Half of Canadians say they need help with their retirement portfolios, finds a BMO Global Asset Management study.
When asked to identify the top retirement planning issues where they need help, 56% say they need assistance with deciding which investments best suit their needs.
Other aspects where they said they need help include:
- understanding how their retirement portfolios will react in certain markets (53%);
- making adjustments because of market conditions (53%);
- ensuring portfolios are diversified (51%); and
- determining their risk tolerance (48%).
“It’s understandable that so many Canadians are uncertain about how to manage their retirement nest eggs—effectively saving for retirement is an important component of your financial plan,” says Robert Armstrong, vice-president, BMO Global Asset Management. “However, investing can be a big and often complex world to navigate.”
Read: Pre-retirement planning seminars boost financial literacy
The study also looked at where Canadians need help outside of how to go about investing their retirement savings:
- 51% of Canadians need help with understanding how much money is needed to retire;
- 47% need help with estate planning; and
- 22% need help deciding when or if to downsize to a smaller home.
“Retirement planning includes both financial and non-financial aspects,” he adds. “If you can get help with either or both, it can go a long way.”
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