Home Downsizing

There are many benefits to downsizing during retirement. Just two off the top of our heads include lessening the cost of maintenance and gaining a chunk of money left over from selling a bigger house after buying something smaller, cheaper and cozier.

But did you also know such a move doesn’t incur capital gains taxes? Thanks to the Internal Revenue Service, married couples may land a profit of up to $500,000 without worrying about taxes, meaning that even if your savings so far have not been fantastic, you’ll at least have quite a huge stash that Uncle Sam won’t touch.