Paul Martin's Business Update - December 11th

Paul Martin's Business Update - December 11th

Learning about personal finances is not very high on the priority list for many people, particularly those who are not retired. But once you’ve received the gold watch, it gets a whole lot more important.

A survey of retired Canadians and of those still in the workforce conducted by RBC Royal Bank shows some big gaps between expectations and reality on how life is or will be after retirement. For example only one-in-ten Canadians who are still working figure they’ll devote new energy to learning about finances. That jumps dramatically – to 22 percent – after retirement. No doubt moving to a fixed income has an impact.

The survey also showed that more than a quarter of working Canadians expect they will become snowbirds – spending part of the winter in a warmer climate but just over half that number actually made that happen in retirement.

The big items on the list for life after retirement include spending more time alone followed by travel. And interestingly, the number of men planning to spend more time with their spouses significantly outweighed the number of women with that view.

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