Nearly two-thirds (64%) of working Canadians have done some planning for how they will finance their retirement, according to a new survey by RBC.
The survey of 1,500 working Canadians 50 and older found that less than half of respondents have done some planning around retirement lifestyle decisions, such as where they will live (44%), where they will travel (44%) and what activities they will do (46%).
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“Too often, the word ‘retirement’ is tied to the money, rather than to the life you hope to lead when you retire,” said Bill Hill, national financial planning consultant and retirement designer at RBC.
“You should start by asking yourself, ‘What do I want to do when I retire?’ If you’re part of a couple, have you discussed each other’s hopes for retirement? Or are you assuming your partner fully agrees with what you personally want to do? If you’re an individual, have you thought about what will be truly important to you when you retire?”