Retirement: Managing Expectations: Ipsos-Reid Survey for RBC Financial

Managing Cash Flow Top Priority For 2/3 (63%) of Canadian Retirees

Half (47%)of All Retirees Agree That On A Fixed Income, They Haven�t Been Able To Enjoy Lifestyle They Were Used To� Majority (56%) of Pre-Retirees Project Similar Angst October 21, 2004 (Toronto, ON) � Two-thirds (63%) of Canada�s retirees agree with the statement that �since retiring, managing my cash flow has been the top priority� according to a new Ipsos-Reid study conducted on behalf of the RBC Financial Group. And half (47%) of retirees agree that �since retiring, I have not been able to enjoy the lifestyle I was accustomed to�.

This sentiment would appear to find a projected angst among a majority (56%) of those who are not yet retired with them agreeing that �I worry that on a fixed income after retirement I won�t be able to enjoy the lifestyle I am accustomed to�.

These are the findings of an Ipsos-Reid/RBC Financial Group poll conducted from August 20th to August 30th, 2004. For the survey, a representative randomly selected sample of 3003 adult Canadians was interviewed by telephone. With a sample of this size, the results are considered accurate to within � 1.8 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. A total of 573 retired Canadians and 2,430 non-retired Canadians were interviews. For a sample of 573 retirees, the results are considered accurate to within � 4.1 percentage points of what they would have been had the entire retired population been polled. With a sample of 2,340 non-retired respondents the results are considered accurate to within � 2.0 percentage points of what they would have been had the entire non-retired population been polled. These data were weighted to ensure the sample’s regional and age/sex composition reflects that of the actual Canadian population according to the 2001 Census data.

Retirees and Those Not There Yet Share Angst�But Burdens Bigger For Some As Baby Boom Parent Care Looms�

Two-thirds (63%) of retirees agree with the statement that �since retiring, managing my cash flow has been the top priority� with four in ten (40%) of retired Canadians strongly agreeing with the statement.

While 47% of retirees agree that �since retiring, I have not been able to enjoy the lifestyle I was accustomed to�, 56% of those who are not yet retired agree that �I worry that on a fixed income after retirement I won�t be able to enjoy the lifestyle I am accustomed to�.

Almost half (47%) of non-retirees agree that �because of the financial burden of taking care of children I have not put away enough money for my retirement.�

Furthermore, and as if to portend the issues associated with parental care for Canada�s aging baby boomers, 31% of non-retirees agree that �because of the financial burden of taking care of my aging parents I have not put away enough money for my retirement.�

Despite Angst, Retirement Still Inspires Dreams of Warmth and Mirth�

Despite worries or angst about retirement, most (54%) of Canada�s pre-retirees say they �dream about spending winters in a warmer climate after they retire� and seven in ten (68%) agree that �the best thing about being retired is travelling.� However, just 19% of retired Canadians say agree that �since retiring, I have spent winters in a warmer climate.�

Ipsos-Reid is Canada�s market intelligence leader and the country�s leading provider of public opinion research. With operations in eight cities, Ipsos-Reid employs more than 300 researcher professionals and support staff in Canada. Ipsos-Reid is an Ipsos company, a leading global survey-based market research group. To learn more, visit www.ipsos.ca.