Job Termination

Retiring not top of mind

Canadian boomers put more effort into tweaking their diet and daydreaming about cycling the south of France than they do planning their retirement finances, a poll suggests.

TIMOTHY LE RICHE
[ 2007-01-17 ]

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Canadian boomers put more effort into tweaking their diet and daydreaming about cycling the south of France than they do planning their retirement finances, a poll suggests.

The BMO-Ipsos Reid survey found that 49 per cent of Canadians in the 45-to-60 age group, known as the post-war baby boomers, spend more time planning exercise than they do caring for their retirement investments.

Some 47 per cent care more about diet, and 46 per cent are thinking more about renovating their home.

"Today's reality is that more and more boomers are facing dwindling defined(-benefit) pension plans and longer life spans," said Judy Thomson, director of sales for BMO mutual funds.


"Without a more long-term and comprehensive financial plan that goes well beyond registered investments, boomers are at risk of not being prepared to fund their retirement."

Thomson urged boomers to start thinking about what they want to do in retirement and how they're going to pay for it.

The poll also asked Canadians: "What do you think would most appeal to you at age 62?"

About 76 per cent replied "conventional retirement," while 49 per cent want to volunteer, 31 per cent would like to go into consulting, 19 per cent are interested in starting a business, 18 per cent dream of cycling in the south of France and nine per cent hope to climb Mount Kilimanjaro.

Of the 73 per cent of Ontario boomers who have an RRSP, more than half consider that to be their retirement financial plan, the poll suggests.

In Alberta, 17 per cent of respondents said their retirement plan was "in my head." Nationally, 34 per cent have no plan at all.

Ian Filderman, director of mutual funds for Scotiabank wealth management, said the problem isn't just among boomers; all age groups aren't paying enough attention to future financial planning.

"Doing nothing is just not a good option," said Filderman.



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