90% of boomers want to travel in golden years but 60% have no financial plan to do so
Yes, the reach of us baby boomers always seems to exceed our grasp. BMO Financial Group says more than 90% of boomers want to travel in their retirement but only 60% have put a financial plan in place to make it happen.
It's easy to dream about the good life after work but few consider the impact of responsibilities like caring for aging parents – a topic we covered here.
BMO has created a personalized interactive online tool to help those who are within five years of retirement undertake such planning. You can find it here.
The tool is based on BMO's Take Charge of Your Retirement workshops held across Canada. In it, Dr. Amy D'Aprix, BMO Retirement Transition Expert [pictured], guides users through the four key elements of retirement and often overlooked financial.
"A goal without a plan is just a wish."
Using a picture analogy, with the four corners of the picture representing the ‘who, what, where and how' of retirement, users can assemble a personalized retirement picture in ten minutes.
The tool helps prospective globetrotters think about factors such as foreign exchange or out-of-country health insurance.
If you don't plan to travel but intend to downsize your home, the tool lets you calculate the true costs, including real estate commissions, closing costs and land transfer taxes.
It also reminds boomers that while they may have enjoyed good health in their working years, at some point in retirement they may need to shoulder the costs of long-term care.
"As Boomers, many of us feel much younger than we are and therefore we may not feel the need to plan for our golden years in great detail," says Dr. Amy, "Thinking through the financial considerations associated with the who, what, where and how of retirement is key to taking charge of your future and feeling more confident about achieving your retirement goals."
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Source The Wealthy Boomer : Retirement
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