Retirement & Downsizing: BMO Advises on How to Determine Whether or Not to Make the Move

Retirement & Downsizing: BMO Advises on How to Determine Whether or Not to Make the Move

– First of Canada's nine million Boomers became eligible for retirement in 2011 – Health, location and financial considerations will determine whether they move or not – BMO offers advice to those thinking of giving up the family home
 

There are several factors to consider when making the decision to downsize or not, including:

Your Health

Although health matters may be hard to predict, it is important to think about what you might need to do if your health status changes in the upcoming years. A good place to start is to ask yourself the question, "If there were a shift in my healthy or mobility…"


A Change in Location

A change in location can greatly impact your day-to-day activities and social interactions, and will often determine the lifestyle you lead. Some retirees would prefer to live in a group setting, while others would like to live in a more urban area with easier transport.

Financial Considerations

Laura Parsons, Mortgage Expert, BMO Bank of Montreal, notes that, for those considering downsizing, many financial factors need to be considered, including costs related to property maintenance and the possibility of renovations to adapt to changes in lifestyle.

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This entry was posted on May 21, 2016 by Jim and Iris

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