Royal Bank of Canada (TSX:RY) is partnering with the University of Waterloo to help Canada’s boomers prepare for retirement.

With the first wave of boomers set to turn 65 in 2011, a significant portion of the population will need advice, resources and information to help plan, transition and thrive in retirement, the bank said Wednesday.

To support these needs, the two organizations announced a research partnership that includes the creation of the RBC Your Future By Design Retirement Research Centre at the University of Waterloo.

“We believe more research is required to understand the issues boomers will face so that we can provide relevant advice and solutions to better prepare them to live well in retirement,” says Ashif Ratanshi, senior vice-president and head, branch investments, deposits and direct investing, RBC.

“With boomers nearing and entering their retirement years, this strategic alliance with one of Canada’s leading universities will provide Canadian boomers with relevant information and innovative ideas to enable their retirement planning and retirement living.”

The research centre combines the university’s insights and expertise on healthy aging with RBC’s expertise in providing Canadians with financial advice and solutions to help them succeed. The new centre will focus on research related to areas that influence quality of life in retirement including health, leisure, wellness, lifestyle, financial, economic, science, arts and technology.

“This collaborative approach is the first of its kind where our innovative academic research will assist the financial services industry in the development of practical solutions and advice for retirement planning,” says Roger Mannell, professor and dean, faculty of applied health sciences, University of Waterloo.”

In addition to the new centre, RBC is creating an undergraduate grant program called the RBC Your Future By Design Retirement Research Undergraduate Fellowship at the University of Waterloo. This fellowship is designed to develop expertise in full-time undergraduates interested in retirement and aging as it impacts Canadians, businesses, institutions and systems, and advance the understanding of retirement from health, financial, social, leisure and psychological and health perspectives.