Eight in Ten (80%) Pre-Retirees Expect to Choose Their Retirement Date, but Almost Half (43%) of Retirees Did Not Get to Choose When They Retired

Toronto, ON - Retirement is a time many may be looking forward to, but what people expect their future in retirement to be like may not end up being the future they actually experience, whether for better or for worse. An Ipsos poll conducted on behalf of RBC has found three retirement realities that run counter to the expectations of pre-retirees: the timing of retirement, the degree to which they miss their paycheques once retired and what retirees actually spend most of their time doing.

One of these retirement realities is that almost half (43%) of retirees did not get to choose when they retired, but eight in ten (80%) pre-retirees expect to choose their retirement date. Based on these figures, many Canadians expecting to retire will be retiring without any say on which date that will be. Reasons for why retirees retired at a time that wasn't their choosing include: health reasons (14%), employer's request (13%), reached mandatory retirement age (5%), required as caregiver for someone (5%), or some other reason (10%).

A second reality when it comes to retirement is that half of pre-retirees say they will miss a regular pay cheque when they retire (49%), but in reality, only one in four (26%) retirees say they do. Although pay cheques are nice to have, for both retirees and pre-retirees, it is not the number one thing they miss or anticipate missing the most about work - that distinction belongs to `socializing/interacting with colleagues' with half (51% of retirees/53% pre-retirees) saying so. Others say being mentally busy (20% retirees/38% pre-retirees), getting out of the house (14% retirees/30% pre-retirees), health benefits (12% retirees/29% pre-retirees), being physically busy (12% retirees/20% pre-retirees), and having goals to work towards (9% retirees/18% pre-retirees) are among the things that they'll miss. Still, many (30% retirees/15% pre-retirees) say they won't miss a thing about work once they're retired.

The third retirement reality is that majority of retirees (72%) report taking time for themselves while most (70%) pre-retirees expect to be spend time travelling. The chart below outlines what pre-retirees expect they'll be doing in their retirement, compared to what retirees actually indicate they're doing in their retirement. The main differences relate to travel, volunteer work, spending time with friends and being a snowbird - where pre-retirees expect to be doing these things, but not as many retirees report actually doing so in reality.

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These are some of the findings of an Ipsos Reid poll conducted between March 16 and March 24, 2015, on behalf of RBC. For this survey, a sample of 2,223 Canadians 50 and older with household assets of at least $100,000 from Ipsos' online panel was interviewed online. The results are based on a sample where quota sampling is employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population. Quota samples from the Ipsos online panel provide results that are intended to approximate a probability sample. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within 177 3 percentage points, for each of the retired and not retired samples, of what the results would have been had the entire population of adults in Canada 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.

For more information on this news release, please contact:

Sean Simpson
Vice President
Ipsos Public Affairs
(416) 572-4474
[email protected]

About Ipsos in Canada

Ipsos 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 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' 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 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 is an Ipsos company, a leading global survey-based market research group.

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

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 87 countries, Ipsos delivers insightful expertise across five research specializations: brand, advertising and media, customer loyalty, marketing, public affairs research, and survey management.

Ipsos researchers 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 and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,669.5 ($2,218.4 million) in 2014.

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