Canadian Baby Boomer Business Owners More Active in Retirement Planning

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According to the 22nd Annual Royal Bank of Canada Registered Retirement Savings Plan (RBC RRSP) Poll, 54% of retirement-age Baby Boomer business owners regularly review, update and keep their financial plans in mind when they are about to make key financial decisions, compared with 38% of Canadians in general. Consequently, almost two-thirds (65%) of retiring Baby Boomer business owners are confident their savings are where they should be, compared with 51% of the rest of Canadians who think they are at or ahead of their retirement savings goal.

The survey found Baby Boomer business owners are approaching retirement with a different financial priority in mind compared with the average Canadian.Their focus is on saving for retirement rather than making payments to reduce debt, which is the main priority of the average Canadian.

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