More Ontario Boomers Have RSPs, but More Than Half Don't Have a Financial Plan



    INTERVIEW OPPORTUNITY
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    TORONTO, Feb. 5 /CNW/ -

    
    WHAT:   Ontario boomers are beating the national average in the
            retirement savings race, but they aren't quite sure what to do
            with the spoils of their victory once they reach the finish line.

            According to previous BMO Financial Group/Ipsos Reid retirement
            studies, boomers in Ontario are making progress toward saving for
            retirement with 73 per cent investing in RSPs compared with the
            national average of 69 per cent. However, more than half (52%) of
            Ontario boomers believe their RSPs to be their financial plan.

            While one in five believe they will spend twenty years or more in
            retirement, like their Canadian counterparts, many prefer to
            spend their time planning other activities. In fact, half of
            Ontario boomers spend more time planning their diet (vs. 47% of
            Canadian boomers) and forty-eight per cent spend more time
            planning home renovations (vs. 46%) than planning their
            retirement.

            That said, two thirds of Ontario boomers (70%) are willing to
            sacrifice in order to fund their retirement. Of the boomers who
            said they are prepared to make changes, 52 per cent said they
            would give up a second property, 51 per cent would give up
            travel, 47 per cent said they would refinance or downsize their
            house and 27 per cent said they would give up a car in order to
            help pay for retirement.

    WHO:    BMO Financial Group has local experts who can provide tips to
            help Ontarians 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
        372 respondents in Ontario, while the second included 565. With
        samples of this size, the margins of error would approximately be
        5.1% and 4.1% respectively, 19 times out of 20.
    





For further information:

For further information: or to arrange an interview, contact: JoAnne
Hayes, Toronto, joanne.hayes@bmo.com, (416) 867-3996; Internet:
www.bmo.com/retirementyourway


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