Single boomers face unique retirement challenges

(NC)—A growing number of Canadians are retiring alone and need to take action to ensure their financial future, according to a new report from the BMO Retirement Institute.

“Whether by divorce, death, or never marrying in the first place, the odds of being single at some point during retirement are high,” said Tina Di Vito, director of retirement strategies for BMO Financial Group. “Regardless of how or why one finds themselves unmarried in retirement, one thing is certain: it presents a unique set of financial, emotional, and planning challenges.”

The BMO Retirement Institute's recent report, Retirement for One – By Chance or By Design, identifies a number of distinct challenges for men and women over 40 who retire alone, such as:

• Lack of knowledge about retirement programs
• Must devote a larger share of income to living expenses, leaving less for savings
• Less room to maximize Canada Pension Plan
• Greater gap between income and expenses
• Challenged to find suitable and affordable housing

The report identifies 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're older
• Focus on social and emotional well-being
• Devise a comprehensive health strategy

More information is available online at www.retirementyourway.com.

Source: www.newscanada.com