Click here to close now.

Welcome!

Web 2.0 Authors: Yeshim Deniz, Elizabeth White, Pat Romanski, Liz McMillan, Blue Box Blog

News Feed Item

BMO Study: Two in Five Canadians Open to Being Their Own Boss in Retirement

- Forty per cent of Canadians likely to start their own business in retirement

TORONTO, ONTARIO -- (Marketwire) -- 02/02/13 -- According to a study released today by BMO Financial Group, many Canadians envision becoming entrepreneurs during their retirement years; 39 per cent say that it is likely they will start their own business after they reach retirement age (65 years old). More generally, 81 per cent plan on working in some capacity during their retirement.

The top reasons identified by Canadians for starting their own business in retirement are:


--  The need for additional income (75 per cent) 
--  A desire to stay sharp/mentally focused (62 per cent) 
--  It would be an enjoyable hobby (53 per cent) 

"It's clear that many Canadians are looking to generate additional income during their retirement years," said Marlena Pospiech, Senior Manager, BMO Wealth Planning Group, BMO Financial Group. "People are living longer than ever before so, for an increasing number of Canadians, retirement savings may need to last more than 25 years. Additionally, with the decline in employer-sponsored defined registered pension plans and reforms to government pension plans, there's now a greater need for people to supplement their income during retirement to compensate for that income gap. This is particularly true for those who haven't been saving aggressively for retirement through retirement savings vehicles such as RRSPs and TFSAs."

Other key study findings:


--  Men are more likely than women to start their own business in retirement
    (46 per cent vs. 33 per cent). 
--  Those in Alberta are the most likely in Canada to start their own
    business in retirement (53 per cent); Quebecers are the least likely (25
    per cent). 

Ms. Pospiech added that Canadians are getting creative in how they picture their retirement; many view a gradual transition from work to full-time retirement as the optimal choice. She noted that not only does working longer benefit your bank account by generating additional income, it also helps keep retirees mentally active, involved in the community and contributing to the larger economy.

Funding a small business in retirement

The study also found that, when asked about how they plan to fund their business, almost half (47 per cent) of Canadians responded that they would use a portion of their retirement savings. Other funding sources pre-retirees said they would consider include:


--  A separate savings account earmarked for a business (43 per cent) 
--  A loan from a bank or another source (34 per cent) 
--  Their inheritance (21 per cent) 
--  Family/friends (14 per cent) 

"While it may be tempting to draw on retirement savings to fund your post-retirement business, there are other options available," said Steve Murphy, Head of Commercial Banking for BMO Bank of Montreal. "It's important that those looking to start a business have personal retirement savings, as well as savings set aside to fund their retirement business along with a business plan. A financial professional can help you develop a strategy that incorporates saving for retirement, as well as a post-retirement business."

For those who are considering starting a business when they retire, BMO offers the following tips:


--  Do your research: Take advantage of the resources and networks you have
    built over the years and learn all you need to know to set up your
    company. Look to replicate successful business models, gain industry
    insight and learn about the marketplace. 
--  Develop a plan: Draft a business plan that takes into consideration your
    competition, the products and services you will offer, potential
    customers, sales targets and what you will need to cover your costs. 
--  Consider the pros and cons: Think carefully about how you envision your
    ideal retirement lifestyle and consider consulting your spouse, family
    and friends on their opinions. Determine why you want to start your own
    business and how this will impact your retirement income and lifestyle. 
--  Alternative sources of income: For retirees simply looking for
    additional cash flow, determine if starting a business from scratch is
    right for you. Look at alternative options that are not as time-
    consuming such as part-time jobs or contract work.  
--  Seek outside advice: Speak to an accountant and a small business banker
    - financial specialists who can provide insight into setting up your
    company, market competition and personal and business capital needs.
    Also speak with your financial planner/advisor who can help determine
    the right financial plan for you and your business. 

For more information on starting a small business, please visit: http://www.bmo.com/home/small-business.

Get the latest BMO press releases via Twitter by following @BMOmedia

The results cited in this release are from a Pollara survey with a sample of 1,000 Canadians 18 years of age and over, fielded online between January 17th and January 22nd, 2013. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20.

Contacts:
Media Contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
514-877-8224
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a business application to multiple users (multi-tenancy). Docker, a container technology, was used to ...
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
For years, we’ve relied too heavily on individual network functions or simplistic cloud controllers. However, they are no longer enough for today’s modern cloud data center. Businesses need a comprehensive platform architecture in order to deliver a complete networking suite for IoT environment based on OpenStack. In his session at @ThingsExpo, Dhiraj Sehgal from PLUMgrid will discuss what a holistic networking solution should really entail, and how to build a complete platform that is scalable, secure, agile and automated.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner is Product Manager of the Omega DevCloud with KORE Telematics Inc., will discuss the evolving requirements for developers as IoT matures and conduct a live demonstration of how quickly application development can happen when the need to comply...
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...