How not to plan for retirement

We applaud the Bank of Montreal (TSX:BMO) for taking the initiative to investigate how ordinary Canadians approach the dilemma of figuring out how they’re going to amass enough money to be able to fund a reasonably comfortable retirement.

However self-serving their motive, recent studies released by the bank should certainly cause any sentient being to think twice about their approach to saving for retirement.

Here are some of the revelations that might get you to thinking:

89% of those answering the survey say they will have to rely on CPP/QPP, 31% heavily so, when they stop working.

59% said they would take a part-time job.

88% responded that they will use RRSPs and TFSAs to help fund retirement.

49% planned to sell their home or property for some cash.

40% were counting on an inheritance to come in at the right time to help with their need for retirement capital.

28% were expecting to get help from their kids or other family members.

And get this: 34% were hoping to win a lottery. Imagine that the odds of winning are about one in 14 million, yet one-third of Canadians are planning on being that one.

Soon we will be presenting our own proprietary method of getting you to the promised retirement land, no lotteries involved.

 

Money Reporter, MPL Communications Inc.
133 Richmond St.W., Toronto, ON, M5H 3M8. 1-800-804-8846

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