The ideal retirement is not one size fits all. Your priorities and preferences will evolve over that time — what you consider ideal when you first step into retirement might not be sustainable or even feasible 15 years later.
It’s based on what you want out of life and how you want to spend your time. One thing that eases this significant transition is having a plan in place well before you expect to retire.
For many Canadians, retirement is a time to look forward to – a time to enjoy the benefits of your life’s work and spend time doing what you love. For some, it is also a period of uncertainty – one of life’s most significant transition points.
A key part of creating your retirement plan is managing your finances. You’ll see how retirement fits in with your other goals including transitioning your business or reducing the number of hours you work. You’ll be able to see when it is feasible for you to retire in the way that you want.
Many Canadians spend the winter months in a warmer location, often in the U.S. BMO has financial products to meet your cross-border needs. Your BMO Private Wealth professional can advise how you can meet your financial needs on both sides of the border.
The best way to begin your retirement planning is to talk about it.
If you’re a business owner, consider beginning the succession planning process by discussing your retirement timeline with your business partners and relevant senior executives and managers at your enterprise.
This is also a good time to initiate conversations with your circle of trusted advisors. You can share your retirement plans with your doctor(s) and seek their advice for staying mentally and physically healthy.
Lawyers can provide invaluable assistance with your estate and succession planning, and your accountant can provide any tax guidance you may require.