A fear of retirement grips Canadians, even as retired Canadians lead happy lives, according to an RBC poll.
The first annual RBC Retirement Myths and Realities Poll noted that only 38% of pre-retirees over the age of 50 expect life to improve after retiring.
“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.”
Davis says working with an advisor to plan for retirement can provide peace of mind and a sense of preparedness.
The poll found Canadians in the same demographic group with assets of at least $100,000 are enjoying retirement, with more than half (56%) saying their quality of life has improved.
The vast majority of retirees (95%) say they are having a successful retirement, while 30% said that realistic expectations are the biggest secret to retirement success. Other secrets include: having saved enough money (16%); good planning (13%); and staying involved with people (13%).
Regrets, there are a few. In fact, just over half of retirees (55%), and 65% of pre-retirees have them. Some of the biggest regrets among retirees include not taking better care of themselves (13%); not starting to save earlier for retirement (12%), while 7% rue not traveling more.
The main regret of pre-retirees was not starting to save earlier for retirement (18%).
(05/21/10)