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Retirement Date Unexpected


Although a large majority (80%) of Canadians approaching retirement believe they will get to pick the day they step away from their careers, in reality 41% of retirees report that they did not leave on a date of their choice, says the ‘RBC 2013 Retirement Myths & Realities Poll.’ Key reasons specified for their unanticipated departure were employer's request (41%) and health reasons (22%). The annual poll also revealed that 20% retirees had as little as one month or no advance notice before retirement, with a majority (65%) reporting they had notification one year or less before their retirement date. "Chances are two out of three retiring Canadians will have less than a year to transition into their next stage of life and they are going to have to create a new pay cheque to support that next stage," says Amalia Costa, head of retirement strategies and successful aging at RBC. "We advise our clients to begin refining their retirement 'road map' at least five years before they expect to retire, to get a clearer idea of their retirement lifestyle, as well as the corresponding retirement income plan that will help them achieve it."

Courtesy of Benefits and Pensions Monitor website News Alerts


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