CTV's Chief Financial Commentator Pattie Lovett-Reid will share her top money tips for Financial Literacy Month in November. Follow along here.

In a new survey conducted by the Bank of Montreal, respondents over the age of 55 shared their insights on the social and financial consequences of an increase in life expectancy.

The survey showed that 51 per cent of respondents are concerned about health problems and costs, 47 per cent said they are afraid of running out of money and 40 per cent said they worry they will become a burden on their family if they live longer.

Meanwhile, 59 per cent of respondents said they have differing opinions from their partners about individual and shared financial goals.

Ultimately, the money worries that this survey highlights is a reminder that retirement is so much more than just the money. In other words, how much money you need in retirement will be driven by the lifestyle you hope to enjoy.

Here are a few tips on how to design a balanced retirement plan:

1. Take the time to talk to your spouse or partner and looks for ways to get aligned, compromising where required and build your life and financial goals in unison.

2. Before extending a financial hand to your children be clear on how much you can part with.

3. Factor in potential healthcare costs and plan for contingencies not covered by provincial health programs.

4. Reduces taxes by looking for ways to split income, and give to charities if you can.

5. Write a will so your assets are distributed according to your wishes and not a government formula.

You could spend a one-third of your life in retirement. Let’s make it the best third with a little planning.