Will your retirement be your victory lap?

Retirement – it’s a day many people look forward to and some people dread. Retirement used to look something like this: you’d spend your entire career with a single company, before retiring (sometimes even early) with a gold-plated defined benefit pension plan. Times has have changed. Only about a third of us in the private sector have a workplace pension plan. It’s also not the norm for us to stay with one employer throughout our careers. Job hopping has become the norm, rather than the exception.

Retirement used to mean stopping work completely and living off your investments in your golden years. Unfortunately, that may not be realistic for many of us these days. There are more risks than ever to contend with. We’re living longer than ever before – that’s good news for lovers of life, but not such good news for your bank account. With advancements in healthcare, you could end up living as long in retirement as your working career. Do you have enough money to last you 30 or 40 years? That’s where your Retirement Victory Lap comes into play.

Related article: What is retirement?

Victory Lap Retirement: Work While You Play, Play While You Work – The Joy of Financial Independence…at Any Age by Mike Drak and Jonathan Chevreau is a must-read for baby boomers and new retirees. Mike Drak began his Victory Lap in 2014 and is helping others do theirs. Jon Chevreau is a veteran personal finance columnist, having held a 19-year stint as Wealthy Boomer columnist for the National Post, and worked as the editor for MoneySense Magazine. He has also authored and co-authored several mutual fund guides, two books on the stock market and wealth management.

The idea of full-stop retirement, similar to working for one employer, may soon be a thing of the past. It can be a tough transition going from 100 percent working to 100 percent leisure in the blink of an eye. Doing your Retirement Victory Lap actually has its health benefits if you can believe it. As the book explains, many studies have shown those who stay in the workforce and love their job live happier and healthier lives.

Related article: The changing face of retirement

Jon Chevreau reintroduces the term “independence,” a term you may already be familiar with if you read his book, Findependence Day: How to Achieve Financial Independence: While You’re Still Young Enough to Enjoy It. In case you’re not familiar, independence, short for “financial independence,” is different from retiring. While retirement is when you stop working, independence is when you can financially stop working, but you choose to stay in the workforce because you find your career fulfilling and enjoy it, not because you need the money.

Drak and Chevreau dispel the myths of the banks and the media, who are selling us the wrong version of retirement. As the authors explain, retirement can lead to boredom, “sudden retirement syndrome” and even death in some cases. To get you ready for your Retirement Victory Lap, Drak and Chevreau go through the six stages of the financial life cycle and the seven eternal truths of financial independence. Once you enter your Retirement Victory Lap, the book introduces the tools you need to live a happy and healthy retirement. Among others, you’ll set goals, learn about the four-hour workday and plan to be healthy.

Related article: Who says you need to stop working in retirement?

Victory Lap Retirement is a timely book that even millennials would benefit from reading. The idea of retirement is changing – the problem is that the banks and media aren’t giving it the coverage it deserves. After reading this book, you’ll have a better understanding of the world around you to help you when it comes time for your Retirement Victory Lap.


  1. Joe Repovs

    Mike Drak’s book is excellent in making readers think deeply about their retirement. Made me realize that happiness will not come automatically to me, I will have to search for it and make it happen thru careful planning.

  2. Claude Mayrand

    Sean writes: “Do you have enough money to last you 30 or 40 years?”

    The question is not valid if you then live 50 years.

    I think the real question is: “Do you have enough income to last you 30 or 40 years?”

    Today there are multiple financial products that will provide monthly income from your retirement capital.

    In a perfect world your capital would remain stable as well as your income. In a realistic world your capital could fluctuate and your income would be sufficient for all your needs; CPP & OAS would be the safety nets they are intended to be.

    What you really need to define is your retirement income needs and how to achieve them. CPP & OAS would be the safety nets they are intended to be.

    If you were retired today, how much income would you need?

    If you were retired today how much capital would be required to generate that income at what yield?

    Income = Capital * Yield

    Safety net = CPP + OAS

    This math (?) requires only 2 technologies and grade school: paper and a No2 pencil (may need to use the eraser a few time).

    Get curious on how to obtain the Capital and the Yield you need to produce the Income.

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