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There is yet more proof, for those still in denial, that professional financial advice paves the way for a fulfilling retirement.

The latest TD Waterhouse Canadians and Retirement Report found Canadian retirees who are getting help from financial advisors are feeling confident about their retirement savings. The pan-Canadian survey of retirees, aged 55-70, also showed that 76% of retired Canadians are using an advisor to manage their investments.

“The good news is that Canadians are not only aware of the need to plan for retirement, but they’re taking the right steps to get there,” says Patricia Lovett-Reid, senior vice-president, TD Waterhouse.

Almost three quarters of respondents working with a financial advisor feel their retirement savings are on track compared to those without professional help. Respondents working with an advisor were found by the survey to be more likely to have a financial plan (52% versus 7% without an advisor).

And financial advice appears to be widespread among the survey cohort, with 76% of retired Canadians using an advisor to manage their savings and investments.

 “There’s no such thing as a tried-and-true retirement plan that is a perfect fit for everyone; it’s essential to develop and maintain a financial plan that is right for you,” said Lovett-Reid. “When it comes to money, emotions can run high. When you are trying to find an advisor, I suggest looking for someone that can help you assess your situation, both emotionally and financially.”

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Vikram Barhat, editor

July 7, 2011

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