Home Breadcrumb caret Tax Breadcrumb caret Estate Planning Breadcrumb caret Industry Breadcrumb caret Industry News Breadcrumb caret Planning and Advice Breadcrumb caret Practice Help clients prioritize retirement Saving for retirement has taken a back seat to debt repayment. By Staff | March 17, 2014 | Last updated on March 17, 2014 1 min read Saving for retirement has taken a back seat to debt repayment for 40% of Ontario residents, says a 2014 study. Read: Paying down debt top priority for 2014 RRSP contributions to drop It adds 21% of people polled want to erase all debts first. Another 19% are focusing on their mortgages, while 10% prefer to boost their spending limits between paycheques. Of the 21% who are focusing on debts, more than half (51%) say they can’t afford to tackle both repayment and saving, and 49% say retirement isn’t yet a priority for them. Read: Set up a successful retirement The study also shows: RRSPs (75%), workplace pension plans (58%) and TFSAs (50%) are the most popular retirement savings products held by Ontarians; Ontarians plan to retire at 62 years of age, while current retirees, on average, retired at 59 years of age; 41% of those who have not yet retired say they’re confident they’re on track to retire at the age they want; and nearly one-in-five Ontarians (18%) expect an inheritance to help with their retirement needs. For more on how to kickstart retirement discussions, read: Don’t delay planning One Canadian retirement advantage Help clients plan for their final days Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo