Saving for retirement
Retirement is an important financial milestone for all Canadians. We can help you save enough to retire comfortably with some great investment options and accounts, customized savings plans and expert advice. Here’s what you need to know about investing for retirement.
Recommended investing options
Below, you’ll find options for saving for retirement – suggested investment types and where to keep them.
Investment accounts
When saving for retirement, it’s a great idea to hold your investments in registered accounts. They offer ways to take advantage of tax incentives so your money can grow faster.
Registered Retirement Savings Plans (RRSPs)
Your money grows on a tax-deferred basis. Similar to a TFSA, an RRSP can hold various investments, such as stocks, bonds, ETFs, mutual funds, GICs and more.
Great for: Anyone looking to lower their taxes while saving for retirement.
Tax-Free Savings Accounts (TFSAs)
Your money grows tax-free and can be withdrawn at any time without consequences. Keep your investments in a TFSA and watch them grow while saving for retirement.
Great for: Anyone looking for a flexible way to save for right now and down the road.
Investment types
Retirement might be years away, but that doesn’t mean it’s too soon to start saving. Below are some great investment options for saving for retirement.
Mutual Funds
Mutual funds are a pool of investments that are managed by a portfolio manager. Unlike GICs, your principal isn’t protected; however, it’s possible to earn much more interest with a mutual fund.
Typical investing horizon: Medium to long-term
Great for: Anyone who would like their investments to be professionally managed.
Stocks
Stocks, or equities, entitle the investor to part ownership of a company, in the form of shares.
Typical investing horizon: Long-term
Great for: Anyone who would like to pick and choose their investments.
BMO Fixed Cash Flow Plus Deposit
Maximize your retirement cash flow potential and approach your golden years with confidence. BMO Fixed Cash Flow Plus Deposits provide a guaranteed monthly cash flow to help you weather volatile markets and life’s uncertainties.
Typical investing horizon: Long-term
Great for: Retirees or investors approaching retirement seeking a guaranteed, tax-efficient monthly cash flow with a 100% capital guarantee.
Did you know?
Whichever account you choose for saving for a down payment can be accessed and managed online or through the BMO Mobile Banking app, any time.
Tips and hints
Resources to help you envision your retirement.
Resources to help you plan for a successful retirement, including; retirement calculators, contact information for retirement planners and other resources.
Resources to help you know about supplementing your own retirement savings in your golden years, including information on; pension plans, government annuities and more.
Helpful tools
Unsure about the right accounts or investment types? Answer a few quick questions and we’ll match you with some investing options.
Find out how much you could save with a TFSA account.
Plan your RRSP savings.
Automatic savings contributions make investing easy and help you reach your goals faster. Learn more about our Continuous Savings Plans.
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Ways to contact us
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