At PenFinancial, we know that retirement is both a goal and a destination. I meet many people that have planned for how to get to retirement, but have no idea what to do with their finances or their time when they get there. They struggle to answer when I ask what their plans are for retirement. Some say they’ll enjoy staying home every day. It may sound great for a while. Lounging in your robe and not having to deal with coworkers is great. But what happens when you start to go stir crazy? What happens when you want more from your retirement? Staying home every day isn’t as great when you don’t have enough money to do anything…or any idea of what you want to do.

When you retire you may be older in years, but you can remain young at heart. To do that, I recommend planning now for how you’ll live a wealthy life, full of the things that are important to you. At PenFi, we’ll work with you to find a positive path and peace of mind.

Defining what is important

I’ve met a lot of people over my years in the financial industry; it is the older members that always make me smile the most. Their stories of simpler times make me laugh. Their reflections on what gives their life true value make me happy. If you’ve seen me after a Leafs loss, you know that is no small task.

When I work with Members I help them find what is important to them – now and in the future. For many of my post-retirement Members, things such as two nights a week with grandchildren, a 2 pm game of bridge at the Legion with buddies, or mornings helping a local charitable organization could be important. There is no right or wrong way to spend your time in retirement. The point is that if you don’t know what’s important to you, then you won’t know how to adequately spend your time or money in your golden years. We work with you to develop plans for getting to retirement and living there so you can continue to do what is important to you.

Planning and living your best life

Dave Ramsey, one of my favourite financial “gurus” once said: “live like no one else now so you can give like no one else later.” I like this idea. It may mean that you have to say no to your friends who are going out to the bar every week. It may mean that you have to drive a “beater” car until you can afford something better. But those little sacrifices can have a big payoff when you have all the time in the world.

The accumulation of all those little savings may mean that, in retirement, you are able to give back more to your community. Consider what Ethel, whose wisdom is as timeless as her polyester pants, told me in the branch the other day: “your community will make you rich in ways that are more important than money.” Wealth is about more.

At PenFinancial, wealth includes community. We invest in our communities in Niagara and give back so we all prosper. We know that community is important to our members as well.

For Ethel, living a wealthy life included giving to her community. It meant tipping a waitress $100 on a $20 bill just to see her reaction. It included inviting a homeless person to shop in the grocery store and covering their bill to ensure they have enough. It included making large donations to her favorite causes--like a local animal rescue — while she was still alive. She wanted to see the joy her donated funds created, instead of waiting until she was gone to donate.

Ethel’s examples warm our polyester-clad hearts. They also reinforce that investing and life are not just about the money.

Define and build your wealth with us

If you’re post-retirement, or considering what life will look like post-retirement, meet with a Wealth Advisor at PenFinancial. Consider how you want to spend your time. Assess what causes are important to you and how to share your wealth to continue giving back to your community and creating a wealth legacy that matters.

We want you to have the freedom to choose the life you want to live, without compromising your values. We're here to support you. Reach out today. Make an appointment with a PenFinancial advisor. 

Trevor Lagerwerf

Written by Trevor Lagerwerf

Trevor is a Wealth Advisor serving the St. Catharines and Pelham communities. Trevor loves reading daily about all things financial and his passion is to help improve members’ lives by listening and providing solid, free advice. As a family Trevor and his wife and two young children, love to give back to the community that they’re so proud to call home.