B.C. Boomers Want a Long Retirement, but Aren't Taking Steps to Ensure They Can Afford it



    VANCOUVER, Feb. 5 /CNW/ -

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

    WHAT:  When it comes to retirement planning, boomers in B.C. face a
           challenging predicament: they want to enjoy a long retirement, but
           they aren't taking the necessary steps to ensure they can afford
           it.

           According to previous BMO Financial Group/Ipsos Reid retirement
           studies, almost one in four (23%) B.C. boomers intend to spend
           more than 20 years in retirement with another 19 per cent
           expecting their retirement to last between 15 and 20 years(*).
           However, more than half don't have a written financial plan, with
           27 per cent indicating that their plans are "in their heads",
           while 30 per cent admitted that they don't have a plan at all. In
           fact, close to one in three boomers in B.C. (28%) said they are
           "hoping for the best".

           Although the situation may seem dire for these boomers, more than
           two-thirds (72%) said they are willing to make sacrifices in order
           to retire. Of the B.C. boomers who identified that they were
           willing to make changes, more than half (56%) said they would
           refinance or downsize their homes to maintain a comfortable
           lifestyle, while a third (34%) would give up their cars.

    WHO:   BMO Financial Group has local experts who can provide tips to help
           British Columbians 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 152 respondents in British Columbia, while
the second included 213. With samples of this size, the margins of error would
be 8.0% and 6.7% 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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