When done correctly, downsizing can be a good idea. You might not only walk away with more money, but you may also simplify your life and reduce your home-maintenance and utility costs for years to come. To reach that happy outcome, you need to steer around the unexpected pitfalls that make downsizing problematic.
Downsizing and Budget Management
For many people, their strategy for funding their retirement is to sell their current home, buy a smaller place, and invest the difference for income. However, they often reap far less profit than they might have hoped.
Our Downsizing and Budgeting program helps keep things in perspective. We focus on things that you should avoid, and others that you might want to pursue. We take an honest look at tax implications, moving costs, relocation fees, and many other issues that you should consider before youn decide to downsize. Talk to your investment manager to learn more.
IRA margin accounts allow trading so the account can be fully invested as well as the ability to trade multiple currencies and multiple currency products, but are subject to the following limitations:
- No cash borrowing (i.e. cannot have a debit balance or short stocks).
- IRA accounts may be opened in any base currency, but when trading in a non-base currency product, a currency trade must be executed first as you cannot borrow currencies.
- Withdrawals are permitted only in USD.*
- No stock or option cross-margining.
- No currency borrowing.
- Futures trading in an IRA margin account is subject to substantially higher margin requirements than in a non-IRA margin account. Margin rates in an IRA margin account may meet or exceed three times the overnight futures margin requirement imposed in a non-IRA margin account.
Customers are advised to consult with their adviser and tax specialist for further details on IRA rules and regulations.
Residents of Canada may not open Individual Retirement Accounts.