Baby Boomers able to put funds from home sale into SMSF

A new government initiative which allows home owners over the age of 65 to put the proceeds of the sale of their homes into a SMSF started this month. The initiative is aimed at those elderly people that own a mostly empty home and would like to down size into something smaller. This allows them to put a large amount of the proceeds into a SMSF and use that money to invest.

Research show many elderly people live in houses that are far too big for their needs yet these same people have little or no other assets on which to survive through retirement on. This new initiative will allow these people to live a better life in later years by freeing up that capital.

If you are in this position, it is wise to seek the right qualified advice around this.