Just be careful who you call a "retiree"
WINNIPEG, Jan. 3 /CNW/ - Canada's boomer population may be redefining
what retirement means but they don't mind calling life after work exactly what
it is. A new Investors Group survey found 91 per cent do not object to the use
of the word "retirement."
Likewise, three-quarters (75 per cent) couldn't identify another word
"Canadians are still comfortable using the word "retirement" especially
as old-fashioned thinking about aging and quality of life is being replaced by
a new outlook on what it means to be retired," said Debbie Ammeter,
Vice-President of Advanced Financial Planning at Investors Group. "Today,
'retirement' can encompass a diverse range of lifestyles and choices not
typically associated with this period in life."
While retirement may be widely recognized as the best word to describe
life after work, opinions about being called a "retiree" vary widely with age.
Retired Canadians, for example, are quite receptive (92 per cent) to
being called 'retirees.' On the other hand, Canadians, who are nearing
traditional retirement years are less comfortable with the notion of being
identified in this way. Less than half (45 per cent) per cent of those aged
55+ want to be called a "retiree."
"Canadians chose their words carefully and their choices are a function
of what stage they are in life," said Ammeter. "Many Canadians in their middle
years have started thinking about what their retirement will be like, but may
not have a clear picture of how, exactly, it will unfold. This partially
explains the hesitation this group has about describing themselves as
Younger Canadians who may not yet see retirement on the horizon are not
as resistant to this label. Fifty-five per cent of those between the ages of
25 and 34 want to be called "retiree." This percentage peaks at 59 per cent of
those who are between the ages of 35-44. With the onset of middle age
(45-years plus), Canadians increasingly object to being called "retiree."
When working Canadians were asked if they would eventually refer to
themselves as "working part-time" or "being semi-retired" (as they reduced
their work week in anticipation of formal retirement), half (49 per cent) said
they preferred the word 'semi-retired.'
Canadians in mid-life are less likely to identify themselves as being
semi-retired. Forty-five per cent of Canadians aged 55+ prefer the word
"semi-retired," a term favoured by a majority (54 per cent) of younger
Canadians under the age of 35.
"Growing numbers of Canadians are choosing to reduce their work hours in
the later years of their career, but they're still very engaged in the
workforce, not necessarily easing out," said Ammeter. "Boomers want to be
active and feel as though they are contributing. At the same time, they are
expressing a desire for flexibility, freedom and wanting to do something
different - on their own terms."
Still, most Canadians can clearly identify the age at which they will
"officially" retire from work. Nineteen per cent of Canadians plan to retire
between the ages of 55 to 59; another 20 per cent plan to retire between the
ages of 60 and 64. Thirty per cent say they will retire at age 65 or older.
One in four Canadians (26 per cent) does not know when they will retire.
A total of 2,055 surveys were completed with Canadian adults between
September 4th and September 13th 2007, using the Harris Decima online panel. A
sample of 2,055 respondents provides estimated proportions that are accurate
to within, at most, +/- 2.2% at the 95% confidence level. That is, 95 times
out of 100, the real value of the variable in the total population will lie
within +/- 2.2% of the estimated proportions provided by the sample. One time
out of 20, the real value of the variable in the population will fall outside
Investors Group, founded in 1926, is a national leader in delivering
personalized financial solutions to Canadians through a network of over 4,300
Consultants located throughout Canada. In addition to an exclusive family of
mutual funds and other investment vehicles, Investors Group offers a wide
range of insurance, securities, mortgage and banking services. Investors Group
is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM
Financial is one of Canada's premier financial services companies with over
$123 billion in total assets under management.
For further information:
For further information: Ron Arnst, Investors Group, (204) 956-3364,
email@example.com; Teresa Pagnutti, Environics Communications,
(416) 969-2721, firstname.lastname@example.org