2011 TD Waterhouse Canadians and Retirement Report finds savings and health are key to making retirement dreams a reality
- 62% of Manitoba and Saskatchewan retirees are largely living the retirement of their dreams
- Top financial tips they wish they were told before retiring are: save more money (48%), pay off debts before you stop working (28%) and work with a financial professional (28%)
- Advice Manitoba and Saskatchewan retirees wish to share with those next in line: take care of your health (70%), pay off all your debts before retiring (68%) and start saving earlier (68%)
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Imparting their wisdom on the next generation preparing for retirement, Manitoba and Saskatchewan retirees reveal that managing both your financial and personal health are the keys to enjoying your golden years.
According to the TD Waterhouse Canadians and Retirement Report – which polled retirees from across Canada – many Manitoba and Saskatchewan retirees aren’t confident they saved enough for retirement and advise those next in line to start earlier and save more.
The top piece of financial advice that retirees in Manitoba and Saskatchewan wish they had been told before they retired is: save more money than you think you will need (48%). They also wish they had been told to pay off all debts before they stopped working (28%) and don’t leave the workforce too early (20%). They were also among the most likely in the country to admit they wish they knew the importance of working with a financial professional to develop a retirement plan (28% versus 25% nationally).
“Savings are an important part of preparing to live your retirement dream,” says Patricia Lovett-Reid, Senior Vice President, TD Waterhouse. “In order to live a fulfilling retirement lifestyle, whether it be travelling the world or spending time at home with family and friends, you need to have planned ahead and have the necessary finances in place.”
The good news is that 62% of Manitoba and Saskatchewan retirees say 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. In order to enjoy your retirement journey, you need to take the time to develop a personalized financial plan that is driven by your lifestyle,” says Lovett-Reid.
With nearly four in ten (37%) retirees in Manitoba and Saskatchewan concerned they don’t have enough money to do what they want, and 20% 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 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: Manitoba and Saskatchewan retirees share advice for those next in line
Seven in ten respondents urged boomers to take care of their health (70%), pay off all your debts before retiring (68%) and start saving early and make it a priority (68%).
For articles, videos and more information about financial planning and saving for retirement, please visit http://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 133 from Manitoba and Saskatchewan.
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).
For further information:
Ali Duncan Martin
TD Bank Group