6 things to think about as you think about retirement

I’m not ready for retirement. Yet. Or maybe ever. But it’s definitely something I ponder, especially when I’m dreaming about spending a couple of months in Sardinia, a winter in southern Portugal or getting enticed to Sicily by that last season of White Lotus.

The idea of being a snowbird really appeals to me – not the traditional Florida-bound kind, but more a semi-nomad who explores other, warmer parts of the world while skipping the awesomeness of January, February and March in Toronto. That’s my dream. But how do I get there? I can’t say I have all the answers, but here are a few things I’ve learned so far.

1. Getting on the same page as your partner is important.

You can’t assume you both have the same goals. So talk about it. Figure out what you’ll do and how you will fill your days – watching TV all day long gets old pretty fast. If one of you wants to travel the world while the other one wants to stay home and take care of the grandkids full-time, that’s something you want to know.

Talk about when you want to retire, too. Not everyone is ready to say sayonara to their careers at 65, while others are ready to dash out the door at 50. Here’s a good post from Forbes about starting the conversation. And of course, talk about the finance required to be able to achieve those goals, and get your financial advisor in on the conversation.

2. You don’t have to retire “hard stop” if you don’t want to.

Easing gradually into retirement sounds like a great way to transition – I plan to taper off my work as I get older, with no real plans to stop completely until I decide that’s what I want to do. Honestly, I think I would get too bored. Of course, I’m fortunate enough to be able to do that in my career: as a freelancer, I can simply take on fewer projects.

Not everyone has that option, of course. But there are variations: maybe you could drop down to part-time in your current job or take on a new part-time gig. You could share your skills and knowledge by teaching a continuing ed class at your local university or college. You could be a consultant or a speaker. You could write a book. Or you could start your own business – it’s more common in retirement than you might think.

3. Do everything (and I mean everything) you can to stay healthy.

Everyone assumes they’ll sail into retirement, healthy and mobile, able to go on hikes, navigate travel destinations and chase grandchildren around the park. But my experience with my own parents and in-laws has shown me that health challenges can really take you by surprise.

So eat well: max out on protein and veg, minimize sugar and processed carbs. Stay at a healthy weight. Manage your stress. Keep your brain challenged by learning new things, solving puzzles and engaging with others. Move your body. And not just daily walks, but challenging weight-bearing exercises. Lift weights. Do push ups. Practice yoga to keep yourself flexible.

Our muscle mass decreases as we get older: people who aren’t physically active can lose as much as 5% of their muscle mass each decade after 30! (And even if you are active, loss still occurs.) So keeping your muscles engaged is absolutely crucial to staying healthy and mobile. This article focuses on the benefits of preserving muscle mass in men, but it applies to women, too.

But it’s not just our bodies that benefit from a healthy lifestyle: our brains do, too. There’s a big connection between lifestyle factors and dementia. Here’s a list of ways you can reduce your risk.

4. RRSPs aren’t for everyone.

This one really surprised me. RRSPs are great if your post-retirement income is significantly less than your pre-retirement income. But if you’ve got a pension, for example, that may mean you won’t be in a much lower tax bracket, so you won’t benefit from the tax savings RRSPs are meant to provide.

Talk to your investment advisor to see if there’s an option that’s a better bet for you. That may be a TFSA – or maybe something else.

5. Investing in real estate is generally a good idea.

We bought an investment property recently, and I wish we had done it 10 years sooner. While things are a little volatile with the market right now and we’ve ended up paying more than we expected in interest, it’s still an incredible investment vehicle – and one where we can tap into equity to make further investments if we want to. You just need to think long term – 5-10 years minimum before you sell.

It’s also something we can use to help out our kid once he’s ready to buy something. If you have a child going to university, here’s an interesting strategy where you buy them a place to live, then when they’re ready, allow them to take over the mortgage and get your investment back.

6. Don’t wait until retirement to do the stuff you want to do.

Finally, remember this. Whether it’s a trip to Italy or starting your own business or learning how to paint, don’t put off doing what you love and what makes you happy. Find a way to do it now, because life can take you by surprise.

Tamara George is a freelance writer who writes about real estate, sustainability, innovation, entrepreneurship and business. She and her husband have had the retirement talk (it’s an ongoing thing) and are taking trips to Portugal to scope it out as a potential “snowbird” destination. So far, it’s looking very promising.