Two million households are expected to consider downsizing in the next five years — but is it always the right move financially or emotionally?
On this episode of the Friends With Money podcast, Money’s Tom Watson is joined by Catriona Graham, financial planner at Bridges Financial Services, to explore the costs, trade-offs and timing of downsizing, and what Australians should consider before making a move.
00:00 Introduction
01:19 What is downsizing?
02:56 Key benefits and motivations
04:38 Hidden costs and risks
05:50 Downsizer super contributions
Clarification: To be eligible to make downsizer contributions from the sale of your home, your home must have been owned by you and/or your spouse for at least ten years before the sale. The sale must also qualify for the main residence capital gains tax exemption – either fully (e.g. you’ve lived in it the whole time) or partially (you’ve both lived in it and rented it out).
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