Transition Planning

• Solution

Solutions for Your Needs

Solution
What needs to be done?

1. First, John's* Investment Advisor will take a look at the various incomes he'll receive in the next few weeks to make sure that he doesn't miss any tax sheltering opportunities.
2. Then his current group insurance coverage will be reviewed to see if he depended solely upon his benefits at work and if he has any personal coverage. John should really consider group insurance through work as a bonus only. In order to maintain financial security for his family, John needs personal insurance that is portable so it doesn't matter whom he works for. An Estate & Insurance Advisor would be consulted to provide an expert opinion**.
3. Next, the Investment Advisor would help John understand the pros and cons of each side of the pension decision and determine which option better suits his overall financial planning goals.
4. With his severance payments, group savings plans and maybe a locked-in transfer from the pension plan, John will be getting a lot of money to invest and the Investment Advisor will create an investment plan for these new funds.

Once all this has been done, John's retirement plan will be revised to reflect his new situation.

If you're faced with job transition planning issues, and want to ensure that you're aware of and addressing relevant investment concerns, contact a BMO Nesbitt Burns branch near you or complete our simple online request form to have an Investment Advisor contact you directly.

* Fictional characters. Any similarities between them and actual clients of BMO Nesbitt Burns Inc. are accidental.

**All insurance products and advice are offered through BMO Nesbitt Burns Financial Services Inc. by licensed life insurance agents, and, in Quebec, by financial security advisors.