Retired Canadians cite health issues as a major reason for
their retirement, according to RBC Poll
Retirees would rather have good health than no financial worries
TORONTO, January 6, 2009 — According to the
19th Annual RBC RRSP Poll, approximately one-in-four retired
Canadians cited health issues as the main reason for their
retirement. Only nine per cent of pre-retired Canadians however
believe that health issues will trigger them to retire. Besides
health issues, qualifying for a pension (24 per cent) and
company downsizing (13 per cent) were the leading factors
that prompted Canadians to retire.
"We are seeing that pre-retirees have not planned for
the possibility that health issues may force them to retire,"
said Lee Anne Davies, head, advanced retirement strategies,
RBC. "Prior to retirement, it's important to take the
time to think about how changes in your health, or the health
of someone depending on you, could affect when and how you
live in retirement."
The study found that health is top of mind for retired Canadians.
In fact, when retirees were asked to state the best gift they
could receive in retirement, good health (53 per cent) ranked
higher than no financial worries (30 per cent). The reverse
is true for Canadians who have not yet retired, with 38 per
cent ranking no financial worries over health (34 per cent)
as the best gift they could give themselves in retirement.
"One of the fundamental steps to ensuring a successful
retirement is to develop a plan," said Davies. "As
Canadians plan for retirement, there may be a number of questions
that arise regarding physical, mental and financial health.
It's important for Canadians to consider what they can do
to integrate the maintenance of good health into their retirement
According to the poll, half (51 per cent) of Canadians who
are retired have changed their lifestyle to ensure a healthy
retirement. Eighty percent of those who did change their lifestyle
say they have a better diet, 69 per cent are exercising more
and 64 per cent are attending regular medical appointments.
Forty-one per cent of pre-retired Canadians plan on becoming
healthier in retirement with 80 per cent of those planning
on having a better diet, 79 per cent exercising more and 32
per cent attending regular medical appointments.
About the 19th Annual RBC RRSP Poll
The 19th Annual RBC RRSP Poll was conducted by Ipsos Reid
from October 16 to 23, 2008. This online survey of 1,272 Canadians
was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's
national online panel. The results of this poll are based
on a sample where quota sampling and weighting are employed
to balance demographics and ensure that the sample's composition
reflects that of the actual Canadian population according
to Census data. Quota samples with weighting from the Ipsos
online panel provide results that are intended to approximate
a probability sample. Statistical margins of error are not
applicable to online polls, however, an unweighted probability
sample of this size, with a 100 per cent response rate, would
have an estimated margin of error of ± 2.7 percentage
points, 19 times out of 20, had the entire adult population
of Canada been polled.
Your Future by Design® is RBC's distinctive approach
to help clients identify, plan, and realize their goals for
retirement. With the guidance of RBC financial planners and
investment and retirement planners, Your Future by Design
helps clients create a blueprint for a successful lifestyle
and financial plan for retirement based on what is truly important
to them in key areas in life, including family, health, home,
lifestyle, work/business, mind and spirit, and legacy. To
find out more about how RBC can help build a blueprint for
the future, visit www.rbc.com/yourfuture
or call 1-866-335-4055.
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Sarah Pendrith, RBC Wealth Management, 416-974-8820
Jackie Braden, Media Relations, 416-974-2124
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