Keeping house

During a recent visit to a retirement village, I asked a retired surgeon "now that you've left your large family house, how do you manage when your children and grandchildren want to stay with you?" "There comes a time in your life when you have to be selfish and put your interests first," he replied. "This apartment with one spare bedroom suits us perfectly." Retirement villages are one option when the time comes to consider downsizing. Equity release is another, or moving to a less expensive area. Advisers need to examine all three options and their tax implications when advising clie...