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A Report Made by TD Canada Trust showed that there is Only 38% of Canadians Who Have a Financial Plan

 

The uncertainty in the global economy and instability in stock markets are always enough reason to make anyone, including Canadians so concerned of their financial future. Fortunately, having a clear picture of their retirement can be a huge benefit. The unfortunate thing is that only a few Canadians have a clear picture of their retirement. This is a fact obtained from a study conducted by the TD Canada Trust.

 

According to them, 38% of Canadians have their own financial plan. 16% of the overall respondents stated that they only have a clear picture of their retirement. The report also showed that it is in the group of baby boomers where most Canadians who have their own financial strategy can be found. Based on TD, the low percentage is brought by the lack of a financial plan.

 

For this matter, TD developed a special retirement tracker. The tool is meant to help Canadians in thinking about their financial future. This same tool aims to answer the three questions for them to determine if their own retirement plan is on the getting started stage, on-the-way stage or already on track.

 

The study also covered one surprising result. This result tells that people who are farthest from the retirement are the ones who are likely to maximize their Registered Retirement Savings Plan. This retirement plan can be maximized for up to 21% every year by those who are in the age of 30. However, it can only be maximized by up 12% to those who are already in their 40s, and 14% to those who are in their 50s.

 

Based on what Phillips suggested, there is a chance for others to achieve, experience, enjoy and live with the same lifestyle as they retire. This can be possible by saving more than enough. A savings amount can lead to the generation of 60%-80% of their annual working income. Phillips also presented a chart showing that even a small increase in individual’s weekly contributions can result to a larger nest egg in the end. The report also emphasized how meeting with financial advisors can help in achieving that lifestyle.

 

As what Phillips stated, individuals need to plan for them to determine the amount of money they would have to save. By determining this amount, they can also make sure if it is already enough for it to last their retirement years and simply consider increasing the amount being invested along the way. He also said that it is only normal for certain occurrences to take place along the way, which is what a financial advisor can help them with. These experts are here to help Canadians make sound and informed decisions to ensure that their retirement savings stay on track. With their help, no Canadian will ever have to be part of that group which struggled in saving for their retirement.

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