Canadians Not Choosing Retirement Date

“Despite their best-laid plans, a new poll says more than one-third of retired baby boomers did not choose when they left the work force. The poll of Canadians aged 50-plus with financial assets of at least $100,000, released by Royal Bank of Canada Wednesday, found 85 percent of not-yet-retired baby boomers believe they will work until they decide not to. But among those who have actually retired, only 62 percent had that choice,” Roma Luciw of The Globe and Mail wrote this week, republished by yesterday. Luciw’s article continued, “So what kinds of factors forced them to make an earlier-than-expected exit? A request from the employer, health reasons and needing to be a caregiver for someone else were some of the reasons provided by RBC. Certified financial planner Alexandra Macqueen, the co-author of “Pensionize Your Nest Egg”, says disability and chronic illness can push people out of the work force earlier than they had expected, with potentially devastating personal and financial consequences.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS

Post a Comment


Subscribe to: Post Comments (RSS2)