What steps can you take to plan for your retirement?
An inside look at one couple’s retirement planning journey and how they created a retirement plan that works for them.
We recently spoke to PEPP members, Kelly and Denise Nelson, about their retirement journey, which has taken them on many adventures since retiring in 2021. Here are some of the PEPP member services they used and what they learned along the way.
Register for the PEPP workshops
The Nelsons attended the PEPP RetireWithEase workshop (now, called PREPARE) and others over the years. “We started planning early,” says Denise. “Because we were always thinking ahead.”
Denise believes you can never start too early. “At the workshops, we heard members say they wish they had attended this five or 10 years ago.” Today, PEPP offers four workshops based on age and life stage.
Meet with a consultant
Denise and Kelly also spoke to a PEPP Retirement Information Consultant (RIC) many times from age 50 onward. “We looked at different options on where to put our money, for our retirement. It was educational. They helped us create a plan that worked for us.”
Consider the Variable Pension Benefit (VPB) option
The Nelsons decided to keep their assets in PEPP and convert to the VPB option. “PEPP has a very transparent system,” says Kelly. “We could get more information from PEPP compared to our other financial planner.” Another factor influencing their decision was PEPP’s low administration fees and solid performance record.
Start planning early
As for advice to PEPP members just starting their career, Kelly shares: “Realize the value and benefits of PEPP and the impact of the economy and world events on your money.” Denise encourages members to gain financial literacy early on in their career. An ideal starting point is PEPP’s LEARN workshop, which covers the basics of managing your finances and how your pension fits into your personal financial plan.
Create a plan for your free time
For members closer to retirement, the Nelsons recommend creating a lifestyle plan along with a financial plan. “Think about what you’re going to do the day after you retire, and in the years ahead, because you won’t be traveling all the time.”
To help, the Nelsons recommend the book, How to Retire Happy, Wild and Free: Retirement Wisdom That You Won’t Get from Your Financial Advisor by Ernie J. Zelinski. The book focuses on how to enjoy life after work.
We’re grateful to Denise and Kelly for sharing their retirement planning journey.