TORONTO, ONTARIO — (Marketwire) — 10/04/11 — Home is indeed where the heart is for Canadian Boomers, with 85 per cent of Canadians aged 45+ indicating they plan on staying in Canada during their retirement, according to a Special Report issued today by the BMO Retirement Institute titled Where do Canadians plan to retire and why?
The Special Report explains that, while Canadians often talk about a change of scenery during retirement, what happens in reality is very different. In fact, Canadians prefer to stay close to home, with only five per cent planning to relocate to the United States, two per cent to Europe and one per cent to Mexico, South America and Asia respectively.
The study also examined the factors that are motivating Boomers to relocate upon retirement and found the following key drivers:
“Regardless of what motivates an individual to relocate upon retirement, financial considerations need to be addressed and considered a priority,” said Tina Di Vito, Head of BMO Retirement Institute. “Relocation can be the cause of many new or additional expenses, including increased travel to see loved ones, and an elevated cost of living due to higher health costs and taxes.”
Where are the Canadian retirement hotspots?
For those planning to remain in Canada, Victoria, B.C. remains the retirement capital of the country with 15 per cent of Boomers indicating they would like to retire there. This was followed by:
Other Key Findings:
Thinking of relocating upon retirement? Ms. Di Vito of the BMO Retirement Institute offers the following advice:
Regional Breakdown of What Is Impacting Retirement Relocation Decisions
To view the graph associated with this press release, please visit the following link: .
To view a copy of the full report, please visit: .
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $477 billion as at July 31, 2011, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
Sarah Bensadoun, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596