More than half of Canadians say they need help with their retirement portfolios, finds a BMO Global Asset Management study.
When asked to identify the top retirement planning issues where they need help, 56% say they need assistance with deciding which investments best suit their needs.
Other aspects where they said they need help include:
- understanding how their retirement portfolios will react in certain markets (53%);
- making adjustments because of market conditions (53%);
- ensuring portfolios are diversified (51%); and
- determining their risk tolerance (48%).
The study also looked at where Canadians need help outside of how to go about investing their retirement savings:
- 51% of Canadians need help with understanding how much money is needed to retire;
- 47% need help with estate planning; and
- 22% need help deciding when or if to downsize to a smaller home.