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Michael Hutton

When it’s time to downsize in retirement

Clinging on to the family home even though your finances are tight? This is what you should consider.

Michael HuttonContributor

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You own the family home, are enjoying retirement and your children moved out years ago. But your home is showing signs of wear and tear, and you are struggling physically and financially to maintain it. Perhaps now is the time to consider downsizing to a smaller property and rearranging your finances.

You’ve long resisted the urge to move to another property – whether that be downsizing to a smaller home or moving into an aged care facility. Spending your twilight years in the family home has been the goal. It’s not just a property you own – it’s your home, full of family memories and a haven for spending quality time with children and grandchildren in the years to come.

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Michael Hutton is wealth management partner at HLB Mann Judd Sydney.

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    Original URL: https://www.afr.com/wealth/personal-finance/when-it-s-time-to-downsize-in-retirement-20230308-p5cqgg