Retirement Income for Life by Frederick Vettese

Author:Frederick Vettese
Language: eng
Format: epub
Publisher: ECW Press
Published: 2020-09-22T00:00:00+00:00

Cutting their income by $13,000 is by no means appealing but it is not the end of the world. In the aftermath of the 2008–2009 financial crisis, many retirees had to endure worse. Spending less is also the path of least resistance for many people. Therefore, we cannot rule it out for Nick and Susan.

Downsizing their principal residence is also an option, but that becomes hard to do once the Thompsons are heading into their 80s. No one I know past age 75 has any intention of moving again, except maybe to a retirement home, and that won’t happen until their late 80s in most cases.

Even if they do downsize, the Thompsons may not be freeing up as much cash as they had hoped given the myriad costs involved in selling and moving. These costs include real estate commissions, legal fees, repairs and renovations to get the old house ready for sale and the new place ready for moving in, moving costs, sales taxes, and, in most provinces, a land transfer tax.

Let’s assume that Nick and Susan are not prepared to slash their budget and leave the middle class behind, nor are they willing to downsize. That leaves them with the option of a reverse mortgage.

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