Canadians enjoying retirement, but pre-retirees not so confident
Retired Canadians with assets of at least $100,000 are enjoying retirement, with more than half (56%) saying their quality of life has improved, according to a recent ‘Retirement Myths and Realities Poll’, courtesy of RBC.
The vast majority report they’re having a successful retirement (95%), with the biggest key to retirement success being realistic expectations (30%).
On the other hand, only 38% of older Canadians who hope to retire soon expect life to improve after they quit work, with half (50%) expecting no significant change, RBC reports.
Not that it’s all good news. Just over half of retirees (55%) and 65% of pre-retirees admit to having some second thoughts about their approach to life after work.
Some regrets among retirees include not taking better care of themselves (13%); not starting to save earlier for retirement (12%); and not travelling enough (7%).
This uncertainty mirrors recent research from Washington’s Employee Benefits Research Institute, which reports that seven of 10 U.S. workers have simply given up on the idea of ever retiring.
“Those currently working are more skeptical than those actually in retirement” about whether they’ll even have enough to live on, said Craig Copeland, senior research associate at EBRI. “It’s hard to say for certain whether that fear is justified. Certainly, changes to Social Security or Medicare would make it much more difficult.”
There was also an underlying anxiety about the sources of retirement income on which respondents in each country said they planned to rely. Many expect they won’t live as well as their parents in retirement and aren't quite sure just what to do about it.
Sound familiar? What are your retirement prospects? If your parents are older, how are things working out for them?
By Gordon Powers, MSN Money
Posted by: j duncan | May 25, 2021 10:47:52 PM
how could you retire these days the pure greedy nature of the world wont permit any lapse in income oh ya we also got sold out via free trade so i will see you at work until i win the lottery or pass away
Posted by: Lisa | May 26, 2021 9:20:24 AM
I see things as hopeful for my retirement. I won't have enough to travel the world, but who cares? I"m not letting the negative media get to me.
Yes Morgan, I agree that with all the taxation there is no room for my own financial mistakes. None.
However...As for free trade...what's wrong with it??
Posted by: Lorain | May 26, 2021 5:43:41 PM
Hubby and I poured EVERYTHING into our mortgage when we were young and it has paid and paid and paid!! We have been mortgage free for over ten years (we are now both 53) and I am semi-retired, working part time at the local university for our travel money. I will get a very small pension from a previous job and hubby will get a lifetime joint pension of just over 40,000 per annum. With our savings and the pensions we will be fine (hubby set to retire in 4 years--maybe 2 if we think we can...) but we are sitll very cautious....we don't eat out, don't go shopping for something to do....basically we watch what we spend.
We never made much money....I stayed at home with the kid and returned to work when he was 10. We built and renovated homes and that kept me very busy...we are just average people.
A penny saved is a step closer to retirement.....
Posted by: don | May 28, 2021 4:57:36 PM
I just dont know anymore. I have started to diversify. For years all my money went into RRSP's but the markets took a kicking and I lost a lot of money (which I hopefully regain before i retire) I am still contributing to RRSP but at a lower level. I am also putting money away (tax paid) and some into the new tax free savings account. I am hoping this will shelter me enough to provide a modest retirement no matter what happens on the world stage.
Posted by: Easy Way to Be Thin | May 31, 2021 12:00:10 AM
Wow nice post!! Interesting..Good for the Canadians!!