As we age, we slowly make the transition and live into retirement, taking control of our health and wealth is extremely critical to ensuring the success of our future. All Canadians will find it necessary to learn how to manage their physical and financial capital in retirement. RBC has released and RBC Your Future by Design Retirement Research Centre Report, which advises Canadians on how to manage their physical and financial capital in retirement.
This report was made in collaboration with the University of Waterloo.
There are 3 major aspects of your physical health that will deteriorate as you age; they are your strength, endurance and flexibility, noted Dr. James Rush, professor and chair, Department of Kinesiology, University of Waterloo. As you see a decline in these areas, the quality of life and disability is slowly loss. By taking control of your lifestyle, you can significantly slow down and decline in each of these factors.
What is in the RBC report?
The RBC report, entitled “Retire well – take control of your health and wealth” indicates that 60& of older adults are inactive. The report notes that many Canadians are allowing their physical capabilities to decline at a much higher rate that what should be accountable to the result of aging.
By making small lifestyle changes and staying active you can control some age associated changes.
Financially, the many demands of life can make it difficult to take full advantage of saving and investing money over the long term. Canadians are often tempted to ignore the details and deal with retirement financial challenges as they arise. To have a successful retirement, you can take a few simple steps to determine in the financial capital is adequate.
What should I do to have a successful retirement?
Lee Ann Davies, head Retirement Strategies, RBC has noted that the key to a successful retirement isn’t about setting a plan in motion, rather it is about building a plan that is dynamic and universal. This is for the times when your life changes, like with your health, your financial plan will evolve and preserve your money so that it fits your lifestyle.
In order to stay on track with your retirement plan, there are a few steps you can take:
1. Make a plan
Writing down your plan for both your physical and financial goals will help you clarify them and give you something to aim for. Keep in mind, you have to follow your plan diligently, or it would just be a waste of time to create.
2. Assess your progress
Like any plan, you need to have checkpoints along the way. You have to assess your progress on a regular basis; this could be anywhere from quarterly to annually. Analyze how far you have come, and whether you have reached the goals that you have set for yourself.
3. Make Adjustments
We all know that nothing in life goes the way you planned. Your plan should be flexible so that it can evolve as your needs change. You may decide that you want increase the amount of money you would like to have for your retirement, therefore you will have to adjust your plan so that you can save more money; this is why making modifications to your plan is necessary.
4. Do not stress out
Stress is a contributing factor to aging; the more you are stressed, the faster your wear yourself out physically. Create your plan, and follow it, try not to get consumed with it, or you may find yourself far to stressed to continue it.