2011 TD Waterhouse Canadians and Retirement Report finds savings and
health are key to making retirement dreams a reality
52% of B.C. retirees are largely living the retirement of their dreams
Top financial tips they wish they were told before retiring are: save
more money (64%), pay off debts before you stop working (32%) and work
with a financial professional (28%)
Advice B.C. retirees wish to share with those next in line: take care of
your health (82%), pay off all your debts before you stop working
(70%), start saving early (69%), and take time to understand/prepare
for retirement (68%)
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VANCOUVER, May 31, 2011 /CNW/ - Half of retired British Columbians are living the retirement they had in mind before
they stopped working. However, there are many who still have financial
worries. According to the TD Waterhouse Canadians and Retirement
Report, which polled retirees from across Canada, many aren't confident
they saved enough for retirement and advise those next in line to start
earlier and save more.
Thinking back to before they retired, B.C. retirees are the most likely
in the country to wish that they were told to save more money than you
think you will need (64% vs. 58% nationally). Other tips they could
have used include: pay off all debts before they stopped working (32%),
work with a financial professional (28%) and pay off their mortgage
before they retired (23%).
"Having a great retirement can mean different things for different
people. But no matter how you plan to spend your retirement years, if
you haven't saved enough you'll probably find that it's a lot tougher
than you thought to live your retirement dream," says Sean Millington,
Investment Advisor, TD Waterhouse.
The good news is that 44% of British Columbians say that their
retirement is "mostly" what they were expecting, and 8% say it's
"exactly" what they had in mind, so the majority are living their
retirement dream. "Having a personalized financial plan can make the
difference between doing a few of the things you wanted to do, and
getting everything you want out of your retirement," says Millington.
With four in ten British Columbia retirees concerned they don't have
enough money to do what they want, and 31% 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. TD Waterhouse 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.
It's not just about money: retired British Columbians share advice for
those next in line
Eight-in-ten retirees in British Columbia urged boomers to take care of
their health, making them the most likely in the country to offer this
advice (82% vs. 72% nationally). They also suggested it's a good idea
to pay off debts (70%), start saving early (69%) and take time to
understand what you want out of retirement (68%).
For tips, videos, articles 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 130 in British Columbia.
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
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