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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 29^th 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 http://newsroom.bmo.com/, 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: www.bmo.com/retirement.

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