In January 2011, the first of Canada’s boomers—an estimated 344,000—will reach age 65. A new Investors Group poll reveals that while the majority of Canadian boomers are looking to retirement as a period of excitement and opportunity, 55% of those surveyed don’t believe they will be able to fund the lifestyle they want.
Most of those surveyed in the poll—conducted online by Harris/Decima—believe that their retirement years will be comfortable (54%). More time for hobbies, recreation and fitness activities (64%) and the opportunity to travel (61%) are the things boomer retirees are most looking forward to.
But while a majority of boomers (70%) believe their generation has had more opportunity for financial success than the following generation will have, 30% think they won’t even have enough money to pay their basic retirement living expenses.
Boomers who currently work with a financial advisor seem to have a more positive outlook for their post-retirement financial security. Twenty-nine percent of respondents who work with an advisor believe they will have enough money to afford their dream retirement—nearly twice as many as those without an advisor (16%).
“As boomers become seniors, they will have to address the gap between their dreams and the practicalities of getting older,” says Debbie Ammeter, vice-president, advanced financial planning, with Investors Group. “This doesn’t necessarily require adjusting lifestyles and attitudes, but rather asking themselves some honest questions about their financial means.”