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CASE STUDIES 1. STARTING YOUR RETIREMENT PLAN AT 50 Alan 50, Joanrw is 51. They have a large house orth in Toronto and a
CASE STUDIES 1. STARTING YOUR RETIREMENT PLAN AT 50 Alan 50, Joanrw is 51. They have a large house orth in Toronto and a cottage worth in Muskoka. Mortgage payments on these prop- erties are $42.(") p.a. and they will be paid off in 10 years. They have no other debts, altmugh they just fini*hed paying off a car loan. They each 'Nn a Car, and they their Cars three or four years they do not Want to be Seen driving Older Alan'S net income Or take-home income was last Far, ancr taxes, CPP, EI premiums. medical insurance, etc. Joanne takes home p.a. after the same set of &dLRtions and contr'utions to her employer pension plan. They have two children whom they are currently helping through school, at a cost of COSI Will for another after Which the Children are on their OWn. They are carrying Substantial life and insurance, all of the cost of which is deducted frmn their gRN pay in arriving at the net income reported above. They have in a chequing emunt and a substantial line of credit at the bank if they need it. Alan has in an oil and gas mutual fund. He no plan. Joanne has invested in GICS in an RRSP, She eXT*CtS an indexed plan Of (in if She retires at age 61. They would each qualify for c-mty of maximum Canada
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