There’s more to preparing for retirement than saving money—and half of boomers say they need to know more
By Jennifer Hughes
The transition from employment to retirement requires a lot of planning and preparation, and according to a recent survey, six in 10 Canadians (61%) say they want to know more about how to do it. Commissioned by Mackenzie Investments, the study involved an online survey of more than 1,500 Canadians. Nearly half (47%) of respondents identified as boomers said they want more information and guidance.
Nearly three-quarters (74%) of boomers and 72% of all respondents agreed that financial advisors need to help people understand the aspects of retirement planning that go beyond merely saving money for the years ahead. Fewer than a quarter of Canadians believe that they’re “very familiar” with the Canada Pension Plan and how it works, when to transfer the funds in their RRSPs to a Registered Retirement Income Fund (RRIF) income fund, or how their taxes will be affected by retirement.
“Canadians in general, and boomers in particular, are seeking advice on the details involved in making the successful transition to retirement,” Carol Bezaire, vice-president of tax, estate, and strategic philanthropy at Mackenzie Investments, said in the report. “This provides Canada’s financial advisors with a tremendous opportunity.”