Quebec Boomers Plan une Petite Retraite

    MONTREAL, Feb. 5 /CNW/ -

                            INTERVIEW OPPORTUNITY
    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,, (514) 877-1101; Internet:

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