Welcome!

News Feed Item

REPEAT-BMO: Investing Strategies Should Vary With Age and Stage

- As the RRSP contribution deadline approaches, Canadians of all ages should review their portfolios to ensure they align with their retirement goals

TORONTO, ONTARIO -- (Marketwire) -- 01/26/13 -- As the March 1st deadline approaches to contribute to a Registered Retirement Savings Plan (RRSP), BMO reminds Canadians to take their age, anticipated life goals and milestones into consideration when developing their investment strategies.

According to a study by BMO Financial Group:

--  Sixty per cent of Canadian investors have time frames or target dates in
    mind to reach their financial goals. 
--  Eighty-nine per cent agree that it is important to hold investments that
    evolve over time to become less risky as key life events approach. 
--  However, only 49 per cent currently hold investments that become less
    risky over time.

"Whether retirement is many years away, just around the corner or already here, there are strategies investors can implement now to make the most of their money," said Steven Shepherd, Vice President, Investment Strategist, BMO Asset Management Inc. "By making wise choices and reviewing their financial plan regularly, investors of all ages and stages can ensure they are on track to reaching their retirement goals."

BMO offers the following investing strategies for each life stage:

In Your 20s - Getting That First Job:

--  Though you may be just starting off your career and cannot even imagine
    retirement, it is not too early to think about establishing a long-term
    financial plan. 
--  With years to your advantage, consider taking a more aggressive approach
    to your asset mix by diversifying with a higher mix of equities compared
    to fixed income instruments or cash. 
--  Pay down debt and try to save as much money as possible.

In Your 30s and 40s - Family and Big Purchases:

--  You may be getting married, raising a family, saving for a child's
    education and making large purchases such as a house, car or cottage. 
--  Build a relatively balanced portfolio across all asset classes. Include
    a Registered Education Savings Plan (RESP) to help save for your child's
    post-secondary education. 
--  Set up a Continuous Savings Plan that automatically puts money into your
    RRSP. Investing smaller amounts regularly is easier than coming up with
    a lump sum at the end of the year, and it allows you to take advantage
    of dollar cost averaging for any investments that fluctuate with the
    market. 
--  Some employers will match your RRSP contributions up to a maximum, so be
    sure to contribute enough to take full advantage.

In Your 50s and 60s - Serious Business:

--  Retirement is on the horizon - start strengthening your retirement
    savings by shifting investments from a long-term to a mid-term focus and
    taking a low-risk approach. 
--  Consider a conservative asset mix with a good portion of fixed income
    instruments such as GICs.  
--  Create a snapshot of how much you own to help you understand how your
    assets could help fund your future. For instance, an RRSP can be a
    source of income during retirement while other accounts can pay for a
    child's education or a major purchase. 
--  Pay off outstanding debts.

In Your 60s and Older - Looking at Retirement Head-On:

--  Adjust your financial plan to achieve your ideal retirement lifestyle,
    whether that includes taking early retirement or an extended trip, or
    launching a second career. 
--  Consider income-generating investments coupled with a conservative asset
    mix. 
--  Maximize your RRSP contributions and consider an RRSP loan for making
    catch-up contributions, as you will only be able to contribute to your
    RRSP until the year you turn 71. 
--  Review and update the beneficiary designations for RRSPs, Registered
    Retirement Income Funds (RRIFs), TFSAs and insurance policies.

To assist Canadians in choosing investments that match their current age, life stage and risk tolerance, BMO SelectClass® Portfolios(i) come in four portfolios options designed to align with different client risk profiles. Whether an investor is conservative, bold or somewhere in between, or they are approaching key life events and want a portfolio that matches their risk level, there is a portfolio tailored to that investor. Additionally, investors can transfer money between SelectClass Portfolios in a tax efficient manner. This type of portfolio design can give investors confidence that they can be financially prepared for retirement.

For more information on saving for retirement, please visit www.bmo.com/retirement.

Get the latest BMO press releases via Twitter by following @BMOmedia.

Risk is generally the uncertainty of a return and the potential capital loss in your investment.

The following are general comments and do not constitute financial advice by BMO Financial Group. Investors should always seek advice from a qualified financial advisor prior to investing.

(i)BMO SelectClass Portfolios are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...