Retirement planning involves more than financial calculations. Many people face a shift in identity, purpose, and uncertainty about the future.
Shafik Hirani, a senior investment advisor in Calgary, observes this transition weekly. He attends one client’s funeral, celebrates another’s newborn, and helps a third fund college tuition—all while guiding others through retirement. This mix of life stages gives him a unique perspective. His role extends beyond ensuring clients don’t outlive their savings; he also prepares them for the emotional impact of leaving a career that shaped their identity for decades.
The snowstorm ahead
Hirani likens retirement to driving into a blizzard. Without clarity, stress hormones rise, and decision-making suffers. His approach involves painting a clear picture of what lies beyond the transition. He uses “motivational interviewing,” a method that prompts clients to confront the realities of their new life.
He asks them to describe their ideal retirement. Most envision endless vacations—golf daily, constant travel. But this vision rarely holds up, either financially or psychologically. The gap between expectation and reality can lead to what Hirani calls an “identity crisis.”
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Some clients resist the idea of retirement entirely. He reviews the numbers with them, demonstrating how their savings might last if they retire at 60 instead of 65. Others, after a few months of retirement, discover they feel bored, restless, or financially strained. For these individuals, returning to work addresses more than just income. It restores structure, social connections, or a sense of purpose.
The numbers behind the return
Data from Statistics Canada reveals that 10% of retired Canadians worked in 2023, an increase from 7% in 2019. Some need the extra income, while others find retirement unfulfilling. Hirani doesn’t judge their reasons. His role is to outline options—adjusting budgets, delaying withdrawals, or finding part-time work that matches their skills and interests. The aim is to ensure every decision is deliberate.
He begins with fundamentals: cash flow, tax planning, and income sources. Should they withdraw from RRSPs first or let them grow? How will inflation affect their savings by age 80? But he also encourages clients to consider broader questions. What if they live to 90? What if they prefer staying home in their 70s but require full-time care in their 80s? These discussions aren’t always comfortable, but they’re essential.
Hirani’s method resembles swimming lessons. First, he shares stories of clients who struggled or thrived in retirement. Then, he suggests practice runs—extended leaves, sabbaticals, or even a full year off if possible. The goal is to simulate retirement before making a permanent decision. Some clients return to work after a few months, relieved. Others realize they’re ready to leave for good.
Work provides more than a paycheck. It offers rhythm, social networks, and pride. Losing that can feel like losing a part of oneself. Hirani doesn’t claim there’s a universal solution. Instead, he helps clients create a plan that addresses both financial and emotional needs. If the life they’re funding feels empty, the numbers lose their meaning.
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He has seen clients retire too early, only to return out of boredom. Others delay retirement for years, regretting not leaving sooner. The ideal timing varies for each person. Those who adjust best are the ones who ask themselves difficult questions long before submitting their resignation.
No rehearsal for this
Hirani’s final advice is straightforward: practice. If possible, take a three-month leave before retiring. Test your budget, routine, and sense of self without the office. Retirement isn’t just a financial change; it’s a psychological one. Unlike a snowstorm, you can’t simply wait it out.
For some, work serves as a safety net. For others, it feels like a cage. The key is recognizing which it is before stepping away permanently.
Global wealth reached an eight-year high in 2025, yet many still struggle with the transition out of the workforce. The challenge isn’t just about having enough money—it’s about finding meaning in the next chapter.
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