How this former commercial banker overcame ‘a bad case of retirement shock and depression’

In Tales from the Golden Age, retirees talk about their spending, savings and whether life after work is what they expected.

Mike Drak, 70, Toronto

I retired just more than a decade ago at age 59. It wasn’t my decision to retire. I was packaged out by my employer. I wasn’t unhappy about it because I was planning on leaving anyway. I worked in commercial banking, and the stress was getting to me. It was affecting my health. So, when I got the package, it felt like I had won the lottery.

Retirement was great at first. I just took it easy. I went biking and fishing. I didn’t have a plan. I thought I would relax and then find something to do. I started drifting. I got hit by a bad case of retirement shock and depression. My family and friends couldn’t understand it. They thought, ‘How can Mike be unhappy? He’s not working anymore.’ I didn’t understand it either. I was fine financially, so I couldn’t understand what I was experiencing. I always believed that if I saved enough money, I’d have a great retirement. I thought it would be automatic.

I started to research what was causing the depression. I realized humans have fundamental needs for identity, connection, purpose and achievement. These needs are stronger for some than others. For me, almost all of these needs were satisfied through my work. I realized that until I found new ways to satisfy those needs, I wouldn’t be very happy.

I’ve since written three books on the non-financial aspects of retirement. I also deliver workshops to help current and future retirees create their vision for retirement. I do most of it for free, including offering free downloads of my books. The work excites me. It has given me a new purpose that was lacking.

I also work out, including swimming and biking, for exercise and social connections. I’ve started training for an Ironman Triathlon next summer, which includes a 3.9-kilometre swim, 180-km bike ride and 42-km run that needs to be completed in under 17 hours. My goal is to use it to help push my ‘best-before date’ into my 80s – that period in which I’m healthy enough to do the things I love. I don’t know how it will go, but it should be interesting. I tried something similar two years ago and didn’t finish. At the time, I said I wasn’t going to try again, but I figured it would be a good way to celebrate being 70.

I worry about money, even though my wife is a financial planner and says we’re fine. We’ve been good at saving and managing our money. Still, it’s hard to spend the retirement money we’ve saved. I can’t get used to it. I find it easier to spend some of the money I make writing. It feels more like a bonus. I also don’t mind spending my Canada Pension Plan and Old Age Security benefits, which I started taking when I turned 65. I decided not to wait until 70, even though I knew I would get more. I figured, ‘Why not spend it now when I’m healthy and enjoy it? You never know what’s coming.’

My advice for others approaching retirement is to do a lot of self-reflection. Try to understand the type of person you are and what you need. For some, it’s full retirement. For others, it’s working part-time. We all have different needs and interests. It’s important to know what will make you happy in retirement.

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 looking for people to participate in 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: [email protected]. Please include a few details about how you saved and invested for retirement and what your life is like now.