Retired Canadians over the age of 50 with assets of at least $100,000 are enjoying retirement, with 56% saying their quality of life has improved, according to a new poll from Royal Bank of Canada.

On the other hand, only 38% of pre-retirees in this same demographic group expect life to improve after retiring, with 50% expecting no change.

“It’s natural to have concerns about retirement,” says Lee Anne Davies, head, retirement strategies, RBC. “With only three-in-ten pre-retirees thinking they will love retirement, it’s important to understand this is likely the fear of the unknown, an often unfounded fear.”

When it comes to regrets, 55% of retirees and 65% of pre-retirees have them. Some regrets among retirees include: not taking better care of themselves (13%); not starting to save earlier for retirement (12%); and not travelling enough (7%). The main regret of pre-retirees was not starting to save earlier for retirement (18%).

The vast majority of retirees say they are having a successful retirement (95%), with the biggest secret to retirement success being realistic expectations (30%). Other secrets to retirement success include: having saved enough money (16%); good planning (13%); and staying involved with people (13%).

Davies gives a thumb-up to the 60% of respondents who have a plan in place for retirement. “Retirement is a significant stage of your life and it’s important to keep realistic expectations when planning for the future” she adds.

These are some of the findings the RBC Retirement Myths & Realities poll conducted by Ipsos Reid from March 10-19. For this survey, a national sample of 2,143 adults aged 50 and over with household assets of at least $100,000 from Ipsos’ Canadian online panel was interviewed online.

IE