- Social time with colleagues missed more than pay cheque
- Personal time tops travelling in retirement
- Retirement not always by choice
TORONTO, Aug. 6, 2015 /CNW/ - There are some surprises in store for Canadian Boomers approaching retirement, according to the 2015 RBC Retirement Myths & Realities Poll.
Already-retired Boomers (aged 50+) identified three retirement realities that contradict the expectations of their pre-retiree counterparts:
- Retirees don't miss their pay cheques from work as much as pre-retirees expect to, by a margin of almost two-to-one (26 per cent compared to 49 per cent). What retirees do miss most is their social time with colleagues at work (51 per cent).
- While simply "taking time for myself" is how the majority of retirees (72 per cent) report they are actually spending their time, travel tops the "expect to do in retirement" list for a similar majority of pre-retirees.
- Close to half (43 per cent) of retirees didn't get to choose their retirement date, in contrast to the 80 per cent of pre-retirees who expect to have that choice. Retirees cited several reasons why they left their working lives behind before they were ready to do so, including health, the need to provide caregiving to someone else and employer's request.
"Each of these realities has retirement planning implications for Canadians, including how they will affect the lifestyle they hope to achieve when they are no longer working," noted Yasmin Musani, head of Retirement and Successful Aging Strategies, RBC. "They raise important questions for Boomers to consider about their life goals and priorities as they approach retirement. For example, 'What social network will you have in retirement?' and 'How will you spend your time?'"
Through its annual poll and a separate research study, RBC also explored retirement income expectations of three specific groups of Canadians who are not yet retired: single women (not married, separated/divorced or widowed), business owners and the LGBT (Lesbian, Gay, Bisexual and Transgender) community.
As pre-retirees, single women and business owners were equally concerned (41 per cent each) that they would not have enough money to live well and do what they want when they retire. In a separate RBC-sponsored LGBT retirement study, conducted by the University of Waterloo's RBC Retirement Research Centre, 30 per cent of LGBT pre-retirees shared similar worries, stating they expected their funds would be inadequate or barely enough to achieve the retirement they have in mind.
"When common concerns arise for Canadians heading into retirement, this reinforces the importance of sitting down with a financial planner to explore all your options," added Musani. "By taking a wide range of possible scenarios around your lifestyle and finances into consideration, you'll gain the flexibility to adapt to any unexpected changes in your life and the lives of those around you."
2015 RBC RETIREMENT MYTHS & REALITIES POLL
SELECTED NATIONAL & REGIONAL FINDINGS:
| MISS MOST ABOUT WORK (Canadians aged 50+) |
NAT'L | BC | AB | MB/SK | ON | QC | AC | |
| Socializing / interacting with colleagues |
Retired | 51% | 41% | 57% | 50% | 56% | 44% | 57% |
| Not retired | 53% | 54% | 61% | 51% | 50% | 57% | 52% | |
| Not a thing | Retired | 30% | 33% | 24% | 29% | 29% | 37% | 27% |
| Not retired | 15% | 11% | 9% | 13% | 17% | 17% | 17% | |
| A regular pay cheque |
Retired | 26% | 26% | 37% | 23% | 27% | 20% | 26% |
| Not retired | 49% | 52% | 56% | 48% | 51% | 38% | 56% | |
| Being mentally busy |
Retired | 20% | 18% | 20% | 14% | 22% | 14% | 31% |
| Not retired | 38% | 43% | 50% | 30% | 37% | 34% | 33% | |
| Getting out of the house |
Retired | 14% | 14% | 16% | 15% | 16% | 10% | 12% |
| Not retired | 30% | 31% | 40% | 21% | 31% | 25% | 27% | |
| Health benefits | Retired | 12% | 15% | 17% | 11% | 11% | 8% | 15% |
| Not retired | 29% | 37% | 35% | 30% | 25% | 25% | 33% | |
| Being physically busy |
Retired | 12% | 10% | 10% | 11% | 13% | 9% | 16% |
| Not retired | 20% | 23% | 24% | 16% | 21% | 14% | 29% | |
| Having goals to work towards |
Retired | 9% | 12% | 7% | 8% | 10% | 6% | 15% |
| Not retired | 18% | 22% | 22% | 17% | 16% | 16% | 14% | |
| SPENDING TIME IN RETIREMENT (Canadians aged 50+) |
NAT'L | BC | AB | MB/SK | ON | QC | AC | |
| Taking time for myself |
Retired | 72% | 68% | 76% | 73% | 71% | 76% | 74% |
| Not retired | 64% | 60% | 64% | 61% | 64% | 67% | 64% | |
| Travel | Retired | 62% | 73% | 66% | 64% | 59% | 56% | 65% |
| Not retired | 70% | 77% | 68% | 68% | 69% | 73% | 58% | |
| NO CHOICE OF RETIREMENT DATE (Canadians aged 50+) |
NAT'L | BC | AB | MB/SK | ON | QC | AC | |
| NET "NO CHOICE" |
Retired | 43% | 41% | 35% | 38% | 46% | 45% | 38% |
| Not retired | 31% | 30% | 27% | 34% | 33% | 26% | 39% | |
| Health reasons |
Retired | 14% | 12% | 11% | 11% | 14% | 15% | 18% |
| Not retired | 11% | 13% | 9% | 13% | 12% | 6% | 12% | |
| Employer's request |
Retired | 13% | 13% | 9% | 9% | 16% | 12% | 14% |
| Not retired | 5% | 5% | 6% | 2% | 6% | 5% | 6% | |
| Reached mandatory retirement age |
Retired | 5% | 4% | 2% | 9% | 6% | 6% | 5% |
| Not retired | 11% | 6% | 10% | 11% | 13% | 12% | 17% | |
| Required as caregiver for someone |
Retired | 5% | 5% | 4% | 6% | 5% | 5% | 5% |
| Not retired | 1% | 2% | --* | 3% | 1% | 1% | --* | |
| Other | Retired | 10% | 10% | 12% | 11% | 10% | 8% | 5% |
| Not retired | 6% | 7% | 5% | 9% | 6% | 4% | 10% | |
* Negligible
About the Sixth Annual RBC Retirement Myths & Realities Poll
This annual poll examines Canadians' expectations and experiences in retirement. It was conducted via online interviews by Ipsos Reid from March 16 to 24, 2015, using a national sample of 2,223 adults aged 50 and over with household assets of at least $100,000. The results are based on a sample where quota sampling is employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population. Quota samples from the Ipsos online panel provide results that are intended to approximate a probability sample. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 3 percentage points, for each of the retired and not retired samples, 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.
About RBC's retirement planning advice and resources
Your Future by Design is RBC's distinctive approach to help Canadians identify, plan, and realize their goals for retirement. With the guidance of RBC Financial Planning, Your Future by Design helps Canadians 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 rbc.com/yourfuture or call our toll-free number at 1-866-783-6024. Free online resources within our RBC Advice Centre include comprehensive caregiving and Power of Attorney information for Canadians to help them plan for a successful retirement. In addition, for Canadians who want to get more from their day-to-day banking, protect what's important, save and invest, borrow with confidence or take care of their businesses, a visit to rbcadvicecentre.com can help answer any questions.
SOURCE RBC
Media Contact:
Kathy Bevan, RBC Communications, 416-974-8820
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