Baby Boomers turning 65
The first wave of Canada’s Boomer generation turn 65 years old in 2011, and almost one-quarter (23 per cent) are concerned about having enough savings, according to the 21st Annual RBC RRSP Poll.
However, the majority (71 per cent) of Boomers who will reach their milestone 65th birthdays, with financial plans in hand, say that they are better off financially as a result of those plans. Two-thirds of 64-year-old Boomers first developed their financial plan at an average age of 35, once they began accumulating assets and started saving. Four-in-ten (42 per cent) Boomers have a formal written financial plan, compared to 19 per cent of the country’s general adult population.
“As a significant portion of Canada’s population nears age 65 and the reality of retirement looms closer than ever, it’s interesting to note that many have a written financial plan,” said Lee Anne Davies, head, Retirement Strategies, RBC. “We know a financial plan can provide you with direction and the confidence in knowing your options and how you are going to achieve your goals even if life throws you a curve ball.”
The RBC poll also found that overall, Boomers say their best outcome for retirement would be good health (28 per cent) followed by living life the way they envisioned (25 per cent) and having saved enough money for a comfortable retirement (23 per cent). For 64 year old Boomers, the vast majority (67 per cent) is in agreement that the best gift they could receive is “good health.”
I suppose it’s no surprise that Boomers regard good health as the most important aspect of a happy retirement. Interesting though, only 23 percent say that saving enough money is a key ingredient. In spite of all the press devoted to the financial aspects of retirement, it seems that those soon to retire wonder more, “Where will I live and what will I do during retirement?” Bill