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Boomers in Saskatchewan and Manitoba are well stocked when it comes to retirement savings. In fact, more people in central Canada have RSPs than anywhere else in the country, according to a previous BMO Financial Group/Ipsos Reid retirement study*.

Of central Canadians aged 45 to 60, 77 per cent have RSPs, well above the national average of 69 per cent. When asked what they are currently saving for, 75 per cent of boomers from Saskatchewan and Manitoba said retirement, compared to the national average of 66 per cent.

Yet, while these boomers are ahead with saving for retirement, more than half of them indicated that either they don't have a financial plan (27%) or that their plan is “in their head” (24%). For those boomers who have an RSP, 45 per cent consider it to be their financial plan.

In fact, boomers from Saskatchewan and Manitoba are more likely than other boomers to spend their time planning exercise (54% vs. 49%), diet (60% vs. 47%), home renovations (55% vs. 46%) and car maintenance (42% vs. 33%) than planning their retirement.

• What it takes to build a retirement plan and tips for getting started
• How to determine how much you'll need in retirement and what you'll need to do now to reach your goals
• Retirement planning tips for Gen Y and Gen X – it's never too early to start saving for your future