Canadians' Beliefs About Retirement

Studies show that Canadians' expectations of how they'll be spending their retirement years and what they actually end up doing do not match. An Ipsos Reid for RBC poll taken in the first quarter of 2011, about 75% of Canadians (from 2245 interviewed Canadians aged 50+ with personal assets of over $100,000CAD) plan to travel extensively during retirement, while in truth only 58% of retired Canadians spend any time traveling.
Only 14% Canadians lead a "snowbird" lifestyle or getaway to warmer climates during the winter months, while nearly 30% of soon-to-be-retired Canadians plan to be spending Canadian winters down south.
Volunteering According to the poll, nearly 60% of women and 53% of men who are approaching their senior years state Ladybug Bees that volunteering will take up much of their free time during retirement. In reality, only 41% of retired women and 35% of retired men are actively involved in volunteer work.
Why the discrepancy? Senior Manager of Financial Planning Bride Support with RBC Jason Round suggests the economic uncertainty and lack of proper financial planning might explain the discrepancy between what Canadians plan to do during their retirement years vs what they end up doing. Having a financial plan that's regularly reviewed and adapted to current economic realities is essential for achieving one's goals and freedom in retirement years.