How This Retiree Prioritized Spending and Taught Herself to Live Only on CPP and OAS Until Retirement

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In Tales from the Golden Age, retirees talk about their spending, saving and whether life after work is what they hoped it would be.

Zarina Decambra, 79, of Lindsey, Ont.

I retired at the age of 69 after many years of working at various retail stores in Toronto, starting at the bottom and moving through various management positions. My last job was as an executive assistant at CultureLink, a regulatory agency for newcomers to Canada, where I worked for 17 years.

When I was 67, I took three months off to travel on my own in Europe and Asia; I went to 25 cities in 10 countries. When I came back, I didn’t want to go back to work. I have never felt like this before after returning from vacation. For me, it was a sign that it was time to retire. I resigned the first week I got back, but my boss asked me to stay on for another year to help train my replacement, which I did.

I had prepared myself financially for retirement. I have always managed my money well, even while working in retail and raising my three children with the help of my ex-husband. At my last job, I made about $55,000 a year. I also contributed to the company pension plan and my registered retirement savings plan. I now have a financial advisor who manages my investments.

I have always understood the value of saving. A year before I retired, I began cutting back on my expenses and learned to live off of my Canada Pension Plan (CPP) and Old Age Security (OAS) benefits alone. Two years ago I sold my home in Toronto of 40 years. My second husband and I bought a large house in Lindsay, Ont., with our two daughters. Now my husband and I live without a mortgage. I can still live off my CPP and OAS and only tap into my tax free savings account for travel.

I don’t consider myself frugal. Instead, I prioritize my spending. I’m happy to splurge on things I enjoy, such as travel, entertainment, and activities that help me learn and grow. For example, I traveled business class when I went to Australia and New Zealand in early 2020 just before the pandemic lockdown. Worth it because when I arrived I was refreshed and ready to enjoy the trip.

I was also emotionally ready to retire. As soon as I decided, I started planning how to fill my days. I joined a travel club and started taking writing courses. I self-published a memoir called: Z’s life About my life as an adopted child who grew up in India and came to Canada in 1975. In Toronto, I volunteered at a children’s center for marginalized women. I also started drumming the djembe. Here in Lindsay, I belong to several writing circles, take painting classes, and plan to start a djembe drumming circle with the help of a friend. I am also a mentor for Big Brothers Big Sisters.

I think it’s important to make and maintain friendships in retirement – to keep your old friends, but also to make new friends all the time. You can learn new things from those new people in your life. Family has been and always will be the most important aspect of my life.

People should be excited about retirement. Be thankful that you have been allowed to live this long. I am excited to be turning 80 this summer.

As Brenda Bowie said

This interview has been edited and condensed.

Are you a Canadian retiree interested in discussing what life is like now that you’ve stopped working? The Globe is looking for people to take part in its Tales from the Golden Age film, which explores the personal and financial realities of retirement. If you are interested in being interviewed for this role and agree to use your full name and photograph, please email us at goldenageglobe@gmail.com Please include some details about how you saved and invested for retirement and what your life is like now.

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