MONTREAL, Feb. 5 /CNW/ -
WHAT: According to a previous BMO Financial Group/Ipsos Reid retirement
study, the majority of Quebec boomers plan to spend fewer years in
retirement than Canadians in any other region(*).
Almost half (48%) of Quebec boomers expect to spend less than
10 years retired while 22 per cent predict a retirement of
10 to 15 years. These numbers are significantly lower than the
national average of 33 per cent and 19 per cent respectively.
When it comes to saving and planning for retirement, 36 per cent
of boomers in Quebec don't have RSPs compared with 30 per cent of
their fellow Canadian boomers and even fewer have financial plans
(47% vs. 34%).
With plans for such a short retirement, it's no wonder boomers in
Quebec are spending little time now on planning how to finance it.
Of those who do not have RSPs, one quarter admit to not knowing
how they're going to support themselves financially in retirement.
Another one in four are relying on company pensions and one third
are looking to the Canada Pension Plan for support.
Half of Quebec boomers said they spend more time planning their
exercise than their retirement, 43 per cent planning travel,
42 per cent planning home renovations, 39 per cent planning their
diet and 29 per cent spend more time planning their car
maintenance than their retirement.
WHO: BMO Financial Group has local experts who can provide tips to help
Quebec boomers build their retirement plans. They can discuss:
- What it takes to build a retirement plan and tips for getting
- 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 an online survey conducted by Ipsos Reid for BMO Financial
Group between November 30-December 3, 2006 among a randomly selected
sample of 1,411 respondents aged 45-60. The survey included
327 respondents in Quebec. A survey of this size would produce a
margin of error of approximately 5.4%, 19 times out of 20.
For further information:
For further information: or to arrange an interview: Lucie Gosselin,
Montreal, email@example.com, (514) 877-1101; Internet: