Lyle's story underscores the importance of early retirement planning, seeking guidance and staying informed from an early age. By taking proactive steps and utilizing available resources, you too can secure your financial future and enjoy a fulfilling retirement.

Lyle started his career at the age of 18 with Calgary Co-op.

“I went through all the positions. I started out as a part-time bag boy for one day, then I went to night crew stocking shelves,” he says. “Later I was offered a full-time position, and I thought, you know, this might be a good career plan for me.”

Like many people starting their career, having a pension plan is not always top of mind.

For Lyle, he initially turned down the opportunity to join the CSS Pension Plan. However, his mother insisted.

“She even drove me back down to the head office to complete the paperwork,” he says.

Thankful for his mother’s intervention, enrolling in the CSS Pension Plan at an early age played a major factor in his ability to retire and was the cornerstone of his financial wellness. ​

“If it wasn’t for my mom, I might have delayed joining the pension plan until I was in my mid- to late twenties, maybe even into my thirties," he expressed.

This could have highly impacted his timeline to retire.

People often manage their shorter-term goals first, whether that’s owning their first home, supporting a family or paying off debt - and many may tend to forget about their longer-term goals, like retirement. But, to start planning doesn’t have to be complicated. It can be as simple as staying informed.

“I highly express attending a CSS workshop as a great way to get started,” he shares. “After attending a few CSS workshops myself, I wrote my plan down and followed it for the next 20-25 years, and that really helped me.”

To help get you started, check out CSS’ available online workshops and videos to help you understand your CSS Pension Plan. You can also create a personalized online retirement plan using myCSSPEN Compass®. 

Once you learn about your plan, the easier it gets. By writing out your long-term goals (age of retirement, income goal, etc.), reviewing and adjusting your retirement plan will help you see where you are going. It’s also important to include a long-term horizon on your investments and understand that there may be fluctuations in the market.

“I tracked my investment growth and saw returns of approximately 11% on average per year, from 1980 to 2000. Yet despite the financial crisis in 2008, I believed I would still reach my target goal to retire.”

Lyle tried to maximize his pension as much as he could.

“After my kids started growing up, we had a little extra money to put away,” he recalls. “I would put an extra $50-$100 into my CSS pension over 25-30 years or more, compound the interest, that is huge money return.”

In addition to his CSS pension, Lyle included his other savings and assets in his plan.

When he calculated in his CSS Pension, Canada Pension Plan and Old Age Security, withdrawals from his Registered Retirement Savings Plan and his spouse’s source of retirement income, he knew he was going to hit his target goal.

After working 42 years with Calgary Co-op, at the age of 57, Lyle felt ready to retire.

Reviewing CSS’ retirement income options, he chose the CSS Variable Benefit (VB) payment over the monthly pension.

“I liked the flexibility of payments that the VB payment offered,” he says. “I also wanted to continue managing and investing my pension funds in the Plan.”

→ Learn more about CSS’ retirement income options (VB or monthly pension).

“I really didn’t want to take my money out of the Plan,” he expressed. " I appreciate CSS’ lower investment and administrative costs compared to other financial institutions.”

Lyle remains invested in the Balanced Fund with the primary purpose of providing moderate long-term growth with managed volatility.

→ Learn more about CSS’ four investment funds.

Early planning can allow you to avoid some of those unexpected financial surprises in retirement.

“I took advice from my CSS Advisor who said before you retire, have lots of the big things done,​ so you won’t have any surprises,” he said. “So, my wife and I decided to do some house upgrades while we were still working, like replacing our hot water heater and shingles.”

Lyle has been retired for almost nine years and highlights the importance of staying busy during retirement. ​

“Retirement for me was to start adventures,” he said.

Together with his wife, he enjoys winter camping, traveling and spending summer months at their lake home in BC. ​They also enjoy helping their children and spending time with their two grandchildren.

“Retirement can seem like a scary thing. You essentially only do it once,” he says. “So, it’s important to get some insight, talk to someone who has retired, and talk to CSS. They will help you out as much as they possibly can.”

Of course, everyone’s journey will look a bit different than Lyle’s, but it’s still important to put a plan in place to help you see where you are going. By taking proactive steps and early planning, you too can start your adventure into retirement, sooner than later.

Watch Lyle's video