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Canadians urged to balance health and wealth
to live well in retirement: RBC
TORONTO, October 26, 2010 — As Canadians
age, transition and live in retirement, taking control of
their health and wealth is critical to ensuring success in
the later stages of life. Released today, an RBC Your Future
by Design Retirement Research Centre report, in collaboration
with the University of Waterloo, advises Canadians to learn
how to manage their physical and financial capital in retirement.
"There are three major aspects of your physical health
that deteriorate with age - your strength, endurance and flexibility,"
said Dr. James Rush, professor and chair, Department of Kinesiology,
University of Waterloo. "Declines in these areas lead
to loss of quality of life and disability that start to increase
with aging. You can significantly slow down the decline in
each of these factors by taking control of your lifestyle."
The RBC report entitled "Retire well - take control
of your health and wealth" indicates that sixty per
cent of older adults are inactive. Furthermore, the report
notes that many Canadians are allowing their physical capabilities
to decline at a higher rate than what is attributable to the
result of aging.
"Some age-associated changes are within one's control,
and can be slowed by staying active and making small lifestyle
changes," added Dr. Rush. "An increase in physical
activity at any age is known to reduce age dependent declines
in fitness and can help prevent diseases that are normally
associated with aging."
Financially, the many demands of life can make it difficult
to take full advantage of the power of saving and investing
money over the long-term. While Canadians may be tempted to
ignore the details and deal with retirement financial challenges
as they arise, a successful retirement can be attained by
taking a few simple steps to determine in advance if their
financial capital is adequate.
"The key to a successful retirement isn't about setting
a plan in motion; it's about building a plan that is dynamic
and holistic so as your life changes and your health changes,
your financial plan evolves and preserves your money in a
way that fits your lifestyle," said Lee Anne Davies,
head, Retirement Strategies, RBC. "Much like physical
health, action must be taken to maintain strength, endurance,
and flexibility in one's financial health. It is the combination
of control over one's health and finances that leads to a
balanced retirement."
To stay on track once actions have been taken to gain control
of both the physical and financial capabilities, RBC suggests
Canadians should follow these steps:
- Write down your plan. Writing down your physical
and financial goals helps you clarify them and gives you
something to work towards.
- Assess your progress. On a quarterly, semi-annual
or annual basis, step back and see whether you have achieved
the goals that you set for yourself.
- Make modifications, as needed. A plan is flexible
and can evolve as your needs change.
RBC encourages Canadians to see how they measure up by using
the self-assessment tool and viewing a brief video at www.rbc.com/retirementcentre.
This research report is the first in the Your Future by Design
Retirement Research series.
About the University of Waterloo
The University of Waterloo, located at the heart of Canada's
Technology Triangle, is one of Canada's leading comprehensive
universities. Waterloo is home to 30,000 full- and part-time
undergraduate and graduate students who are dedicated to making
the future better and brighter. Waterloo, known for the largest
post- secondary co-operative education program in the world,
supports enterprising partnerships in learning, research and
discovery. For more information about Waterloo, visit www.uwaterloo.ca.
The RBC Your Future by Design Retirement Research Centre at
the University of Waterloo focuses on research related to
areas that influence quality of life in retirement including
health, leisure, wellness, lifestyle, finances, economics,
science, arts and technology. The Centre complements the distinctive
RBC approach that helps 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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Media contacts:
Suzanne Willers, RBC Corporate Communications,
416-974-2727
Michelle Douglas-Mills, University of Waterloo
519-888-4567, ext. 38345
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