By: Angela Goodchild

Vice President, Service Delivery at CAAT Pension Plan

Every significant life change comes with lots of questions, and retirement is no different.  Questions like: When do I retire? Will I have enough money for retirement? What’s life going to be like after I stop working … and so much more. In fact, I’m about to retire, and I, too, had similar questions, even with my experience in the pension world. So, here’s my experience, and I hope it inspires you to feel more confident about your retirement as a CAAT member.

I started thinking about retirement early on and what I’d need to do to realize it. This partly came from working in the industry and the other part from my father planting the seed when I was younger. He was big on saving and always encouraged me to put as much money away as possible. He was also older than my mother by nine years and emphasized the importance of making sure he saved enough to provide for her should he predecease her. These laid the foundation for my being financially prepared for retirement.

So, throughout my career I tried to take advantage of employer retirement matching programs and also tax effective investment options. When I became a CAAT member it became even easier because I had both perks merged in my defined benefit pension. Using CAAT's planning tools like the annual statement and pension estimator, I was able to stay on track with my retirement goals. This played a significant role in my retirement strategy, giving me a sense of security and confidence as I approached this milestone.

Beyond the financial aspect, I also considered how I would spend my time in retirement. I would be transitioning from a pretty robust schedule to more downtime, which would be a big change. I knew I needed to devote some thought to the social aspects of retirement. I took cues and advice from those who had already been through this transition – particularly my sister. She joined social groups that mirrored her interests and allowed her to stay engaged and intellectually stimulated post-retirement. More importantly, it’s an opportunity to spend time with family and reconnect with your community.

Of course, transitioning to retirement isn’t always smooth sailing, whether you've been planning for it meticulously or are just starting to dip your toes into the waters. The good news? It's never too late to start shaping the retirement you've always dreamed of. And, as a fellow member of CAAT, you're already on the right track. Your defined benefit pension provides a solid foundation, giving you the peace of mind to focus on other aspects of retirement planning.

As I embark on this new chapter of my life, I'm excited for the adventures that lie ahead. From diving into new hobbies like furniture refinishing to sharpening my golf skills and learning to balance on a paddle board, retirement offers a world of possibilities. And with the support of my CAAT pension, I'm ready to seize every moment of this new journey.