- TD reveals top themes from Redefine Retirement contest -

TORONTO, Oct. 23, 2012 /CNW/ - For thousands of Canadians, retirement isn't just about withdrawing from one's occupation. It means freedom, financial security and the ability to travel. These are the top retirement themes that emerged when TD asked Canadians to redefine retirement last month.  More than 2,300 Canadians submitted definitions of what retirement means to them. While many shared common elements, each entry was unique and personal.

"What is clear from the submissions is that everyone's idea of retirement is different, because everyone is looking forward to personal and specific things. It's important to take the time to define what retirement means for you: it helps you get started on planning your finances to ensure your retirement dreams become a reality," says Cynthia Caskey, Vice President, Portfolio Manager and Sales Manager, TD Waterhouse Private Investment Advice.

More than half (52%) of Canadians said retirement isn't about stopping or slowing down. It's about freedom and flexibility. For example:

• "The absence of 'I have to...'" - Sharon, Trail, British Columbia
• "Being able to resume my childish ways, (but with more freedom), because my allowance is a grownup size" - Bernice, Ottawa, Ontario
• "Retirement is to be able to think imaginatively and freely, to allow myself luxuries of thought and time, dreams and realities, the future and friendships." - Cynthia, St. Thomas, Ontario
• "An RV, the love of my life, a GPS, a full tank of gas ... coffee and an open road to travel ... throughout the country!!!" - Crystal, Fort McMurray, Alberta

"To ensure your finances are in good shape when you reach your golden years, it's important to have a financial plan in place," says Caskey.  "With the recent volatility in the markets, you can help protect your portfolio by having a variety of investments and savings products.  To help maximize your retirement savings, consider having a balance of conservative and growth investments, based on your comfort level and the number of years you have until retirement."

Other recurring themes from submitted definitions included financial security (27%), the ability to travel (25%), escape from the 'nine-to-five grind' (21%) and spending time with friends and family (14%).

Spending time away from work with family and friends can be done on a small budget; however one-quarter of Canadians submitted definitions based on hopes to travel. "Travel can be expensive and requires planning," advises Caskey. "Start by reviewing your current financial situation. With the help of an advisor, you can create a formal financial plan to ensure you save enough now to pay for all of your expenses in retirement, including travel, when you likely won't generate as much income."

"After reviewing the submitted definitions, it became clear that there's no 'best' definition of retirement; it's highly personal," adds Caskey. "The earlier you start thinking about your retirement dream, the sooner you can start saving and planning to help ensure it comes true."

Winning Submission
Chosen by a random draw, Kim from Toronto, ON, won $1,000 in the Redefine Retirement Contest.  Kim defined retirement as: "FREEDOM!!!  I would be able to relax and do the things that have meaning for me."

About the TD Redefine Retirement Contest
From September 10 to September 26, 2012, TD asked Canadians to submit their own definition of retirement in one sentence at www.redefineretirement.ca. In total, 2,312 Canadians submitted answers and were entered into a draw. The winner was chosen randomly and awarded $1,000, which could be used to help top up retirement savings. TD worked with Environics Research to code and process the data to determine recurring themes.

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth largest bank in North America by branches and serves approximately 22 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; Wealth and Insurance, including TD Waterhouse, an investment in TD Ameritrade, and TD Insurance; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank, and TD Auto Finance U.S.; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 8.5 million online customers. TD had CDN$806 billion in assets on July 31, 2012.The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

About TD Waterhouse
TD Waterhouse Private Investment Advice is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank. TD Waterhouse Canada Inc. - Member of the Canadian Investor Protection Fund.

SOURCE: TD Waterhouse