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TORONTO, Feb. 4 /CNW/ - Excited about the prospect of retiring. Worried about their savings. According to the TD Retirement Savings Poll, these are the conflicted emotions many working Canadians experience when thinking about retirement. More than one-third (36%) can't wait to stop working and enjoy life, however another third (30%) say that even thinking about saving for retirement makes their hearts pound because they haven't saved enough.

"It's not surprising that so many people have retirement worries," says Carrie Russell, Senior Vice President, Core Banking and Payments, TD Canada Trust. "What is alarming is that 20% of people surveyed said that instead of contributing to an RSP, they are counting on either the Canada Pension Plan, an inheritance or a lottery win. The best way to quell those retirement fears is to take charge of your future now - instead of betting on the lottery, bet on yourself."


Ninety-one percent of Canadians say they have fears about retirement. More than half (52%) of working Canadians under 65 are scared that they have not saved enough money for a comfortable retirement.

"Saving for retirement can be daunting, especially when day-to-day expenses and more immediate savings goals eat into the majority of your income," says Russell.

"While it can be challenging to make such a long-term goal a priority, having a retirement savings plan provides not only a cushion for the future, but it also provides tremendous value in the short run," says Russell. "By starting early, you can take advantage of a number of benefits, including reduced income tax and the ability to borrow from your RSP for your education or a down payment on your first home."


The majority of Canadians are making a conscious effort to save for retirement, with 64% of Canadians surveyed saying they contribute to an RSP.

TD Waterhouse financial planner, Nathalie Amzallag, says she's encouraged to see that many Canadians are contributing to their RSPs on a regular basis. "An RSP is the first step many Canadians take toward meeting their goals for retirement - the important thing is to take that step, even if retirement feels far away."

The survey found that of those Canadians who contribute to an RSP, 53% contribute through a fixed monthly deposit, 29% make one lump sum payment a year and 18% use a combination of the two.

Amzallag is encouraged that two thirds of Canadians are doing something about saving for retirement, and to continue to make it a priority, she suggests there are ways to make contributing easier. "Putting aside some money every month through a pre-authorized payment plan makes saving more manageable and allows you to benefit from the power of compound interest."

There are benefits to starting contributions earlier in life, but many younger Canadians are not getting the message. The poll found that 41% of Canadians between 18 and 34 do not currently contribute to an RSP.

Amzallag says that for younger adults, who may not be retiring for another three decades, it's hard to make sense of saving for such a long-term goal. "Saving $25 a week doesn't seem like a lot, but for a 20-year-old who plans to retire at 65, it could add up to approximately $361,500 in retirement savings."


To help show the value of starting early, TD created My First RSP. The message behind My First RSP is simple: starting to put away a little savings when you're young can add up to a big difference. Canadians can learn more about My First RSP by visiting the interactive web page at or by visiting the TD Money Lounge on Facebook and clicking on the My First RSP tab. This simple to use "anti-procrastination" tool gives young adults tips including:

<< - Save for now: Ways that an RSP can benefit you today - Buying your first home: How your RSP can help you purchase your first home - Learn to save: Saving doesn't have to be complicated, it is easy to set up an RSP - Greater tax savings: Learn how to get a bigger tax refund - Make your money grow: Build your savings inside your RSP with as little as $25 a month >>



The TD Retirement Savings Poll, conducted by Angus Reid Public Opinion, a division of Vision Critical, surveyed working Canadians under the age of 65 to better understand their attitudes and behaviours about retirement savings. The total sample size includes 1,002 working Canadians with polling completed January 11-13, 2010.


The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 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 Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$557 billion in assets on October 31, 2009. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

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