Benefits February 23, 2012

Canadian Baby Boomers Regret not Saving Earlier

February 23, 2012 (PLANSPONSOR.com) – Forty percent of Canadian Baby Boomers report they wish they had started saving for retirement sooner.

Reported by

According to the BMO Financial Group Registered Retirement Savings Plan (RRSP) study, Boomers were asked about any regrets they have about their own retirement planning. When asked to look back at what they would have done differently to position themselves better for their ideal retirement lifestyle, they identified the following:

  • Started saving for retirement at an earlier age (42%);
  • Made regular contributions to and maximized my RRSP (25%); and
  • Put more thought into what I wanted my retirement to look like and budgeted for it (24%).

 

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With respect to retirement savings, Canadian Boomers expressed opinions on what they wish they would have invested in more: 

  • Real estate (35%);
  • Guaranteed Investment Certificates (31%); and
  • Cash (20%).

 

The online survey was conducted by Leger Marketing from January 30-February 2, 2012, with a sample of 930 Canadian adults ages 45 and older.

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