However, 71% of Boomers who will reach their 65th birthdays next year, with financial plans in hand, say they are better off financially as a result of those plans. Two-thirds of 64-year-old Boomers first developed their financial plan at an average age of 35, once they began accumulating assets and started saving. Some 42% of Boomers have a formal written financial plan, compared to 19% of the country’s general adult population.
“As a significant portion of Canada’s population nears age 65 and the reality of retirement looms closer than ever, it’s interesting to note that many have a written financial plan,” said Lee Anne Davies, head, Retirement Strategies, RBC, in a news release. “We know a financial plan can provide you with direction and the confidence in knowing your options and how you are going to achieve your goals even if life throws you a curve ball.”
The RBC poll also found that overall, Boomers say their best outcome for retirement would be good health (28%) followed by living life the way they envisioned (25%) and having saved enough money for a comfortable retirement (23%). For 64-year-old Boomers, the majority (67%) is in agreement that the best gift they could receive is “good health.”