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3 misconceptions about retirement in Canada – CBC.ca

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A new report found that the reality of retirement in Canada isn’t quite what people expect it to be.

The online poll of 1,800 people conducted by Ipsos on behalf of RBC revealed notable misconceptions surrounding retirement. They include the timing of that last day on the job and how Canadians actually spend their days after clocking out.

Respondents were Canadians 55 years and older, some in their pre-retirement years and others who have already retired. An important caveat is that all said they have retirement assets of $100,000 or more.

“Our expectations for retirement aren’t always met,” said Rick Lowes, vice president of retirement strategy of RBC.

Here are the three common misconceptions highlighted in the report.

1. Most people don’t know their retirement date far in advance

So much for counting down the days to retirement months in advance. Among the survey respondents, 55 per cent expected to know their retirement date a year or more in advance. But just 39 per cent had that much notice.

In fact, 16 per cent had no advance notice of their retirement. The results varied from province to province: Respondents in Atlantic Canada were the most likely to say they had no notice before their retirement day arrived. 

Marissa Lennox, chief policy officer for CARP, the Canadian Association of Retired Persons, said health is the No. 1 reason people end up retiring earlier than expected.

“People in bad health often overestimate how long they can work,” she said. “The second reason is familial issues. Someone may choose to leave the workforce to care for a parent, spouse or grandchild.”

Mandatory retirement ages are no longer legal, but things like lay-offs, restructuring, and redundancy brought about by technology also push people into retirement with little notice, Lennox said.

2. Only a minority become ‘snowbirds’

Retiring to sunnier climes is a common Canadian dream. Close to a third of poll respondents said they expect to be “snowbirds” who spend the winter months in warmer locations such as Florida, Arizona or Mexico.

But of those respondents who had actually retired, just 18 per cent actually fly south for winter. That stat doesn’t surprise Lennox. 

“The fact is while it’s nice to fantasize about retiring in a little beach town in paradise somewhere, or spending the better half of our lives travelling the world, it’s just not realistic for most,” she said.

The survey found that those from Alberta were the most likely to be snowbirds at 32 per cent, followed by retirees from Saskatchewan and Manitoba at 23 per cent.

Ernie Zelinski, author of How to Retire Happy Wild and Free, says the types of jobs available to people after they retire can often be a shock. (Submitted by Ernie Zelinkski)

3. Few people work part-time after retirement

Many Canadians plan to have some sort of second act in retirement, working either full or part-time once their main career has come to an end. In fact, they may be counting on it to pay the bills, said Lowes.

Among the poll’s respondents who hadn’t yet retired, 50 per cent said they expected to work at least part-time but just 11 per cent of retirees polled said they’d found work.

“If we haven’t had early notice of retirement, and we haven’t got plans in place, and we may be relying on work to help us achieve our goals, that may not be as available as we’d hoped,” he said. Retirees may discover that it’s harder to get a job than expected, or at least the kind they’d hoped for that will accommodate a semi-retired lifestyle.

Edmonton retiree Ernie Zelinski, author of How to Retire Happy Wild and Free, said people may discover that the type of work they can get in retirement isn’t worth it.

“If you’ve been making a job at $120,000 a year and then you lose your job at 55 and then you have to work a job at $15 an hour, is that going to be sufficient? Those factors have to come into effect too. Would you enjoy being a Walmart greeter or anything else that may be available to you?”

Lennox said she questioned the report’s finding about the small portion of working retirees, given the number of CARP members who say they counting on income from part-time work.

However, she said one explanation could be that since so many are retiring later in life, their ability and desire to work once they’ve finally hung up their hats isn’t what they expected.

“The trend is that people are retiring in their 70s and 80s, so the likelihood of going back to work after that point is much lower,” Lennox said. “We’re thinking of the traditional retirement age of 55 or even 65, and that’s just not what’s happening today.” 

The findings are part of a poll that was conducted between April 2 and April 8, 2019. For this report, the data is drawn from a sample of 1,800 people age 50 or more who have retirement assets of $100,000 or more. The results are considered accurate to within +/- 2.6 percentage points, 19 times out of 20.

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Bad traffic, changed plans: Toronto braces for uncertainty of its Taylor Swift Era

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TORONTO – Will Taylor Swift bring chaos or do we all need to calm down?

It’s a question many Torontonians are asking this week as the city braces for the arrival of Swifties, the massive fan base of one of the world’s biggest pop stars.

Hundreds of thousands are expected to descend on the downtown core for the singer’s six concerts which kick off Thursday at the Rogers Centre and run until Nov. 23.

And while their arrival will be a boon to tourism dollars — the city estimates more than $282 million in economic impact — some worry it could worsen Toronto’s gridlock by clogging streets that already come to a standstill during rush hour.

Swift’s shows are set to collide with sports events at the nearby Scotiabank Arena, including a Raptors game on Friday and a Leafs game on Saturday.

Some residents and local businesses have already adjusted their plans to avoid the area and its planned road closures.

Aahil Dayani says he and some friends intended to throw a birthday bash for one of their pals until they realized it would overlap with the concerts.

“Something as simple as getting together and having dinner is now thrown out the window,” he said.

Dayani says the group rescheduled the gathering for after Swift leaves town. In the meantime, he plans to hunker down at his Toronto residence.

“Her coming into town has kind of changed up my social life,” he added.

“We’re pretty much just not doing anything.”

Max Sinclair, chief executive and founder of A.I. technology firm Ecomtent, suggested his employees avoid the company’s downtown offices on concert days, saying he doesn’t see the point in forcing people to endure potential traffic jams.

“It’s going to be less productive for us, and it’s going to be just a pain for everyone, so it’s easier to avoid it,” Sinclair said.

“We’re a hybrid company, so we can be flexible. It just makes sense.”

Swift’s concerts are the latest pop culture moment to draw attention to Toronto’s notoriously disastrous daily commute.

In June, One Direction singer Niall Horan uploaded a social media video of himself walking through traffic to reach the venue for his concert.

“Traffic’s too bad in Toronto, so we’re walking to the venue,” he wrote in the post.

Toronto Transit Commission spokesperson Stuart Green says the public agency has been working for more than a year on plans to ease the pressure of so many Swifties in one confined area.

“We are preparing for something that would be akin to maybe the Beatles coming in the ‘60s,” he said.

Dozens of buses and streetcars have been added to transit routes around the stadium, and the TTC has consulted the city on potential emergency scenarios.

Green will be part of a command centre operated by the City of Toronto and staffed by Toronto police leaders, emergency services and others who have handled massive gatherings including the Raptors’ NBA championship parade in 2019.

“There may be some who will say we’re over-preparing, and that’s fair,” Green said.

“But we know based on what’s happened in other places, better to be over-prepared than under-prepared.”

Metrolinx, the agency for Ontario’s GO Transit system, has also added extra trips and extended hours in some regions to accommodate fans looking to travel home.

A day before Swift’s first performance, the city began clearing out tents belonging to homeless people near the venue. The city said two people were offered space in a shelter.

“As the area around Rogers Centre is expected to receive a high volume of foot traffic in the coming days, this area has been prioritized for outreach work to ensure the safety of individuals in encampments, other residents, businesses and visitors — as is standard for large-scale events,” city spokesperson Russell Baker said in a statement.

Homeless advocate Diana Chan McNally questioned whether money and optics were behind the measure.

“People (in the area) are already in close proximity to concerts, sports games, and other events that generate massive amounts of traffic — that’s nothing new,” she said in a statement.

“If people were offered and willingly accepted a shelter space, free of coercion, I support that fully — that’s how it should happen.”

This report by The Canadian Press was first published Nov. 13, 2024.



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‘It’s literally incredible’: Swifties line up for merch ahead of Toronto concerts

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TORONTO – Hundreds of Taylor Swift fans lined up outside the gates of Toronto’s Rogers Centre Wednesday, with hopes of snagging some of the pop star’s merchandise on the eve of the first of her six sold-out shows in the city.

Swift is slated to perform at the venue from Thursday to Saturday, and the following week from Nov. 21 to Nov. 23, with concert merchandise available for sale on some non-show days.

Swifties were all smiles as they left the merch shop, their arms full of sweaters and posters bearing pictures of the star and her Eras Tour logo.

Among them was Zoe Haronitis, 22, who said she waited in line for about two hours to get $300 worth of merchandise, including some apparel for her friends.

Haronitis endured the autumn cold and the hefty price tag even though she hasn’t secured a concert ticket. She said she’s hunting down a resale ticket and plans to spend up to $600.

“I haven’t really budgeted anything,” Haronitis said. “I don’t care how much money I spent. That was kind of my mindset.”

The megastar’s merchandise costs up to $115 for a sweater, and $30 for tote bags and other accessories.

Rachel Renwick, 28, also waited a couple of hours in line for merchandise, but only spent about $70 after learning that a coveted blue sweater and a crewneck had been snatched up by other eager fans before she got to the shop. She had been prepared to spend much more, she said.

“The two prized items sold out. I think a lot more damage would have been done,” Renwick said, adding she’s still determined to buy a sweater at a later date.

Renwick estimated she’s spent about $500 in total on “all-things Eras Tour,” including her concert outfit and merchandise.

The long queue for Swift merch is just a snapshot of what the city will see in the coming days. It’s estimated that up to 500,000 visitors from outside Toronto will be in town during the concert period.

Tens of thousands more are also expected to attend Taylgate’24, an unofficial Swiftie fan event scheduled to be held at the nearby Metro Toronto Convention Centre.

Meanwhile, Destination Toronto has said it anticipates the economic impact of the Eras Tour could grow to $282 million as the money continues to circulate.

But for fans like Haronitis, the experience in Toronto comes down to the Swiftie community. Knowing that Swift is going to be in the city for six shows and seeing hundreds gather just for merchandise is “awesome,” she said.

Even though Haronitis hasn’t officially bought her ticket yet, she said she’s excited to see the megastar.

“It’s literally incredible.”

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



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Via Rail seeks judicial review on CN’s speed restrictions

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OTTAWA – Via Rail is asking for a judicial review on the reasons why Canadian National Railway Co. has imposed speed restrictions on its new passenger trains.

The Crown corporation says it is seeking the review from the Federal Court after many attempts at dialogue with the company did not yield valid reasoning for the change.

It says the restrictions imposed last month are causing daily delays on Via Rail’s Québec City-Windsor corridor, affecting thousands of passengers and damaging Via Rail’s reputation with travellers.

CN says in a statement that it imposed the restrictions at rail crossings given the industry’s experience and known risks associated with similar trains.

The company says Via has asked the courts to weigh in even though Via has agreed to buy the equipment needed to permanently fix the issues.

Via said in October that no incidents at level crossings have been reported in the two years since it put 16 Siemens Venture trains into operation.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:CN)

The Canadian Press. All rights reserved.



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