More than one-third of retired baby boomers did not choose the timing of their retirement, according to a new poll.
The poll of Canadians aged 50 and over with household assets of at least $100,000 was conducted by Ipsos Reid for the Royal Bank of Canada.
According to the findings, 62 per cent of retired respondents chose the time they exited the workforce. And 85 per cent of working boomers said they expect to choose their retirement.
However, nearly 40 per cent were blindsided by their own retirement.
“The work scenario can change with employer changes,” Amalia Costa, head of Retirement Strategies at RBC told 680News.
“Or there may be health reasons,” she said, adding boomers may need to be a caregiver for someone else forcing an earlier retirement.
The poll also found that boomers had little time ahead of their retirement date.
Twenty per cent of retired boomers had one month or less warning before and 42 per cent had less than six months notice before they retired.
Costa said boomers can explore their Canadian Pension Plan options.
“Certainly, becoming more informed earlier rather than later will giver you a greater sense of control,” she said.
New poll says many Canadians don’t choose retirement date
Kris McCusker
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