B.C.'s baby boomers may want to enjoy a long retirement, but they aren't taking the necessary steps to ensure they can afford it.
That's the conclusion from a BMO Financial Group/Ipsos-Reid survey released today.
Almost a quarter of B.C. boomers intend to spend more than 20 years in retirement, with 19% expecting that retirement to last between 15 and 20 years.
However, more than half don't have a written financial plan. About 27% said their retirement plans are "in their heads," and 30% don't have a plan at all. About 28% said they were "hoping for the best."
Many of the thousand survey respondents said they were willing to make sacrifices to retire. More than half of those willing to make changes said they would refinance or move into a smaller home to maintain a comfortable lifestyle. A third said they would give up their cars.