Baby boomers would be happier not downsizing says expert

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A retired academic actuary says that retirees would be happier staying in their houses rather than downsizing to a condo or renting. Rob Brown, formerly of the University of Waterloo says that his advice for retirement is to have as much control over your finances as possible and he believes that the family home, once the mortgage is repaid, offers fairly predictable costs compared with rent volatility or condo maintenance fees. Read the full story.
  • Angela Wong-Liao - Invis on 2014-11-27 8:15:09 AM

    As a baby boomer, it is a big decision to downsize or remaining. I have clients who prefer to sell their big expensive homes and move out of the city for smaller less expensive homes as the upkeep, property taxes, utilities are simply too stressful if they do not have good pensions and savings. I agree that condo living can be a challenge to retirees as their income is fixed and condo fees is not regulated and they can increase substantially if the condo reserve funds is not sufficient to cover the costs of the repairs. I believe the decision is depending on individual finances and health conditions.

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