Retired data analyst Andrew Chong, in Toronto, on Feb 8.Fred Lum/The Globe and Mail
In Tales from the Golden Age, retirees talk about their spending, savings, lifestyles and whether life after work is what they expected.
Andrew Chong, 67, of Toronto
I retired about nine years ago after a career working as a database analyst for the Ontario government. I was able to stop working thanks to my defined benefit pension plan, which was enough to cover most of my basic living expenses. I also have my own investment portfolio, which I built up thanks to a lifelong habit of saving money and investing.
I am one of those people who’s so busy in retirement that I wonder how I ever found the time to work! I have several hobbies, including square dancing, and I belong to a number of social groups, including Mensa Canada. I also like to travel, specifically cruising. My mother, before she passed away, was a big fan of cruising. I never had the time to appreciate it like she did until I retired. Before COVID-19, I would go on two or three cruises a year to places like the Mediterranean, the Caribbean and South America.
Retirement has also given me time to do more little things I enjoy, like reading the news, reading the comments on the news and commenting on the comments. I also stay on top of current events. I don’t get bored. I always manage to find something to keep myself busy.
The pandemic put many of my retirement plans on hold. I haven’t left Toronto since COVID-19 first hit nearly two years ago. That said, I have been able to save more money, which will go toward future trips I plan to take related to my hobbies – and more cruises.
I am about to go on my first cruise in a couple of years, to the Caribbean. To me, a cruise ship is one of the safest places to be right now because everyone is vaccinated. I’m looking forward to taking a lot more cruises in the years ahead when everything opens up again. There are still a lot of places I’d like to see.
To me, the secret of enjoying retirement is having a lot of social and hobby groups that aren’t tied to work. It makes the transition easier. Many of the hobbies I have now I had before I retired, which meant I wasn’t searching for activities to fill my days.
On the financial side, my advice to others is to not overestimate your income – especially if you don’t have a good pension. You can’t rely on the stock market going up every year, so you need to have reasonable expectations of how far your money can go.
As told to Brenda Bouw. This interview has been edited and condensed.
