By Joyce Wayne
I’m old enough to recall the “dot.com” bubble of 2000 and the recession of 2008. I’ll be honest, in 2008, I lost 33% of my stock portfolio, assets that I’d carefully, or more accurately described as religiously saved from my bi-weekly paycheques as a college teacher.
Recovering from Financial Losses: Lessons from Recession of 2008
In 2008, things got so bad that I pulled my investments from the dealer I was using and approached the local bank to help me buy back my investments. I’d heard from a friend that banks were doing that in 2008: covering the cost of closing out investments with other financial managers. It was a blessing. With a thoughtful bank manager, over time, we found a way to restore the assets in my account. It took years, but we got there. That was 17 years ago, and I had the time to make back the money I lost. For some years, I managed my own account on the bank’s online investment site. During those years, I owned my house, kept the property in tip-top shape, and even rented out the basement to students.
Today is different. I’m older. Retired. Although I continue to earn a wage for my writing and public speaking, I understand that if the stock market plunges for months or years, my retirement savings will be deeply affected. Even with a healthy pension, certain delights like travelling will no longer be possible. My extravagances, such as fancy clothes and good restaurants, will be pared down to a minimum. I can live without those things.
Rediscovering Comfort and Connection at Home
These days, what I enjoy is staying home with my husband. We joke that we became accustomed to staying home with only each other for company during COVID and never really overcame the pleasure of making a nice evening meal, and then settling in together to watch a movie on television.
Today we spend much more time peering at the news rather than entertainment. Still, the living space is the same: our comfortable home between Lake Ontario and the main street in Bronte, at the west end of Oakville, Ontario. I’ve lived in Oakville for 30 years, and I’ve grown to appreciate it more and more as time goes by.
We love it here and when we discuss moving to a condo or another city, our first question is always the same: why would we leave the home and the neighbourhood we enjoy to the fullest? In fact, as the years pass, I find myself more involved in the community than I have been in the past. There is my writers’ group, my Friday night Zoom call with long-time university friends, a book club and Scabble group, and lunches and dinners with interesting friends. I also make trips to our local place of worship, or to A Different Drummer bookstore in Burlington, and, most importantly, a half-hour drive to my daughter and her partner’s apartment in Dundas.
This might sound dull or ordinary, but let me assure you, it is not. The security of home, friendly relations with neighbours, and a plethora of social events and close connections are really what a good retirement is all about.
Navigating Retirement Challenges with a Positive Outlook
If you find yourself frequently fretting about funding your retirement, your RRSP or TFSA, or the ups and downs of the stock market, put that away. Seek out good advice from a seasoned professional advisor or financial institution. Eventually, the situation will settle down. It always does. I try to focus on the people and pleasures – not measured in dollars and cents, but in the joys found in our home, with our friends, and through our daughter.
This fall, my daughter is getting married. On the day the market plummeted, we hunted for her wedding dress. What we found were gorgeous dresses galore, so she spent the entire afternoon trying them on. I can’t explain how meaningful it was. How satisfying it was for me to watch my only daughter delight in the different garments until she said yes to the dress, the one that suited her the most. Moments like these are what matters.
If you can, discover these moments in your own daily life. It can be a walk with your partner or a friend. It can be reading a wonderful book that you know you’ll always remember, or listening to music that brings you back to your youth. It can be meeting a dear friend in your local coffee shop. If only for a time, try to forget the damage being done to our country and our economy by ruthless people who care nothing about the effect of their policies on those without power. Hunker down in your home. Cook a delicious meal. Watch a great movie or read an enchanting book. Together, we’ll get through tough times, as our parents did, often becoming better, more generous, and kinder people for it.
