What to do in retirement? Travelling the world, going back to school, spending more time with your family: retirement can give you the opportunity to finally achieve your goals, fulfill your dreams, or turn a passion into a source of additional income – all while staying active. Here are 10 project ideas to inspire you to plan for a retirement that’s right for you.
There are many retirees who wish to pack their bags and get away. Whether you’re discovering your own country or jetting off to see the world, travelling can be expensive. But with good financial planning, travelling while sticking to your retirement plan is possible. Check out some handy and inspiring tips on the website Les Retraités flyés (French only).
2. Becoming a tourist guide
Have you ever thought of becoming a tourist guide? This could be a great option for anyone who wants to keep costs low while travelling, or for those who want to stay active and help tourists discover their own area. It’s a second career where you can work part-time while generating income.
If you believe that a happy retirement is synonymous with generosity, take a look at the many charities looking for volunteers. You could pick a cause that’s close to your heart, like supporting education, protecting the environment, or food security. In any case, it’s a stimulating and gratifying retirement activity that doesn’t cost a lot of money.
And why not combine your love of travelling with your desire to feel useful? Whether through voluntourism or humanitarian development, many Canadian charities look for volunteers abroad. But be diligent in your research before making any such commitment.
4. Developing your artistic flair
Photography, painting, ceramics: there are plenty of artistic activities within your reach. Most of them require more of a financial investment at the beginning to cover equipment and classes, but afterwards you can let your creativity run free.
5. Teaching a class
You may have expertise in a particular field, like administration, cooking, sewing, or Spanish. In any case, sharing your knowledge could allow you to socialize, generate income and, most importantly, do something that matters.
6. Going back to school
If you want to keep learning, retirement is the perfect time to go back to school. Pursuing specialized training or getting a university degree could open up some doors for you. You could work part-time and, who knows, land a job you’ve always dreamed of.
7. Opening a hostel
This is a major project because you’ll need to acquire many licences, permits and registrations to adhere to your province’s legislation. That’s why opening a hostel is often a business project for couples or a family business. If you and your partner have experience in management, accounting, or the restaurant or hospitality industries, this could be a nice way to earn some additional income and enjoy an active retirement.
8. Buying a small farm
Dreaming of peace and quiet? Yearning for fresh air? Thinking of selling your home in the city and moving to the country? This could be an interesting option, especially if you want to stay physically active by tending to your property. If you’re dreaming of beehives, a large garden, and letting your dogs run free, you could consider buying a small farm. For those with a flair for business, you could sell your harvest of fruit, vegetables, flowers or honey at farmers’ markets in the area. This is also an active retirement project that’s easier to do as a pair.
9. Practising yoga
This practice is suitable for seniors and great for both your mental and physical health. This activity can easily be done at home, either alone or as a couple. There are hundreds of classes available for free online. All you’ll need is a yoga mat and some comfortable clothes.
10. Starting a book club
Call the friends who share your love of reading and get everyone together. Vote on which book to pick, then make a list of topics to guide your discussions: themes, character motivations, the book’s influence on pop culture, etc. Then, find a time that works for everyone and decide how often and where you’ll meet. It could be in the afternoon for some English high tea, or in the evening when everyone can enjoy a glass of wine.
To make sure your retirement suits your life, you have to prepare.
1. Define your retirement goals
Which goals matter to you? Where do you see yourself in the next few years? Find solutions with your advisor to help your retirement goals reflect your dreams.
2. Establish an initial retirement strategy
Talk to your advisor and figure out the best time to leave your active life. You could opt to retire from your company gradually. This is referred to as a phased departure or progressive retirement. Start by discussing the matter with your employer and your advisor. Then, check your eligibility on the Retraite Québec website. If you’re allowed to proceed with a progressive retirement, you will then come to an agreement with your employer regarding the conditions surrounding your phased departure.
3. Maximize your savings and your income
Are you close to retiring and wondering how to maximize your savings? Depending on your personal financial situation, see if it’s better for you to pay off your debts or to invest in your retirement savings. Then, choose the savings products and investment solutions that are most beneficial to you.
There are many tax strategies you can use to maximize your income and allow you to plan a wonderful retirement.
Whether you’re close to retirement or enjoying it already, feel free to talk to your advisor. They will be able to guide you in your budget planning and give you plenty of tips on maximizing your savings and your income.
Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.
The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable. The copyrights on the articles and information belong to the National Bank of Canada or other persons. Any reproduction, redistribution, electronic communication, including indirectly via a hyperlink, in whole or in part, of these articles and information and any other use thereof that is not explicitly authorized is prohibited without the prior written consent of the copyright owner.
The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.
This article is provided by National Bank, its subsidiaries and group entities for information purposes only, and creates no legal or contractual obligation for National Bank, its subsidiaries and group entities. The details of this service offering and the conditions herein are subject to change.
The hyperlinks in this article may redirect to external websites not administered by National Bank. The Bank cannot be held liable for the content of external websites or any damages caused by their use.
Views expressed in this article are those of the person being interviewed. They do not necessarily reflect the opinions of National Bank or its subsidiaries. For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer).