2011 TD Waterhouse Canadians and Retirement Report finds savings and
health are key to making retirement dreams a reality
Six in ten retired Albertans are largely living the retirement of their
Top financial tips they wish they were told before retiring are: save
more money (57%), pay off debts before you stop working (29%) and work
with a financial professional (27%)
Advice retirees wish to share with those next in line: take care of your
health (73%), pay off all your debts before you stop working (67%) and
take time to understand/prepare for retirement (64%)
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CALGARY, May 31, 2011 /CNW/ - Many retired Albertans are living the
retirement they always dreamed of (58%) but most admit there are things
they would have done differently to alleviate some financial concerns
in their golden years.
According to the TD Waterhouse Canadians and Retirement Report - which
polled retirees from across Canada - many retired Albertans aren't
confident they saved enough for retirement and advise those next in
line to start earlier and save more.
The top tip Alberta retirees wish they were told before retiring is:
save more money than you think you will need (57%). They also wish
they had been told to: pay off all debts before they stopped working
(29%), work with a financial professional (27%), and pay off their
mortgage before they retired (21%).
"Everyone's retirement dream is unique. But regardless of what you have
planned for your retirement years, without enough savings, it's almost
impossible to enjoy a comfortable and fulfilling retirement lifestyle,"
says Crystal Wong, Senior Regional Manager, Financial Planning, TD
The good news is that 58% of Albertans say that their retirement is
"mostly" or "exactly" what they were expecting, so the majority are
living their retirement dream. However, Alberta retirees are the least
likely in the country to be enjoying "exactly" the retirement they
planned (7% vs. 11% nationally). "There are many different aspects of
preparing for retirement, but your most valuable asset is a written
comprehensive financial plan. Understanding how much you need to save,
especially early on, can make the difference between 'mostly' and
'exactly' living the retirement of your dreams," says Wong.
With three in ten (30%) of Alberta's retirees concerned they don't have
enough money to do what they want, and one-quarter worried about
outliving their savings, it's clear that planning and saving is needed
in order to secure your financial future and live the retirement
lifestyle you have in mind. Wong offers the following tips to get your
savings on track, regardless of your stage in life or financial
Twenty years from retiring? Retirement may seem like a distant reality, but it's important to start planning now. You don't need to be debt
free to start saving for retirement: if you contribute to your RSP and
then apply any tax refund you receive from making the contribution
towards paying down debt, you'll likely be better off in the long term.
Ten years from retiring? The closer you get to retirement, the more important it is to take stock
of your savings plan. Work with a financial advisor to monitor your
progress and take corrective action if you fall off course. Consider
your investment objectives, the time remaining to retirement and your
risk tolerance, and map out an investment strategy that will let you
optimize the returns on your RSP savings.
Five years or less from retiring? You're almost there! Before you retire, allow ample time to plan what
you want to do with the money you've accumulated in your RSP. When it's
time to convert your RSP, you might want to consider an RIF or an
annuity. If you have more than one RSP or RIF, consider consolidating
for ease and convenience. Having all your investments with one
institution may also reduce your overall account administration fees.
Passing on wisdom: retired Albertans share advice for those next in line
Almost three quarters (73%) of respondents urged boomers to take care of
their health. They also suggested it's a good idea to pay off their
debts (67%) and take time to understand what they want out of
For articles, videos and information about financial planning and saving
for retirement, please visit www.tdretirement.com.
About the 2011 TD Waterhouse Canadians and Retirement Report
The results for the 2011 TD Waterhouse Canadians and Retirement Report
were collected through a custom, online survey conducted by Environics
Research Group from April 2-28, 2011. A total of 1,006 surveys were
completed by retirees aged 55-70, including 132 in Alberta.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group (TD). TD is the sixth largest bank in North America by
branches and serves more than 19 million customers in four key
businesses operating in a number of locations in key financial centres
around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust and TD Insurance; Wealth Management, including TD
Waterhouse and an investment in TD Ameritrade; U.S. Personal and
Commercial Banking, including TD Bank, America's Most Convenient Bank;
and Wholesale Banking, including TD Securities. TD also ranks among the
world's leading online financial services firms, with approximately 7
million online customers. TD had CDN$630 billion in assets on April 30,
2011. The Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock Exchanges.
TD Waterhouse represents the products and services offered by TD
Waterhouse Canada Inc. (Member of the Canadian Investor Protection
Fund), TD Waterhouse Private Investment Counsel Inc., TD Waterhouse
Insurance Services Inc., TD Waterhouse Private Banking (offered by The
Toronto-Dominion Bank) and TD Waterhouse Private Trust (offered by The
Canada Trust Company).
SOURCE TD Bank Group
For further information:
TD Bank Group
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