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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%)


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 (63%).

For articles, videos and information about financial planning for retirement, please visit

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).

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