BMO Financial Group
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BMO Financial Group

February 02, 2011 09:01 ET

REPEAT: Are You On the Right Track for Retirement? BMO Can Help With New Interactive Online Resource

- Almost a Quarter of Canadians Don't Know How Much Money They Will Need for Retirement

- New Retirement Savings Outlook Tool Provides a Personalized Look at User's Retirement Picture and Expectations

- Can Help Debunk Common Retirement Planning Myths Such as the "Magic" $1 Million Dollar Savings Assumption

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2011) - Building on its Take Charge Of Your Retirementprogram, BMO Financial Group today announced the launch of a new online tool to help Canadians as they plan, save and prepare for their retirement. The Retirement Savings Outlook tool allows users to see where they stand with their retirement savings and whether they are on pace for a fully-funded retirement.

Canadians today are faced with many questions and uncertainties around their retirement. These include: recent changes to the Canadian Pension Plan; when to retire and how your retirement age affects income planning; and exactly how much money is needed to save for a secure retirement. According to a recent BMO survey almost a quarter of Canadians do not know how much money they will need during their retirement. Others assume there is a "magic" $1 million target that will assure them a comfortable retirement. The reality is that the amount needed for retirement varies depending on a number of factors, including one's desired lifestyle and when they retire.

The Retirement Savings Outlook tool helps by providing a snapshot of an individual's current financial situation along with a projected retirement outlook. It asks users a series of detailed financial questions to assess whether or not they are on track to meet their retirement expectations.

"By introducing this online resource, BMO is taking some of the guess work out of preparing for retirement," said Caroline Dabu, Vice President, Retirement & Financial Planning Strategy, BMO Financial Group. "One of the most helpful features of this tool is that it allows customers to have these results in hand as a starting point before sitting down with a financial planner. It enables a good discussion around potential issues and solutions for their retirement plan."

In addition to the Retirement Savings Outlook tool, Canadians can get a clearer financial picture with any of BMO's Smart Steps for Investing resources, including Retirement Planning Checklists. These tools can help Canadians- whether they are two years or 20 years away from retirement- ensure they are taking the proper steps for a stable financial future.

About the Retirement Savings Outlook Online Tool

• An online, interactive tool that allows users to see if they are on track to meet their retirement expectations. 

• Asks a series of detailed questions, including age, income, existing retirement savings and desired retirement age. Based on the information entered, the program creates a detailed, informative snapshot of a user's current scenario and projected retirement outlook.

• Users can adjust key variables such as retirement age, savings and desired income in retirement to explore the various things one can do to fill the potential shortfall.

• Outlines the possible risks that can impact retirement, including inflation, health care costs and market fluctuation.

• Access the Retirement Savings Outlook Online tool here.

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