Over half of Canadians see no appropriate age to retire
and think retirement age is a personal choice: RBC poll
One-third of working Canadians will never retire
TORONTO, February 22, 2010— More than half
of Canadians (57 per cent) feel there is no appropriate age
for retirement and deciding when to retire is a personal choice,
according to the 20th Annual RBC RRSP Poll. Nearly one-in-three
Canadians (31 per cent) who are still working say they will
never retire and one-quarter (26 per cent) think the term
'old' depends on how you feel.
According to Statistics Canada, the average life expectancy
of Canadians has steadily increased since 1979, with current
life expectancy at birth listed at 78 years for men and 83
years for women. By age 65, men's life expectancy increases
to 83 years and women's increases to 86 years.
"The average Canadian retirement age is about 62 years
but boomers are increasingly choosing to stay working or return
to the workforce after retirement," said Lee Anne Davies,
head, Retirement Strategies, RBC Royal Bank. "The form
your retirement takes depends heavily on personal choices,
but planning earlier will give you more options down the road."
One-third of Canadians (35 per cent) feel that Canada's aging
population will be a financial burden and younger Canadians
aged 18-34 are more inclined to feel this way (46 per cent).
"Boomers are the first generation to be faced with caring
for aging parents as they near retirement themselves,"
said Davies. "Ninety-one per cent are looking forward
to 'me time' in retirement, but the needs of family members
may make this a challenge. That is why it's important to set
your retirement goals from both a financial and a lifestyle
perspective."
These are some of the findings the RBC 20th Annual RBC Poll
conducted by Ipsos Reid between October 21 and November 2,
2009. For this survey, a national sample of 1,457 adults from
Ipsos' Canadian online panel was interviewed online. Weighting
was then employed to balance demographics and ensure that
the sample's composition reflects that of the adult population
according to Census data and to provide results intended to
approximate the sample universe. A survey with an unweighted
probability sample of this size and a 100 per cent response
rate would have an estimated margin of error of ±2.56
percentage points 19 times out of 20 of what the results would
have been had the entire population of adults in Canada been
polled. All sample surveys and polls may be subject to other
sources of error, including, but not limited to coverage error,
and measurement error.
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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Media contacts:
Suzanne Willers, RBC, 416-974-2727
Cyndi Maisonneuve, RBC, 416-974-1757
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