The truth about retirement

Canadians reveal their misconceptions about when, where and how they would retire

Happy mature woman holding hands with her family while moving up the hill towards their picnic place.

Life after work doesn’t go as expected for many retirees, according to a poll from RBC revealing the main misconceptions people had about where, when and how they would retire.

The poll found that 55% of pre-retirees said they planned to know their retirement date at least a year in advance, but only 39% of the retirees who were polled knew the date that far in advance, and 16% said they had no notice at all. 

Half of pre-retirees said they planned to continue working in retirement as a way to stay active mentally (64%) and physically (48%), avoid boredom (44%) and generate income (43%). But only 11% of retirees across Canada said they returned to full- or part-time work after retiring, and even fewer (9%) had returned to work in Ontario and Atlantic Canada.

Additionally, while 29% of pre-retirees said they planned to head south for the winter when they stop working, only 18% of retirees said they were snowbirds. Rather than heading to warmer climes, retirees prioritized spending time with family (51%) and friends (48%).

Rick Lowes, vice-president, retirement strategy, RBC, said it’s never too late for Canadians to set up a retirement plan. 

“We know that the majority of Canadians do not have a retirement plan – and those who do are more prepared and confident,” Lowes said in a release. “A plan helps you understand all your options so you don’t have to make major trade-offs to enjoy the retirement lifestyle you desire.”

The biennial RBC Myths & Realities Poll was conducted by Ipsos between Apr. 2-8, 2019, surveying a sample of 2,000 Canadians aged 50 and over. The responses were weighted according to Census data.