An RBC poll has found that although Canadian boomers may be looking at three decades of retirement, only 33 per cent are prepared to adjust their retirement lifestyle plans to prepare for this.
“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,” says 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.”
Short on savings
The poll results, announced Feb. 14, also found that 46 per cent of Canadians aged 55+ were financially “somewhat short/nowhere close” to where they thought they would be now regarding retirement savings.
Bill Hill, retirement planning consultant for RBC, suggests Canadians ask themselves when thinking of retirement where they will want to live, if they have any travel plans in mind, if they will be providing financial assistance to younger or aging family members, and if they discussed their plans with people they are close to and a financial advisor.
“You’ll likely find your priorities – and their related financial implications – shifting as you approach and then enter retirement,” says Hill. “That’s why it’s so important to have a conversation about your retirement thoughts with the key people in your life and then to sit down with a financial planner, to ensure you’re taking all your options into consideration. Retirement plans need to be fluid, to adjust as you approach retirement – and flexible enough to support the lifestyle you lead once you are retired.”