Take Control of Your Future Today
If you are close to retirement, the economy may have you thinking: Will I still be able to afford to retire as planned? Do I need to rethink what I want to do during my retirement? What will my retirement look like? Planning for this critical life phase can be overwhelming, and the slowly changing economy doesn’t make things any easier. While some people may have the first few years of retirement planned with leisure activities featured prominently, few will have thought beyond that. Those individuals who assume that everything will all fall into place when the time is right may want to reconsider and look towards putting together a personalized financial plan for retirement. After all, no one wants to run out of money during retirement.
BMO Financial Group has a new interactive online tool (www.bmo.com/TakeCharge), which helps you think through various aspects of your retirement so that you are better prepared. It uses a picture analogy, with the four corners of the image representing the who, the what, the where and the how of retirement. “This ‘take charge of your retirement’ tool helps boomers set their thoughts in motion about retirement goals that look beyond the first few years of retirement or ‘the big dream.’ Today, retirement can last 20 to 30 years and take on a number of different stages, which most of us overlook in our planning,” says Amy D’Aprix, BMO retirement transition expert.
By answering a series of questions regarding your expectations for retirement, you will be able to picture more clearly what your future may hold. Like any photo, you’ll need a frame to protect it. In this case, the frame represents your financial plan, which includes things like cash flow, investments, tax considerations and contingencies. Once you have saved and printed your personalized output from the online tool, you will be able to frame your own retirement picture by meeting with a BMO financial planner who can turn your retirement plan into reality. For more information visit: www.retirementyourway.com
Written by Caroline Dabu
Caroline Dabu is the vice president, head of retirement market group BMO Financial Group.