REPEAT-BMO Retirement Institute Survey: Canadians 55+ Not Thinking About The Realities Of Retirement: - Fewer than half have post-retirement income strategy in place - Only 1/3 have considered the possibility of outliving their savings - Less than half have considered funds for unexpected expenses

Abstract

"Living off of retirement savings is different than saving for retirement. As Canada's boomers draw closer to their retirement years, having a strategy to manage investment income throughout retirement should be a top priority," said Tina Di Vito, Head, BMO Retirement Institute. "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."