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Almost 40% of Retired Canadians Lacked Choice in Decision

|Sep 19|magazine6 min read

 

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.

 

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"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.