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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC. a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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Affording Retirement and Home Renovation

March 18, 2013

After buying a fixer-upper house, a baby-boomer couple wondered whether they could afford the renovations on the home without jeopardizing their retirement.

 

“When most people reach this stage in life they find their homes too big and are looking to downsize,” says Dan White, president of Daniel A. White and Associates, a Glen Mills, Pa., firm that manages $82 million in assets for 370 clients.

 

But this couple found themselves in a more complicated situation: They had purchased the home jointly with their 39-year-old son, who was unable to afford the down payment on his own. The wife’s 89-year old father was also living in the home’s in-law apartment. All told, three generations were living in the home.

 

Under the arrangement, the son was paying the mortgage, property tax and utility bills. The clients had funded the down payment and also promised to pay for a kitchen update.

 

The couple had decided to buy the home to help both the older and younger generations, but found themselves reluctant to take on debt or jeopardize their retirement savings for the remodel. “They came to me concerned about which accounts to pull the renovation money from, and whether they would have enough for retirement,” Mr. White says.


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