Losing your job or being made redundant can be a stressful time. Not only can it affect your career, but it can affect your health and personal relationships
Most Australians love their home and want to stay where they are forever. Many are more flexible and, will consider downsizing due to:
Upkeep/maintenance difficulty e.g. garden maintenance
Negative shocks e.g. widowhood, divorce, health concerns.
What are the costs of downsizing?
Where will you live?
How much do you want to spend on your new home?
Do you intend to access capital tied up in your current property?
Will downsizing have any impact on your Age pension entitlements?
Will you be moving into an Aged Care Facility?
Payoff any outstanding debt
Create a cash reserve
Make contributions into superannuation
Commence a retirement income stream
Consulting with a financial planner can help your answer the following:
How to invest any surplus sale proceeds?
How to contribute sale proceeds into superannuation?
How the sale may affect your Age pension entitlements?
What is the best option if you want to leave the funds to your children as an inheritance?
How do aged care facilities calculate fees and charges?