Bank of Montreal has launched a new online tool to help Canadians as they plan, save and prepare for their retirement.

The Retirement Savings Outlook tool allows users to see where they stand with their retirement savings and whether they are on pace for a fully-funded retirement.

According to a recent BMO (TSX:BMO) survey almost a quarter of Canadians do not know how much money they will need during their retirement. Others assume there is a “magic” $1 million target that will assure them a comfortable retirement.

The Retirement Savings Outlook tool helps by providing a snapshot of an individual’s current financial situation along with a projected retirement outlook. It asks users a series of detailed financial questions to assess whether or not they are on track to meet their retirement expectations.

Users can adjust key variables such as retirement age, savings and desired income in retirement to explore the various things one can do to fill the potential shortfall.

The tool also outlines the possible risks that can impact retirement, including inflation, health care costs and market fluctuation.

“By introducing this online resource, BMO is taking some of the guess work out of preparing for retirement,” says Caroline Dabu, vice president, retirement & financial planning strategy, BMO Financial Group.

“One of the most helpful features of this tool is that it allows customers to have these results in hand as a starting point before sitting down with a financial planner. It enables a good discussion around potential issues and solutions for their retirement plan.”

Access the Retirement Savings Outlook Online tool here.

IE