Retirement by Choice or by Chance? Majority of Canadians Not Preparing for Post-career Lives: RBC Poll

One in three Canadians hasn't started saving for retirement; women in particular are unprepared for retirement years

TORONTO, Feb. 17, 2015 /CNW/ - A majority of Canadians appears to be leaving their retirement up to chance rather than choosing to plan their options, according to the 25^th Annual RBC RRSP Poll.  While 61 per cent agree that one of their top concerns is running out of money if they live to age 100 - a real possibility with longevity increasing for both women and men - only 39 per cent confirmed they had put any money toward retirement savings in 2014 and almost one third (30 per cent) reported they haven't yet started saving for retirement.

"There are aspects of your retirement that you may not have control over - your health is one example - but you can help ensure you are better prepared for whatever your retirement years hold, by planning for a number of different scenarios," said Richa Hingorani, senior manager, Financial Planning Support, RBC Financial Planning. "There are so many options available and you may be underestimating the possibilities if you don't take the time to have a conversation about your future with a financial planner."

The annual RBC poll also indicated that women are particularly unprepared for retirement:

• Three quarters (75 per cent) don't have a retirement savings goal (compared to 62 per cent of men);
• Two thirds (67 per cent) responded that they have not done any retirement planning (compared to 55 per cent of men);
• 60 per cent don't have a financial plan (compared to 54 per cent of men);
• 39 per cent don't own RRSPs (compared to 31 per cent of men);
• 44 per cent don't have a company pension plan (compared to 38 per cent of men).

"It can be easy for you to get caught up in your day-to-day lives and not focus as much on the future as you might want to," added Hingorani. "Retirement planning doesn't have to be time-consuming.  Taking even an hour or two with a financial planner can get you started and help ensure your post-career lifestyle is one you choose, rather than one which happens by chance."

About the 25^th Annual RBC RRSP Poll
These are some of the findings of the 25th Annual RBC RRSP Poll conducted by Ipsos Reid from November 3 to 17, 2014 on behalf of RBC Financial Planning. For this survey, a sample of 3,205 Canadians ages 18+ from Ipsos' Canadian online panel was interviewed online. Quota sampling and weighting are employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 2 percentage points had all Canadian adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

About RBC's financial planning advice, resources and interactive tools 
Canadians can access RBC Financial Planning and rbc.com/savingsspot for free planning, budgeting and savings advice and resources, or to find the nearest Investment and Retirement Planner. The RBC Advice Centre offers free online advice, resources and tools, including RRSPs and the RSP-Matic Savings Calculator. For Canadians who want to get more from their day-to-day banking, protect what's important, save and invest, borrow with confidence or take care of their businesses, the RBC Advice Centre can help answer their questions.

SOURCE RBC