Less than half of Canadians over the age of 55 have developed financial plans for their retirement reports the BMO Retirement Institute, which commissioned a survey of more than 1,500 Canadian adults in April 2010.

“Financial resources available through programs such as the Canada Pension Plan and other pension schemes likely won’t be enough to support the average retirement lifespan. The onus is on individuals to be prepared in order to live out their desired retirement lifestyle,” says BMO’s Tina Di Vito.

Suggestions for properly planning for retirement include:

1.  Understand employer and government pension lans

2.  Plan for taxes on RRIF Withdrawals

3.  Restructure investments, begin framing financial contingencies and implementing monthly budgets