Rein Selles - 10 Things I Wish Someone Had Told Me about Retirement

"What Others Have Said About 10 Things"

"I found the book to be very impressive because it contains the kind of straight talk that you usually don't hear certainly not from financial institutions that love to project retirement as a time to laze around the cottage or walk carefree on a beach or indulge in a favourite sport, something quite different from the reality. One of the authors, Jim Yih, quite aptly, calls this retirement pornography. Canadians who are starting to plan for their retirement or already planning it will find this book to be invaluable. "

- Canadian Capitalist, Moneysense

"I was pleasantly surprised to read advice not normally heard from financial planners. They are often accused of emphasizing the investing side of financial planning (particularly buying mutual funds), but there wasn't much of that in this book. This Personal Finance book had me gasping (in a good way)".

- Larry MacDonald, Canadian Business

"I have been reading and studying the book as I went along using the opportunity to learn what to do next in my own life. At 54, returning from South Africa back here to a year of ill health, low work, culture shock and like many, last year was not good for my investments. I took life head on, lost more than won, but I am still standing. This book has given me new strength to evaluate what I have and a plan has begun to emerge that has me smiling for the first time since arriving back home. You say it's never too late your book just reminded me, this game is far from over. So thank you!"

- Raymond Ractliffe

"Overall, I like your book! I find the information easy to understand and quite relevant and practical. I also like the conversational tone of the writing as well as the variety of expression that comes from having three authors."

- Carly King, Ontario

"These retirement experts have experience helping over 50,000 Albertans achieve personal freedom. They succeeded in condensing all their expertise into this practical and most helpful 200-page book. If you read nothing else about retirement read this!"

- Nell Smith, Calgary, Alberta

This is an educational publication. The statements and opinions herein are those of the authors excepting those quotations that are supported with references. As teachers, we extend our thanks to those who, in our case studies, have helped us understand retirement by their personal experiences. For privacy, the names of those involved have been changed.

While every effort has been made to ensure that the information in this text is accurate and up-to-date, Retirement/Life Challenge Ltd. and the authors cannot accept legal responsibility for loss through any error in the information contained herein and advises readers to verify their actions with the advice of a qualified financial or retirement planning professional.

TEN THINGS I WISH SOMEONE HAD TOLD ME ABOUT RETIREMENT

Copyright 2012 Retirement/Life Challenge Ltd. All rights reserved. Printed in Canada and the USA.

No part of this book may be used or reproduced in any manner whatsoever without written permission from Retirement/Life Challenge Ltd. except in the case of brief quotations embodied in critical articles and reviews.

For information contact: Retirement/Life Challenge Ltd. 9 Elliot Place, St. Albert, Alberta CANADA T8N 5S5. Rein Selles, Jim Yih, Patricia French assert the moral right to be identified as authors of this book.

THIRD EDITION

Designed by Thumbprints Design Studio, St. Albert, Alberta, Canada

Printed on acid free paper

Library of Congress Catalogue-in-Publication Data

Rein Selles, Jim Yih, Patricia French.

TEN THINGS I WISH SOMEONE HAD TOLD ME ABOUT RETIREMENT / Rein Selles, Jim Yih, Patricia French. - 3rd. ed.

p209 cm.

ISBN 145057405X

LCCN 1-4392-2045-X

ISBN: 9781623092085

Foreword

Professional Retirement Planner (PRP)

For many years, the concept of retirement planning in Canada had more to do with selling products than it did with helping people plan their future lifestyles. Today, retirement educators, financial planners, estate planners, risk managers, brokers, nurses and psychologists gather annually to explore how their individual areas of expertise might help others learn more about retirement planning.

For over 30 years, the Retirement Planning Association of Canada (RPAC) has promoted lifestyle planning as an integral part in the retirement planning process. The Association provides a multitude of resources to members and the general public using a variety of education programs.

Of particular interest to professionals working in the area of retirement planning in associated fields is the Professional Retirement Planner (PRP) designation. The designation ensures clients that they are working with an individual who has the relevant education, the experience and a high commitment to professional development in the field of retirement planning.

For further information on the Association or the PRP designation, please visit the RPAC website www.retirementplanners.ca or contact the national office at: RPAC National Office

Lianne Ellis, Administrator

108 Ave. Des Saules

Gatineau, Qubec J9J 1S2

Phone: 1-819-420-3968

Fax: 1-888-240-1959

Email:

Rein Selles, MSc, PRP

Jim Yih, CSA, RDB, PRP

May, 2012

Professional Human Ecologist and Professional Home Economist (PHEc)

What do Professional Human Ecologists and Professional Home Economists have in common? They share a mandate to enhance the well being of individuals and families in daily life by helping them make the best use of their resources. In Alberta, Professional Human Ecologists and Professional Home Economists are university graduates working in a variety of fields such as business, social service, health care, education, policy, and financial counseling and planning. They have training and experience in money management, consumer education and behaviour, food and nutrition, housing, clothing and textiles, family dynamics, and human development.

As a science, Human Ecology evolved with a broader scope from the field of Home Economics, and shares a clearly defined framework to assist in practice, teaching, and research. Human Ecology is integrative and holistic and expands its scope of knowledge and practice beyond interactions within the home environment to include interactions with wider socio-cultural, economic, natural, technological, and global environments affecting people's daily lives.

The Alberta Human Ecology and Home Economics Association's (AHEA) proud history began in 1935. AHEA is registered under the Professional and Occupational Associations Registration Act (POARA) in Alberta and the Human Ecologist and Home Economist Regulation gives exclusive use of the titles Professional Human Ecologist and Professional Home Economist and the designation abbreviation of PHEc to those who are registered members of AHEA.

The PHEc designation represents commitment to ethical professional practice, competent and responsible service to employers, clients and the community at large, and maintenance of competency and ongoing professional development.

For further information on the Association or PHEc designation, links to other provincial, national and international associations, please visit the Alberta Human Ecology and Home Economics Association (AHEA) website:

www.ahea.ab.ca

For information on university programs for education in Human Ecology in Alberta, please visit the Department of Human Ecology, University of Alberta website:

http://www.hecol.ales.ualberta.ca

Patricia French, MSc, PHEc

May, 2012

Introduction

As teachers of retirement planning, we invite workshop participants to share in the learning experience by asking them to write out specific questions at the outset of every workshop. A question that comes up regularly is this one: