BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

March 05, 2012 10:00 ET

BMO: Save Your Retirement This Year by Following 52 Simple Tips

- Almost 40 per cent of Canadians made an RRSP contribution this year before the deadline

- During the month of February, BMO offered daily tips from Tina Di Vito's book, 52 Ways to Wreck Your Retirement...and How to Rescue It

- Start rescuing your retirement this year by following some simple advice from one of Canada's foremost retirement experts

TORONTO, ONTARIO--(Marketwire - March 5, 2012) - According to a BMO Financial Group study, almost 40 per cent of Canadians made a 2011 contribution to their Registered Retirement Savings Plans (RRSP) before the February 29th deadline.

While the deadline to make a 2012 contribution may be a year away, it is never too early to think about retirement planning.

During the month of February, BMO released daily retirement tips from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement…And How To Rescue It.

Here is the full list of 52 tips, one for each week until next year's deadline:

  1. Understand what a retirement plan is
  2. Don't let "feeling young" lead to procrastination
  3. Use common sense
  4. Save for tomorrow rather than only living for today
  5. Pay attention to your statements
  6. Know where you stand
  7. Know where you're spending your money
  8. Know how your money is invested
  9. Know how much risk you can tolerate
  10. Don't play it too safe
  11. Diversify your investments
  12. Continue investing throughout your retirement
  13. Don't watch your investments too closely
  14. Know the value of time, contributions and rate of return in reaching your goal
  15. Know the difference between good and bad uses of debt
  16. Pay off your mortgage sooner and enter retirement mortgage-free
  17. Be wary of using credit cards as a long-term loan solution
  18. Take advantage of employee benefits and save more money for retirement
  19. Recognize the effects that inflation will have on retirement income
  20. Determine the size of your nest egg and how much is enough for you
  21. Learn how much you are entitled to receive under the Canadian Pension Plan (CPP) or Quebec Pension Plan (QPP)
  22. Understand the benefits of the Old Age Security (OAS) pension
  23. Have other retirement income options in addition to your company pension plan
  24. Choose wisely with your Defined Benefit pension plan
  25. Consider all your options before you decide how to turn your retirement savings into retirement income
  26. Avoid making too many big lifestyle changes when you retire
  27. Focus your energy on things that really matter to you in retirement
  28. Plan for retirement together and talk to your partner about what you want to do.
  29. Do your research before retiring abroad
  30. Consider the implications before downsizing from the family home
  31. Do your homework before starting a business in retirement
  32. Avoid spending too much too early in retirement
  33. Be generous but don't give away too much
  34. Spend during your retirement, but do some planning first
  35. Consider splitting income to pay less in taxes, now and during retirement
  36. Take steps to keep as much of your Old Age Security income as possible
  37. Take advantage of tax gifts such as the Tax Free Savings Account
  38. If you own U.S. property, account for estate taxes as part of your succession plan
  39. Avoid paying too much tax on investments
  40. Be prepared to be single in retirement
  41. Do not feel pressured to retire too early
  42. Do not believe that you have only one retirement date
  43. Consider others during your retirement
  44. Be sure to protect your most important asset - you!
  45. Make the right decisions around joint accounts and ownership
  46. Consider setting up a Power of Attorney
  47. Dedicate time to understand and plan how your estate will be distributed after death
  48. Choose the right beneficiary for your RRSP, RRIF and TFSA
  49. Understand the dangers and protect your retirement nest egg against fraud and theft
  50. Make the most of any available lump sums of cash
  51. Choose a professional financial advisor to help you meet your retirement savings goals
  52. Online calculators do not tell you the whole story

To view the full tips, please visit, or purchase a copy of the book 52 Ways To Wreck Your Retirement…And How To Rescue It by Tina Di Vito.

For more information on retirement:

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