TORONTO, ONTARIO--(Marketwire - Feb. 22, 2012) - As the February 29^th 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 43:

Consider Others During your Retirement

More and more Canadians find themselves responsible for caring for their parents, a spouse, a friend or other family members. As you envision your retirement, make sure you consider how the added responsibility of caregiving might alter that vision.

• Have a care strategy in place.
• Ask family members for help.
• Establish set vacation days from caregiving and stick to them.
• Investigate workplace support for elder care services.

Tip Number 44:

Be Sure to Protect your Most Important Asset - You!

The best-laid plans can go astray if you do not take the proper steps to protect your earning capability during your working years, and your income and assets during retirement. Be sure to examine your life, disability, long-term care and critical illness insurance needs, for both now and into your retirement.

Before retirement:

• Review your disability insurance policy, to make sure you have the appropriate type and amount of coverage.
• Review your life insurance policy. Is the coverage enough, and can you continue the policy in retirement?
• Consider long-term care and critical illness insurance to help cover the costs that may arise.

In retirement:

• Incorporate the potential costs of long-term care or a critical illness into your retirement plan, and determine what impact these costs would have on your retirement. Consider long-term care and critical illness insurance to help cover costs that may arise.
• Consider life insurance to pay estate costs and income taxes, or to create an inheritance.

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

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