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Q. I am 73 and retired. I was an independent contractor for many years and have no company pension. I took Canada Pension Plan (CPP) and Old Age Security (OAS) income at age 70. It brings in about $29,000. I take out the minimum amount yearly from my registered retirement income fund (RRIF). For 2024, it was about $15,000. I own a mortgage-free house in Toronto and I also have some non-registered investments. I am single, have no children or family, and would like to die broke. I have been somewhat frugal most of my life and now I find it difficult to spend money. I could really use some help. —Thank you, Linda

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FP Answers: Linda, I’m reminded of Jim Collins’ classic business book on leadership, Good to great, about how good companies become great ones. He suggests that “good” is the enemy of “great” and that few people attain great lives, in large part because it is just so easy to settle for a good life. Linda, you are asking, “How do I turn a good retirement lifestyle into a great retirement lifestyle?”

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There are just two things to do: identify the things you want to do that are within your financial means and find the inspiration to do them. I have many clients like you, Linda, who have good lifestyles with surplus money. When I ask them what they would like to do with their extra money, they don’t know. It is not easy to make changes when things are good and you have financial unknowns around your income and longevity.

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To help identify things to do and find the inspiration to turn a good lifestyle into a great lifestyle, complete a personal needs and values evaluation, a concept I was introduced to through Oregon-based coaching organization CoachU. If you can align your activities with your needs and values, you will have a great retirement.

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Personal needs are not the same as wants; they are conditions, things, and feelings, that are the very things you need to really get on with your life and be your best. Some examples of this include being accepted, being loved, freedom, duty, work and certainty. Linda, what personal needs do you require so you are feeling your best? Working to meet any unmet needs can be inspirational.

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Values reflect the things and activities you are naturally drawn to and are a must for you to be yourself. Some examples of values include creating, adventure, contributing, discovering, pleasure, and teaching. Think of things you have done in the past when you were energized, glowing and on top of the world. Chances are you were doing something that aligned with your values. Most people get too busy with their day-to-day routine, have other obligations or have settled for second best, preventing them from living their values. Linda, when you consider your values, what activities can you do that will reflect your values, and allow you to be you?

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Once you create a vision of life based on your needs and values, you will find it easier to want to spend, gift or donate. You will just need the confidence of knowing your financial resources will support your vision.