TORONTO - A new poll suggests many Canadian boomers could be surprised about the timing of their retirement.

The Ipsos-Reid survey of people aged 50 or more found 62 per cent of the retired respondents had chosen the time when they left the workforce.

The poll also found 20 per cent of retired respondents had only a month's warning or less, while 42 per cent had less than six months notice before they retired.

By contrast, 85 per cent of the working boomers said they expected to have a choice about the timing of their retirement.

Health was cited as the main reason for the timing of retirement, ahead of having enough money or being unhappy at work.

The poll was limited to people with household assets of at least $100,000 and conducted by Ipsos Reid for RBC Royal Bank from Feb. 24 to March 12.

Note to readers: This is a corrected story. An earlier version said nearly 30 per cent of retired respondents said they didn't have a choice about their retirement date.

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  • Santa Fe, Panama: From $800 A Month

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  • Old Age Security Facts

    Here are some facts about Old Age Security. <em>With files from The Canadian Press</em> (Alamy)

  • Who Gets It?

    98 per cent of Canadians aged 65 or older, regardless of whether they are retired, and regardless of their pre-retirement income.

  • Amount?

    Maximum monthly benefits are $540.12, and average benefits are slightly more than $500. (CP)

  • Clawbacks?

    OAS is considered taxable income. It is also clawed back for people earning more than $69,562 a year. Anyone making more than $112,772 has to pay it all back. (Getty)

  • Importance?

    For people aged 65 to 69, OAS makes up 13 per cent of their income, on average. (Alamy)

  • Poverty?

    About a third of OAS recipients also get the Guaranteed Income Supplement top-up, targeted at low-income seniors. GIS is income tested. (Thinkstock)

  • Maximum?

    The maximum benefit for someone collecting OAS and GIS is $1,240 per month. (Jupiter Images)