Canadian boomers will not be retiring to a rocking chair on the front porch, for a variety of reasons.
According to a poll conducted by the Investors Group, 61% are looking forward to their retirement. They see it as being comfortable (54%) but fulfilling (43%), busy (42%) and exciting (25%).
Most boomers predict they will be traveling more, involved in more hobbies and recreational activities and being more engaged in their communities, special interest groups.
“Boomers won’t be knitting by the fire and taking quiet Sunday drives,” said Debbie Ammeter, vice-president, advanced financial planning of Investors Group. “They are gearing up, not shifting down, for what is around the corner.”
Where the financial support will come from to fund this retirement lifestyle remains a mystery to most boomers. Fifty-five percent don’t think they can afford their dream retirement and 30% feel they won’t even have enough money to pay their basic retirement living expenses.
Those who have a financial adviser feel more confident though. Twenty-nine percent believe they will have enough money to afford their dream retirement, nearly twice as many as those without an advisor (16%). If they could go back in time, 36% of already retired boomers would start saving earlier.
“As boomers become seniors, they will have to address the gap between their dreams and the practicalities of getting older,” said Ammeter.
The Harris/Decima Poll was conducted online within Canada between October and November, 2010 among 2,031 adults.
(11/23/10)