Another day, another study about shortfalls in our retirement savings! The reality is:
Retirement nest eggs will need to last longer than ever before. Life expectancies in Canada continue to increase. A female aged 65 can expect to live on average another 21 years while a 65-year-old male will live another 18 years (Statistics Canada);
Greater out-of-pocket expenses may be required during the later years in retirement. The higher rate of childlessness means increased demand and consequently price for service workers as well as fewer employees to support the expensive entitlement programs of retirees;
Cash flow in retirement may be hampered by personal debt. “A separate report from Equifax Canada last week found that seniors were borrowing money to finance their post-retirement lifestyles. Total consumer debt in Canada rose $77-billion, or 6.1%, in the second quarter of 2013 from last year, and by 6.5% among those 65 and over,” the report said.
Soon-to-be or recently retired and feeling that your retirement savings are insufficient? It is time to get creative about finding paid work. The job posting below is from a firm in California looking for caregivers for Vancouver Island openings. It could fit male and female job seekers.
$560 PER WEEK “DREAM JOB”! WE ARE CURRENTLY HIRING, MATURE LIVE-IN COMPANIONS FOR THE DUNCAN AREA.
GREAT WORKING ENVIRONMENTS WITH OWN QUARTERS. MEALS/TRAVEL/ENTERTAINMENT INCLUDED.
ONE WEEK ON – ONE OFF.
NON-SMOKER. VALID BC DRIVERS LICENCE. CURRENT CRIMINAL CHECK OR OBTAIN.
This approach to retirement provides:
- Income: A way to earn additional money to supplement your retirement savings (approximately $15,000 annually) and still have flexibility over your life during the one-week off.
- Savings: A chance to live “cheap” in a place that is private. Even though it may not be your dream home but it helps solidify your finances.
- Transition: An opportunity to contribute by assisting an individual who needs care while you transition from the demands of full-time work to full-time retirement. On those weeks off there is time to build new social networks for retirement.
Other similar ideas include professional property management requiring the individual or couple to live on the premise, hotel administration at a resort, dormitory personnel at an international school, or even working on a cruise ship. This may not be the retirement plans that marketers promote but for healthy retirees looking for adventure and income, these are creative opportunities to consider.
Lee Anne Davies has worked as a consultant for insurance, wealth management, banking and financial education companies. She has a PhD in Aging, Health and Well-being and a Masters of Arts (MA) in Gerontology and Health Studies from the University of Waterloo and an MBA from Athabasca University’s Information Technology Management program. She’s also successfully completed the Canadian Securities Course and the Professional Financial Planning Course. To read more from Davies, visit her blog Agenomics.