News Releases

Baby boomers in Ontario are making progress toward saving for retirement with 73 per cent investing in RSPs compared with the national average of 69 per cent. However, more than half (52%) of Ontario's boomers believe their RSPs to be their financial plan.

While one in five Ontario boomers believe they will spend twenty years or more in retirement, like their Canadian counterparts, many prefer to spend their time planning other activities. In fact, half of Ontario boomers spend more time planning their diet (vs. 47% of Canadian boomers) and forty-eight per cent spend more time planning home renovations (vs. 46%) than planning their retirement.

That said, two thirds of Ontarians boomers (70%) are willing to sacrifice in order to fund their retirement. Of the boomers who said they are prepared to make changes, 52 per cent said they would give up a second property, 51 per cent would give up travel, 47 per cent said they would refinance or downsize their house and 27 per cent said they would give up a car in order to help pay for retirement.

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