Help clients save for luxury

Your clients expect a lot from their retirements. They want to travel, buy vacation homes or plan their children’s weddings.

Planning–both in life and financially–is a key component in laying the groundwork that will make these lifelong memories possible.

Read: How to save for a vacation

A TD survey asked Canadians 50 years of age or older if saving for these items was important, and it found:

• 61% agree they’ve earned a dream vacation or big-ticket item;
• 55% agree that traveling with family, children and grandchildren is a priority;
• 42% agree it’s important to throw appropriate weddings for their children.

Read: 4 tips for wedding budget success

When talking to your clients about these goals, remind them it’s important to plan early and to integrate them into existing priorities, like saving for necessities or paying off the mortgage.

The survey shows the savings habits of those 50 years of age or older:

• 32% of people say they’re saving for a dream vacation;
• 22% are saving for a dream purchase, such as a car;
• 5% are saving for a child’s wedding;
• 1% are saving for home;
• 1% are saving for a vacation property;
• 37% say they aren’t saving for anything.

Read: Create retirement stability for Gen X

The top three reasons Canadians aged 50+ say they aren’t saving for luxuries:

• 23% say they’re saving for retirement instead;
• 21% say they don’t have enough money or savings;
• 15% they don’t have money left after everyday expenses.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.