{"id":57734,"date":"2019-12-09T14:33:00","date_gmt":"2019-12-09T14:33:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/living-in-retirement\/quiz-what-affects-your-money-in-retirement\/"},"modified":"2024-05-02T13:47:22","modified_gmt":"2024-05-02T17:47:22","slug":"quiz-what-affects-your-money-in-retirement","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/living-in-retirement\/quiz-what-affects-your-money-in-retirement\/","title":{"rendered":"Quiz: What Affects Your Money in Retirement"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/retirement\/\">\n\t\t\t\t\t\t\t<span>Retirement<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Quiz: What Affects Your Money in Retirement<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/man-look-out-the-window_Thumbnail-default@2x-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/man-look-out-the-window_Thumbnail-default@2x-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/man-look-out-the-window_Thumbnail-default@2x-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/man-look-out-the-window_Thumbnail-default@2x-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Quiz: What Affects Your Money in Retirement &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/living-in-retirement\/quiz-what-affects-your-money-in-retirement\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/living-in-retirement\/quiz-what-affects-your-money-in-retirement\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published December 9, 2019 \u2022 1 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"cf rbc-wp-quiz-wpr\" data-quiz-type=\"quiz\" data-num-questions=\"7\" data-required-questions=\"7\" data-quizzes-dig-id=\"\"><ol class=\"rbc-wp-quiz grid-wpr\"><li id=\"question1\" class=\"grid-inner rbc-wp-quiz-question-wpr \" data-max-answers=\"1\" data-question-dig-id=\"\"><label for=\"yourtravelplanswillaffecthowlongyourmoneylastsinretirement\">Your travel plans will affect how long your money lasts in retirement.<\/label><ul><input type=\"hidden\" name=\"questionnaire_gallery\" value=\"[]\"><div role=\"group\" aria-labelledby=\"q_1_label\"><legend style=\"margin-bottom: 10px;font-weight: 400;\" id=\"q_1_label\">Choose one:<\/legend><div class=\"radio-wpr\"><input type=\"radio\" id=\"q_1-yes\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"A\" name=\"question_yourtravelplanswillaffecthowlongyourmoneylastsinretirement\"><label for=\"q_1-yes\">Yes<\/label><input type=\"radio\" id=\"q_1-no\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"B\" name=\"question_yourtravelplanswillaffecthowlongyourmoneylastsinretirement\"><label for=\"q_1-no\">No<\/label><\/div><\/div><\/ul><\/li><div class=\"hr\"><\/div><li id=\"question2\" class=\"grid-inner rbc-wp-quiz-question-wpr \" data-max-answers=\"1\" data-question-dig-id=\"\"><label for=\"youcanexpecttospendthesameamountthroughoutyourretirement\">You can expect to spend the same amount throughout your retirement.<\/label><ul><input type=\"hidden\" name=\"questionnaire_gallery\" value=\"[]\"><div role=\"group\" aria-labelledby=\"q_2_label\"><legend style=\"margin-bottom: 10px;font-weight: 400;\" id=\"q_2_label\">Choose one:<\/legend><div class=\"radio-wpr\"><input type=\"radio\" id=\"q_2-yes\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"A\" name=\"question_youcanexpecttospendthesameamountthroughoutyourretirement\"><label for=\"q_2-yes\">Yes<\/label><input type=\"radio\" id=\"q_2-no\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"B\" name=\"question_youcanexpecttospendthesameamountthroughoutyourretirement\"><label for=\"q_2-no\">No<\/label><\/div><\/div><\/ul><\/li><div class=\"hr\"><\/div><li id=\"question3\" class=\"grid-inner rbc-wp-quiz-question-wpr \" data-max-answers=\"1\" data-question-dig-id=\"\"><label for=\"bydownsizingtoasmallerhomeyourmoneywilllastlonger\">By downsizing to a smaller home your money will last longer.<\/label><ul><input type=\"hidden\" name=\"questionnaire_gallery\" value=\"[]\"><div role=\"group\" aria-labelledby=\"q_3_label\"><legend style=\"margin-bottom: 10px;font-weight: 400;\" id=\"q_3_label\">Choose one:<\/legend><div class=\"radio-wpr\"><input type=\"radio\" id=\"q_3-yes\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"A\" name=\"question_bydownsizingtoasmallerhomeyourmoneywilllastlonger\"><label for=\"q_3-yes\">Yes<\/label><input type=\"radio\" id=\"q_3-no\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"B\" name=\"question_bydownsizingtoasmallerhomeyourmoneywilllastlonger\"><label for=\"q_3-no\">No<\/label><\/div><\/div><\/ul><\/li><div class=\"hr\"><\/div><li id=\"question4\" class=\"grid-inner rbc-wp-quiz-question-wpr \" data-max-answers=\"1\" data-question-dig-id=\"\"><label for=\"yourhealthcarecostsarecoveredthroughoutyourretirementbecauseyouliveincanada\">Your healthcare costs are covered throughout your retirement (because you live in Canada).<\/label><ul><input type=\"hidden\" name=\"questionnaire_gallery\" value=\"[]\"><div role=\"group\" aria-labelledby=\"q_4_label\"><legend style=\"margin-bottom: 10px;font-weight: 400;\" id=\"q_4_label\">Choose one:<\/legend><div class=\"radio-wpr\"><input type=\"radio\" id=\"q_4-yes\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"A\" name=\"question_yourhealthcarecostsarecoveredthroughoutyourretirementbecauseyouliveincanada\"><label for=\"q_4-yes\">Yes<\/label><input type=\"radio\" id=\"q_4-no\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"B\" name=\"question_yourhealthcarecostsarecoveredthroughoutyourretirementbecauseyouliveincanada\"><label for=\"q_4-no\">No<\/label><\/div><\/div><\/ul><\/li><div class=\"hr\"><\/div><li id=\"question5\" class=\"grid-inner rbc-wp-quiz-question-wpr \" data-max-answers=\"1\" data-question-dig-id=\"\"><label for=\"yourretirementincomeneedstomatchyourpre-retirementincomeinordertolast\">Your retirement income needs to match your pre-retirement income in order to last.<\/label><ul><input type=\"hidden\" name=\"questionnaire_gallery\" value=\"[]\"><div role=\"group\" aria-labelledby=\"q_5_label\"><legend style=\"margin-bottom: 10px;font-weight: 400;\" id=\"q_5_label\">Choose one:<\/legend><div class=\"radio-wpr\"><input type=\"radio\" id=\"q_5-yes\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"A\" name=\"question_yourretirementincomeneedstomatchyourpre-retirementincomeinordertolast\"><label for=\"q_5-yes\">Yes<\/label><input type=\"radio\" id=\"q_5-no\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"B\" name=\"question_yourretirementincomeneedstomatchyourpre-retirementincomeinordertolast\"><label for=\"q_5-no\">No<\/label><\/div><\/div><\/ul><\/li><div class=\"hr\"><\/div><li id=\"question6\" class=\"grid-inner rbc-wp-quiz-question-wpr \" data-max-answers=\"1\" data-question-dig-id=\"\"><label for=\"youneedtosolelyrelyonyoursavingstofundyourretirement\">You need to solely rely on your savings to fund your retirement.<\/label><ul><input type=\"hidden\" name=\"questionnaire_gallery\" value=\"[]\"><div role=\"group\" aria-labelledby=\"q_6_label\"><legend style=\"margin-bottom: 10px;font-weight: 400;\" id=\"q_6_label\">Choose one:<\/legend><div class=\"radio-wpr\"><input type=\"radio\" id=\"q_6-yes\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"A\" name=\"question_youneedtosolelyrelyonyoursavingstofundyourretirement\"><label for=\"q_6-yes\">Yes<\/label><input type=\"radio\" id=\"q_6-no\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"B\" name=\"question_youneedtosolelyrelyonyoursavingstofundyourretirement\"><label for=\"q_6-no\">No<\/label><\/div><\/div><\/ul><\/li><div class=\"hr\"><\/div><li id=\"question7\" class=\"grid-inner rbc-wp-quiz-question-wpr \" data-max-answers=\"1\" data-question-dig-id=\"\"><label for=\"youcouldstillworkafteryouretire\">You could still work after you retire.<\/label><ul><input type=\"hidden\" name=\"questionnaire_gallery\" value=\"[]\"><div role=\"group\" aria-labelledby=\"q_7_label\"><legend style=\"margin-bottom: 10px;font-weight: 400;\" id=\"q_7_label\">Choose one:<\/legend><div class=\"radio-wpr\"><input type=\"radio\" id=\"q_7-yes\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"A\" name=\"question_youcouldstillworkafteryouretire\"><label for=\"q_7-yes\">Yes<\/label><input type=\"radio\" id=\"q_7-no\" class=\"rbc-wp-quiz-question rbc-wp-quiz-yesno-question\" value=\"B\" name=\"question_youcouldstillworkafteryouretire\"><label for=\"q_7-no\">No<\/label><\/div><\/div><\/ul><\/li><div class=\"hr\"><\/div><\/ol><div class=\"rbc-wp-quiz-btn-wpr\"><button class=\"btn tertiary anim-boxshadow-short rbc-wp-quiz-results-btn\" >Show My Results<\/button><button class=\"btn no-btn rbc-wp-quiz-reset-btn\" data-reset-dig-id=\"\">Reset<\/button><\/div><div class=\"rbc-wp-quiz-results-wpr\"><div class=\"rbc-wp-quiz-result\" id=\"result-A\" data-min-score=\"4\" data-max-score=\"8\"><h2 class=\"rbc-wp-quiz-result-heading h4\">You scored <span class=\"num-correct\"><\/span> out of <span class=\"total-num\"><\/span><\/h2><p><b>Your travel plans will affect how long your money lasts in retirement.<\/b><br \/>\n<b> Answer is YES <\/b><br \/>\nAn easy one to start with. Yes, your travel plans will affect your retirement budget. Whether you're thinking about winters down south, a week at the cottage, or a few nights at your favourite theatre festival each summer, you'll want to consider how much your plans will cost and factor that amount into your spending plan.<br \/>\n<b>You can expect to spend the same amount throughout your retirement.<\/b><br \/>\n<b> Answer is NO <\/b><br \/>\nYour expenses will vary as you move from one stage of retirement to another. For instance, when you're newly retired, you're more likely to be active, which may include travel and \/or the pursuit of other goals you've been waiting to tackle. In mid-retirement, you may be less active and find your expenses drop, while later years may bring an increase of healthcare costs.<br \/>\n<b>By downsizing to a smaller home your money will last longer.<\/b><br \/>\n<b> Answer is NO <\/b><br \/>\nWhile moving to a smaller home (i.e. downsizing) can free up funds for your retirement and cut down on some day-to-day costs, it's not always going to reduce your overall expenses. Related costs such as closing fees, real estate commissions, condo fees and land transfer taxes can take a bite out of the equity you've built up in your home.<br \/>\nYour choice to downsize also depends on how you want to spend your time in retirement. Take a look at our <a href=\" https:\/\/www.rbcroyalbank.com\/retirement\/retired\/downsizing-case-study.html\/?promo_name=ENT_BFS_DNL&promo_id=206948&promo_position=body&promo_creative=Quiz: What affects your money in retirement\">Right-Sizing Case Study: Sophia and Raj<\/a> for tips that can help you figure out the right move for you.<br \/>\n<b>Your healthcare costs are covered throughout your retirement (because you live in Canada). <\/b><br \/>\n<b> Answer is NO <\/b><br \/>\nWhile your regular visits to the doctor and basic hospital stays are covered under your provincial health plan, most plans offer no coverage for vision and dental care. The tab for prescription drugs (provided outside of hospitals), as well as visits to the chiropractor or massage therapist won't be picked up by the province either. Plus, the cost of long-term care can really add up.<br \/>\nPlanning for healthcare costs as part of retirement is a critical step to ensuring you have enough money in your budget. A supplemental health plan can also be helpful in covering your vision, dental and prescription drug costs.<br \/>\n<b>Your retirement income needs to match your pre-retirement income in order to last.<\/b><br \/>\n<b>Answer is Depends<\/b><br \/>\nMany financial advisors suggest that you'll need somewhere between 70% and 85% of your pre-retirement income once you retire. Consider the expenses you won't need to pay for once you stop working. Transportation is a big one \u2014 think parking, gas, or public transit cost. You may even be able to forego a second car, and the related insurance premiums, maintenance costs, and monthly lease or finance payments. Throw in buying your daily coffee and regular wardrobe upkeep, and you really may chip away at those day-to-day expenses.<br \/>\n<b>You need to solely rely on your savings to fund your retirement.<\/b><br \/>\n<b>Answer is Depends<\/b><br \/>\nWhile your savings can make up a large part of your retirement income, they don't have to do all the legwork. If you've ever worked in Canada, you'll be eligible to apply for benefits under the Canada Pension Plan (CPP)\/ Quebec Pension Plan (QPP), as well as Old Age Security (OAS). Low-income seniors who receive OAS may also qualify for the Guaranteed Income Supplement (GIS).<br \/>\nThe amount you receive will depend on a few different factors \u2014 it's a good idea to check the Services Canada site about your benefits, and speak with a financial advisor to determine how these benefits fit into your overall retirement plan.<br \/>\n<b>You should keep investing in your retirement for the money to last.<\/b><br \/>\n<b> Answer is Depends <\/b><br \/>\nBecause your retirement may last 30 years or more, your investment portfolio will need to grow long after you've stopped working, even as you withdraw from it. So your investing days are far from over!<br \/>\nStaying invested in a secure and diverse mix of investments can help protect your savings while giving them the chance to grow over the longer-term \u2014 and will assist with providing sustained access to the money you need throughout your retirement. A financial advisor can help determine the right investment mix for you.<br \/>\n<b>You could still work for money after you retire.<\/b><br \/>\n<b>Answer is Depends<\/b><br \/>\nJust because you retire doesn't mean you'll never work again. In fact, one in five Canadians over the age of 65 reported working in 2015<superscript>1<\/superscript>, while a 2018 study identified that as of 2012, 30 per cent of Canadian start-ups were run by those 50+<superscript>2<\/superscript>.<br \/>\nYou're never too old to do something you've always dreamed of, or to try a completely new career. In addition to keeping active, engaged and mentally fit, re-joining the workforce or launching your own business may provide a financial boost, helping you cover some of your retirement expenses.<\/p>\n<h6>\n<p>1 \u2013 Source: Statistics Canada [https:\/\/www12.statcan.gc.ca\/census-recensement\/2016\/as-sa\/98-200-x\/2016027\/98-200-x2016027-eng.cfm]<\/p>\n<p>\n2 \u2013 Source: Sheridan Centre for Elder Research, The Status of Senior Entrepreneurship in Canada [2018 [https:\/\/ceric.ca\/project\/study-status-senior-entrepreneurship-canada-training-implications-career-counsellors\/]<\/p>\n<\/h6>\n<\/div><div class=\"rbc-wp-quiz-result\" id=\"result-B\" data-min-score=\"0\" data-max-score=\"4\"><h2 class=\"rbc-wp-quiz-result-heading h4\">You scored <span class=\"num-correct\"><\/span> out of <span class=\"total-num\"><\/span><\/h2><p><b>Your travel plans will affect how long your money lasts in retirement.<\/b><br \/>\n<b> Answer is YES <\/b><br \/>\nAn easy one to start with. Yes, your travel plans will affect your retirement budget. Whether you're thinking about winters down south, a week at the cottage, or a few nights at your favourite theatre festival each summer, you'll want to consider how much your plans will cost and factor that amount into your spending plan.<br \/>\n<b>You can expect to spend the same amount throughout your retirement.<\/b><br \/>\n<b> Answer is NO <\/b><br \/>\nYour expenses will vary as you move from one stage of retirement to another. For instance, when you're newly retired, you're more likely to be active, which may include travel and \/or the pursuit of other goals you've been waiting to tackle. In mid-retirement, you may be less active and find your expenses drop, while later years may bring an increase of healthcare costs.<br \/>\n<b>By downsizing to a smaller home your money will last longer.<\/b><br \/>\n<b> Answer is NO <\/b><br \/>\nWhile moving to a smaller home (i.e. downsizing) can free up funds for your retirement and cut down on some day-to-day costs, it's not always going to reduce your overall expenses. Related costs such as closing fees, real estate commissions, condo fees and land transfer taxes can take a bite out of the equity you've built up in your home.<br \/>\nYour choice to downsize also depends on how you want to spend your time in retirement. Take a look at our <a href=\" https:\/\/www.rbcroyalbank.com\/retirement\/retired\/downsizing-case-study.html\/?promo_name=ENT_BFS_DNL&promo_id=206948&promo_position=body&promo_creative=Quiz: What affects your money in retirement\">Right-Sizing Case Study: Sophia and Raj<\/a> for tips that can help you figure out the right move for you.<br \/>\n<b>Your healthcare costs are covered throughout your retirement (because you live in Canada). <\/b><br \/>\n<b> Answer is NO <\/b><br \/>\nWhile your regular visits to the doctor and basic hospital stays are covered under your provincial health plan, most plans offer no coverage for vision and dental care. The tab for prescription drugs (provided outside of hospitals), as well as visits to the chiropractor or massage therapist won't be picked up by the province either. Plus, the cost of long-term care can really add up.<br \/>\nPlanning for healthcare costs as part of retirement is a critical step to ensuring you have enough money in your budget. A supplemental health plan can also be helpful in covering your vision, dental and prescription drug costs.<br \/>\n<b>Your retirement income needs to match your pre-retirement income in order to last.<\/b><br \/>\n<b>Answer is Depends<\/b><br \/>\nMany financial advisors suggest that you'll need somewhere between 70% and 85% of your pre-retirement income once you retire. Consider the expenses you won't need to pay for once you stop working. Transportation is a big one \u2014 think parking, gas, or public transit cost. You may even be able to forego a second car, and the related insurance premiums, maintenance costs, and monthly lease or finance payments. Throw in buying your daily coffee and regular wardrobe upkeep, and you really may chip away at those day-to-day expenses.<br \/>\n<b>You need to solely rely on your savings to fund your retirement.<\/b><br \/>\n<b>Answer is Depends<\/b><br \/>\nWhile your savings can make up a large part of your retirement income, they don't have to do all the legwork. If you've ever worked in Canada, you'll be eligible to apply for benefits under the Canada Pension Plan (CPP)\/ Quebec Pension Plan (QPP), as well as Old Age Security (OAS). Low-income seniors who receive OAS may also qualify for the Guaranteed Income Supplement (GIS).<br \/>\nThe amount you receive will depend on a few different factors \u2014 it's a good idea to check the Services Canada site about your benefits, and speak with a financial advisor to determine how these benefits fit into your overall retirement plan.<br \/>\n<b>You should keep investing in your retirement for the money to last.<\/b><br \/>\n<b> Answer is Depends <\/b><br \/>\nBecause your retirement may last 30 years or more, your investment portfolio will need to grow long after you've stopped working, even as you withdraw from it. So your investing days are far from over!<br \/>\nStaying invested in a secure and diverse mix of investments can help protect your savings while giving them the chance to grow over the longer-term \u2014 and will assist with providing sustained access to the money you need throughout your retirement. A financial advisor can help determine the right investment mix for you.<br \/>\n<b>You could still work for money after you retire.<\/b><br \/>\n<b>Answer is Depends<\/b><br \/>\nJust because you retire doesn't mean you'll never work again. In fact, one in five Canadians over the age of 65 reported working in 2015<superscript>1<\/superscript>, while a 2018 study identified that as of 2012, 30 per cent of Canadian start-ups were run by those 50+<superscript>2<\/superscript>.<br \/>\nYou're never too old to do something you've always dreamed of, or to try a completely new career. In addition to keeping active, engaged and mentally fit, re-joining the workforce or launching your own business may provide a financial boost, helping you cover some of your retirement expenses.<\/p>\n<h6>\n<p>1 \u2013 Source: Statistics Canada [https:\/\/www12.statcan.gc.ca\/census-recensement\/2016\/as-sa\/98-200-x\/2016027\/98-200-x2016027-eng.cfm]<\/p>\n<p>\n2 \u2013 Source: Sheridan Centre for Elder Research, The Status of Senior Entrepreneurship in Canada [2018 [https:\/\/ceric.ca\/project\/study-status-senior-entrepreneurship-canada-training-implications-career-counsellors\/]<\/p>\n<\/h6>\n<\/div><\/div><\/div><script>var corans={\"question1\":\"A\",\"question2\":\"B\",\"question3\":\"C\",\"question4\":\"B\",\"question5\":\"C\",\"question6\":\"C\",\"question7\":\"C\"}<\/script>\n<p>\u00a0<\/p>\n<p><\/p>\n<div class=\"wp-block-group block-wpr bg-light-blue rounded-corners pos-rel mob-pad-t pad-t pad-b mob-pad-b pad-l mob-pad-l pad-r mob-pad-r centered-block is-content-justification-left is-nowrap is-layout-flex wp-container-core-group-is-layout-f56a869c wp-block-group-is-layout-flex\">\n<h2 id=\"h-not-sure-how-to-get-started\" class=\"wp-block-heading has-text-align-center mar-b-hlf mob-mar-b-hlf mob-pad-t-hlf\" style=\"text-align: center\">Want to learn more?<\/h2>\n<p class=\"has-text-align-center\" style=\"text-align: center\">Visit our\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/?promo_name=ENT_Retirement_DNL&amp;promo_position=callout&amp;promo_creative=Four%20Sources%20of%20Retirement%20Income\" data-dig-id=\"LP-57734-13\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Retirement Hub-https:\/\/www.rbcroyalbank.com\/retirement\/?promo_name=ENT_Retirement_DNL&amp;promo_position=callout&amp;promo_creative=Four%20Sources%20of%20Retirement%20Income\">Retirement Hub<\/a><\/p>\n<p style=\"text-align: center\">or\u00a0<\/p>\n<p class=\"has-text-align-center\" style=\"text-align: center\"><a id=\"rh-cu-h\" class=\"advisor-link\" href=\"https:\/\/locator.rbcfinancialplanning.com\/?_gl=1*1txa3f7*_gcl_au*MTAwNDYzMzMxNS4xNzEzMzYwNTAy*_ga*MTM2OTc5NDI4MS4xNjMxMTk5ODc1*_ga_89NPCTDXQR*MTcxNDY2Nzc2OS4xNDcuMS4xNzE0NjcxMzA5LjE0LjAuMA..#_ga=2.132421006.1814245511.1714582242-1369794281.1631199875\">Find a Financial Planner<\/a><\/p>\n<\/div>\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-8870bd78-d923-4373-b552-690c652740b0\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Quiz: What Affects Your Money in Retirement &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/living-in-retirement\/quiz-what-affects-your-money-in-retirement\/\">\n        <img decoding=\"async\" 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id-932147cc-e8b8-44b0-9853-418e0854b215\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/real-estate\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Real Estate<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/retirement\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Retirement<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b 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Executor<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-8870bd78-d923-4373-b552-690c652740b0 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-8870bd78-d923-4373-b552-690c652740b0 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-932147cc-e8b8-44b0-9853-418e0854b215 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-932147cc-e8b8-44b0-9853-418e0854b215 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Test your retirement IQ and get answers to some of your biggest retirement questions in our quick and easy quiz.<\/p>\n","protected":false},"author":10,"featured_media":66992,"parent":57300,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[60,536,48],"rbc_content_type":[111],"rbc_audience":[93],"rbc_lob_group":[71],"rbc_difficulty_level":[33],"rbc_mmm_category":[303,320,353,352,313],"class_list":["post-57734","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-real-estate","tag-retirement","tag-savings","rbc_content_type-quiz","rbc_audience-seniors","rbc_lob_group-investments","rbc_difficulty_level-beginner","rbc_mmm_category-goals-aspirations","rbc_mmm_category-investing","rbc_mmm_category-living-in-retirement","rbc_mmm_category-planning-for-retirement","rbc_mmm_category-retirement"],"acf":{"contently_publication_id":"206948","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/living-in-retirement\/quiz-what-affects-your-money-in-retirement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Test your retirement IQ and get answers to some of your biggest retirement questions in our quick and easy quiz.\" \/>\n<meta property=\"og:url\" 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