TD Reveals Top Themes From "Redefine Retirement" Contest
More than 2,300 Canadians provide their new definition...
NEWS RELEASE: TORONTO, Oct. 23, 2012 /CNW/ - For thousands of Canadians, retirement isn't just about withdrawing from one's occupation. It means freedom, financial security and the ability to travel. These are the top retirement themes that emerged when TD asked Canadians to redefine retirement last month. More than 2,300 Canadians submitted definitions of what retirement means to them. While many shared common elements, each entry was unique and personal.
"What is clear from the submissions is that everyone's idea of retirement is different, because everyone is looking forward to personal and specific things. It's important to take the time to define what retirement means for you: it helps you get started on planning your finances to ensure your retirement dreams become a reality," says Cynthia Caskey, Vice President, Portfolio Manager and Sales Manager, TD Waterhouse Private Investment Advice.
More than half (52%) of Canadians said retirement isn't about stopping or slowing down. It's about freedom and flexibility. For example:
- "The absence of 'I have to...'" - Sharon, Trail, British Columbia
- "Being able to resume my childish ways, (but with more freedom), because my allowance is a grownup size" - Bernice, Ottawa, Ontario
- "Retirement is to be able to think imaginatively and freely, to allow myself luxuries of thought and time, dreams and realities, the future and friendships." - Cynthia, St. Thomas, Ontario
- "An RV, the love of my life, a GPS, a full tank of gas ... coffee and an open road to travel ... throughout the country!!!" - Crystal, Fort McMurray, Alberta
"To ensure your finances are in good shape when you reach your golden years, it's important to have a financial plan in place," says Caskey. "With the recent volatility in the markets, you can help protect your portfolio by having a variety of investments and savings products. To help maximize your retirement savings, consider having a balance of conservative and growth investments, based on your comfort level and the number of years you have until retirement."
Other recurring themes from submitted definitions included financial security (27%), the ability to travel (25%), escape from the 'nine-to-five grind' (21%) and spending time with friends and family (14%).
Spending time away from work with family and friends can be done on a small budget; however one-quarter of Canadians submitted definitions based on hopes to travel. "Travel can be expensive and requires planning," advises Caskey. "Start by reviewing your current financial situation. With the help of an advisor, you can create a formal financial plan to ensure you save enough now to pay for all of your expenses in retirement, including travel, when you likely won't generate as much income."
"After reviewing the submitted definitions, it became clear that there's no 'best' definition of retirement; it's highly personal," adds Caskey. "The earlier you start thinking about your retirement dream, the sooner you can start saving and planning to help ensure it comes true."
SOURCE: TD Waterhouse
TD Waterhouse Private Investment Advice is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank. TD Waterhouse Canada Inc. - Member of the Canadian Investor Protection Fund.
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