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How much will I need to retire?

The amount of money you project you'll need for retirement sets the goal for your retirement plan. Yet thinking about the specifics of an event that's years away can be challenging. You'll need to consider your short- and long-term goals, along with what your day-to-day activities will be. Also, you'll want to consider your whole retirement, not just the first few years.

To make it easier to envision your future, think about these four cornerstones:

  • Who (relationships): Who are you going to spend most of your time with? Is there anyone who may be dependent on you physically or financially? Do you plan to leave money to anyone such as children or a charity?
  • What (lifestyle): What will you be doing in terms of big dreams and day-to-day life?
  • Where (home): Where will you be living and spending your time?
  • How (health): How may your health, or someone else's, affect your retirement?

Retirement planning is all about feeling confident about your future. Use our helpful Take Charge of Your Retirement tool. Then, work with a BMO Harris financial advisor to help bring your retirement picture to life.

Contact a Financial Advisor

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