Wellness Workshop: Plans for Downsizing

Lydia Heshka, Wellnesss Committee Member

YOU are enjoying your retirement. You look around and notice that the kids and cat are gone. All of a sudden the house is too big, and the cabin too far away. Where do you go from here?

That was the subject of RTAM’s Wellness Committee’s second mini workshop: “Real Estate Transactions: Options for down sizing living spaces.” It was held from 2:00 - 4:00 p.m. at the RTAM office at 1555 St. James Street on February 25, 2015.

Once again our presenter, Sharon Tod, B.A., LL.B (St. Mary’s Law), offered and explained numerous alternatives. Each has advantages and disadvantages, both in terms of finances and lifestyle.

Topics covered included: selling or keeping the home, real estate agent vs private home sale, selling or keeping the cabin, condo purchasing, and condo living. Other options covered were life lease, co-op housing and renting.

Capital gains and probate fees were explored and clarified.

Tax implications of each choice were discussed. Each participant’s questions were thoroughly answered. Because we all come from a different experience, our decisions are personal and vary depending on our own lifestyles and our goals in life.

The two hours went by very quickly. We left with much food for thought. Our home is our biggest asset, so a prudent, wise decision is paramount as we move into the next stage of our lives.

The Wellness Committee would like to thank Sharon for sharing her knowledge and wealth of information, her anecdotes, her experiences, and her ability to answer all of our questions. In the end, we will each make our own decisions based on all the information we received, as it applies to our situations while we proceed through our lives in retirement.