TORONTO, ONTARIO — (Marketwire) — 02/16/12 — 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 .
Tip Number 31:
Do Your Homework Before Starting a Business in Retirement
Canadians aged 55+ lead the country when it comes to starting new businesses. While Canada-s boomers may have an entrepreneurial streak, there are some big risks they need to consider before starting a new business during retirement. These include:
Tip Number 32:
Avoid Spending Too Much Too Early in Retirement
Despite the excitement you might feel upon retirement, dipping into your nest egg too quickly can increase the chance that you will run out of money before you run out of time. Keep in mind that the different phases of retirement require different levels of planning, so plan your savings accordingly.
For more information on retirement: .
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