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.