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Tuesday, 22 November 2016 01:49

Should You Downsize in Retirement?

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There is no end of financial advice on preparing for retirement: superannuation, investments, tax minimisation, pension eligibility, funding your desired lifestyle – the list goes on. All this advice highlights the importance of planning ahead – the sooner you start the better prepared you will be. One of the biggest decisions for many retirees is whether to stay in the family home or purchase smaller or ‘retiree’ accommodation. It may be their most significant decision both financially and emotionally. Downsizing is on the move Between 2009 and 2014 one in four Australians aged 55-64 moved to a smaller property1. It is expected this trend will increase as more Baby Boomers move into retirement. As a result, there has been increased demand for housing suitable for retirees such as villas, townhouses and units. Growing competition for limited stock in many established areas has increased prices – in some locations the cost…

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