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After retiring from the federal government, Bill Adsit was appointed president and CEO of the Tahltan Nation Development Corp.JASON FRANSON/The Globe and Mail
In Tales from the Golden Age, retirees talk about their spending, savings and whether life after work is what they expected. For more articles in this series, click here.
Bill Adsit, 81, Sherwood Park, Alta.
I retired in 2004 at the age of 60 after a 37-year career with the federal government, including the military, Transport Canada, the Canada Revenue Agency and Industry Canada. Once I qualified for the full pension, I decided to leave and do something else.
As a residential school survivor – I was put into a residential school at 5, my father disappeared, and I didn’t see my mother for 28 years – I lost touch with my Tahltan Nation for 40 years. I wanted to get involved with my nation as I had been away all my life.
While working for the federal government, I used my skills to help my nation develop an economic strategy. Then, after retirement, I was appointed president and chief executive officer of the Tahltan Nation Development Corp., a role I held for nine years. Since then, I have remained active, consulting for several companies, serving on various boards, and participating in many community activities.
I don’t worry about money at this stage in my life. My wife and I both have pensions, RRSPs and TFSAs. But I wasn’t always good with money. When I was much younger, my wife and I were often in debt, in part because of my heavy drinking. But I turned myself around, with the help of God and my Christian faith. We also learned about finances over time, including about savings and investing, and getting out of debt – all the things you need to develop financial stability.
I then earned a bachelor of commerce degree, majoring in accounting, from the University of Alberta. And while I have an accounting background, we’ve been using a financial advisor for years who helps keep our investments on track.
It was never my goal to retire and do nothing, even though I’m financially stable. Finance is only one part of wealth; you also need health wealth, relationship wealth and purpose wealth – a reason to get up every morning.
Bill Adsit pictured with his wife, Val Adsit, in Sherwood Park, Alta.JASON FRANSON/The Globe and Mail
For me, purpose wealth is continuing to use my skills and contribute to my community. I have health wealth because I work out regularly in my home gym and play racquetball. And relationship wealth comes from the time I spend with my wife and our three daughters, nine grandkids and eight great-grandkids. We try to get everyone together for a family vacation every year. We also travel regularly to visit family in British Columbia and Alberta.
Our goal wasn’t to get wealthy, but to manage what we had to the best of our ability. Wealth doesn’t come quickly; it’s a long-term plan. To me, financial freedom isn’t about maximizing your wealth; it’s about having enough money to reduce stress in your life.
And as I still love working and have my health, relationships and purpose wealth, I don’t get bored in retirement. My advice to others is to prepare for retirement and find ways to stay busy and healthy, so it lasts as long as possible.
As told to Brenda Bouw
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 seeking participants for its Tales from the Golden Age feature, which examines the personal and financial realities of retirement. If you’re interested in being interviewed for this feature and agree to use your full name and have a photo taken, please e-mail us at: goldenageglobe@gmail.com. Please include a few details about how you saved and invested for retirement and what your life is like now.