You know a challenging thing about becoming an adult? Navigating adulthood.

Hi, it’s me Scott again, your resident Pensionality Explorer. As you know, this is my first serious job and it’s introduced me to the official world of adulting – but specifically money management when that direct deposit hits. I’m learning the ropes to keeping track of bills, groceries, and so much more. At some points though, I must admit, it can feel overwhelming to look beyond the ‘right now’ and be able to save up for the future.

But here’s a game changer: with my job, I get access to a workplace defined benefit (DB) pension. It’s like being paid twice. And that sounded too good to be true for me as well but let me explain.

When I get my pay cheque, I step into action planning my expenses, factoring the things I mentioned above. But in addition to those, I get something called a pension contribution taken off my paycheque. And this of course goes towards my (future) pension!

Having this pension makes saving for the future a little easier. I already know a portion of my salary is being set aside for my future self, and with my employer contributing too, it’s like having a second pay cheque waiting for me down the road. But what’s extra special about this contribution is it’s being invested just for my future —it’s a more secure and structured way to ensure I have a secure source of income when I hang up my work boots (even if that’s in a distant future).

I like to think about it this way: my pay cheque helps take care of today’s needs, while my pension builds up to help take care of me in retirement. It feels like I’m being paid now and in the future. It’s a long-term investment in my well-being. So, every time I see that pay alert, I think, “It’s going the extra mile.” And believe me that helps me sleep better at night. In fact, in the world of adulting, it makes a huge difference.

I hope this helps you feel better about your pension and your security for your future. Till next time!