2011 TD Waterhouse Canadians and Retirement Report finds savings and
health are key to making retirement dreams a reality
53% of retired Ontarians are largely living the retirement of their
Top financial tips they wish they were told before retiring are: save
more money (63%), pay off debts before you stop working (30%) and work
with a financial professional (25%)
Advice Ontario retirees wish to share with those next in line: take care
of your health (75%), take time to understand/prepare for retirement
(68%) and pay off all your debts before you stop working (67%)
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TORONTO, May 31, 2011 /CNW/ - Whether they're enjoying time on the golf
course or at home with their family, one-in-two retired Ontarians admit
that although they are largely living the retirement of their dreams
there are a few things they would have done differently.
According to the TD Waterhouse Canadians and Retirement Report - which
polled retirees from across Canada - many Ontario retirees aren't
confident they saved enough for retirement and advise those next in
line to start earlier and save more.
The top tip Ontario retirees wish they were told before retiring is:
save more money than you think you will need (63%). They also wish they
had been told to pay off all debts before they stopped working (30%),
work with a financial professional (25%) and don't leave the workforce
too early (22%).
"While there's more to a fulfilling retirement than money, without
enough savings, it's almost impossible to live your retirement dream
and enjoy a comfortable and fulfilling retirement lifestyle," says
Patricia Lovett-Reid, Senior Vice President, TD Waterhouse.
The good news is that 53% of Ontarians say that their retirement is
"mostly" or "exactly" what they were expecting, 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. You need to create and
follow a comprehensive financial plan that is driven by your lifestyle
- and then you can feel confident you'll enjoy your retirement
journey," says Lovett-Reid.
Ontario retirees are the most likely in the country to be concerned that
they don't have enough money to do what they want in retirement (44%
versus 37% nationally). With 25% worried about outliving their savings,
it's clear that planning and saving is needed in order to secure your
financial future. Lovett-Reid 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 Ontarians share advice for those next
Three quarters (75%) of Ontarian respondents urged those next in line 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 (68%) and pay
off debts (67%).
For articles, videos and information about financial planning and saving
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, including 249 from Ontario.
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:
Ali Duncan Martin
TD Bank Group
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Paradigm Public Relations
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