TORONTO, ONTARIO--(Marketwire - Feb. 29, 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 52:

Online calculators do not tell you the whole story

There are a variety of online financial calculators available today that can be useful tools to get a quick idea of whether or not you are on the right track to your retirement savings goal. Many of them provide you with a snapshot of how much your savings will grow over a number of years, and how much you should be saving to retire at your preferred time.

Calculators are simple projections based on a series of pre-set inputs and assumptions. They can give you misleading answers if you over- or under-estimate your investment returns over time.

What calculators do not offer you is personal advice. They cannot advise on whether your investments are appropriate for you, whether you have an effective estate plan, or who will care for you if you become disabled.

If you would like a realistic, personalized retirement plan that takes into account both your financial and personal goals, then consider hiring a professional financial advisor.

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

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