Second-time soulmates, by the numbers

A second marriage or common-law partnership can come with its own financial challenges: Here are some numbers that show that second marriages — and the retirement journeys these couples face — are actually very common.

For Canadian couples who meet later in life, the idea of retirement might seem like a far-off goal. But you should know that many couples are in the same position as you. And with the help of a financial plan, your retirement dreams could be closer than you think. Here are some statistics on later-in-life couples, plus a few retirement perspectives we all need to think about.

Swiping left and right

Canadians spent an average of 4.6 years post-separation or divorce before they partnered up again. That’s 4.5 years for women and 4.8 years for men.

One in six Canadians (or 16%) haven’t thought about their retirement savings contributions.

Average age of retirement in Canada in 2021:
Men: 64
Women: 63

Common-law relationships are increasing

After divorce, an increasing number of people are choosing to live in a common-law relationship when they find a new partner: 16% of Canadian couples, aged 55–69, are in common-law relationships, up from 13% in 2016. The laws pertaining to common-law relationships and marriages differ from province to province, and in some jurisdictions a common-law spouse may not enjoy the same benefits as a married spouse. Those in common-law relationships may benefit from the extra support of a retirement plan.

More than half (54%) of Canadians do not have a financial plan for retirement. Of those…
40%: “Are not sure when they’ll retire”
14%: “Probably won’t retire”

Retying the knot

More than one in four Canadians who are aged 33–64 and in a relationship are currently on their second, or subsequent, marriage or common-law relationship.

What kind of relationship?
36% in a common-law relationship
46% in a marriage that started as common-law
18% in a marriage that did not start as common-law

One in five (20%) working-age Canadians are now nearing retirement (55 years young and up).

People who work with a financial advisor and have a goal-based plan are twice as likely to stick with their strategy during times of market volatility.

Growing families

Half of previously divorced or separated adults aged 35–64 have been with their current partner or spouse for more than 12 years. More than half of those now married have had children with their current partner or spouse.

Nearly half (49%) of Canadians surveyed say the COVID-19 pandemic has led to more open and constructive conversations with their partner about finances.

Sources
Family matters: New relationships after separation or divorce, Statistics Canada, May 15, 20219, accessed Aug. 8, 2020, https://www150.statcan.gc.ca/n1/daily-quotidien/190515/dq190515c-eng.htm#:~:text=More%20than%20one%20in%20four,from%20more%20than%20one%20union.

Are you and your spouse on the same page when it comes to your retirement plans?, TD Stories, TD Bank, Aug. 7, 2018, accessed Aug. 9, 2022 https://stories.td.com/ca/en/article/are-you-and-your-spouse-on-the-same-page-when-it-comes-to-your-retirement-plans

Living for Today, Not Tomorrow: Majority (54%) Do Not Have A Financial Plan for Retirement, Ipsos, Sept. 29, 2021, accessed Aug. 9, 2022, www.ipsos.com/en-ca/living-today-not-tomorrow-majority-54-do-not-have-financial-plan-retirement-4

No such thing as easy money… 1 in 2 Canadians surveyed say it’s easier to find true love than financial success, TD Stories, TD Bank, Feb. 2, 2021, accessed Aug. 9, 2022, https://stories.td.com/ca/en/news/2021-02-02-no-such-thing-as-easy-money-e2-80-a6-1-in-2-canadians-surveyed-say

Retirement age by class of worker, annual, Statistics Canada, Jan. 07, 2022, accessed Aug. 8, 2020, https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006001

Census of Population, Statistics Canada, April 22, 2022, accessed Aug. 8, 2020, https://www12.statcan.gc.ca/census-recensement/index-eng.cfm

A Behavioural Perspective on Risk, TD Wealth, 2021, accessed Aug. 09, 2022, www.td.com/content/dam/wealth/document/pdf/wealth/infographic-a-behavioural-perspective-on-risk-en.pdf

STAFF

MONEYTALK LIFE

ILLUSTRATION

DANESH MOHIUDDIN

_{DISCLAIMER: The information contained herein has been provided by TD Wealth and is for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance.

TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).

TD Wealth Private Wealth Management represents the products and services available through TD Wealth Private Investment Advice (a division of TD Waterhouse Canada Inc.), TD Wealth Private Investment Counsel (offered by TD Waterhouse Private Investment Counsel Inc.), TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).

®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.}

_{MENTIONS JURIDIQUES : Les présents renseignements ont été fournis par Gestion de patrimoine TD et ne servent qu’à des fins d’information. Les renseignements proviennent de sources jugées fiables. Ces renseignements n’ont pas pour but de fournir des conseils financiers, juridiques, fiscaux ou de placement. Les stratégies de placement, de négociation ou de fiscalité devraient être étudiées en fonction des objectifs et de la tolérance au risque de chacun.

Gestion de patrimoine TD représente les produits et les services offerts par TD Waterhouse Canada Inc., Gestion privée TD Waterhouse Inc., Services bancaires privés, Gestion de patrimoine TD (offerts par La Banque Toronto-Dominion) et Services fiduciaires, Gestion de patrimoine TD (offerts par La Société Canada Trust).

Services privés, Gestion de patrimoine TD représente les produits et services offerts par Conseils de placement privés, Gestion de patrimoine TD (une division de TD Waterhouse Canada Inc.), Gestion de portefeuille, Gestion de patrimoine TD (offerts par Gestion privée TD Waterhouse Inc.), Services bancaires privés, Gestion de patrimoine TD (offerts par La Banque Toronto-Dominion) et Services fiduciaires, Gestion de patrimoine TD (offerts par La Société Canada Trust).

ᴹᴰ Le logo TD et les autres marques de commerce sont la propriété de La Banque Toronto-Dominion.}

_{免責聲明：本文內之陳述由道明財富 (TD Wealth) 提供，僅供資料說明之用。本文根據相信為可靠的資料匯編而成。圖表僅供解說之用，並不反映任何投資的未來價值或未來回報。本文資料並不旨在提供財務、法律、稅務或投資建議，衡量個別投資、交易或稅務策略時，應考慮個別人士的目標和風險承受能力。道明財富、道明銀行 (The Toronto-Dominion Bank) 與其聯屬及相關實體對任何資料錯漏或導致的損失或傷害概不負責。道明財富是代表由道明宏達理財加拿大有限公司 (TD Waterhouse Canada Inc.)、道明宏達理財私人全權託管投資有限公司 (TD Waterhouse Private Investment Counsel Inc.) 以及透過道明銀行提供之道明財富私人銀行 (TD Wealth Private Banking) 和透過加拿大信託公司 (The Canada Trust Company) 提供之道明財富私人信託 (TD Wealth Private Trust) 所提供的產品與服務。TD Waterhouse Canada Inc. － Member of the Canadian Investor Protection Fund。}

_{所有商標分別為其擁有機構之產權。

® 道明 (TD) 標誌和其他商標是道明銀行的產權。

此中文譯本僅供參考之用，一切以英文原文為準。}

_{免责声明：本文内之陈述由道明财富 (TD Wealth) 提供，仅供资料说明之用。本文根据相信为可靠的资料汇编而成。图表仅供解说之用，并不反映任何投资的未来价值或未来回报。本文资料并不旨在提供财务、法律、税务或投资建议，衡量个别投资、交易或税务策略时，应考虑个别人士的目标和风险承受能力。道明财富、道明银行 (The Toronto-Dominion Bank) 与其联属机构及相关实体对本文中任何资料错漏或导致的损失或伤害概不负责。道明财富是代表由道明宏达理财加拿大有限公司 (TD Waterhouse Canada Inc.)、道明宏达理财私人全权托管投资有限公司 (TD Waterhouse Private Investment Counsel Inc.)、以及透过道明银行提供之道明财富私人银行 (TD Wealth Private Banking) 和透过加拿大信托公司 (The Canada Trust Company) 提供之道明财富私人信托 (TD Wealth Private Trust) 所提供的产品与服务。TD Waterhouse Canada Inc. — Member of the Canadian Investor Protection Fund。}

_{所有商标分别为其拥有机构之产权。

® 道明 (TD) 标志和其他商标是道明银行的产权。

此中文译本仅供参考之用，一切以英文原文为准。}