The pandemic has changed the way we look at a lot of things and….it turns out, how we see retirement is among them.
A survey for RBC Royal Bank of people over the age of 50 that examined the impact of COVID on retirement outlooks turned up a few interesting tidbits including one that suggests the percentage of this group who plan to postpone their retirement has gone up. Roughly 20-percent put themselves in that group but in Alberta it has risen by 33-percent.
We don’t have any Saskatchewan numbers on this survey as our sample size was too small but it’s reasonable to assume we won’t be far off the Alberta findings. People also now figure they’ll need more to retire – $1 million is the new going estimate but a large percentage are not even close to achieving that number.
And more people are rethinking where they’ll live or not live in retirement after COVID. Seniors homes are now off the list for 20-percent of those surveyed. And, while not part of this survey, coincidentally one Saskatchewan business leader reports striking Kelowna from the retirement plans…but due to fires not COVID.