Make the most of your retirement
Each person has a unique vision for how they will spend their retirement. Whatever your plans, make sure you make the most of your retirement by staying physically and mentally active, and ensuring your money lasts as long as you need it too.
Keep your financial life organized
- Maintain a budget. Review it regularly to help avoid any excessive spending or unmanageable debt during retirement.
- Continue to invest your money. To keep up with any increases in the cost of living, you will still benefit from investing some of your money in long-term investments. Your retirement could last 30 years; to keep pace with inflation, take advantage of higher returns offered by long-term investments.
Provide peace of mind for yourself and your loved ones
- Create a legacy plan. Whether making a contribution to a grandchild's education or contributing to a charitable cause, think about how you would like to be remembered.
- Talk to your loved ones about sensitive issues related to aging, such as your personal wishes for later life care and support. These conversations do not have to be uncomfortable or tense, and can provide both you and your loved ones peace of mind that your wishes will be carried out should a situation arise.
Stay active and involved
- Keep your mind sharp. Try learning a foreign language or a musical instrument, or joining a book club. Many community centres and colleges offer lifelong learning classes on a variety of topics, from cooking to carpentry.
- Develop new friendships. Having a strong social network is especially important in retirement. Research shows, that people, who have a good social support network live longer, live healthier – both mentally and physically – are less likely to end up in a nursing home, and heal quicker from illness. If you don't have a large social circle, join a community or religious organization that have members who share common interests.
Want more information? For the full checklist and to create your retirement plan, speak with a BMO investment professional at your local branch.
