Financial Considerations

Deciding how you want to spend the next phase of your life is the first important step towards retirement. The second is figuring out how you’re going to finance your personal vision. Lifestyle expectations, supporting university-aged children, caring for elderly parents and inflation are just a few of the factors you’ll be wise to consider as you go about planning for the years ahead.

The following resources will help you think about your current financial resources and strategies while offering general insights into funding your retirement. If you haven’t yet decided what type of retirement you’ll need to fund, visit our Life Planning centre for inspiration.

Featured Resources: Connecting Insights: Assuming More Responsibility for Retirement Do you know how you are going to fund a 20 – 30 year retirement? Read the first publication from the BMO Retirement Institute to help make sense of it all.

More on Financial Considerations: Podcasts Selling Your Business: Succession Planning [8:48] Though perhaps the most important move any entrepreneur can make is selling their business, many entrepreneurs leave planning the sale until it’s too late. Succession Planning [30:48] Every business requires a succession plan but most business owners don’t plan for the future. Running a Family Business [21:03] Day-to-day management of a family business and the important financial issues of passing a family business from one generation to the next including how to build a succession plan are covered in two compelling interviews. Retire Rich: Putting your Plan into Action [11:52] Details about how Canadian entrepreneurs can start putting their retirement plans into action and ensure they’re on the right track for reaching their retirement goals is discussed. Financial Implications of Living Longer [15:10] Moshe Milevsky, associate professor at the Schulich School of Business, discusses the costs of living longer and how financial institutions will change to meet these challenges. Managing a Retirement Portfolio in a Volatile Market [11:40] Concerned about how recent market volatility will impact your investments? An overview of recent market conditions with advice about what boomers should be doing in response. Tools Retirement Transition Calculator Use this tool to see what impact a transition into retirement may have on your saving needs. RRSP vs. Mortgage Calculator Contribute to your RRSP or pay off your mortgage? This tool will help you figure out your best option. RRSP Borrowing Calculator Not sure whether or not to maximize your RRSP contribution this year? Use this tool to find out. Articles Highlights of the 2007 Federal Budget See how 2007 tax changes propose to serve those transitioning between fulltime work and active retirement. Hazards of Retirement Income Planning Income generation is as important as saving and asset allocation when it comes to planning your future. Contingency Risk These strategies could help you minimize financial burden in the event a life-altering medical event occurs. Investing for Income Debt securities may offer benefits but they're not your only income-oriented investment option. Strategies to Successfully Manage Longevity Risk These practical strategies will help you minimize the risk of outliving your money Case Studies Do I Have Enough to Retire on? Can Mario afford to retire or will he have to keep working for a few more years? Building a Future As young as they may be, David, 36, and wife Farrah, 34, need to consider the potential financial implications of caring for their parents in the future. FAQs 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? Third-Party Links Old Age Security A government resource for all things related to Old Age Pensions and Security. Canada Pension Plan A chart that outlines the policy guidelines and contact information for the Canada Pension Plan.