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Albertans play the lottery on retirement

Here's why that idea is 'bonkers'

Tim Querengesser is senior editor with Alberta Venture. Email Tim

Jan 30, 2014

by Tim Querengesser

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More than one in five of us plan to retire using money that comes – wait for it – from winning the lottery. A study commissioned by BMO and released today shows that 32 per cent of Albertans say they hope to fund retirement using the windfall of lottery winnings.

Well, frankly, dear reader, that’s just bonkers.

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The silver lining in the findings, however, is that Albertans are slightly less lost in the clouds of financial imagination than Canadians farther to the west. A stunning 41 per cent of people in British Columbia are planning on winning the lottery to fund their retirement. Other potential sources of retirement income unearthed by the study? More than 90 per cent of those Albertans who responded said they’ll rely on personal savings to retire, while 92 per cent said they’ll rely on the Canada Pension Plan. But as Chris Buttiegieg, a senior manager of wealth strategy planning with BMO said: “Given the amount that the CPP … pays out, Canadians should not rely on them as a primary source of income to fund their retirement. Rather, they should consider the CPP… to be a supplementary component of their overall retirement income solution and focus on creating their very own ‘personal pension plan’ by contributing to an RRSP on a regular basis.”

The BMO study is available here.

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