William Ubbens, 93, says he has enough money to last him until his 110th birthday. He credits his frugal lifestyle and hard work for his savings.
William Ubbens, 93, is already almost a quarter century into his retirement and is hoping for plenty more years ahead, with his pockets full.
At the start of the new millennium, Ubbens and his wife decided to start a new phase of their life. "My wife said, "That's it. I want you to sell the business.'" So he sold his 45-year-old insurance firm to officially enter the golden years with his wife.
Twenty-four years later and now a widower, Ubbens said he had managed to live comfortably, and still has enough money to last him until his 110th birthday. He credits his frugal lifestyle and hard work.
"I don't waste money," he said.
"People tell me, "Why don't you buy a new car? You've got a 2010 Ford," Ubbens said. "But you know, the thing is, I'm old. So we have to get old together." Retirement has historically lasted about two decades, but for some Canadians it is now extending to twice that amount of time as more live well into their 90s and beyond.
That's making some rethink their investments, savings, expenses and when to retire as they look to stretch their retirement funds further than ever.
Statistics Canada released new projections this week suggesting the number of Canadians aged over 85 could more than triple by 2073, while the number of centenarians could almost increase by 10 times, surpassing 106,000.
Retirement planning requires thinking about the time horizon, the amount of money needed and making sure that money lasts, said Kurt Rosentreter, a certified financial planner at Manulife Wealth.
The primary question is when to retire.
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Denne historien er fra July 01, 2024-utgaven av Toronto Star.
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