1/06/2012

TD AGE OF RETIREMENT REPORT - 01 06 2012



Report –




Manitoba and Saskatchewan Fact Sheet



Results for the TD Report on the Age of Retirement were collected through a custom, online survey fielded by Environics


Research Group. A total of 1,006 completed surveys were collected with Canadians aged 25 – 64 who are not retired, including 132 in Manitoba and Saskatchewan. Data was collected between November 22 and December 2, 2011.


Crystal Wong, Senior Regional Manager, TD Waterhouse Financial Planning, based in Calgary, Alberta, is available to discuss the results of the TD Age of Retirement Report and offer advice to residents of Manitoba and Saskatchewan for how to reach retirement in good financial shape.


Age of Retirement in Manitoba and Saskatchewan


The average age people in Manitoba and Saskatchewan think they will retire is 61.


Residents of these provinces are the most likely in the country to say that if given the opportunity, they would retire before age 65 (74% versus 65% nationally).


o More than one quarter (27%) expect they will be older than 65 when they retire.


Residents of Manitoba and Saskatchewan who will keep working past the age of 65, were equally likely to cite a variety of reasons why they’ll stay in the workforce:


o They won’t have enough money saved and will still have debt to repay or kids to support (44%).


o They won’t have enough money to maintain the lifestyle they want (44%).


o Working gives a sense of purpose and they can’t imagine not working in some capacity (44%).


o Another 11% said they love their job and will still have goals to achieve.



Manitoba and Saskatchewan Residents and their Finances


While 61 may be the average expected retirement age in Manitoba and Saskatchewan, some may not be taking into account the amount of savings and investments they’ll need to retire comfortably.


The majority (56%) have less than $100,000 in household financial assets, not including company pensions, life insurance policies and home equity.


o 15% say they have no financial assets whatsoever.


Residents of Manitoba and Saskatchewan on Debt and Retirement


Another major consideration when it comes to retirement is debt. 40% of residents in Manitoba and Saskatchewan expect to have debt when they retire; 15% say it will be a significant amount of debt.


Of those who expect to carry debt into retirement:


o 59% will carry consumer debt into retirement.


o 51% will carry mortgage debt into retirement.


o 6% will carry investment loans into retirement.


o 13% classify their debt as “other”.



What does retirement mean for residents of Manitoba and Saskatchewan?


Residents of Manitoba and Saskatchewan are the most likely in the country (51% versus 47% nationally) to say the see retirement as a gradual slowing down. They’ll likely continue to work part-time or volunteer, but will enjoy
spending more time with family.


36% say retirement is a new beginning and a chance to follow their passions, start new ventures, experience new things and live the life they weren’t able to while working.


Contact Information


For more information or to set up an interview, please contact:


Ali Duncan Martin


TD Bank Group


416-983-4412




Karen Williams / Steve Presant


Paradigm Public Relations


416-203-2223















1 comment:

Dan Zwicker said...

At their current level of retirement capital boomers will be working an additional 5 - 10 years beyond age 65 in order to sustain a 30 - 40 year retirenent.

Dan Zwicker
Toronto, Canada