Spendthrift boomers worried about retirement

The financial priorities of baby boomers are changing, finds a new white paper released by Capital One Canada.

It suggests that older Canadians who are nearing retirement are currently torn between two goals: they want to maintain their lifestyles and spend freely, but they also want to save.

Read: Most don’t have TFSAs

The paper focuses most on Quebec residents since that province has one of the largest baby boomer populations in the developed world. And, in that region, more than half of those polled (54%) say consumption is still important to them.

However, most (70%) concede they aren’t buying as many products as they have in previous years. That’s up from only 53% a decade ago, which shows older clients in Quebec are becoming more conscious of the need to meet their financial goals.

Read: Help clients prioritize retirement

Out of all Quebec respondents, 41% are retired and 51% remain active in the workforce. Of the latter, 59% estimate they’ll need additional income during their retirement. As a result, many will have to work part-time.

Non-retired residents are worried about their incomes because nearly half of them (47%) say they’ve realized they’re having trouble making ends meet and paying off debts, compared to only 19% of those who are already retired.

Read: Paying down debt top priority for 2014

The paper notes you can help clients who are approaching retirement by not only making sure they stick to their financial plans, but also by urging them to consider whether they’ll have to work after retiring.

For more tips, read:

What to do for senior clients

Checklist – Conduct productive retirement meetings

When retirement plans change

Keep clients happy with concrete goals

Avoid pension-splitting confusion

You’re never too wealthy for CPP