Four in Ten (38%) Retired Boomers Say They Didn't Retire at a Time of Their Choosing; Most (85%) Pre-Retired Boomers Think They'll Pick a Time of Their Choosing

Toronto, ON - Most (85%) boomers nearing retirement appear to think that they'll retire at a time of their choosing, but four in ten (38%) retired boomers say they didn't have that luxury, according to a new poll conducted by Ipsos Reid on behalf of RBC. Nine in ten (85%) of pre-retired boomers believe they'll have the choice to retire based on when they're ready or when they've saved enough money. Conversely, six in ten (62%) boomers that are retired say had the choice of when to retire, revealing a significant gap (23 points) between expectations of pre-retirees and the reality of retired boomers.

Pre-retired boomer's expectations on whether or not they'll be forced to retire at a time other than when they desire are also out-of-sync with the realities experienced by already retired boomers. Three in ten (28%) pre-retired boomers believe they'll be forced to retire when they aren't ready, while nearly half (45%) of retired boomers say they left the work force when they weren't ready, a 17 point difference. Four in ten (38%) boomers retired when they weren't ready to nor had enough money saved, while only two in ten (15%) boomers on the verge of retirement believe this scenario will happen to them, a difference of 23 points.

One in ten (14%) retired boomers were given no advance notice for their retirement, while two in ten (20%) were given one month or less. Four in ten (42%) boomers who are retired say they had less than six months notice before they retired, while two-thirds (62%) knew with a year's notice or less. One-quarter (27%) knew that they would retire more than a year in advance, while only one in ten (11%) knew more than five years ahead of time. In contrast, pre-retired boomers believe they'll have much more time to prepare for retirement: only one in ten pre-retired boomers believe they'll retire with no advance notice (9%) or within a month or less (11%). One-quarter (26%) say they will retire with less than six months notice, while a majority (53%) think they will know a year ahead of time. Four in ten (37%) believe they know they will retire more than a year ahead of time, while one in ten (10%) think they'll know more than five years in advance. The following chart outlines how long before their actual/upcoming retirement retired and pre-retired boomers knew/know they'd retire:

(Click to enlarge image)

Two-thirds (66%) of retired boomers believe they retired at the right time, while six in ten (55%) of pre-retired boomers believe they'll retire when the timing is perfect for them. Two in ten (19%) retired boomers say they retired too soon, while one-third (34%) of boomers on the verge of retirement think they'll retire when it is too soon. One in ten (14%) boomers who are retired aren't sure if they retired at the right time, while one in ten (11%) pre-retired boomers feel similarly about their own upcoming retirement. Only 1% of retired boomers say they retired too late, while no pre-retired boomers believe this will happen to them.

When it comes to what made or would make their retirement timing perfect, however, boomers who are retired and those who are on the verge of retirement are in agreement. Three-quarters of retired (78%) and pre-retired (74%) boomers wanted or want to retired while their health was good enough for them to enjoy an active retirement. One-third (34%) of retired boomers left work because they didn't need any more money or had enough money, while two in ten (17%) pre-retired boomers believe they'll retire at the right time for the same reason. One-quarter (25%) of retired boomers think they retired at the right time because they weren't happy at work, while three in ten (29%) pre-retired boomers believe they'll retire due to unhappiness in the workplace. The following table describes the reasons why retirement happened at the right time for retired boomers or what would make the timing right for boomers who aren't retired:

(Click to enlarge image)

These are some of the findings of an Ipsos Reid poll conducted between February 24th and March 12th, 2012, on behalf of RBC as part of their third annual RBC Retirement Myths and Realities Poll. For this survey a sample of 2,833 Canadian adults aged 50 and over with household assets of at least $100,000 from Ipsos' Canadian online panel was interviewed online. Weighting was then 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. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 2 percentage points, 19 times out of 20, 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
Associate Vice President
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 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. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.

With offices in 84 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, 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 e1,363 billion (1.897 billion USD) in 2011.

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