Canadian Xennials Feel the Retirement Savings Squeeze

"The reality is that we all have to juggle our financial commitments to find the right balance when it comes to preparing for retirement," said Diplock. "There are simple steps we can take to ease the retirement savings squeeze."

For those looking to get on with their busy lives no matter which life stage they are at, while also setting aside enough funds for retirement, TD is offering the following tips and advice:

• Work towards the retirement you want
• It may seem a long way off, but it isn't too soon to start by thinking about what you want to do in retirement. You might want to travel the world, spend time volunteering or begin a new career. Because everyone wants a different retirement, there is no one financial template to follow. Once you've set out your vision, the next step is to establish a retirement savings goal. A useful online tool is the TD Retirement Calculator which can show you how much you may need to put into savings in order to live the life you want in your retirement years.

• Save your way
• While juggling financial obligations, many people find making smaller weekly, bi-weekly or monthly RSP or TFSA contributions easier than paying a large lump sum at once. Setting up a pre-authorized purchase plan means finding the right schedule and plan for you. Peace of mind comes from knowing that you are steadily moving towards your retirement savings goal. For example, if you receive a pay raise at work or start a new job, you can increase the amount you are saving.

• Examine your expenses   
• Whether it's paying back your loans or scrutinizing your monthly bills to determine essential expenses, determine how much you should pay yourself too. These are small steps we can all take to maximize the amount we spend doing the things we like most, while still saving for retirement. With its at-a-glance dashboard and real-time notifications, the TD MySpend app can give you in-the-moment insights into your spending and more control over your finances.

• The earlier, the better
• Whether or not you are a Xennial, there is no time like the present to start saving for your future. Keep in mind that the earlier you start, the more you can benefit from compound interest.  With compound interest, the interest you earn is added to your principal investment, so that the balance doesn't merely grow, it grows at an increasing rate. Whether your retirement feels like a lifetime away or is just around the corner, it's important to factor in your retirement savings when planning your monthly budget. Receiving financial advice early on can help you put a sustainable saving structure in place to help keep your financial priorities and goals in check.

About the TD survey
TD commissioned Environics Research Group to conduct an online survey among a total of 2,500 adults from October 26 – November 3, 2017. To qualify for this survey, respondents had to be 18 years of age or older and reside in Canada. 558 of the respondents are classed as Xennials (aged 34-40 years).

About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches, with convenient hours to serve customers better. For more information, please visit: tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America. Mutual Funds Representatives with TD Investment Services Inc. distribute mutual funds at TD Canada Trust.

SOURCE TD Canada Trust