Hey there. One thing I’ve noticed about readers of this newsletter is that you tend to be planners. You save diligently and think carefully about the future. But retirement has a funny way of humbling even the best-laid plans. Let’s get into it.

There are some life experiences you simply can’t fully understand until you’re living them. Your first full-time job, getting married, becoming a parent. Retirement seems to belong on that list, too.

A new survey from CAAT Pension Plan suggests there’s a significant gap between how Canadians expect to fund retirement and what actually happens once they get there. Among working Canadians, 25 per cent expect personal savings to be their primary source of retirement income. Among retirees, however, only 15 per cent say that’s actually the case.

The Globe and Mail has been a participating employer in CAAT since 2022.

Instead, many retirees rely more heavily on government benefits than they anticipated. The survey, which polled roughly 3,300 Canadians in late 2025, found that 58 per cent of retirees primarily depend on public programs such as the Canada Pension Plan and Old Age Security.

The lesson here isn’t that saving, or planning, doesn’t matter (trust me, it does!).

Rather, it’s a reminder that retirement planning isn’t about perfectly predicting the future. It’s about preparing for a range of possibilities. We spend decades estimating what we’ll need, what we’ll spend and where our income will come from. Then retirement arrives and reality inevitably looks different.

That’s why flexibility may be one of the most underrated retirement skills. No matter how carefully you plan, some things only become clear once you’re actually experiencing them.

Canada’s reverse mortgage market has grown to almost $11-billion, rising at an average annual rate of 20.9 per cent over the past decade. The controversial product allows homeowners aged 55 and older to borrow against their home equity, with no payments required until they sell, move out or die (while interest quietly accrues in the background)

What did Gillian learn from inheriting her father’s beloved vintage car?

The situation: Gillian, a 60-year-old finance professional, inherited a 1965 Chrysler New Yorker that her father bought for $2,500 and nearly sold for $200. The restored vehicle is now appraised at about $30,000.

What she did with it: Rather than sell the car, Gillian kept the family heirloom, officially taking ownership before her father died. She insures it through a specialty provider, stores it at her cottage and Toronto condo, and regularly drives it to classic-car shows and events. She eventually plans to gift it to a family member.

The lesson: Inheriting a vintage vehicle can mean taking on more than a valuable asset. Owners often face ongoing costs, maintenance challenges and storage needs, making it important to consider whether the next generation is prepared for the responsibilities that come with ownership.