2011 TD Waterhouse Canadians and Retirement Report finds savings and
health are key to making retirement dreams a reality
Fifty-nine per cent of retired Canadians are largely living the
retirement of their dreams
Financial advice retirees wish they received before retiring: save more
money (58%), pay off debts before you stop working (28%) and work with
a financial professional (25%)
Top advice retirees have for those next in line: take care of your
health (72%), take time to understand/prepare for retirement (67%) and
pay off all your debts before you stop working (63%)
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TORONTO, May 31, 2011 /CNW/ - Canadian retirees are feeling good about
their lives, but many still have financial concerns, finds the TD
Waterhouse Canadians and Retirement Report, a national survey of
retired people. The majority of retirees polled aren't confident they
saved enough for retirement and have some advice for those next in
line: start earlier and save more.
The top pieces of financial advice Canadian retirees wish they were told
before retiring is: save more money than you think you will need (58%),
pay off all debts before stopping working (28%), work with a financial
professional (25%), and don't leave the workforce too early (20%).
"It takes a lot more than just money to live your retirement dream, but
without enough savings, it's almost impossible to enjoy a comfortable
and fulfilling retirement lifestyle," says Patricia Lovett-Reid, Senior
Vice President, TD Waterhouse.
The good news is that 48% of Canadians say that their retirement is
"mostly" what they were expecting, and 11% say it's "exactly" what they
had in mind, so the majority are living their retirement dream.
"Getting all the little financial planning steps right will make the
difference between 'mostly' and 'exactly' living the retirement of your
dreams. Your retirement is as unique as you. Develop a personalized
financial plan that is driven by your lifestyle and then get ready to
enjoy your retirement journey," says Lovett-Reid.
With 37% of Canadian retirees concerned they don't have enough money to
do what they want, and 23% 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.
Lovett-Reid offers the following tips to get your savings on track,
regardless of your stage in life or financial situation:
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 Canadians share advice for those next in line
Almost three quarters (72%) of respondents urged boomers to take care of
their health. They also suggested it's a good idea to take time to
understand what you want out of retirement (67%) and pay off debts
For articles, videos and information about financial planning for
retirement, please visit www.tdretirement.com.
Patricia Lovett-Reid will be sharing her tips for retirees or those
saving for retirement on Twitter on Tuesday, May 31. Please join the
conversation - search for #TDsave2retire!
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.
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 Waterhouse Group, Inc.
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TD Bank Group
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