If your clients aren’t convinced of the importance of planning for life after work, perhaps they’ll take advice from those who can vouch for it personally: retirees. Many retirees admit that retirement isn’t quite the dream they’d imagined it to be, and most wish they’d been better prepared for the major lifestyle transition that comes with retirement, according to Toronto-Dominion Bank’s report entitled Canadians and Retirement.
More than 1,000 retirees across the country were surveyed by Toronto-based Environics Research Group Ltd. for the report in April, and 20% said retirement has been very different from what they imagined, while 16% said they’re not living their dream at all.
Roughly 50% of those surveyed said retirement is “mostly” what they were expecting, while only 11% said it’s exactly what they had hoped it would be.
What advice do retirees have to offer, based on their experiences? Two-thirds said those planning for retirement should take the time to prepare and understand what they want out of their so-called “golden years” before clocking out for the last time. Another 55% said it’s critical to develop hobbies and interests outside of work before retiring.
— MEGAN HARMAN