Economic Conditions Causing Many (28%) Boomers to Delay Retirement

Ottawa, ON - According to the 19th annual Ipsos Reid/RBC RRSP poll, three in ten (28%) boomers indicate that they plan on delaying the date of their retirement due to the current economic conditions. The most commonly-mentioned timeframes for delay are one to two years (43%) or three to five years (37%), although some are delaying their retirement for 5 or more years (9%). Just 3% will delay their retirement for less than a year.

It appears that the economic slump is having an even greater effect on the anticipated retirement dates for boomers who own businesses and plan to retire within the next five years, as four in ten (37%) indicate that they will delay their retirement.

But many (32%) retiring boomers who own business will never fully retire, according to the survey results, which is 19 points higher than the proportion of boomers overall who say this. Thinking ahead to when they're 65 years old, one half (50%) thinks they'll be only semi-retired or working part-time, which is significantly more than the 40% of boomers overall who think that this will be the case.

Furthermore, only four in ten (37%) retiring boomers who own their own business expect to be fully retired at age 65, compared to 47% of boomers overall who think they'll be in this position.

If they had enough money to retire, one quarter (25%) of boomers would do so right away, compared to 18% of retiring boomers who own businesses. One half (50%) of boomers overall would work part-time or occasionally (vs. 54% of retiring business owners), and one in four (25%) would continue to work full-time despite having enough to retire (vs. 28% of retiring business owners).

The survey revealed some other interesting tidbits about boomers and their saving habits:

• Four in ten (42%) started saving for their retirement between the ages of 35 and 54.
• Eight in ten (77%) are doing at least some retirement planning.
• Almost all (95%) have an RRSP, with 98% of those boomer business owners retiring in the next five years indicating that this is the case.
• Two in three (64%) boomers with an RRSP have already contributed to, or plan to contribute to, an RRSP for the 2008 tax year.
• Four in ten (43%) will contribute their maximum allowable contribution to their RRSPs for the 2008 tax year.

The 19th Annual RBC RRSP Poll was conducted by Ipsos Reid from October 16 to 23, 2008. This online survey of 3,113 Canadian boomers (ages 50 to 69 with assets of at least $100,000) was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's national online panel. The sample includes 934 boomers who say they plan to retire in the next 5 years and 139 who plan to retire within 5 years and who are also business owners. Statistical margins of error are not applicable to online polls, however, an unweighted probability sample of 3,113, with a 100 per cent response rate, would have an estimated margin of error of 177 1.8 percentage points, 19 times out of 20, had the entire adult population of Canada been polled. A sample of 934 would have an estimated margin of error of 3.2 percentage points and a sample of 139 would have a margin of error of 8.3 percentage points, 19 times out of 20.

For more information on this news release, please contact:
Sean Simpson
Research Manager
Ipsos Reid
Public Affairs
(416) 572-4474
[email protected]

About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.

Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999.

In 2007, Ipsos generated global revenues of e927.2 million ($1.27 billion U.S.).

Visit www.ipsos.com to learn more about Ipsos offerings and capabilities.

Ipsos, listed on the Eurolist of Euronext - Comp B, is part of SBF 120 and the Mid-100 Index, adheres to the Next Prime segment and is eligible to the Deferred Settlement System. Isin FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP