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More than 34,000 entries were received when BMO Financial Group asked Canadians to create their own virtual retirement “DreamWorld” for a chance to win $25,000.
The statistics and stories that emerged during the contest demonstrate that quality of life is on the minds of Canadians when it comes to retirement. A variety of interesting and inspirational stories accompany the data, from those who want to live in a world without clocks or calendars, to those who don't ever want to retire.
“I don't ever really plan on retiring,” said one Canadian. “As a musician, I plan to play until I can't play anymore physically. However, when I can retire from a full-time job, I plan to travel, and expand my horizons by furthering my education.”
Another said, “I would love to own a fertile piece of land in central Alberta to raise a large farm family and watch my family grow old. I wish to live a sustainable lifestyle and teach my family to live with the same values.”
This Canadian also has dreams of keeping active in retirement: “I would love to open a quaint bed and breakfast in a quiet area next to a lake, providing the best baked goods for the guests and those in the community.”
“Clearly, no two retirement dreams are alike and many Canadians don't plan on slowing down during the traditional retirement years,” said Kris Vikmanis, Head of Retirement Market, BMO Financial Group. “We're hoping that the contest encouraged participants to give shape and serious thought to their retirement dreams, share them with others and, most importantly, move from thinking about what they'd like to do in retirement to making it a reality.”
Winnipeg resident, Jaynie Jackson, won the grand prize of $25,000 after a random draw of more than 34,000 entries. Jackson's retirement DreamWorld consisted of living in a castle on a beach while enjoying fine dining.
“I wish for my retirement to be a time of freedom and financial security. My dream retirement would be filled with new experiences that allow me to stay mentally and physically active, said Jackson. “I would like to travel extensively, to be able to visit friends and family and to see exciting new destinations. I want to be able to live comfortably and free of financial worry.”
“This interactive contest was a way for BMO to continue to gain additional insights into what boomers want to do in retirement in order to help them make those retirement dreams come true,” said John MacAulay, Vice-President, Manitoba, BMO Bank of Montreal.
Canadian celebrities, including Pamela Wallin, Karen Kain, Johnny Bower and Brian Orser have all created their own retirement DreamWorlds. Their worlds and others can still be viewed by clicking on to the contest at: www.bmo.com/retirementyourway.
Canadians created their own virtual retirement “DreamWorld” by choosing from a selection of landscapes, homes and retirement activities. Participants were also asked to provide a brief description of their worlds. Their worlds were then launched into the DreamWorld universe, for everyone to see. The contest ran from August 27, 2007 to November 16 and a random draw took place on November 23, with the winner receiving $25,000 and a financial planning consultation with an investment professional from BMO Financial Group.
Top DreamWorld selections:
Settings
- Beach: 25%
- Lakes: 15 %
- Coast: 12 %
Homes
- Villa: 16 %
- Heritage home: 15 %
- Thatched cottage: 7%
Activities
- Travel the world: 20%
- Fine dining: 9 %
- Chilling out: 7 %
BMO Financial Group and the New Retirement
Recognizing that retirement is changing for most Canadians, BMO Financial Group is committed to helping clients understand the new issues and challenges they face heading into retirement, while providing flexible and personalized options for mitigating them. BMO's Retirement Your Way web site, found at: www.bmo.com/retirementyourway, provides an overview of the new realities to consider in the retirement planning process, supplemented with case studies, podcasts and external resources that are updated on an ongoing basis.
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