Is Working in Retirement For You?

Working in retirement is becoming more common as people rethink income, purpose, and how they want to spend their time after leaving full-time work.

According to Statistics Canada, by 2030 seniors are projected to make up roughly 21–23% of Canada’s population.

That shift may increase the need for retirees to stay involved in work, whether paid, part-time, or through volunteering.

As more Canadians approach retirement, a common question is starting to come up more often:

Will people need to work in retirement or will they want to?

In a recent episode of More Than Money, Leanna raised an important distinction:

With the right planning, needs can often turn into wants.

She explains that the very definition of retirement is changing.

Many people now plan ahead for part-time work in retirement because they’re:

• Not ready to fully let go

• Looking to leave full-time work earlier

• Anxious after seeing others miss retirement experiences due to health events

Working in Retirement Becomes Optional When You Have a Plan

Dave reframed retirement as the point where you begin living partly off your savings or reach financial freedom.

At that point, work becomes optional and based on choice.

And when work is a choice, it often provides:

• Purpose

• Learning

• Social engagement

  
  

In the past, working in retirement was sometimes viewed as a failure.

Today, the more important question is:

How do you want to spend your time and what matters most to you?

Dave talked about entrepreneurs who say they’ll “never stop working,” and challenged whether it’s the word work that needs rethinking.

Instead, he suggests ideas like learning, participating, and accomplishing.

What matters is whether your retirement supports your health and wellbeing.

Because the retirement people fear most is the one with no engagement or purpose.

As Dave put it: you can’t retire to nothing.

Not surprisingly, watching TV and the news all day can be detrimental to your health and purpose.

Purpose doesn’t have to be grand or overwhelming.

It can be short-term: learning a language, travelling with grandkids, volunteering, or trying something you’ve always wanted to do.

Retirement is made up of chapters. Closing one chapter is fine as long as you intentionally open the next.

Even a “chapter title” is a start.

So the real question is:

Do you have a plan that supports the life you want to live?

If you need help figuring out what’s right for you, visit pkag.ca to learn more.

David Popowich and Faisal Karmali are Investment Advisors with CIBC Wood Gundy in Calgary.

The views of David Popowich, Faisal Karmali, Leanna Wachniak and the guest author and referenced material do not necessarily reflect those of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc