TORONTO, Jan. 29 /CNW/ - Even with enough money to retire today, most
Canadians (82 per cent) would continue to work, according to the latest RBC
RRSP poll. Just over half (53 per cent) would work part-time or occasionally.
"For most Canadians, retirement doesn't mean sitting in a rocking chair,
watching the days go by," said Lee Anne Davies, head, advanced retirement
strategies, RBC. "The definition of retirement is changing to include some
form of work. Many Canadians may not feel that they are ready to make the
transition into full retirement and continuing to work helps them to stay
engaged and connected."
While more than half of Canadians (56 per cent) plan to continue working
as long as possible, this figure drops to 43 per cent for those 55 and older,
suggesting that perspectives change as Canadians approach retirement. The
study also found that more than a third of Canadians (38 per cent) believe
that they will work past the age of 65.
"People may expect to work past 65 due to their personal or financial
obligations. Among those who plan to retire after age 65, nearly one-third
expect to support someone in retirement, compared to one-fifth (22 per cent)
for those who plan to retire at age 65 or younger," added Davies. "Another
factor may be that Canadians overwhelmingly agree that it is important to
retire debt-free (91 per cent)."
Almost half of those who plan to retire after age 65 are concerned that
they have not done enough to save for their retirement. The poll also found
that only three in ten Canadians who have an RRSP plan to maximize their
contribution for the 2007 tax year.
"Retirement is a transition. It doesn't happen on a fixed date or at a
specific age," said Davies. "Planning for what you want to do and determining
how you will pay for it can help make sure you enjoy retirement."
Surprisingly, more than seven in ten Canadians (72 per cent) are
confident that they can return to work if they require additional income in
retirement. This finding suggests that Canadians do not see potential health
issues, ageism and out-dated workplace skills as roadblocks which could limit
their employment prospects after they retire, noted Davies.
The 18th Annual RBC RRSP Poll was conducted by Ipsos Reid from October 23
to November 5, 2007. The telephone survey was based on responses from a random
sample of 1,200 Canadian adults (aged 18 and over). With a sample of this
size, the results are considered accurate to within +/-2.8 percentage points,
19 times out of 20, of what they would have been had the entire adult Canadian
population been polled. The margin of error will be larger within regions and
for other sub-groupings of the survey population.
Your Future by Design(R) is RBC's distinctive approach to help clients
identify, plan, and realize their goals for retirement. With the guidance of
RBC financial planners and investment and retirement planners, Your Future by
Design helps clients create a blueprint for a successful lifestyle and
financial plan for retirement based on what is truly important to them in key
areas in life, including family, health, home, lifestyle, work/business, mind
and spirit, and legacy. To find out more about how RBC can help build a
blueprint for the future, visit www.rbc.com/yourfuture or call 1-866-335-4055.
For further information:
For further information: Media contacts: Rina Cortese, RBC Wealth
Management, (416) 974-6970; Jackie Braden, RBC Media Relations, (416)