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March 01, 2022

Retirees are happy and busy as bees

You would think that life slows down in retirement.

But in fact, according to a new report by BMO Bank of Montreal, Canadian retirees are busier than ever. 

There's not enough hours in a day for all the activities retirees have these days.

The report revealed that more than one-third of those polled have more activities than time in which to do them and one in three admit that retirement is more expensive than they expected.

However, 82 per cent say they are happy with their current lifestyle.

Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group, says, "It's nice to see that retired Canadians seem to be generally happy with their lifestyle. Younger generations should take a page out of their parents' book and view this as even more of a reason to start saving to ensure a satisfying lifestyle in retirement."

While retirees are busy with hobbies, sports, volunteering, businesses, vacations and even taking care of the grandkids - the younger generation should take heed and start getting busy preparing for their retirement years.

The study found that out of those polled, many said they should have started saving for retirement sooner and 42 per cent felt that they had not saved enough for those golden years.

Buttigieg offers this advice, "For those who are just starting off a career, it's never too early to think about establishing a long-term financial plan that includes a retirement component.

"Putting money away in an RRSP or a Tax-Free Savings Account are great first steps in getting prepared for life's future milestones."

Now that's good advice. And everyday we are getting a little older and hopefully a little wiser.

By Donna Donaldson, MSN Money

How do you plan on spending your retirement? Do you feel you will have enough saved to finance your retirement?



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

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