Retired Canadians are spending less in their first year of retirement but still more than they expected
The poll found that most retired Canadians (75 per cent) didn't know how much they spent in their first year of retirement, virtually unchanged from 2008 (76 per cent). Those who know how much they spent had lower costs in their first year of retirement, having spent close to
"How much money you'll need in retirement depends on how you'll be spending your time, with many Canadians underestimating the amount they will need," said
When thinking about retirement, the study found that Canadians who have not retired were most worried about having enough savings (48 per cent), while only 29 per cent of retirees had this concern. Both pre-retirees and retirees are concerned about maintaining their standard of living (40 per cent). Retirees are also more likely to be worried about healthcare (33 per cent) than pre-retirees (28 per cent).
"All of these concerns are valid. Whether retired or not, your life will be somewhat unpredictable at times and you need to be ready when life throws you a curve ball. This is where having a plan can provide peace of mind - you'll know you've considered the unexpected and you've taken the steps to save for your retirement," said Davies.
These are some of the findings the RBC 20th Annual RBC Poll conducted by Ipsos Reid between
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: Suzanne Willers, RBC, (416) 974-2727; Matt Gierasimczuk, Media Relations, (416) 974-2124
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