Living in Retirement: Planning for Peace of Mind

“I want to live comfortably and make sure that my family is protected.” 

Now that you are several years into retirement, you are well aware of its comforts and challenges. As you live out some of your retirement goals, you may also have new questions about making the most of your money.

• Are you aware of the tax implications of living outside of Canada?
• Are you aware of the different ways to split retirement income to minimize
  taxes?
• Do you have a plan in place to ensure that your assets are distributed
  according to your wishes?

Find out how to make the most of your retirement income - speak to a BMO Financial Planner or a BMO Nesbitt Burns Investment Advisor.

Your Retirement Strategy in Current Market Conditions

To minimize losses made through the sale of investments, you will want to:

• consider an ‘in-kind’ withdrawal from your RRIF (if you don’t need the money this year)
• roll small balances from locked-in accounts to an RRSP or RRIF on a tax-deferred basis*
• consider rolling your RRIF back to an RRSP on a tax-free basis (if you are under age 71 and do not need the RRIF income this year)

Profiles in Retirement

Facing the Future on Her Own: Recently widowed, Margaret, 67, must reevaluate her plans for the future.

Refusing to Quit: For Gavin, 64, retirement may include the launch of a brand new business.  

Creating a Legacy: What changes do Robert and Chantal need to make in order to give their children financial support today?   

BMO Solutions BMO LifeStage Retirement Income Portfolios Income Generator (non-registered investments) Homeowner ReadiLine® BMO Progressive GICs RIFs BMO Tax-Free Savings Account Income-Generating Mutual Funds BMO Bond Fund BMO Monthly Income Fund BMO Global Monthly Income Fund See more income-generating funds

Podcasts What is Philanthropy with Marvi Ricker [10:44] Staying Healthy – Practical Insights with Dr. Michael Baker [16:03] Your Healthcare – What You Should Ask Your Dr. with Dr. Michael Baker [11:08] Starting a Career in the Classroom with Dezso Horvath [12:47] The secret to John Stanton’s success [16:52] See more podcasts

FAQs 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? How do I factor longevity into my retirement plan, given that I plan on living for many years?

* Rules vary by provincial pension legislation.