3 Retirement Myths You Should Know About

Many of us dream about our ideal retirement. Maybe it's counting down to the exact day we expect to leave the work world behind, or surveying friends and family about the best southern hot spots to escape those harsh winters. Or maybe it's making retirement side-gig plans as a way to keep active and bring in some income as a bonus.

Retired Canadians, however, have some cautionary words of wisdom for soon-to-be retirees: the when, where and how you retire may not play out exactly as you expect.

According to the latest RBC Retirement Myths & Realities poll, a survey of 1,800 Canadians aged 50-plus, there are three key misconceptions about retirement:

Myth # 1. You'll know your retirement date well in advance.

Not so, according to the retirees polled. Over half of pre-retirees say they expect to know their retirement date more than a year in advance. In reality, only 39 per cent of retirees knew their date that far ahead, while 16 per cent didn't have any notice at all. According to experts, personal or family health issues are common reasons for unexpected retirements.

Myth # 2. You'll be heading south, ASAP.

While around one-third of pre-retirees expect to head south for warmer winter temps, the poll found only 18 per cent of retirees actually become snowbirds.

Myth # 3. You'll pick up a side hustle.

The poll found that a solid 50 per cent of pre-retirees plan to work in retirement — whether it's to stay active, to prevent boredom or to make extra cash. However, just 11 per cent of retirees said they actually ended up returning to work on a full or part-time basis.

Even if the poll results show that things may not turn out exactly as planned, it doesn't mean we can't dream — and have a plan in place. "Perhaps the biggest myth of all is the fear that you've missed the chance to plan for your retirement," says Rick Lowes, Vice-President, Retirement Strategy, RBC. "A plan helps you understand all your options so you don't have to make major trade-offs to enjoy the retirement lifestyle you desire."

What do you think is the biggest myth about retirement? Leave a comment* to share your thoughts.

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