BMO Harris Financial Tip of the Week: Do Your Research Before Retiring Abroad & Consider the Implications Before Downsizing the Family Home

CHICAGO, Aug. 16, 2012 /PRNewswire/ -- As part of BMO Harris Bank's ongoing commitment to financial literacy and Making Money Make Sense' BMO Harris will be providing weekly financial tips. Our first tips come from the BMO Retirement Institute.

Do Your Research Before Retiring Abroad

Vacationing abroad and living abroad are two very different things. Before you make living abroad a permanent part of your retirement plans, consider:

• Which is the better option for you: a permanent move or temporary move?
• Living in a foreign country is different from vacationing. Factors such food costs, housing options, language barriers, health care, cultural isolation and family pets should be taken into consideration.
• Ensure you know the impact of non-residency on retirement income and savings.
• Ensure you know the tax and estate implications.

Consider the Implications Before Downsizing From the Family Home

Whether your home is a retirement asset or a personal use asset, it is one of the largest items on your personal net worth statement. There are many reasons for considering downsizing your home: you no longer need the space after the children have moved out; you may want to move closer to family; or you may want to move into a condominium to escape more arduous chores such as yard work and snow removal. Before you make the decision to downsize, consider the following:

• Decide whether you are ready to move and when you would move.
• Have your home appraised to determine the potential proceeds from a sale.
• Start looking for opportunities to buy a smaller home. Estimate how much you can save in reduced housing costs, and how much money you should set aside.
• Research possible additions to ease life in your current home such as an elevator, or research locations of active adult retirement communities.

For more information on retirement: www4.harrisbank.com/Investments+and+Retirement+Planning/Retirement+Planning

About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 650 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.

SOURCE BMO Harris