Once seniors retire, there is no wage income, only pensions and retirement savings. For some of us this crash in income was a shock. Some seniors have their house mortgage paid off, which is a huge help. Others like me, still have a mortgage to pay, which takes more than a 50% chunk of pension income. Add utilities, insurance, and taxes, which continue to climb, and that takes about 80 or 90% of the pension income. Some seniors have given up driving, owning a car, and choose between food and medications, just to survive. Others have taken in boarders.

We are all told to “plan for retirement,” and save a huge amount of money, but some of us were busy working, trying to keep the wolf from the door. Retirement with little savings is a challenge.

Surviving retirement may include working beyond 65, or taking in a roommate. Pensions must be applied for: Canada Pension, Old Age Security, and the Old Age Subsidy are based on work history and other income. Private pensions, and one’s own retirement savings help a lot. The seniors who seem to be best off seem to be those that have stayed in one job or company for a long time, and have a good retirement pension.

When my friend discovered how little her pension income was, and her taxes and utilities kept going up, she continued working to make ends meet. She says, “This is no joke – it’s not easy.” She is hoping to get the mortgage paid down and all other creditors paid off while still working, so she can afford to stay in her small house. Then, Revenue Canada takes more taxes if you make more money. On the plus side – she loves her work and her little house in McCauley, but she is slowing down. She wants to live her life fully and be a contributing member of society.

Some of us could use help figuring this out. The extra bills pile up, like flood and repair bills. If this sounds like someone you know, offer to help or get them help. Or, maybe we can take a class from a financial expert. We will thank you for taking the time to help us consider alternatives for our future health and well-being. And if you are still working and not yet a senior, start saving now – you will be glad you did.

Joanne McNeal is a senior who lives in McCauley and is still teaching at the University.