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1. STARTING YOUR RETIREMENT PLAN AT 50 Alan is 50, Joanne is 51. They have a large house worth $800,000 in Toronto and a cottage worth $200,000 in Muskoka. Mortgage payments on these prop- erties are $42,000 p.a. and they will be paid off in 10 years. They have no other debts, although they just finished paying off a car loan. They each own a recent model car, and they replace their cars every three or four years because they do not want to be seen driving older models. Alan's net income or take-home income was $100,000 last year, after taxes, CPP, El premiums, medical insurance, etc. Joanne takes home $40,000 p.a. after the same set of deductions and contributions to her employer pension plan. They have two children whom they are currently helping through school, at a cost of $25,000 p.a. This cost will continue for another five years, after which the children are on their own. They are both carrying substantial life insurance and disability insurance, all of the cost of which is deducted from their gross pay in arriving at the net income reported above. They have $10,000 in a chequing account and a substantial line of credit at the bank if they need it. Alan has $30,000 in an oil and gas mutual fund. He has no pension plan. Joanne has $20,000 invested in GICs in an RRSP. She expects an indexed pension plan of $25,000 (in today's dollars) if she retires at age 61, They would each qualify for only 80% of maximum Canada