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BMO Bank of Montreal

February 21, 2012 08:00 ET

BMO Retirement Tips of the Day: Do Not Feel Pressured to Retire Too Early & Do Not Believe that You Have Only One Retirement Date

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2012) - As the February 29th deadline approaches to make a contribution to a Registered Retirement Savings Plan (RRSP) and as part of its ongoing commitment to improving financial literacy, BMO Financial Group will be providing daily retirement tips during the month of February from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement…And How To Rescue It.

Tip Number 41:

Do not feel pressured to retire too early

Don't adopt someone else's frame of mind regarding the best time to retire. For instance, when you reach age 55, you may just be entering the senior management ranks and be entitled to additional perks and benefits. Do not feel pressured to retire at a particular age if you feel you cannot afford it, or if you simply do not want to retire yet.

  • Think about what makes most sense for you to retire.
  • Ask your employer if early retirement will impact your pension and other benefits.
  • Be sure to review how much you need to save for retirement.

Tip Number 42:

Do not believe that you have only one retirement date

Fewer and fewer people are looking at retirement a one-time event that occurs on a set date, and it shouldn't be. Today, retirement is more like a journey. It need not be permanent, and you could end up retiring several times in your lifetime.

  • Do not wait - start thinking about your exit plan and how work will fit into your retirement plan.
  • Talk to your employer about options for working past retirement age.

For more information on retirement: www.bmo.com/retirement

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