Retired Canadians enjoying life, pre-retired Canadians not
so sure about retirement: RBC poll
Retired and pre-retired Canadians have some regrets
TORONTO, May 19, 2010 — Retired Canadians over
the age of 50 with assets of at least $100,000 are enjoying
retirement, with more than half (56 per cent) saying their
quality of life has improved, according to the first annual
RBC Retirement Myths and Realities Poll. On the other hand,
only 38 per cent of pre-retirees in this same demographic
group expect life to improve after retiring, with half (50
per cent) expecting no change.
"It's natural to have concerns about retirement,"
said Lee Anne Davies, head, Retirement Strategies, RBC. "With
only three-in-ten pre-retirees thinking they will love retirement,
it's important to understand this is likely the fear of the
unknown, an often unfounded fear. We recommend working with
an advisor to plan for retirement. It can provide peace of
mind knowing you have prepared."
When it comes to regrets, just over half of retirees (55
per cent) and 65 per cent of pre-retirees have them. Some
regrets among retirees include: not taking better care of
themselves (13 per cent); not starting to save earlier for
retirement (12 per cent); and not travelling enough (seven
per cent). The main regret of pre-retirees was not starting
to save earlier for retirement (18 per cent).
The vast majority of retirees say they are having a successful
retirement (95 per cent), with the biggest secret to retirement
success being realistic expectations (30 per cent). Other
secrets to retirement success include: having saved enough
money (16 per cent); good planning (13 per cent); and staying
involved with people (13 per cent).
Davies gives a thumb-up to the 60 per cent of respondents
who have a plan in place for retirement. "Retirement
is a significant stage of your life and it's important to
keep realistic expectations when planning for the future.
That's where having a plan of action helps you make the most
of your retirement dreams," added Davies.
These are some of the findings the RBC Retirement Myths &
Realities poll conducted by Ipsos Reid from March 10 -19,
2010. For this survey, a national sample of 2,143 adults aged
50 and over with household assets of at least $100,000 from
Ipsos' Canadian online panel was interviewed online. 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 ±2.1 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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Suzanne Willers, RBC, 416-974-2727
Cyndi Maisonneuve, RBC, 416-974-1757