New report from RBC Wealth Management –
U.S. outlines the realities of retiring today and shares practical
guidance as seniors prepare for the future
MINNEAPOLIS, MN, Feb. 26, 2019 /PRNewswire/ - Americans are
living longer, healthier lives, which means that modern retirement
offers a number of exciting prospects – but also comes with
increased financial demands. A new study commissioned by RBC Wealth
Management – U.S identifies a shift away from the long-held
stereotype of retirement, with seniors of today exhibiting new
perspectives – and new attitudes – around retirement and aging.
This split study examines the concerns of those approaching
retirement with the reality of those already in it: while
pre-retirees fear running out of money, current retirees worry
about being able to maintain their quality of life, with a clear
focus on health and family.
In conjunction with the study, RBC Wealth Management developed a
new report, "Rewriting Retirement," to help investors understand
and prepare for the challenges they face as they enter their encore
years, highlighting the importance of proactive wealth
planning. The report presents additional results of the
survey, which captured responses from 1,400 Americans (half
pre-retirement and half retired), and explains how people can take
a holistic approach to retirement in order to achieve long-term
wellbeing.
"Rather than viewing retirement as the final chapter in an
active life, today's boomers optimistically perceive retirement as
an extended encore – a chance to reinvent themselves, pursue
lifelong passions, volunteer, work a part-time gig or even embark
on a new business venture," said Ann
Senne, Head of Advice & Solutions at RBC Wealth
Management-U.S. "This transformational shift in the mindset of
today's retirees will require a re-assessment of expectations and
concerns; and a redefinition of goals regardless of age. Rewriting
Retirement is designed to help advisors take clients through that
process."
The new report shows that seniors are generally positive about
retirement, with three-quarters of those aged 70+ saying they are
confident they will achieve the type of retirement they desire.
Importantly, there is a strong correlation between that feeling of
assurance and the existence of a comprehensive wealth plan: 84
percent of those who already have a plan in place report feeling
confident, compared to just 45 percent of those who don't.
"Baby Boomers, 10,000 of whom are retiring every single day,
expect more from retirement than did previous generations," said
Tom Sagissor, President of RBC
Wealth Management – U.S. "While retirement can be an exciting new
chapter in life, it also presents a number of challenges, and
thoughtful planning can create stability even in the face of
obstacles. People with goals-based and adaptable wealth plans are
less likely to be caught off guard by major expenses down the line,
like healthcare and housing."
Adaptability is key, as a third of seniors say they are spending
their time differently than anticipated. Moreover, 52 percent of
pre-retirees cite travel as their top retirement goal, while 53
percent of current retirees say they want to spend more time with
family, demonstrating how priorities change as people settle into
their new lifestyle.
"As the retirees we surveyed make clear, retirement isn't just
about the numbers," said Angie
O'Leary, Head of Wealth Planning at RBC Wealth
Management-U.S. "Financial stability is the foundation that allows
people to fully enjoy retirement, but today's seniors are
particularly focused on personal life goals such as maintaining
quality of life, physical and mental health, and close
relationships."
"Rewriting Retirement" also covers strategies and tactics for
growing a nest egg, planning for longevity and long-term care,
anticipating healthcare costs and maximizing Social Security
benefits. It also contains a detailed checklist of practical steps
investors can take at various stages in the transition to
retirement and beyond.
Investment and insurance products offered through RBC Wealth
Management are not insured by the FDIC or any other federal
government agency, are not deposits or other obligations of, or
guaranteed by, a bank or any bank affiliate, and are subject to
investment risks, including possible loss of the principal amount
invested.
About RBC Wealth Management – U.S.
In the United States, RBC Wealth
Management operates as a division of RBC Capital Markets, LLC.
Founded in 1909, RBC Capital Markets, LLC is a member of the New
York Stock Exchange, the Financial Industry Regulatory Authority,
the Securities Investor Protection Corporation, and other major
securities exchanges. RBC Wealth Management has $358 billion in total client assets with
approximately 1,800 financial advisors operating in 200 locations
in 42 states.
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SOURCE RBC
