Protecting your retirement income
You’ve spent your working years saving and investing so that you can look forward to a comfortable retirement. Make sure your money is protected with the right retirement plan. Let us show you some ways to protect your retirement income – so that you can enjoy a worry-free retirement.
Recommended investing options
You’ve worked hard to save for retirement. Make sure you have an appropriate mix of accounts and investments to protect your money in retirement.
Investment accounts
Explore which accounts are well suited to protecting your retirement income.
Registered Retirement Income Fund (RRIF)
RRIFs offer a great option for managing savings in retirement. It’s like an RRSP in reverse: Instead of making contributions, you make withdrawals. And the money inside your RRIF continues to earn interest.
Great for: Anyone with an RRSP who is approaching or in retirement.
Locked-in Fund
There are a few types of locked-in funds you can use if you have a pension: A locked-in retirement account (LIRA) or a locked-in retirement income fund (LRIF). Both allow you to access pension income in retirement.
Great for: Investors who have one or more pension funds.
Investment types
The key to protecting retirement income is to invest in safe and stable investments. Below are two great options.
Guaranteed Investment Certificates (GIC)
You choose how long you’d like to save your money for, from just a few months to a few years. GICs are safe and secure – your principal is protected, and depending on the product you choose, you can earn interest during or at the end of your term.
Typical investing horizon: Short- to long-term
Great for: Anyone who wants to save for a specific amount of time.
Bonds
Bonds are often times considered a lower risk investment, particularly when compared to stocks. Bonds are typically issued by the government or corporations and pay out regular interest. Think of your investment as a loan to the issuer that’s paid back over time.
Typical investing horizon: Short- to long-term
Great for: Investors who want to earn a predictable stream of income.
Did you know?
Whichever account and investments you choose for protecting retirement income can be accessed online or through the BMO Mobile Banking app, any time.
Tips and hints
Know your government perks.
Learn all about tax deductions, determining how much money you’ll need in retirement, government programs and more at Canada’s retirement planning resource hub.
Learn about Canada’s retirement income system, the Canada Pension Plan, Old Age Security, Guaranteed Income Supplement and other methods of funding your retirement.
Helpful tools
Unsure about the right accounts or investment types? Answer a few quick questions and we’ll match you with some investing options.
Plan your RRSP savings.
Try our simple Savings Calculator to find out how much you could save with a CSP (Continuous Savings Plan).
Automatic savings contributions make investing easy and help you reach your goals faster. Learn more about our Continuous Savings Plans.
Articles you might find useful
The golden rules of investing
We've got 7 rules for growing your investments – and reaping greater rewards.
How to get the most out of GICs
From balancing to laddering, learn how you can use GICs for a powerful portfolio.
SmartFolio: the smart solutions for your RRIF
Getting ready to retire? Here's a low-fee strategy to live well for years to come.
Ways to contact us
There are various ways to get in touch. Choose your preferred method.
Investing with a professional
Online Investing
