HR Resources Database

HR Resources Database November 0000

Health Issues Major Reason for Retirement, Says RBC Poll

According to the 19th Annual RBC RRSP Poll, approximately one out of four retired Canadians cite health issues as the main reason for their retirement. Only nine percent of pre-retired Canadians however believe that health issues will trigger them to retire.

Besides health issues, qualifying for a pension (24%) and company downsizing (13%) 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," says 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%) ranked higher than no financial worries (30%). The reverse is true for Canadians who have not yet retired, with 38% ranking no financial worries over health (34%) as the best gift they could give themselves in retirement.

The poll also revealed that half (51%) 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% are exercising more and 64% are attending regular medical appointments.

Forty-one percent of pre-retired Canadians plan on becoming healthier in retirement with 80% of those planning on having a better diet, 79% exercising more and 32% attending regular medical appointments.

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