CHICAGO, ILLINOIS and TORONTO, ONTARIO--(Marketwire -03/06/12)- BMO Financial Group today announced the expansion of the BMO Retirement Institute into the United States. The BMO Retirement Institute provides thought-provoking insight and financial strategies for Americans planning for, or currently in, their retirement years.

"With BMO Financial Group's recent growth in the U.S., we thought it was an ideal time to bring the BMO Retirement Institute into the country," said Tina Di Vito, Head, BMO Retirement Institute. "We look forward to sharing our insights in this important market, and assisting Boomers in making a smooth transition into retirement."

The BMO Retirement Institute will examine a variety of topics related to retirement and issue comprehensive reports on the financial and non-financial aspects of this milestone. Its inaugural report, Single in Retirement, was released today.

"BMO is recognized around the globe for their excellence in programming, products and services and for their commitment to define great customer experience," noted Kenneth Krei, executive vice president, BMO Private Bank. "The similarities in the Canadian and U.S. marketplaces offer a unique opportunity to expand the reach of the BMO Retirement Institute to better serve all of our clients."

BMO Retirement Institute Report: Single in Retirement

The odds of being single at some point during retirement are high. In fact, 43 per cent of Americans aged 65 years and older are single due to divorce, having never married, or the death of a partner.(1)

Outlined in the report are a unique set of financial, emotional, and planning challenges for those who are "Suddenly Single" (unexpectedly widowed or divorced) or "Ever Single" (never married) in retirement. These include:

Planning for retirement

The report notes that, as the cost of living for singles is 40 to 50 per cent higher than for married individuals, singles are at greater risk of not having enough saved for retirement.(2)

The report found that married couples are more likely than their Ever Single counterparts to have a financial plan, to receive help in preparing their plan, and to have a more up-to-date financial plan.(3)

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BMO Financial Group Launches the BMO Retirement Institute in the U.S.