Canadians 55 and over aren’t prepared for retirement

The BMO Retirement Institute says it’s critical that boomers develop a solid plan for their financial future.

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Less than half of Canadians over the age of 55 have developed financial plans for their retirement reports the BMO Retirement Institute, which commissioned a survey of more than 1,500 Canadian adults in April 2010.

“Financial resources available through programs such as the Canada Pension Plan and other pension schemes likely won’t be enough to support the average retirement lifespan. The onus is on individuals to be prepared in order to live out their desired retirement lifestyle,” says BMO’s Tina Di Vito.

Suggestions for properly planning for retirement include:

1.  Understand employer and government pension lans

2.  Plan for taxes on RRIF Withdrawals

3.  Restructure investments, begin framing financial contingencies and implementing monthly budgets

40 comments on “Canadians 55 and over aren’t prepared for retirement

  1. Re: Canadians 55 and over aren’t prepared for retirement. What a Crock! I started working full time at 17 and have travelled the world over, during the past 34 years. I have maxed out my RRSP's every year and have started utilizing the TFSA which should have a 10-15,000 limit. I retired full time four years ago at age 46 with an annual income of 88,000. My wife will retire at age 48 in two years with a retirement income of approx 62,000. We spent 3 weeks last fall on another Med Cruise. Oh we do not have a flat screen tv or cell phone yet, Get your priorities in order folks and plan long term, it is not difficult providing you are not keeping up with the "Jones's"

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