Retirement myths and facts


If you are a Baby Boomer nearing the stage of retirement living, there is a good chance you are also looking forward to some travel, volunteering, and plenty of free time to pursue life goals. But beware: a new study says many retirees are surprised at how little free time they have.

According to a recent article in the Vancouver Sun newspaper, a new poll called RBC Retirement Myths & Realities asked newly-retired Canadians how they are spending their time, and the poll found that instead of volunteering and traveling, they were spending a lot of time dealing with their health, and their personal finances.

“Many expectations that Canadians have about retirement turn out very differently in reality,” Jason Round of RBC Financial planning told the newspaper.

According to the poll, thirty percent of newly retired Canadians say they plan to spend part of their year living in the south, but fewer than half of retirees actually spend the winters in a warmer climate.

Round told the news source one of the reasons for the difference between retirees’ expectations, and their actual experiences, comes from financial planning. He recommended that retirees have regular updates on their financial situation, so no surprise can radically change their retirement plans.