When the dots don’t connect: Canadians living longer in retirement but preparing less – RBC poll

Canada News Wire
News release
Canadian Boomers aged 55+ are now facing a new reality – a retirement that could last for 30 years.

Yet, while three of their top retirement concerns are longevity-related – maintaining their standard of living (39 per cent), having enough savings (37 per cent) and covering healthcare costs (34 per cent) – only one third (33 per cent) indicate they’ll adjust their retirement lifestyle plans to prepare for three decades after they retire.

“Thirty years in retirement should be a huge gift of time, when you can do what you want, when you want – but you need to connect the dots between living longer in retirement and preparing for those additional years,” advised Yasmin Musani, director – Retirement Client Strategies, RBC. “If you’re in your 50s and haven’t considered all of your retirement options – and yes, making adjustments – it’s not too late to plan how to get the most out of all of your retirement years.”

The RBC Financial Independence in Retirement Poll also found that almost half (46 per cent) of Canadians aged 55+ felt they were financially
“somewhat short/nowhere close” to where they anticipated they would be at this point, in terms of their retirement savings. Their #1 question: “Will I have enough money in retirement?” That’s also the most common question Bill Hill is asked, as he travels across the country speaking to groups of Canadians nearing retirement, in his role as national retirement planning consultant for RBC.

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