Every now and again, it may seem weird when GNN wanders away from its specific golf industry mandate to a topic that affects the wider population.
If it applies to people within the industry, it’s worth discussing, especially when it’s something as serious as unexpected retirement.
I’m always skeptical when I read studies and polls put out by businesses that may be promoting their own goods and services, in this case financial services, but I did find the recent RBC Retirement Myths and Realities Poll interesting. You can read it here.
There is some self-promotion in this poll, but it does bring up a valid point. Are you prepared to retire unexpectedly?
In today’s environment, it isn’t rare to hear about 50 or 60-somethings being let go due to downsizing or other reasons for premature retirement that was thrust upon them, as opposed to being a personal decision.
At that point in life, it’s pretty tough out there, knocking on doors for a new job.
The RBC poll points out that 20 per cent of retired baby boomers knew one month or less before their retirement, while 42 per cent had less than six months notice.
It’s no secret that the golf industry has had its fair share of challenges, but a past GNN Poll asked readers what would cause them to push back their retirement ages. The majority, or 59 per cent, said they can’t afford to retire.
What would happen then if they were given a month’s notice that retirement was upon them, whether they liked it or not?
Where the Canadian golf industry is no different than the rest of society is the relative number of boomers working within it.
The 2011 Census showed that the number of seniors aged 65 or over is nearly five million, the highest ever, and the leading edge of the boomers is just now hitting that age.
That means even more people could face the grim reality of an unexpected retirement in the future and the key is preparedness.
Of course, banks are known for promoting their services while preaching that we’re not putting enough money away when day-to-day living tends to eat away any potential savings.
All you can do is assess your own situation and be prepared as best you can to deal with the very real possibility that the decision to retire may not be your own.
First, be aware and then prepare.