BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

February 03, 2012 08:00 ET

BMO Retirement Tips of the Day: Saving for Retirement Starts with Paying Attention and Knowing Where You Stand

TORONTO, ONTARIO--(Marketwire - Feb. 3, 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 Five:

Pay attention to your statements

Whether it's your pay stub, bank statement, or credit card bill, it's essential to review your statements carefully for information that may be incorrect. As many statements now arrive electronically and automatic bill payment services become more prominent, we tend not to review statements thoroughly for accuracy. Set up a reminder to check electronic statements, this will give you the time to look for ways to reduce interest and fees, check for unusual transactions and report any errors or abnormal activity.

Tip Number Six:

Know where you stand

In order to develop a retirement strategy, it's important to know your current net worth. From a planning perspective, a net worth statement - a statement which summarizes all of your assets minus your liabilities at a particular point in time - provides a straightforward account of how you are doing financially. This can provide a starting point for making financial projections to determine how much your investments might grow by the time you retire. It can also motivate you to take action to pay off debt sooner or to increase your retirement savings.

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