If you retired in 1970 at the age of 65, you would have had, on average, just seven more years to live. Fast forward to today and life expectancy in Canada gives you another two decades after retirement to prepare for and relish.
Not all these years will be spent in optimal health, however, which is why extending your healthspan (the number of healthy years in your lifespan) is crucial for making the most of your “golden years.” The age of longevity has led to significant gains in bioscience, preventive medicine, and ageing-in-place solutions. As AI-driven diagnostics and health-tech advancements further accelerate, living to 100, or even 110, may become more common.
Retirees often struggle with what to do with all their newfound free time. Volunteer? Travel? Learn a new language? Create memories with grandkids? We all know that “health is wealth” and “time is money,” yet when it comes to the years leading up to retirement, many are not prepared for the decades ahead. Much of it comes down to mindset.
“The most dangerous year of your adult life, on average, is the year you retire. There’s a notable mortality spike that year. We don’t know if you’re more likely to die because you lost your social network, or you lost your sense of purpose, or you’re less likely to be active if you’re retired. But one of the greatest ways to overcome that is to find something to do after you retire or, if you like your job, keep working. It will add years to your life.”
~ Dan Buettner, author of The Blue Zones Secrets for Living Longer: Lessons From the Healthiest Places on Earth
Plan Your Path to Retirement
Over the years, we’ve seen a greater need for holistic financial planning. Or, what we call “serving the whole client.” There are no one-size-fits-all or silver bullet plans for retirement. Each client’s financial picture, career path, income needs, and family dynamics are unique and stand to benefit from a custom and adaptable plan that evolves with their lifestyle.
For many, retiring in stages helps them ease into the transition. A phased approach can look like switching to part-time, taking sabbaticals, or changing to consultancy before fully wrapping up professionally. This gradual shift helps with all the mental, physical, emotional, and social challenges that come with the abrupt change in structure and routine.
Others view retirement as an exciting time of reinvention when they can pursue long-held ideas and start new ventures. Top 7 Over 70™ is an excellent example of this.
Consider what you want your retirement to look like. How does that shape your time and energy expenditure? Instead of viewing retirement as riding off into the sunset, asking “what now?”, it’s helpful to reframe retirement simply as a new season of life. It’s important to keep setting goals and priorities, to stretch your mind and pursue lifelong learning. What new skill do you want to master? Can you mentor someone and pass down wisdom to the younger generation? What is your purpose? How can you create a fulfilling retirement that nurtures your health? What legacy do you want to leave behind?
Embrace What’s Next
Perspective on ageing plays a vital role for pre- and post-retirees. The 2025 Ageing in Canada Survey revealed that 57% of Canadians aged 50+ have positive feelings toward ageing, compared to 62% in 2024, while 43% are at risk of social isolation and 57% experience loneliness.
At SANDSTONE, we encourage our clients to see ageing as an opportunity, one filled with possibilities. Building back some structure and routine can be helpful. Yet beware of the pressure to fill your schedule to the brim at the risk of feeling overwhelmed. This season should be flexible and balanced with family, fun, and meaningful pursuits. Aim to stay active, try a new hobby, seek out a sustainable social life. Retirement planning is so much more than preparing your nest egg.
BOTTOM LINE
If you’ve been following along for any amount of time, you’ll know that our team of portfolio managers is extremely excited about longevity research. The next decade holds tremendous potential for advances in robotics, automation, and health-tech to improve early intervention and personalized treatment.
The 2025 Ageing in Canada Survey reports that 81% of Canadians want to remain in their home or a smaller one as long as possible to “age in the right place”, with 18% installing safety features and setting aside savings for in-home care or renovations. Taking health, family, and personal goals into account, we work closely with our clients to make sure their financial plans and investment portfolios meet their changing income and estate planning needs. Life changes, and that’s ok! Ultimately, we strive to empower clients to face the future with confidence and optimism. If you would like to have a conversation about your retirement planning over a cup of coffee, contact us.