Planning for retirement? You're not alone if it comes with a few big worries.
For many, retirement brings more than dreams of relaxation; it also stirs up concerns. Village Media polled 8361 readers and asked the question: What is your biggest concern when it comes to retirement? The poll found nearly half of respondents worry about declining health and mobility as they age. Of the 4,094 local votes, 46.43% cited this as their top fear, while 34.86% are anxious about outliving their savings.
As retirement approaches, these anxieties reflect the shifting priorities and uncertainties many face in the later stages of life.
The poll ran from 4/16/2024 to 5/1/2024. The full results are as follows:
To help you tackle the two biggest retirement worries, Village Life has curated a set of resources to guide you. From tips on maintaining mobility to expert advice on stretching your savings, these tools are designed to empower you to enjoy your retirement without the stress.
7 fitness strategies to keep seniors active and thriving
Routine exercise is good for people of all ages. But staying active also helps combat some of the natural physical changes that occur as we get older. If thoughts of complex workouts or costly gym memberships seem daunting, don’t worry! Simply getting up and moving throughout the day to break up long periods of sitting or lounging is an excellent step in a healthier direction.
According to the Mayo Clinic, incorporating physical activity into daily routines can improve heart health, boost energy, reduce stress, strengthen bones and muscles, and enhance brain function. Follow these active aging tips and start maximizing your health and wellness while achieving your fitness goals!
Start Slowly
For optimum benefits, health experts recommend doing 150 to 300 minutes of moderate-intensity aerobic activity and two days of muscle-strengthening workouts per week. However, it’s important to start new exercises slowly - especially if you’ve been sedentary for a while. In other words, don’t enter a 5K race if you’ve never jogged a mile!
It’s okay to start exercising for just 10 minutes a day. Taking baby steps can help prevent injuries and lead to maintaining a healthier lifestyle. Overall, moving frequently and sticking with a fitness plan is what matters.
Walking Does Wonders
Walking is one of the easiest ways to get in shape. Walking works heart muscles, helps with weight loss, and can brighten your mood. According to an International Journal of Behavioural Nutrition and Physical Activity study, healthy older adults should take anywhere from 2,000 to 9,000 steps a day. Wondering how to fit these steps in? At home, make multiple trips up and down the hall, do laps around your kitchen, or walk up and down the basement stairs several times a day. To get some fresh air and enjoy a change of scenery, take your dog for a walk, stroll through the park, hunt for beach treasures with a metal detector, or go on a brisk walk through the neighbourhood. Walking with a friend or family member can also be a fun way to connect with others, relieve stress, and make every step count.
Cardio is Critical
Aerobic activities that increase your heart rate can lower blood pressure and reduce the risk of cardiovascular disease. Therefore, cardio exercises are a critical part of any fitness program.
Pedalling a stationary bike, cycling, swimming, jogging, or playing tennis are just a few heart-healthy activities that help combat aging’s adverse effects. Hiking, dancing, and water aerobics are also fun options!
Building Strength Has Benefits
You don’t have to do bench presses at the gym to build muscles. Lifting a basic set of hand weights or even cans of soup from the pantry at home at least twice a week strengthens your arms. Other exercises like squats build leg muscles, and rowing simulations strengthen your back.
Doing 10 to 15 reps of these strengthening exercises is a good starting point. To challenge yourself, add more weight, and increase reps when your routine starts to feel too comfortable. Building strength naturally increases endurance - the more physical activity you enjoy, the stronger (and healthier) you’ll be.
Household Chores Enhance Health
If you dread housework, you’re not alone. However, the upside to performing an endless list of rotating tasks like gardening, raking leaves, vacuuming, and washing windows is that these everyday household chores keep you active! Check off these to-do items and keep yourself moving, stretching, bending, and exerting energy - you’re burning calories and, more importantly, staying active.
Balance Boosts Brain Function
Balancing exercises, such as standing on one leg, can sharpen neurological functions that decline with age. Getting up and down from the floor, sitting cross-legged, or walking with a book on your head also promotes flexibility and coordination.
Finally, you’re never too old to learn something new! Try boosting your brainpower by picking up a new hobby like bird watching, geocaching, or ballroom dancing. Overall, blending exercise with recreational activities can make actively aging fun!
Note: It’s important to consult your doctor to discuss any potential limitations, risks, or restrictions you have before you begin a new or updated exercise routine.
4 Practical tips that will help you boost your retirement savings
When you’re just starting out in your career, retirement can seem like it’s too far away to imagine. But the sooner you start planning for your retirement, the more money you’ll have available to experience your dreams.
Here are four things to consider when planning for retirement.
Start as soon as you can
You’ve likely seen charts and graphs showing how every dollar you invest today can grow multiple times over a long period of time. These charts visualize the power of compound interest. If, for example, you invest $1 in an account that will earn you 5% per year, at the end of the first year, you’ll have $1.05. But in the second year, you’ll earn interest on the dollar and the 5 cents. The larger the initial investment and the longer the investment period, the more your money will grow.
Maximize your RRSPs and TFSAs
There are two popular federal government programs that many Canadians use to help fund their retirement: Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). Both are similar in that they allow you to invest money in various financial products, including mutual funds, stocks and bonds. The difference is that you get a tax deduction for anything you invest in an RRSP, but the money is taxed when you withdraw it. There are no immediate tax savings with the TFSA, but the money in your investment grows tax-free for as long as you leave it in the fund. One great way to capitalize on both is to invest enough in your RRSP to qualify for a tax refund, and then invest that money in your TFSA.
Employment benefits
Once upon a time, most Canadians counted on a pension to pay for their retirement years. While many careers still include a pension plan, they’re increasingly few and far between. A more common option today is for an employer to offer matching contributions to your RRSPs. If you’re in the market for a new job, factor in the benefits of working for employers who offer a pension or matching funding for retirement savings in your decision-making process.
Have a side hustle
For many of us, when we envision retirement, we picture ourselves signing off permanently. But the reality is that many people find the switch from a 40-hour workweek to zero hours somewhat boring. Some find satisfaction in volunteering their time or doing other charitable work. But if you’re worried about financing your retirement, perhaps you could turn your career skills or hobbies into a side gig. If, for example, you worked as an accountant, perhaps you could do people’s taxes for them. If you were a writer of some sort, maybe you could pick up some freelance work. If you have worked in construction, set up a business doing small renovation projects.
Find more financial literacy tips and free resources at abcmoneymatters.ca.
Results are based on an online study of adult Village Media readers. The margin of error - which measures sample variability - is +/- 100%, 19 times out of 20.
Village Media uses a variety of techniques to capture data, detect and prevent fraudulent votes, detect and prevent robots, and filter out non-local and duplicate votes.
