- Individuals with grown children that no longer live in the same residence. For real estate purposes, empty nesters tend to down-size and purchase smaller homes when children move out.
older adult, 50+
Related Terms and Acronyms
- Active Participant — Definition,
- Actively enrolled in an employer's retirement plan.
- Bedroom Community — Definition,
- A suburb in which most residents commute to the city to work.
- Registered Retirement Savings Plan (RRSP) — Acronym, Canada, Very Important,
➥ Tax deferred investment contribution used to reduce income tax.
- A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
- Reverse Mortgage — Definition, Important,
- A loan that allows an older homeowner to convert built-up equity into cash. The loan comes due when the owner dies, sells the house or moves out.