More than half of Canadians (57%) feel there is no appropriate age for retirement and deciding when to retire is a personal choice, according to the 20th Annual RBC RRSP Poll.

Nearly one-in-three Canadians (31%) who are still working say they will never retire and one-quarter (26%) think the term ‘old’ depends on how you feel.

According to Statistics Canada, the average life expectancy of Canadians has steadily increased since 1979, with current life expectancy at birth listed at 78 years for men and 83 years for women. By age 65, men’s life expectancy increases to 83 years and women’s increases to 86 years.

“The average Canadian retirement age is about 62 years but boomers are increasingly choosing to stay working or return to the workforce after retirement,” says Lee Anne Davies, head, retirement strategies, RBC Royal Bank.

“The form your retirement takes depends heavily on personal choices, but planning earlier will give you more options down the road.”

One-third of Canadians (35%) feel that Canada’s aging population will be a financial burden and younger Canadians aged 18-34 are more inclined to feel this way (46%).

“Boomers are the first generation to be faced with caring for aging parents as they near retirement themselves,” says Davies.

“Ninety-one per cent are looking forward to ‘me time’ in retirement, but the needs of family members may make this a challenge. That is why it’s important to set your retirement goals from both a financial and a lifestyle perspective.”

These are some of the findings the RBC 20th Annual RBC Poll conducted by Ipsos Reid between October 21 and November 2, 2009. For this survey, a national sample of 1,457 adults from Ipsos’ Canadian online panel was interviewed online.

IE