Tuesday, May 8, 2012

Downsizing a Residence

11:54 AM



Question:

I was wondering if there is a way or a work around to accommodate the downsizing of a residence?

I can't see anyway to develop a scenario where one sells their house and invests perhaps 70% the proceeds into their investments and the balance into a new residence with an accompanying mortgage.

Answer:

Select 'Personal Residence' as a source of retirement income in 'Sources of Income' on the 'Options' menu.

Then click the 'Residence' tab and enter the year you plan to downsize. Select 70% for the use of the proceeds.

The value of the condo purchased with 30% of the proceeds will show as an 'Other Asset' in the Accumulation of Assets chart and table window and the rest of the funds will become available for retirement income in the non-registered investment account.

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