Exploring Retirement: Perceptions, Priorities, and Planning with Michelle Munro

How do perceptions, priorities, and goals shape retirement outlook for pre-retirees and retirees? And how does a written financial plan play into the picture? I am thrilled to dive into these intriguing questions with our special guest, Michelle Munro, Director of Tax and Retirement Research at Fidelity Investments. Michelle brings to our discussion fascinating insights from Fidelity's Retirement Report, shedding light on the significance of having a sound financial plan and how it is strongly associated with a positive retirement perspective. We also touch upon the range of activities that retirees look forward to, with travel taking the top spot.

Canada's growing trend of immigration has undeniably influenced retirement savings and plans. We navigate through this complex landscape, examining how immigration and culture impact the savings goals of both Canadians  who were born here and Canadians who were born elsewhere. Interestingly, Canadians born in other countries show higher savings targets across the board, with an emphasis on multi-generational plans for their children and elderly parents. We also dissect the role of external factors like macroeconomic events on retirement goals and attitudes, alongside the differences for those with defined benefit plans, those employed, or self-employed.

Have you ever wondered why working in retirement is a popular choice? We delve into this phenomenon, revealing that it's not just about the money. Staying active and  mentally engaged are key motivating factors. Stressing the importance of thorough financial planning, we discuss how many retirees are working to thrive rather than to survive. To wrap up, we discuss potential changes that could affect retirement, such as RIF minimums, and how the Fidelity Retirement Report can provide invaluable insight into retirement goals of Canadians. Join us for an episode packed with valuable insights and advice!

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