Toronto, Canada — There are many definitions of retirement based on the premise that it marks the end of your full-time career. One dictionary even defines retirement as “a withdrawal from one’s position or occupation or from active working life. “However, for many Canadians today, retiring is about much more than just leaving the workforce. People are living longer, working later into their lives, and are spending a larger portion of their lives in retirement than previous generations. If the reality of retirement is changing for many people, isn’t it time the definition of retirement changed with it?

“Slowing down and enjoying your golden years means different things to different people,” says Cynthia Caskey, Vice President, Portfolio Manager and Sales Manager, TD Waterhouse Private Investment Advice. “You can choose to continue working part-time, consult, volunteer, go back to school, open your own business – the sky is the limit. So with all these choices, we can see that retirement is changing. Shouldn’t the definition change too?”

With this in mind, TD is asking Canadians to submit their own definition of retirement. Just visit www.redefineretirement.ca from Sept. 10 until Sept. 26, 2012, and provide your contact information and your own new definition of retirement in one sentence. For submitting your definition, you’ll be entered into a draw to win $1,000, which could be used to help top up your retirement savings. The contest winner will be announced in a press release that will be issued the week of Oct. 22, 2012, and on TD’s Facebook and Twitter pages.

“In general, we’re remaining healthier and more active longer in life, which means that many are spending more years in retirement. We’re inviting Canadians to really think about what their ‘ideal retirement’ will be like, and consider how they want to spend their time, who they want to spend it with, and whether or not they will stop working completely,” says Caskey.

“It’s important for Canadians of all ages, not just those approaching retirement, to think about the lifestyle and activities they’ll want to be involved in – and then consider the finances that will be needed to support this,” adds Caskey. “The earlier you start thinking about your retirement dream, the sooner you can start saving to make sure it comes true.”

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Portland, U.S.A. – Despite more than one-third of polled small business owners reporting that they are somewhat or significantly understaffed, most don’t plan to hire in the upcoming months, according to a new survey by TD Bank, America’s Most Convenient Bank.

Economic confidence affecting hiring

TD Bank’s survey – which polled more than 500 small business owners across the bank’s Maine to Florida footprint – found that although 35% of surveyed small businesses report being somewhat or significantly understaffed, only 21% plan to hire one or more employees in the upcoming months. A majority (70%) plan to maintain their current employee levels.

“Our survey results indicated that over half (51%) of polled small business owners are not optimistic about the U.S. economy,” said Fred Graziano, Head of Regional Commercial Banking, Government Banking and Small Business, TD Bank. “According to our partners at TD Economics, uncertainty about the future path of fiscal policy and the outlook for the global economy will keep businesses cautious about investing and hiring in the upcoming months. However, for businesses that are looking to grow for the long term, it’s a great time to take advantage of the low interest rate environment.”

Biggest challenges: finding qualified employees and declining sales

The survey asked small business owners to identify their biggest human resources challenges. According to the results, when small businesses are in a position to hire, they struggle to find qualified candidates to fill open positions.

The biggest challenges in employee management include:

• Finding new qualified candidates (42%)
• Training existing employees (23%)
• Offering competitive compensation (22%)
• Laying off inadequate employees (8%)
• Continuous employee turnover (5%)

TD Bank’s survey also asked small business owners to identify their biggest challenge in the next six months. Declining sales (29%) topped the list, followed closely by rising healthcare and insurance costs (27%) and cash flow concerns (23%). The other challenges were pressure from larger competitors (12%) and rising energy costs (10%).

“Identifying creative ways to boost sales revenue while keeping an eye on expense growth and cash flow is a good strategy to follow for managing a business in this current economy,” said Graziano. “That’s why it’s important to lead a strong and innovative team of employees that positively contribute to a business’ goals and objectives.”

Defining success as a small business owner

According to the survey, there are different opinions when it comes to best defining success as a small business owner. Doing something they enjoy (24%) and having a stable work/life balance (23%) were the top responses, followed by being one’s own boss and earning enough money to live a comfortable lifestyle (17% each). The remaining responses were continuous increases in business profitability (10%) and creating jobs in the local community (9%).

“Entrepreneurship helps people fulfill their dreams of turning a creative idea or passion into a successful business, regardless of how they best define it,” said Graziano. “Whether it’s applying for financing or opening one of our new small business checking accounts, TD Bank’s team of small business lenders and bankers are here to provide professional advice and legendary customer service.”

About TD Bank’s Survey

TD Bank polled more than 500 small business owners within its Maine to Florida footprint to understand their companies’ thoughts on the economy, employee levels and hiring plans, top challenges and how they best define success. The research was conducted in June 2012 by ORC International, and surveyed companies over the telephone with annual sales of no more than $5 million.

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