This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Who Will Decide When You Will Retire? RBC Poll Finds Boomers May Be Surprised By The Answer

Four-in-ten boomers had less than six months notice before they retired

TORONTO, Sept. 19, 2012 /CNW/ - Many (85 per cent) pre-retired Boomers with financial assets of $100,000 or more believe they will have the choice of when to retire, however, only 62 per cent of retired Boomers actually did have the choice, according to the third annual RBC Retirement Myths and Realities Poll.

"Most Canadians assume they will decide when to retire, but what if that isn't the case?" said Amalia Costa, head, Retirement Strategies, RBC. "There are enough uncertainties in life -- knowing what to expect in retirement doesn't have to be one of them."

The RBC poll found that Boomers don't always have much lead time in advance of their retirement date. In fact, one-in-five (20 per cent) retired Boomers knew one month or less before their actual retirement that they were going to retire and 42 per cent had less than six months notice before they retired.

"The surprising number of people facing unexpected retirement highlights the critical importance of starting lifestyle and financial planning early," said Roger Mannell, director of the RBC Retirement Research Centre at the University of Waterloo and a professor of recreation and leisure studies, public health, and gerontology. "As someone who not only studies successful aging, but who is retiring within a year, I've given much thought to my retirement. Many may be thinking of retirement as a vacation without yet having planned for the health, lifestyle, and financial considerations of the next 20 to 30 years of their retired life. Although important, vacations are only part of the mix - it's important to plan for key aspects of your day-to-day living."

The poll also found that for those retired Boomers who felt their retirement came at the right time, the majority (78 per cent) say they wanted to enjoy an active retirement while their health was good. Being healthy was cited as the main reason for the timing of their retirement, ahead of having enough money (34 per cent) or being unhappy at work (25 per cent).

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs