Next, the planner looks at the couple’s cash flow.
MIA FOR GMAIL NOT WORKING PLUS
However, they appear to be on the right track: They spend about $40,000 a year, and ignoring inflation adjustments, once they’re collecting Canada Pension Plan and Old Age Security benefits (at their respective ages 65 or 70, depending on when they start the benefits), that income – plus Isaac’s small defined benefit pension – will be about $43,000 a year, the planner notes.Īlthough they deserve most of the credit for their current financial position, they are grateful that their parents gave them an inheritance advance, which they used for a down payment on their home, Mr. No financial plan will be accurate when projecting 40 years into the future. “Now that they have enough savings, they’re going retire and get on with the next phase of their lives.” “With about $150,000 of additional savings over the next three years before Isaac retires, and the eventual sale of their home and condo, they will have enough to provide for health care in their old age if it is needed,” he says. Their net worth is more than $2.4-million. MacKenzie says.Īt a relatively young age, and with modest incomes, they’ve managed their finances in a way that puts them near the top of their age group in terms of their net worth, the planner says.
MIA FOR GMAIL NOT WORKING HOW TO
“Isaac and Mia offer an excellent example of how to become financially secure by spending less than you earn during your working years,” Mr. Mackenzie holds the chartered professional accountant (CPA) and certified financial planner (CFP) designations. We asked Warren MacKenzie, head of financial planning at Optimize Wealth Management in Toronto, to look at Isaac and Mia’s situation. “Do we have to downsize and have the proceeds from the sale of our home to achieve the goal of Isaac retiring in three years?” They have no children and are not concerned with leaving an estate. They’d spend half the year in Europe, where Mia’s family owns some property, and the other half in Canada.
“We would like to travel when we have both retired,” he writes. They would invest the surplus from the house sale “to help with longer-term goals,” Isaac adds.
Mia plans to work another nine years until she turns 55. “We would like to downsize and sell the house, along with one of the vehicles, and move into a condo or townhouse in the Kawartha Lakes area” of Ontario. “I am thinking about retiring in my mid-50s,” Isaac writes in an e-mail.
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