Getting some people to think about retirement can be like trying to pull out their teeth.
A recent TD Waterhouse survey of female investors shows 34 per cent of women do not currently contribute to an RSP, with a third of them reporting the thought of retirement gives them "heart palpitations because they haven't saved enough." Another 7 per cent said retirement planning was like getting a root canal.
Of those polled, 71 per cent of women aged 45-64 said they do not have a financial plan. That lack of planning is often to blame for retirement fears, says Patricia Lovett-Reid, senior vice-president of TD Waterhouse.
"Looking ahead to your retirement years, it's important for women to measure their financial success against specific and targeted investment goals," Ms. Lovett-Reid says. "While being able to pay the bills and having money saved for emergencies are essential, women need to ask themselves important questions, like 'am I going to be able to retire early,' 'will I be able to maintain my current lifestyle in retirement,' 'what sort of legacy can I leave behind for my children?' When defining overall financial success, women should evaluate how satisfied they are with the response to the questions that matter most to them."
Ms. Lovett-Reid was here to discuss retirement planning. She holds the designation of Certified Financial Planner and is the host of MoneyTalk, a national prime-time television program on personal finance.
For a transcript of the discussion, click on the grey box below. Mobile users can see the discussion by clicking here.
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