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I fail to see how you can exclude it from your investments.

The how is easy. I just do.

The why is more difficult. I plan to retire in approximately 7 years. At that time I will have 10 year old and an 8 year old kid and 23 years left on the old mortgage (we just moved). Therefore, I have calculated into my needs the cost of that mortgage, plus taxes and insurance and maintenance for this house. That tells me how large the house bucket needs to be.

So, I have the house in there as a cost. But it does nothing to add to my retirment income, so in that regard I do not list it as a retirement asset.
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