A report by the Royal Bank found that the reality of retirement in Canada isn't quite what people expect it to be. Respondents were Canadians 55 years and older, some in their pre-retirement years and others who have already retired. Retired Canadians called out three key misconceptions about retirement:
Thinking you’ll know your retirement date well in advance?
While more than half (55%) of pre-retirees aged 50+ expect
to know their retirement date more than one year in advance, this was true for
only 39% of retirees aged 50+… and 16% had no advance notice at all. I fit into
that category, I decided to retire only about six weeks before I retired, that
was a mistake. If you can plan so you can get ready for retirement.
Expecting to winter in warmer climates as a snowbird when
you retire?
Close to one-third (29%) of pre-retirees expect to be
snowbirds, but only 18% of retirees are flocking south in the winter. Ranking
higher for retirees: spending time with family (51%) and friends (48%). We did
spend time immediately after retirement in warmer climates, but the novelty
wore off very fast. We found that in the first 10 years of retirement we spent
more time with family and friends which is in line with most people who retire.
Planning to return to work in retirement?
While half (50%) of pre-retiree’s plan to work in
retirement, only 11% of retirees responded they had returned to full-time or
part-time work. The main reasons why pre-retirees say they plan to go back to
work: to stay active, mentally (64%) and physically (48%); to stave off boredom
(44%); and to generate income (43%). I was one of the 11% that worked after I
retired, and I worked for about 8 years before I fully retired. I enjoyed
working but I found it restricted many of the other activities I became
involved with after I retired so I had to choose work or fun. I chose fun.
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