Canadian Boomers Glad to Have Retirement Blueprints

As the first wave of Canada's Boomer generation turn 65 years old in 2011, only 23% are concerned about having enough savings, according to the 21st Annual RBC RRSP Poll.

Seventy one percent of Boomers who reach their 65th birthdays next year, with financial plans in hand, say 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. Some 42% of Boomers have a formal written financial plan, compared to 19% 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, in a news release. “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%) followed by living life the way they envisioned (25%) and having saved enough money for a comfortable retirement (23%). For 64-year-old Boomers, the majority (67%) agrees that the best gift they could receive is “good health.”