(February 8 – 17:20 ET) – A new consumer survey about RRSP investing reveals that more than 80% of Canadians are confident they will have enough money to retire comfortably. The poll was conducted by TD Wealth Management and Environics Research.

But defining what retiring comfortably means is the key issue, for when asked how much they will need for retirement, 16% responded that $100,000 would be sufficient, while another 24% indicated that $500,000 was the maximum required. Notably, 35% reported that they did not know.

“The information gathered in this survey shows that most Canadians with RRSPs are confident that they will have enough money to retire comfortably and are also hopeful that their portfolios will earn a good rate of return in 2001,” said Michael Adams, president, Environics Research Group.

Another note of concern sounded in the survey is the fact that almost a third of Canadians with RRSPs will not be making a contribution this year. Yet those making a contribution are apparently bullish regarding how they expect their investments to perform.

Almost a quarter of respondents expects to earn more than 10.1% on their investments; 7% expect better than 15.1%. At the same time, however, almost 30% have no idea what to expect.

The survey also reports that RRSP contributors will be investing heavily this year, with more than 40% planning to invest more than $3,000 this year

“The reluctance of some investors, tempered by some exuberance on the part of others, is not surprising given the complexities of today’s markets,” said Patricia Lovett-Reid, vice president and managing director, TD Wealth Management.
-IE Staff