A Fidelity Canadian Retirement Survey shows that almost three-quarters of Canadian retirees (74%) are satisfied in retirement. Not only are they satisfied in retirement, almost half of retirees report that their transition into retirement was easier than they expected. This is a bit perplexing as cost of living increases and debt remains at all time highs.
Retirees from Atlantic Canada report the highest levels of satisfaction (81% – above the national average of 74%) with retirees in the Prairie regions (Alberta, Saskatchewan, Manitoba) reporting the lowest levels of satisfaction in retirement (67% – below the national average). Only 54% of Canadians still working believed they will be. Again, Atlantic Canadians are more optimistic than other regions in Canada with 57% thinking their retirement will be a positive experience as were working Canadians in B.C. (56%).
The one common theme between retirees and pre-retirees when it comes to satisfaction in retirement is planning (what a concept). Retirees who are or have worked with a financial advisor and have a written retirement income plan report the highest levels of satisfaction.