BMO Financial Group - Regeneration

Frequently Asked Questions

Everyone's needs and concerns are different, especially when it comes to mapping out retirement. There are some prevailing concerns that you might share. Take a look at our more frequently asked questions, or contact us for more help.

How can I be sure that I have saved enough to both satisfy my vision and support my family?
How can my spouse and I ensure that we've calculated correctly, and saved enough over the years to maintain our present lifestyle?
How can I take partial employment into consideration when planning my retirement?
How can I protect (or even grow) my nest-egg while I'm in retirement?
How can my spouse and I determine whether selling our home will become necessary, given how financially demanding an active retirement may become?

Q: How can I be sure that I have saved enough to both satisfy my vision and support my family?

A: We understand how precarious the balance between a fulfilling retirement and a practical approach may appear. You have to consider your family, legacies, health or emergency issues and living expenses. Everyone needs to assess the risks of the future alongside their personal objectives.

Here are some primary risks you will need to consider:

Contingency risk – the unexpected events that occur, including eldercare, health and personal mobility concerns

Income risk – safeguarding against putting all your eggs in one basket, in the event that retirement proves more costly than thought

Longevity risk – you may be retired longer than you think!

You can gain a greater understanding of how and why to consider these factors by downloading our brochure or by consulting our collection of articles. For additional, detailed insights, consult a BMO Financial Advisor. By asking relevant questions and assessing your assets and goals, we can advise you how to realistically plan for this next phase - including challenges you may not have even considered.

Q: How can my spouse and I ensure that we've calculated correctly, and saved enough over the years to maintain our present lifestyle?

A: Analyzing your assets and expenses with a professional will be key in determining your needs. You can, however, do a quick calculation by following this rule of thumb:

If you withdraw 4% of your capital annually, you can expect your savings to last 33 years. If you withdraw 10% annually, you are out of money in 11 years. Today, retirement often includes a transition period of full or part-time work that can dramatically extend the amount of time your retirement savings last.

Alternatively, you can consult our transition illustrator to determine how your transition from work into retirement will affect your savings.

Q: How can I take partial employment into consideration when planning my retirement?

A: The New Retirement is about individual ideas and desires, so naturally you might feel inclined to continue working, one way or another.

BMO Financial Advisors can arm you with a number of tools that might help you to understand how to strike a balance between professional and personal aspirations. If you're considering opening your own consultancy, you might want to seek a professional opinion on determining business succession planning, tax planning or even new business creation? Contact us to learn more about our various service options.

Q: How can I protect (or even grow) my nest-egg while I'm in retirement?

A: More people approaching retirement expect a lifestyle similar to their current one. This may mean dipping into their nest-eggs for supplemental income. By seeking out the advice of financial advisors, you can learn how to develop tax-efficient strategies for funding your retirement. Protect the assets you've worked hard to accumulate. Continue to help them grow (possibly at a more modest rate). Determine when you might need to dip into your capital. Plan an effective spending strategy.

Based on the choices you make, our life planners can help you build a plan that allows you to spend what you need, when you need it. Contact us to learn more.

Q: How can my spouse and I determine whether selling our home will become necessary, given how financially demanding an active retirement may become?

A: Deciding whether to sell your family home can be troubling. BMO Financial Group can help you examine your options. Work with us to determine the cost of purchasing a new home, your future lifestyle needs, your present lifestyle situation, and how moving may affect your overall financial security. Our financial planning experts, with the additional expertise of our tax planning partners, can help you plot your next steps.


	Frequently Asked Questions Everyone's needs and concerns are different, especially when it comes to mapping out retirement. There are some prevailing concerns that you might share. Take a look at our more frequently asked questions, or contact us for more help. How can I be sure that I have saved enough to both satisfy my vision and support my family? How can my spouse and I ensure that we've calculated correctly, and saved enough over the years to maintain our present lifestyle? How can I take partial employment into consideration when planning my retirement? How can I protect (or even grow) my nest-egg while I'm in retirement? How can my spouse and I determine whether selling our home will become necessary, given how financially demanding an active retirement may become? Q: How can I be sure that I have saved enough to both satisfy my vision and support my family? A: We understand how precarious the balance between a fulfilling retirement and a practical approach may appear. You have to consider your family, legacies, health or emergency issues and living expenses. Everyone needs to assess the risks of the future alongside their personal objectives. Here are some primary risks you will need to consider: Contingency risk – the unexpected events that occur, including eldercare, health and personal mobility concerns Income risk – safeguarding against putting all your eggs in one basket, in the event that retirement proves more costly than thought Longevity risk – you may be retired longer than you think! You can gain a greater understanding of how and why to consider these factors by downloading our brochure or by consulting our collection of articles. For additional, detailed insights, consult a BMO Financial Advisor. By asking relevant questions and assessing your assets and goals, we can advise you how to realistically plan for this next phase - including challenges you may not have even considered. Q: How can my spouse and I ensure that we've calculated correctly, and saved enough over the years to maintain our present lifestyle? A: Analyzing your assets and expenses with a professional will be key in determining your needs. You can, however, do a quick calculation by following this rule of thumb: If you withdraw 4% of your capital annually, you can expect your savings to last 33 years. If you withdraw 10% annually, you are out of money in 11 years. Today, retirement often includes a transition period of full or part-time work that can dramatically extend the amount of time your retirement savings last. Alternatively, you can consult our transition illustrator to determine how your transition from work into retirement will affect your savings. Q: How can I take partial employment into consideration when planning my retirement? A: The New Retirement is about individual ideas and desires, so naturally you might feel inclined to continue working, one way or another. BMO Financial Advisors can arm you with a number of tools that might help you to understand how to strike a balance between professional and personal aspirations. If you're considering opening your own consultancy, you might want to seek a professional opinion on determining business succession planning, tax planning or even new business creation? Contact us to learn more about our various service options. Q: How can I protect (or even grow) my nest-egg while I'm in retirement? A: More people approaching retirement expect a lifestyle similar to their current one. This may mean dipping into their nest-eggs for supplemental income. By seeking out the advice of financial advisors, you can learn how to develop tax-efficient strategies for funding your retirement. Protect the assets you've worked hard to accumulate. Continue to help them grow (possibly at a more modest rate). Determine when you might need to dip into your capital. Plan an effective spending strategy. Based on the choices you make, our life planners can help you build a plan that allows you to spend what you need, when you need it. Contact us to learn more. Q: How can my spouse and I determine whether selling our home will become necessary, given how financially demanding an active retirement may become? A: Deciding whether to sell your family home can be troubling. BMO Financial Group can help you examine your options. Work with us to determine the cost of purchasing a new home, your future lifestyle needs, your present lifestyle situation, and how moving may affect your overall financial security. Our financial planning experts, with the additional expertise of our tax planning partners, can help you plot your next steps.