Baby boomers who have yet to retire are far less optimistic about their future than those who have already retired, according to an RBC poll released Wednesday morning.
Only 38% of pre-retirees over the age of 50 expect their life to improve after retirement, with 50% expecting no change. In contrast, 56% of those that have already retired in the same demographic group say their quality of life has improved since retiring.
Lee Anne Davies, head of retirement strategies at RBC, said fear of the unknown is clouding the views of those who are still working. Some of those fears may also be due to the fact that only 60% of respondents have a retirement plan.
Retired survey respondents said the biggest secret to retirement was having realistic expectations, followed by saving enough money and staying involved with people.
“It’s important to keep realistic expectations when planning for the future,” said Davies. “That’s where having a plan of action helps.”
Despite enjoying their retirement, just over half of retirees said they have regrets. Some of those regrets include not taking better care of themselves (13%), not starting to save earlier for retirement (12%) and not travelling enough (7%).
The main regret for pre-retirees is not saving earlier enough for their retirement.