Barney and Betty are 48 years old and they are planning on retiring in 15 years. They have been diligently saving for their retirement. Barney has a defined benefit pension plan and he has been contributing a small amount to his RRSP each year. Betty has a group RRSP through her employer and they match 50% of every dollar that she puts in. They will also qualify for OAS and have been contributing to CPP. They want to retire and maintain their current standard of living (expenses) into retirement.

Explain how you would calculate what they currently have for retirement with what they will need for their retirement?

There is no math required for this question. You are required to use the information from the above narrative and explain what you would do to determine if they have enough money to retire.