(NC)—Common wisdom holds that every Canadian should start saving for retirement as early as possible, and that holds equally, if not more true for singles than their coupled counterparts.
Yet, despite their heightened need for financial planning, singles are less likely to be informed about their financial well-being in retirement.
“A recent report from the BMO Retirement Institute identifies a number of distinct challenges for men and women over 40 who retire alone,” says Tina Di Vito, director, Retirement Strategies, BMO Financial Group. “We believe proactive planning and professional advice go hand in hand. By working with a BMO investment professional who understands the diverse issues facing singles in retirement, Canadians can develop a thoughtful plan and enjoy greater peace of mind.”
When Canadian singles nearing retirement were asked to rate how well they understand public retirement programs, more than 30 per cent responded “not at all”, less than their married peers. When singles that had an intended retirement date in mind were asked if they had gathered retirement information during the past five years, 60 per cent answered “no.”
Not only are couples more likely to have dual incomes and more access to health and pension benefits, they also appear more likely to discuss their retirement plans together and gather the necessary information to create a joint retirement plan.
BMO believes there are six key areas that, if properly addressed, can improve a single person's chance for a successful retirement, including:
• Plan for retirement as early as possible.
• Build and sustain wealth.
• Understand income and expenses.
• Consider where you'll live when you get older.
• Focus on social and emotional well-being.
• Devise a comprehensive health strategy.
• Visit with a professional investment professional to develop a comprehensive retirement plan.
More information is available online at www.retirementyourway.com.
- News Canada