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Farrow Pension & Benefits


The Marshmallow Generation


It’s no wonder that people find retirement, and saving for retirement, confusing. When pension arrangements are communicated, experts use terms like Normal Retirement Age, Early Retirement, and Late Retirement. These words have different meanings outside of the pension world.


We understand that Pensions and Benefits can be complicated, and your time is better spent running your business. It’s important to surround yourself with qualified advisors who can keep the clutter away. More importantly, you want an advisor who is giving you the right advice. Included in this document are five questions to ask yourself to make sure you’re getting the best advice. If you have questions, please e-mail simplify@farrowpension.com


Normal Retirement Age, Early Retirement, and Late Retirement...

These words have different meanings outside of the pension "Early”, for example, sounds very positive, while the word “Late” has negative connotations. And “Normal,” sounds, well, normal.

Instead of using the term “Early Retirement,” we should say “Reduced Retirement” because in this case, you retire early, you contributed less, you earned less, and you will receive less. This is not so positive after all.

Conversely, “Late Retirement” should be called “Increased Retirement” because you contributed more, you earned more, and you received more — nothing negative about that outcome. 


Remember, you are saving for your future self...

What does that person look like 20, 30, or 40 years down the road Decisions you make now impact how and when you retire, and what you can and cannot do when you retire. You want the freedom to do what you want, when you want, or you can be scraping by on half your paycheck.


When it comes to saving, discipline is key, just like the kids who participated in the Marshmallow Test.

Simply, the Marshmallow Test is synonymous with delayed gratification, patience, and willpower. Kids are left alone in the room with one marshmallow and told if they wait 15 minutes, they can have two marshmallows; 50% wouldn’t wait and chose instant gratification.

When it comes to saving for retirment, it’s a similar case. As adults, many of us continue to eat that one marshmallow, when we know we should save for the future.




Remember, your employees are important, and so is their Pension. Make sure to get advice you can trust from an experienced Advisor.

At Farrow Pension & Benefits, we strive to make a difference in the lives of your employees and their retirement plans by making it easier for them to understand and take action. We would be happy to hear from you, e-mail us at simplify@farrowpension.com

Wayne Farrow

Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.

His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member. 

He has literally been there, and done that, on the shop floor, not the 52nd floor. 

This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member. 

As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.” 

You can contact Wayne at: wayne@farrowpension.ca