More than a third of Canadians aged 65 or older are concerned their finances won’t cover long retirements, shows a TD survey.

Read: TFSAs reduce retirement income risk

The survey also says most seniors would tell younger generations to save and invest more now. According to the TD survey, 75% of seniors say this is the best approach for a comfortable retirement.

Columnists Rohit Thomas, chief product actuary at BMO Life Assurance Company and Pierre Ghorbanian, an advanced markets senior business development manager at BMO Life Assurance Company, write about the risks of a longer retirement in Advisor’s Edge Report:

One takeaway for advisors is that longevity hedging through annuity products becomes increasingly important as the number of years people are retired approaches the number of years they worked.

Read more here.