Friday, November 09, 2018
CHICAGO, Oct. 29, 2018 /CNW/ - BMO Wealth Management (U.S.) today released a report revealing Americans' views on aging and exploring their top concerns tied to family and wealth. The report, The Aging Economy: Improving with Age, is based on a survey of more than 500 Americans aged 55 and older and highlights the benefits of a comprehensive wealth plan to help mitigate the worries that many seniors encounter throughout retirement.
Increased life expectancy among Americans – which currently stands at 76 years for men and 81 for women – has extended the average retirement period to 18 years. As a result, many boomers are remaining in the workforce longer in order to grow their retirement nest egg, meet retirement and estate planning goals, and stay active. They're also thinking more than ever before about how to ensure they will live a comfortable life now and in the future.
Key survey findings show:
"While Americans are fortunate to be living longer, extended retirement brings additional costs and challenges," said Tania Slade, National Head of Wealth Planning, BMO Wealth Management (U.S.). "It's crucial that people approaching retirement work closely with financial planners, spouses, and family members to come up with a viable, long-term strategy that supports them throughout their elder years and enables them to leave the legacy they desire."
BMO offers the following tips to help alleviate common concerns during retirement:
To view a copy of the full report, which includes additional survey findings and financial tips, please visit: https://wealth.bmoharris.com/insights/individuals-families/plan/aging-economy-improving-age/
About BMO Wealth Management U.S.
BMO Wealth Management serves mass affluent, high net worth and ultra-high net worth individuals and families with a full suite of wealth management solutions including wealth planning, banking and borrowing, investment management, retirement planning, trust and estate services, philanthropy, insurance and risk management, tax planning and ultra-high net worth services. With over 140 offices across 16 states and international offices in Canada, Hong Kong, and Singapore, BMO Wealth Management provides guidance and planning advice combined with individualized service and local experience. As of April 30, 2018, BMO Wealth Management had assets under management of US$47 billion and assets under administration of US$79 billion. BMO Wealth Management is supported by the resources and stability of one of North America's premier financial services organizations—BMO Financial Group. Visit bmowealthmanagement.com.
BMO Wealth Management is a brand name that refers to BMO Harris Bank N.A. and a number of its affiliates. BMO Harris Bank N.A. and its affiliates do not provide tax or legal advice to clients; these matters should be discussed with the appropriate tax or legal advisor.
SOURCE BMO Harris Bank
For further information: Media contact: Emily Penate, Chicago, Emily.Penate@bmo.com, (312) 461-7956
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