Boomers don't object to term 'retirement': Survey

But many don't want to be called 'retirees'

Canada’s baby boomers may be redefining what retirement means but they don’t mind calling life after work exactly what it is, according to a new survey.

The survey of 2,055 adults by financial services firm Investors Group found 91 per cent of respondents don't object to the use of the word “retirement.”

“Canadians are still comfortable using the word 'retirement' especially as old-fashioned thinking about aging and quality of life is being replaced by a new outlook on what it means to be retired,” said Debbie Ammeter, vice-president of advanced financial planning at Investors Group.

“Today, ‘retirement’ can encompass a diverse range of lifestyles and choices not typically associated with this period in life.”

While retirement may be widely recognized as the best word to describe life after work, opinions about being called a “retiree” vary widely with age.

The vast majority of retired respondents (92 per cent) are very receptive to being called ‘retirees.’ However, as respondents hit middle age (at about 45 years of age), they increasingly object to being called “retiree," with less than one-half of those aged 55 and older wanting to be called a “retiree.”

Younger Canadians who may not yet see retirement on the horizon are not as resistant to this label. Fifty-five per cent of those between the ages of 25 and 34 and 59 per cent of those between the ages of 35 and 44 want to be called "retirees."

The survey also identified when respondents plan to officially retire from work. Nineteen per cent plan to retire between the ages of 55 and 59; another 20 per cent plan to retire between the ages of 60 and 64. Thirty per cent say they will retire at age 65 or older. One in four Canadians (26 per cent) does not know when they will retire.

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