Are clients hoping to retire in their 60s? Then they need a wakeup call.

A TD poll finds 15% of Canadians plan to save for less than five years before leaving the workforce. That’s not enough, say retirees who’ve already faced the harsh realities. More than two-thirds of retirees say, in hindsight, they should have saved for 25 years or more.

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“If working Canadians don’t make retirement savings a priority, day-to-day expenses and more immediate financial needs can pre-empt saving for the future,” says Kim Parlee, vice president, TD Wealth Management. “When you start investing early, the impact of compound interest is more powerful in helping your savings grow.”

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Cynthia Caskey, vice president, portfolio manager and sales manager, TD Waterhouse Private Investment Advice, adds, “Working longer and focusing on setting money aside for retirement at the end of your career can help bolster your savings.”

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She suggests using the following model: a 25-year-old who starts saving for retirement by investing $100 per month ($1,200 per year) will have a nest egg of close to $200,000 at age 65 (based on a constant 6% annual rate of return, compounded monthly). By contrast, if she starts saving at age 55, for only the last ten years of her career, she must invest approximately $1,215 per month ($14,580 per year) to match that same nest egg.

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Here are some tips from retirees.

  1. Save more by creating and sticking to a budget (52%)
  2. Contribute the maximum amount to your RRSP each year (44%)
  3. Pay off all debts before retiring (43%)

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Additional findings from the poll include:

  • (60%) of working Canadians don’t plan to save for their retirement as long as today’s retirees recommend;
  • 9% say they’ll save for less than five years and 6% won’t actively save for retirement at all;
  • 39% expect to retire with some debt;
  • 64% expect to retire in their 60s, and 16% will keep working into their 70s.