If you are like many baby boomers in Vancouver, your home may be your largest financial asset. To fund your retirement you may be planning to sell and rent; take on tenants, downsize, or downsize and take on tenants. Whichever option you are considering, your home may play a key role in a successful retirement plan.
For many individuals who are retired or are considering retirement, the income from pensions and RRSP’s won’t be sufficient to provide them with lifelong income? Understanding this reality has many in Vancouver turning to home downsizing to fund the retirement shortfall.
While this is a valid retirement strategy, it requires an answer to one important question; “how much must we downsize so that we will have enough for lifelong income? Downsizing too little may force a retiree to make future costly adjustments and downsizing too much may compromise the retirees lifestyle more than was required.
Watch our one minute video on Home Downsizing For Retirement.