Alberta Boomers Ready to Compromise for a Comfortable Retirement



    CALGARY, Feb. 5 /CNW/ -

    
                            INTERVIEW OPPORTUNITY
                            ---------------------

    WHAT:   According to previous BMO Financial Group/Ipsos Reid studies,
            69 per cent of Albertan baby boomers would consider leaving their
            region when they retire due to the cost of living, higher than
            fellow boomers in any other part of Canada.(*)

            Seven out of 10 Albertans indicated they would be willing to make
            sacrifices in order to retire. Of those, the majority (56%) are
            willing to downsize or refinance their homes to maintain a
            comfortable lifestyle in their current locale.

            Like their Canadian counterparts, many Albertans are not well
            prepared to fund their version of retirement. Thirty-four
            per cent of Alberta boomers said they don't have RSPs, in
            contrast to 30 per cent of national boomers.

            In addition, many Alberta boomers said they are spending more
            time planning other activities than planning for their
            retirement. Forty-six per cent said they spend more time planning
            exercise, 44 per cent on diet, 27 per cent on car maintenance,
            37 per cent on home renovations and 40 per cent spend more time
            planning travel than their retirement.

    WHO:    BMO Financial Group has local experts who can provide tips to
            help Albertans build their retirement plans. They can discuss:
            -  What it takes to build a retirement plan and tips for getting
               started
            -  How to determine how much you'll need in retirement and what
               you'll need to do now to reach your goals
            -  Retirement planning tips for Gen Y and Gen X - it's never too
               early to start saving for your future

    (*) Based on online surveys conducted by Ipsos Reid for BMO Financial
        Group in 2006 among a randomly selected sample of more than 1,000
        respondents aged 45-60. The first survey included 108 respondents in
        Alberta, while the second included 119. With samples of this size,
        the margins of error would be approximately 9.4% and 9.0%
        respectively, 19 times out of 20.
    





For further information:

For further information: or to arrange an interview, contact: Laurie
Grant, Vancouver, laurie.grant@bmo.com, (604) 665-7596; JoAnne Hayes, Toronto,
joanne.hayes@bmo.com, (416) 867-3996; Internet: www.bmo.com/retirementyourway


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