Newly-Retired: Making Adjustments

"I need to know that no matter what life brings, my money will last.”

Once retirement is a reality, changes are simply part of life. As you adjust to a new lifestyle, you will also have new sources of income, new costs to consider and plenty of concerns around making your money last.

• Do you know how to convert your RRSP to a source of income?
• Are you likely to have to support someone financially during retirement?
• Does your investment portfolio reflect the fact that you may live 20 or 30+ years in retirement?
• If you don’t receive a pension, do you have a different type of guaranteed income in your portfolio?

Find out how to best manage your new financial picture - speak to a BMO Financial Planner or a BMO Nesbitt Burns Investment Advisor.

Your Retirement Strategy in Current Market Conditions

Given that your retirement may last 25 to 30 years, you may have the benefit of recovering some market losses with time. You may want to:

• revisit your retirement plan with an investment professional
• 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 Homeowner ReadiLine® BMO Progressive GICs Term Investments 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 The New Retirement with Dr. Sherry Cooper[15:17] What is Philanthropy with Marvi Ricker [10:44] Life Planning with Barb Nicholson [15:42] 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] See more podcasts

FAQs 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 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.