Baby boomers are set to redefine retirement with far more active and ambitious plans than current retirees, according to a new national poll released today by Investors Group. Members of the demographic group begin turning 59 this year.

The poll, which was conducted by Decima Research, found a sharp contrast between the retirement plans of baby boomers and the lifestyle of current retirees.

For example, 56% of working baby boomers today (poll respondents between the age of 45-54) say they plan to get away for some or a lot of the harshest months of winter in retirement, while only 27% of current retirees actually do that now.

Other contrasts include:

  • 59% of baby boomers plan to devote a lot of their time to hobbies in their retirement, while only 45% of retired Canadians actually do so today;
  • 28% of baby boomers plan to purchase a vacation property, motor home or boat in their retirement, while only 15% of retired Canadians said that they plan to make or have made such a purchase in their retirement; and
  • 82% of baby boomers plan to do some or a lot of physical recreational activities, while only 64% of retired Canadians report doing the same.



“The baby boomers’ shadow of influence is as long as ever,” says Debbie Ammeter, vp of advanced financial planning for Investors Group. “The research also shows that the retirement attitudes of working Canadians trailing the baby boomers (aged 18-44), are quite similar to the boomers, which suggests the boomers are once again redefining an important life stage, not only for themselves, but for generations to follow.”

“The combination of longer life expectancies and plans for more active retirement lifestyles will come with a price tag,” says Ammeter. “Given that boomers are the next generation to retire, it is striking that over half don’t know how much their retirement will cost.”

The poll found that 56% of baby boomers had not determined, either on their own or with a financial planner, how much income they will need during retirement including how much money they will need to save or invest to achieve this income.

The research also found that many baby boomers have done a good job of saving money. Over 18% of boomers said they had household savings and investments worth over $250,000. Another 21% said they had saved between $100,000 and $250,000.

Many baby boomers and the generations of working Canadians behind them expect to participate in some form of self-employment or consulting work in their retirement. While 51% of baby boomers (and 53% of all working Canadians) plan to work on their own or do some consulting work in retirement, only 22% of retired Canadians do the same today.

The survey results are based on a Decima TeleVox national telephone survey conducted with a representative sample of 2,035 adult Canadians between September 11-21, 2004. A sample of this size will provide results that can be considered accurate for the population overall to within plus or minus 2.2%, 19 times out of 20.