Transition into retirement with confidence
As you transition into retirement, keep in mind your income could come from multiple sources at different times of the month. You'll need to know where that income will come from, how much you'll receive, and when you'll receive it. Before you retire, you'll need to complete a variety of employer and government forms. The following is a subset of the BMO Retirement Checklist that will help you move into your retirement seamlessly.
Picture every detail of your retirement.
- Think about who you'll spend your retirement with, where you want to live and what you'll be doing. Retirement can last 20 - 30 years, so consider the day-to-day details as well as any big dreams. To help you do this, ask a BMO investment professional about the BMO Take Charge of Your Retirement™ program.
Assess your financial situation.
- Determine your annual income from savings, investments, property, government and employer pensions. If you have a company pension, determine your pension entitlements and when you can start collecting benefits. If you want to continue working, find out if your employer will allow you to work part-time or at a reduced workload.
Know what your retirement will cost you.
- Divide your retirement expenses into needs and wants. This will help you understand areas where you can possibly reduce expenses.
Protect yourself and your loved ones.
- Establish an easily accessible emergency fund, like a line of credit or savings account. It will help you deal with unexpected costs and avoid prematurely selling investments.
Consider a few important things before you leave work.
- Determine what retirement options are available from your employer sponsored pension plans and any lump sum payments you may receive upon retirement.
Want more information? For the full checklist and to create your retirement plan,
speak with a BMO investment professional at your local branch.
