Almost 40% of Retired Canadians Lacked Choice in Decision

By Bizclik Editor

 

An RBC Poll has found that although 85 per cent of still un-retired Boomers in Canada believe they will make the choice on when they’d like to retire, only 62 percent got the choice in timing.

"Most Canadians assume they will decide when to retire, but what if that isn't the case?" said Amalia Costa, head, Retirement Strategies, RBC. "There are enough uncertainties in life -- knowing what to expect in retirement doesn't have to be one of them."

Results found in the RBC Retirement Myth and Realities Poll discovered that Boomers do not always get a significant amount of notice and thus time for retirement preparation. The poll found that 20 per cent stated they only were informed by their employers a month or less before their retirement date. Even further, only 42 per cent had a six month notice of expected retirement date.

 

SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:

Click here to see the latest issue of Business Review North America

"The surprising number of people facing unexpected retirement highlights the critical importance of starting lifestyle and financial planning early," said Roger Mannell, director of the RBC Retirement Research Centre at the University of Waterloo and a professor of recreation and leisure studies, public health, and gerontology. "As someone who not only studies successful aging, but who is retiring within a year, I've given much thought to my retirement. Many may be thinking of retirement as a vacation without yet having planned for the health, lifestyle, and financial considerations of the next 20 to 30 years of their retired life. Although important, vacations are only part of the mix - it's important to plan for key aspects of your day-to-day living."

The poll surveyed Canadian Boomers with assets of $100,000 or more. 

Share

Featured Articles

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 top AI and ML trends for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy

Meet the CEO: Jill Stelfox of Panzura, exclusive interview

Leadership & Strategy

The best Michelin-starred restaurants that are meat-free

Sustainability