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Retirement Planning > Retirement Investing

Prenuptial retirement planning not a priority for Canadians

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Fewer than one-third of Canadian couples share their plans for retirement with each other before getting married or living common law, according to new research.

BMO Financial Group published this finding in summary of results from a new report, “Third Annual Valentine’s Day RRSP Study.”

The report reveals that only 28 percent of Canadians say they had a detailed conversation with their spouse-to-be or partner about how they envision their retirement before getting married or living common law. And more than 20 percent of couples say that having very different views on retirement could be grounds for breaking up or divorce.

The study also finds that 86 percent of those who are married or in a serious relationship have had conversations about retirement. However, fewer than half of those couples have spoken about the following:

  • How much they have saved for retirement;
  • What their ideal retirement lifestyle looks like;
  • Where to live during retirement;
  • Whether to sell the family home/downsize.

The study also finds that, on average, Canadian couples believe that they will need approximately $1 million to fund their retirement.


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