Many soon-to-be retired Canadians considering changing retirement date
One-third of retired Canadians between ages 55 and 75 have retired sooner than originally planned, according to a recent RBC survey.
And while the survey didn’t provide insight into why people decided to take advantage of their golden years earlier, Selene Soo, director of wealth insurance at RBC Insurance, offered her guess.
“If I had to wager a guess, with the last two years, it could have been that it wasn’t of their own choice. Just because of businesses going under, companies downsizing or streamlining their staff. Over the past two years, maybe they were able to save a little bit more. I don’t know how much more but they were able to save a little bit more because of not travelling or doing a lot of those types of activities and just decided that life is too short, and they wanted to retire sooner.”
Another 30 per cent of Canadians have plans to change their retirement date, in part because of economic uncertainty and inflation.
For recently retired Canadians, the survey found more than a quarter are exceeding their expenditure than they planned for, while four in 10 reported having unexpected expenses to cover. That includes health-care costs and home repairs, which have become exacerbated by inflation.
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