DAY. AUGUST 21, 2024 ASK THE MONEY LADY The honeymoon » stage of retirement CHRISTINE IBBOTSON I dea received a question meone wondering about debt ousoliianan | inretirement and this reminded me ofa talk I did a few years ago on the Honey- moon Phase of Retirement. That great moment when you can finally sleep in every day, no prospecting calls, no angry co-workers and no demanding bosses. You're finally free from the rat race, and you welcome the hon- eymoon stage of retirement with open : But did you know that four out of five retirees today find them- selves in debt only 18 months after they’ve retired? ey may have walked into retirement with no debt, but after the honeymoon stage, there now in it. The problem arises from not planning properly. w you planned all your way to get to retirement, but failure to plan in retirement can leave work with no plan and no clear to-do list. Let's face it, your profession- alidentity most likely defined you to the outside world. Once you retire, that identity is lost, along with all the people, culture and community that you were immersed in. So, who are you going to be in retirement? What are you ee to do with the next 20-30 y of your life? You must have a new gam plan. Fear of being eee and alone has no place in this new phase of your life. Now I don’t suggest you try to replicate your career by switch- ing to consulting or public speak- | ing. Often this does not work out the way you expect it to. Instead, you need to re-chan- nel your energy into new aspi- rations, maybe a part-time job you could love, with no stress (as paid employment or volunteer endeavours). Most people will need to rede- fine their identity, so below are some questions to ask yourself to get started. What do you really want to do and avnat is meaningful to you now’ sae things haven’t you tried i in your life but secretly ‘Monkton- area farm to host Perth | County | plowing ‘match ANDY BADER The 2024 Perth County plowing | match, organized and hosted by the Perth County Plowmen’s As- Soclaons ey take ag south of Where will you live in retire- ment? Could you divide your time between two locations a year? Could you be a mentor to mil- lennials? Could you start aclub to meet more like-minded people? Have you worked out your finan- cial plan and included travel (even ifit’s on a shoestring budget)? Pure leisure for most retirees retirees that are having difficulty adjusting. Many overidentified with their and now need to remind themselves that they still have value. Remember, there is so much more to experience in this new phase of your life. Why not go back to school, start asmall hobby-business, make a plan to leave a meaningful legacy, | become a teacher or tour guide, improve your health, take dance lessons or learn a new skill. Always keep planning your life. Iknow you've done a good job planning to get to retirement, so now you must continue that plan. to reinvent your life in retire- ment too. Written by Christine Ibbotson, author, finance writer, national radio host, and on CTV & BNN, syndicated across Canada. Send our questions through her website x at askthemoneylady.ca | Aug. 2: eam are Pei a full day of activity on the farm of John and Nellie Vandenhoven at 5222 Rd. 164 (Highway 23) between Bornholm and Monkton. Registration takes place from | 8 a.m. to 9 a.m., followed by the lands draw at 9: ‘5 a.m. The actual _MITCHELL ADVOCATE SITE OF THE PERTH COUNTY Aer PLOWING MATCH AUGUST 24 pees Bertrand (eta and Clay Terpstra of the Perth County Plowmen’s stand with Nellie and John Vandenhoven at their farm south of e competition will take place from 9:30 a.m. until 1:30 p.m., starting with the | horses and Agate -trac- tractor plowing class and plenty: of eee 's activities i instore inthe “fun zo: tor plowing, and, after lunch, plowing: is speeches from the contestants: wine! for this year’s Queen of the Fur Thereisalsoa children’ 's aden : Region sees first unemployment | rate increase in months BILL ATWOOD The unemployment rate in the Stratford-Bruce Peninsula Eco- nomic eee increased 0.4 per cent to 2.8 per cent in July, its Ea increase after e Spenie for consecutive m« While the fein: s popaledon | saw only a slight bump of 400 people, the labour force saw a larger hike of 4,700, Four County | Labour Market Planning Board | officials said. This increased the | participation rate by 1.6 percent- age points to 61.4 per cent. In to- | tal, this represented an increase | of 5,200 full-time jobs, which | contrasted the part-time job de- | crease of 1,400. | The goods-producing sector saw an overall increase of 4.7 per ‘h, the 4H Club will selling ice cream. This year’s International Plow- ing Match & Rural Expo will take place in Kawartha Lakes. of 800 (11.9 per cent) - and busi- ness, building and other support services, which fell by 600 jobs or 10.9 per cent. Transportation and warehousing sawaloss of 400 6.8 per cent) Positions while health i los cent (2, increase was in in utilities (16.9 per cent), followed by agriculture (13.3 Bee and construction (3.4 per nt). see ee: fishing, min- ing, quarrying, and the oil and gas sectors fale pee a loss of 300 jobs (15.8 percent) while manufac- turing also saw a loss of 300 jobs, equal to 2.8 per cent. The services-producing sector saw an overall increase of 1.3 per cent (1,300 jobs). In this sector, professional, scientific and tech- 0 jobs (up jobs (a 4.3 per cent decrease). Current job postings for the Bruce, Grey, Huron and Perth region have increased over time since the COVID-19 pandemic and can be found at connect2JOBS.ca. The are currently 2,130 positions listed there. Despite the slight bump, the re- gional rate of 2.8 per cent is still significantly lower than the pro- vincial rate of 7.1 per cent. Accord- ing to Statistics Canada, Ontario added 22,000, djobs lastmonth. This ist month 33.7 per cent), while the second largest gain was in the informa- tion, culture and recreation sector at 800 jobs (22.2 per cent). biggest job ae province saw an increase. Across Canada, the employment rate fell 0.2 percentage points to 60.9 percent, whilethe unemploy- ment region were in education - a drop 6A per cent.