Create a game plan for your retirement

(NC)-Whether it's the game plan for an NFL football game or a shopping list for your weekly groceries, committing things to paper is an important step in accomplishing them. Creating a game plan or a life plan is especially important when it comes to retirement. Thinking about what you will be doing and how you will be paying for retirement can seem daunting, but meeting with an investment professional at your local bank can make the process easier.

"We see a lot of clients spend more time planning week-long vacations than something like retirement that could last 20-30 years," said Tina DiVito, director of retirement at BMO Financial Group. "People have more options than they think they do. At BMO Financial Group we've developed a "thoughtbook" as a way to help our baby boomer clients begin to identify their dreams and develop a plan to live a fulfilling retirement."

DiVito describes life planning as a process in which you asses your values, explore your dreams, gain insight into what you envision for your retirement and finally, set some goals. The process emphasizes the importance of assessing life and philosophical issues in the retirement planning process as a means of ensuring that one's finances are in sync with one's retirement aspirations.

Working directly with an investment professional, BMO's Define Your Path workbook helps you determine what you want to accomplish and how you want to live in retirement. It looks at key areas such as:

. Possibilities: What will your future look like? What matters most to you? Have you considered the practicalities of where you'll live and how you'll spend your time?

. Reveal: How prepared are you to achieve your future plans? Are there things you can do now to bring you closer to your retirement dreams?

. Ignite: Developing an action plan, setting goals, and working towards making your vision a reality.

"We know from our research that boomers want to put their own stamp on retirement and it's more likely to happen if you develop a plan first." said Di Vito.

For tips, advice and more information on this topic, listen to the Retirement Your Way podcast series found at www.bmo.com/retirementyourway. The booklet Define Your Path is also available by speaking to an investment professional at your local bank branch.

Credit: www.newscanada.com