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Reply to "At what age do you plan to retire?"
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[quote=Anonymous][quote=Anonymous]I have a question related to this. We live in a much larger home than we will want at retirement. Let's say it's a 2M home today and will be paid off in 10 years, but we are 20 years away from retirement. We plan to sell in about 10 years and downsize. I assume house might be worth more in 10 years, so let's say 2.4M, and we would buy the about a 1M place. We can "count" that 1.4 m for retirement, correct? And do we get taxed (at 40% current rate) for what we would take out of the sale? How could we protect that money better? [/quote] Depends on what you paid for the house, what you invested in the house, and your one time CG deduction (and whether that still exists when you sell). Also keep in mind there will be transaction costs - I would assume 7-8% for taxes, realtor fees, etc. I would probably consult your tax advisor.[/quote]
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