 27, 2020)

Murrmurr said:


> I can't think of a better DO list than the one Don posted, so here's a DON'T. This is the one thing I wish I hadn't done just before I retired.
> 
> I gave away all my art supplies. There was a LOT of it and it was quality stuff that I can't afford to replace now. I didn't foresee there'd be hours of boredom or that the need to express myself on canvas wasn't gonna go away just because life changed, and that I'd have loads of time to just paint and draw to my heart's content. If you have a hobby or some creative outlet that can gobble up hours of nothin' to do, or that just gives you a good feeling, hang onto all the related *stuff* even if it seems in the way right now or you're downsizing or whatever.


I was talking to my Honorary Daughter who is mother to two of my grandchildren. She told me about how they bought art supplies for my granddaughter (who will be 18 next month) from Dollar Tree. They got poster boards and water colors among other kinds of items for drawing. I thought about you. Perhaps you can find inexpensive art supplies too if there are any DTs near you. Everything at DT is wither 2/$1.00 or $1.00. She said she's also found great deals during Michael's sales. Are either of these stores near you?


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## officerripley (Dec 27, 2020)

I wish I had known sooner that, unless you are wealthy or have a lot of friends/loving, non-screwedup family members, not much of anything you do will make a difference for the better, either for yourself or others. (There's a lot you can do that will make things worse for yourself or others, of course, sigh.)


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## Ken N Tx (Dec 28, 2020)

Butterfly said:


> I wish I would have realized how much I would miss the work I did.  Not the job, but the actual meaningful work itself.


I think I miss work..


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## Aneeda72 (Dec 28, 2020)

Remy said:


> You are different than me since you have children. I also never got married. I think of my mother who had my stepfather who stayed with her no matter how bad she treated him. She got under 600 U.S. dollars social security. It was my stepfather's social security and good local government pension that gave them a comfortable, not rich, retirement.  I don't think she appreciated that or would realize, I'd have it harder then her.
> 
> I would have been smarter with my money. I would have saved more. I've never got in debt, but I know I could have had more money now. I would have bought that cool loft condo in the mid 90's that I thought I couldn't afford and was too big for me. I could have afforded it though interest rates were high then. It would be payed off years ago I'm sure. They sell now for 3x the amount.
> 
> I won't travel. I'm fine with it. Though I'd love to go to Lake Tahoe. I've never even seen it. I can spend little when I put my mind to it. Like thrift stores.


I’ve seen Lake Tahoe.  I didn’t find it to be any big deal, and I don’t think you missed much by not seeing it in person.  In Wisconsin we lived right off one of the Great Lakes, could walk down and fish off a pier.  Both our cars froze that year .  Lots of snow there, lots of snow at Lake Tahoe.

All lakes are the same, big bodies of water with lots of bugs, weeds, and fish you can not catch.


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## Aneeda72 (Dec 28, 2020)

officerripley said:


> I wish I had known sooner that, unless you are wealthy or have a lot of friends/loving, non-screwedup family members, not much of anything you do will make a difference for the better, either for yourself or others. (There's a lot you can do that will make things worse for yourself or others, of course, sigh.)


Actually, you will never know the good you have done throughout your life.  A certain word said to a person at just the right time, a kind compliment to a child, a story told that someone took to heart, a hug to a stranger, and a dollar or a dime to a homeless person.

Even now we do not really live our lives in a bubble.  Any time we interact with another human, we change their lives-sometimes for the better, sometimes not.  But we make an impact.  I am sure @officerripley you have impacted many lives-some for the better.


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## Aneeda72 (Dec 28, 2020)

IrisSenior said:


> My financial advisor is a relative on my husband's side so I trusted her completely.


Since I don’t really have an finances, , I have no need of a financial advisor.


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## Mrs. Fauchi (Dec 28, 2020)

I wish I knew how bored and short-lived retirement would be for me. Once I sold my business I figured I would go on vacations and things of that sort with my family. I didn't even make it 6 months into retirement and now I am back at work since I can't sit still. I guess I am now semi-retired kind of haha.


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## officerripley (Dec 28, 2020)

Aneeda72 said:


> Actually, you will never know the good you have done throughout your life.  A certain word said to a person at just the right time, a kind compliment to a child, a story told that someone took to heart, a hug to a stranger, and a dollar or a dime to a homeless person.
> 
> Even now we do not really live our lives in a bubble.  Any time we interact with another human, we change their lives-sometimes for the better, sometimes not.  But we make an impact.  I am sure @officerripley you have impacted many lives-some for the better.


Thanks, Aneeda.


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## IrisSenior (Dec 28, 2020)

S


Aneeda72 said:


> Since I don’t really have an finances, , I have no need of a financial advisor.


Sorry? My post for the original poster.


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## MarciKS (Dec 28, 2020)

Murrmurr said:


> I can't think of a better DO list than the one Don posted, so here's a DON'T. This is the one thing I wish I hadn't done just before I retired.
> 
> I gave away all my art supplies. There was a LOT of it and it was quality stuff that I can't afford to replace now. I didn't foresee there'd be hours of boredom or that the need to express myself on canvas wasn't gonna go away just because life changed, and that I'd have loads of time to just paint and draw to my heart's content. If you have a hobby or some creative outlet that can gobble up hours of nothin' to do, or that just gives you a good feeling, hang onto all the related *stuff* even if it seems in the way right now or you're downsizing or whatever.


Only time I ever painted was in art class one year and I've always wished I had the space and money to do something even if for myself.


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## BlissfullyUnawareCanadian (Dec 28, 2020)

MarciKS said:


> Only time I ever painted was in art class one year and I've always wished I had the space and money to do something even if for myself.


I wish I had taken up art more when I was younger. Now my hands are not steady enough due to the arthritis. My oldest daughter is such a gifted artist at age 13. I am happy admiring her art, and paying for her lessons.


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## MarciKS (Dec 28, 2020)

BlissfullyUnawareCanadian said:


> I wish I had taken up art more when I was younger. Now my hands are not steady enough due to the arthritis. My oldest daughter is such a gifted artist at age 13. I am happy admiring her art, and paying for her lessons.


There are other tools besides brushes.


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## Aneeda72 (Dec 28, 2020)

IrisSenior said:


> S
> 
> Sorry? My post for the original poster.


I was just saying that this is some thing I can’t talk about cause I have no investments or, hmm, significant money.


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## Butterfly (Dec 29, 2020)

Aneeda72 said:


> Actually, you will never know the good you have done throughout your life.  A certain word said to a person at just the right time, a kind compliment to a child, a story told that someone took to heart, a hug to a stranger, and a dollar or a dime to a homeless person.
> 
> Even now we do not really live our lives in a bubble.  Any time we interact with another human, we change their lives-sometimes for the better, sometimes not.  But we make an impact.  I am sure @officerripley you have impacted many lives-some for the better.



You are right, Aneeda.  As I look back over my life, I'm certain that some people who had an impact on my life had no idea they had done so, and probably wouldn't even remember the incident that had such an impact.


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## KenMill (Dec 30, 2020)

My life, for the most part has taken shape almost exactly how I hoped it would. Am I a millionaire? Nope - so there's a shortcoming. But I got into a field that I loved (and still like), hold no aggressions against anybody in my field and feel I can do what I do for another 10 years. Work-wise. I'm still an 8-9 out of 10. We'll see if that changes over the next few years.


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## horseless carriage (Jan 3, 2021)

Butterfly said:


> I wish I would have realized how much I would miss the work I did.  Not the job, but the actual meaningful work itself.


How that resonates with me Butterfly. I tried to retire, it lasted eighteen months, nowadays I'm a sort of sounding board. I work on an ad-hoc basis with a local company, using the experience that I gained in forty-five years of management. 

What I missed was the inter communication, the zest and the fulfilment of a job well done. As long as I have the health and strength I shall keep working. I was rather taken by Dolly Parton's observation on retiring when she said that she would rather wear out than rust out. That's not to disparage those who retire and enjoy it, my own brother has been bringing his handicap down, despite a hole in one he's still not a scratch player.


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## Mr. Ed (Jan 3, 2021)

The truth about death and hereafter


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