TD Waterhouse reminds residents that it's never too late to start
planning for a comfortable retirement
HAMILTON, ON, Jan. 25 /CNW/ - Contributing to a Registered Retirement
Savings Plan (RRSP) means tax-deferred savings today for money needed
tomorrow. With only five weeks to go before the 2010 RRSP contribution
deadline, TD Waterhouse is encouraging Hamilton-Niagara residents to
begin saving today while reminding them that there is still time to
make an RRSP contribution that can be included on their 2010 tax
A recent TD survey of Hamilton-Niagara residents found that only 37%
contribute to an RRSP as a means to save money for their future and
when asked how, respondents revealed they contribute mainly through a
fixed monthly deposit (25%) or one lump sum payment a year (12%).
"It's great to see that one quarter of people are already making monthly
contributions. In fact, monthly deposits are almost always a better
strategy instead of scrambling last-minute to find enough money for
your annual RRSP contribution and running the risk of missing the
contribution deadline," says Graham Coveney, Senior Financial Planner,
TD Waterhouse. "Even a modest amount of $50 a month can really add up.
You may also find that it's much easier to part with a small amount of
money each month instead of a big lump sum every February."
Other ways that Hamilton-Niagara residents save money for their future
33% set a budget and stick to it
26% regularly put money into a savings account, GIC or mutual fund
23% have started a Tax-Free Savings Account
16% use automatic savings from their bank
"Safe, cautious investments, like savings accounts and GICs can help
preserve capital but they don't earn very much interest," says Coveney.
"People can balance these types of low-risk investments with an
appropriate allocation of higher-risk options, like bonds and stocks,
which can ensure the right mix of growth and risk reduction. A
diversified portfolio - especially one tied to an RRSP - is one of the
best ways to save for retirement."
Coveney also recommends that people speak with a financial advisor, who
can help them create a comprehensive retirement plan to suit their
needs. However, the majority of Hamilton-Niagara residents are not
doing so: only 29% of those surveyed in the region are currently
working with a financial advisor to help plan their retirement.
"Financial advisors use their experience and knowledge to help you plan
the retirement that is best for you," adds Coveney. "I encourage anyone
who is interested in a comfortable and secure retirement to visit their
bank or financial institution and speak with an advisor. That first
conversation can be the start of a journey to golden years that are
About the survey:
The TD Hamilton-Niagara Poll was commissioned by TD and results were
collected through a custom online survey conducted by Environics
Research. A total of 400 completed surveys from the Hamilton-Niagara
region were collected from October 12 - 20, 2010.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group (TD or the Bank). TD is the sixth largest bank in North
America by branches and serves approximately 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 more than 6 million online customers. TD had C$620 billion in
assets on October 31, 2010. 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.
For further information:
Liz Christiansen / Steve Presant
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TD Bank Group