TORONTO, Oct. 24, 2013 /CNW/ - Staying in their own homes and paying for
home care as needed is by far the most appealing option (83 per cent)
for Canadian Boomers as they head into retirement and consider future
living arrangements that go along with aging. This is followed by
living in a retirement residence with care provided (50 per cent), with
both these options ranking well ahead of the possibility of living with
family members who could assist with home care (24 per cent), according
to the RBC 2013 Retirement Myths & Realities Poll.
"Remaining in familiar surroundings - in a home of their own, in their
current neighbourhood and close to family and friends - is definitely
how Canadian Boomers wish to live when future health changes occur"
noted Amalia Costa, Head, Retirement Strategies & Successful Aging,
RBC. "Taking future health care needs and related finances into account
when planning for retirement will help ensure Canadians can enjoy the
retirement lifestyle they have in mind."
The annual poll also highlighted that, for those who are already
retired, a decision to move out of their home was most often triggered by a change in their health (66 per cent), rather than for downsizing
reasons, such as a need for less space (57 per cent) or to free up
financial equity in the home (36 per cent).
"Making the decision to leave the family home is never an easy one and
there is even more to consider when the move is prompted by changes in
health," noted Audrey Miller, Managing Director of Elder Caring Inc.
"The good news is there are so many options now available, from condos
and seniors' apartments - for those who may be finding the maintenance
of their home to be a challenge - to supportive retirement residences
and long-term care facilities that offer various levels of support and
medical care. You just need to take time to do your research and the
RBC Advice Centre is a good place to start."
Advice related to key financial and lifestyle considerations for
important residential decisions forms part of a new RBC Advice Centre online resource, "Seniors Finance and Caregiving". These materials are
designed to help Canadians who are working through their own health
care related options, as well as those who may be assisting aging
parents or other family members or friends.
"Many older retirees want to live as independently as possible despite
health changes, but the reality is you may not have that choice," added
Costa. "You should explore your future home options now, before the
urgency of a health care event limits your choices. If you are younger
and heading into retirement, you should also ensure that the role of
your home - often one of your most significant personal wealth assets -
is taken into account as part of a comprehensive retirement income
About RBC Seniors Finance and Caregiving
Seniors Finance and Caregiving is a new online resource centre which includes comprehensive information
for Canadians seeking support to help them care for aging relatives and
friends or plan for their own future care needs. Caregiving resources
include advice from caregiving experts as well as active caregivers and
financial advice from RBC advisors related to caregiving needs.
Home-related resources include the safety tips video "There's no place like home" and the article "When staying at home is no longer an option - make sure you plan the
right move". All resources are freely available at www.rbcadvicecentre.com/seniorscare.
About the RBC 2013 Retirement Myths & Realities Poll
This annual poll examines Canadians' expectations and experiences in
retirement. It was conducted via online interviews by Ipsos Reid from
February 27 to March 12, 2013, using a national sample of 2,159 adults
aged 50 and over with household assets of at least $100,000 from Ipsos'
Canadian online panel. A survey with an unweighted probability sample
of this size and a 100 per cent response rate would have an estimated
margin of error of ±2 percentage points 19 times out of 20 of what the
results would have been had the entire population of adults in Canada
been polled. All sample surveys and polls may be subject to other
sources of error, including, but not limited to coverage error, and
For further information:
Kathy Bevan, RBC, 416 974-8820