Canadian retirees are largely happy with the way their post-career lives are working out, but they admit they wish they’d received more advice before they stopped working. Now they’re offering the advice they wish they’d gotten.
One in four retirees wish they had worked with a financial professional in planning their retirement, according to the 2011 TD Waterhouse Canadians and Retirement Report.
But the biggest regret they expressed was about the amount they saved for retirement—58% said they wished they had saved more, while 28% said they wish someone had told them to pay off their debts before they retired.
One in five said they wish they had known the repercussions of retiring too early.
Their advice to younger Canadians is straightforward: start saving early and save more.
“While there’s more to a fulfilling retirement than money, without enough savings, it’s almost impossible to live your retirement dream and enjoy a comfortable and fulfilling retirement lifestyle,” says Patricia Lovett-Reid, senior vice-president with TD Waterhouse.
On the upside, 59% of survey respondents said they were largely living the retirement of their dreams—11% said retirement was exactly as they expected it to be, while 48% said it was largely what they expected.
Aside from the financial aspects, current retirees urged younger boomers to take care of their health (72%) and to get a handle on what they really want out of their retirement (67%).
“Getting all the little financial planning steps right will make the difference between ‘mostly’ and ‘exactly’ living the retirement of your dreams,” says Lovett-Reid.
Retirees in Atlantic Canada were the most satisfied with their retirement, with 65% saying they were largely living out their dreams, followed closely by Manitoba and Saskatchewan retirees (62%) and Albertans (60%).
Residents of Ontario and British Columbia were the least satisfied, with 53% and 52%, respectively, saying they were largely living their dream retirement.