Would you retire today if you could? Most Canadians say
no, according to RBC Poll
TORONTO, January 29, 2008 — Even with enough
money to retire today, most Canadians (82 per cent) would
continue to work, according to the latest RBC RRSP poll. Just
over half (53 per cent) would work part-time or occasionally.
"For most Canadians, retirement doesn't mean sitting
in a rocking chair, watching the days go by," said Lee
Anne Davies, head, advanced retirement strategies, RBC. "The
definition of retirement is changing to include some form
of work. Many Canadians may not feel that they are ready to
make the transition into full retirement and continuing to
work helps them to stay engaged and connected."
While more than half of Canadians (56 per cent) plan to continue
working as long as possible, this figure drops to 43 per cent
for those 55 and older, suggesting that perspectives change
as Canadians approach retirement. The study also found that
more than a third of Canadians (38 per cent) believe that
they will work past the age of 65.
"People may expect to work past 65 due to their personal
or financial obligations. Among those who plan to retire after
age 65, nearly one-third expect to support someone in retirement,
compared to one-fifth (22 per cent) for those who plan to
retire at age 65 or younger," added Davies. "Another
factor may be that Canadians overwhelmingly agree that it
is important to retire debt-free (91 per cent)."
Almost half of those who plan to retire after age 65 are
concerned that they have not done enough to save for their
retirement. The poll also found that only three in ten Canadians
who have an RRSP plan to maximize their contribution for the
2007 tax year.
"Retirement is a transition. It doesn't happen on a
fixed date or at a specific age," said Davies. "Planning
for what you want to do and determining how you will pay for
it can help make sure you enjoy retirement."
Surprisingly, more than seven in ten Canadians (72 per cent)
are confident that they can return to work if they require
additional income in retirement. This finding suggests that
Canadians do not see potential health issues, ageism and out-dated
workplace skills as roadblocks which could limit their employment
prospects after they retire, noted Davies.
The 18th Annual RBC RRSP Poll was conducted by Ipsos Reid
from October 23 to November 5, 2007. The telephone survey
was based on responses from a random sample of 1,200 Canadian
adults (aged 18 and over). With a sample of this size, the
results are considered accurate to within ±2.8 percentage
points, 19 times out of 20, of what they would have been had
the entire adult Canadian population been polled. The margin
of error will be larger within regions and for other sub-groupings
of the survey population.
Your Future by Design® is RBC's distinctive approach
to help clients identify, plan, and realize their goals for
retirement. With the guidance of RBC financial planners and
investment and retirement planners, Your Future by Design
helps clients create a blueprint for a successful lifestyle
and financial plan for retirement based on what is truly important
to them in key areas in life, including family, health, home,
lifestyle, work/business, mind and spirit, and legacy. To
find out more about how RBC can help build a blueprint for
the future, visit www.rbc.com/yourfuture
or call 1-866-335-4055.
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Rina Cortese, RBC Wealth Management, (416) 974-6970
Jackie Braden, RBC Media Relations, (416) 974-2124