More than two-thirds of not-yet-retired Canadians age 50 and older have yet to discuss their hopes for their post-career lives with their spouses or partners.
According to the latest findings of the annual RBC Retirement Myths & Realities Poll, three of the topics these Canadians have been most reluctant to discuss with their significant others are how either will manage if the other encounters health issues (86%), how either will manage if the other passes away prematurely (81%) and what activities they will do in retirement (65%).
“Couples often have more conversations about what they’ll be doing over the summer or winter holidays than what they hope their retirement together will be like,” notes Bill Hill, national retirement planning consultant with RBC. “Yet one of the most important discussions you can have as a couple in your 50s or older is around the future lifestyle you’re hoping for when you’re no longer working nine-to-five.”
The RBC poll finds that only 36% have discussed how they will finance their retirement and where they will live once retired. At the same time, the poll also revealed that men and women have very different expectations about how they will occupy their time during retirement.
While 57% of men expected to spend more time with their spouse or partner, only 52% of women expressed the same sentiment. Women were much more interested in spending more time with family other than their spouses or partners (53% compared with 37% of men), with friends (51% versus 36%) and as volunteers (63% versus 50%).
“The differences men and women are expressing separately make it all the more important for them to discuss retirement together,” he adds. “Talking through the possibilities makes it easier to create a retirement that works for both partners.”
The poll was conducted via online interviews by Ipsos Reid using a national sample of 3,871 adults age 50 and over with household assets of at least $100,000.
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