Near Retirement: Preparing for Change

“Even after saving for many years, I’m unsure about the transition ahead.”

The decision to retire has both emotional and financial implications. As you begin to picture yourself in a new life stage, you will also need to take important steps to organize your finances.

• Do you know how much your monthly expenses are likely to be in retirement?
• Do you understand that various types of investment income are taxed
  differently?
• Are you aware of the financial impact of delaying retirement for a few years?

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

Your Retirement Strategy in Current Market Conditions

In order to make sure that your retirement savings last, you will want to:

• reduce your debt, if possible (consider a line of credit or BMO’s Homeowner ReadiLine^® to minimize non-taxable debt)
• continue maximizing your RRSP contributions
• use BMO’s Retirement Transition Illustrator tool to see how you might stretch the value of your retirement savings
• revise or reconsider your retirement goals in the short term
• take advantage of the BMO Tax-Free Savings Account

Profiles in Retirement

Preparing to Retire: What will retirement look like for Jack, 58, and Sandra, 57?

Do I Have Enough to Retire On?: Can Mario afford to retire or will he have to keep working for a few more years?   

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

Comfortable and Concerned: Can Margaret support her boys without compromising her own future?

BMO Solutions RRSPs BMO LifeStage Mutual Funds BMO LifeStage Retirement Income Portfolios Homeowner ReadiLine® BMO Progressive GICs BMO Tax-Free Savings Account

Podcasts The New Retirement with Dr. Sherry Cooper[15:17] The secret to John Stanton’s success [16:52] A snapshot of Canada’s Sandwich Generation with Dr. Amy D’Aprix [15:15] Staying Healthy – Practical Insights with Dr. Michael Baker [16:03] Your Healthcare – What You Should Ask Your Dr. with Dr. Michael Baker [11:08] The Implications of Caregiving with Dr. Amy D’Aprix [14:10] See more podcasts

FAQs How will current retirement trends change my planning strategy? How can my partner and I plan our retirement dreams but still keep track of unforeseen circumstances? How can I be sure that I have saved enough to both satisfy my vision and support my family? How can I take partial employment into consideration when planning my 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?