TD Waterhouse reminds residents that it's never too late to start planning for a comfortable retirement

HAMILTON, ON, Jan. 25 /CNW/ - Contributing to a Registered Retirement Savings Plan (RRSP) means tax-deferred savings today for money needed tomorrow. With only five weeks to go before the 2010 RRSP contribution deadline, TD Waterhouse is encouraging Hamilton-Niagara residents to begin saving today while reminding them that there is still time to make an RRSP contribution that can be included on their 2010 tax returns.

A recent TD survey of Hamilton-Niagara residents found that only 37% contribute to an RRSP as a means to save money for their future and when asked how, respondents revealed they contribute mainly through a fixed monthly deposit (25%) or one lump sum payment a year (12%).

"It's great to see that one quarter of people are already making monthly contributions. In fact, monthly deposits are almost always a better strategy instead of scrambling last-minute to find enough money for your annual RRSP contribution and running the risk of missing the contribution deadline," says Graham Coveney, Senior Financial Planner, TD Waterhouse. "Even a modest amount of $50 a month can really add up. You may also find that it's much easier to part with a small amount of money each month instead of a big lump sum every February."

Other ways that Hamilton-Niagara residents save money for their future include:

• 33% set a budget and stick to it
• 26% regularly put money into a savings account, GIC or mutual fund
• 23% have started a Tax-Free Savings Account
• 16% use automatic savings from their bank

"Safe, cautious investments, like savings accounts and GICs can help preserve capital but they don't earn very much interest," says Coveney. "People can balance these types of low-risk investments with an appropriate allocation of higher-risk options, like bonds and stocks, which can ensure the right mix of growth and risk reduction. A diversified portfolio - especially one tied to an RRSP - is one of the best ways to save for retirement."

Coveney also recommends that people speak with a financial advisor, who can help them create a comprehensive retirement plan to suit their needs. However, the majority of Hamilton-Niagara residents are not doing so: only 29% of those surveyed in the region are currently working with a financial advisor to help plan their retirement.

"Financial advisors use their experience and knowledge to help you plan the retirement that is best for you," adds Coveney. "I encourage anyone who is interested in a comfortable and secure retirement to visit their bank or financial institution and speak with an advisor. That first conversation can be the start of a journey to golden years that are truly golden."

About the survey:
The TD Hamilton-Niagara Poll was commissioned by TD and results were collected through a custom online survey conducted by Environics Research.  A total of 400 completed surveys from the Hamilton-Niagara region were collected from October 12 - 20, 2010.

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is the sixth largest bank in North America by branches and serves approximately 19 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 Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD had C$620 billion in assets on October 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

TD Waterhouse represents the products and services offered by TD Waterhouse Canada Inc. (Member of the Canadian Investor Protection Fund), TD Waterhouse Private Investment Counsel Inc., TD Waterhouse Insurance Services Inc., TD Waterhouse Private Banking (offered by The Toronto-Dominion Bank) and TD Waterhouse Private Trust (offered by The Canada Trust Company).