Build a FINANCIAL PLAN for Ruth based on the information provided below (summarize in orderly steps (bullet points) how Ruth will build her FINANCIAL PLAN to achieve her goal)

Case:

Ruth, aged 40, likes her work and has no plans on retiring although she hears that people retire at age 65. She would like to receive Canada Pensions Plan (CPP) and Old Age Security (OAS) benefits on her retirement date She has a goal of retiring on 70% of her current pre-tax income. Ruth is a widowed mother of one 5-year-old daughter, Nancy. Ruth settled her husband's estate a couple years ago and all assets below are in her name alone. She's currently dating and considering remarrying some time in the future. She would like to leave a legacy for Nancy if possible. Ruth's late husband used to handle the investing so she's an investing novice and uncomfortable with taking too much risk but recognizes she has a long-time horizon. She considers herself to be a moderate-risk investor.

Assumptions:

• January 2023 Start of Plan year
• Income of $180,000 (use software's tax calculator)
• Tax deductions are based on marginal tax rate
• Current RRSP value $335,000 (assume no carry forward)
• Current TFSA Value $160,000 (assume no carry forward)
• Non-registered portfolio Value FMV $185,000 ACB $135,000
• She owns a home worth $850,000 and has a mortgage of $225000 (5-year term 2.85%, 20 year am left) she spends $1700/m on mortgage payments
• Other than her mortgage she spends $6500/m on lifestyle (food, heat, hydro, vacations etc)
• Her Maximum RRSP contribution limit for 2022 is $29,120
• Assume Canada Pension Plan (CPP) at age 65 is 85% of maximum and OAS at age 65 is 100%
• Use FP Canada's guidelines for return expectations
• Plan ends at age 95
• Ruth has an additional $20,000 to invest towards her goals.
• She would like 70% of pre-tax income in retirement ($180,000*.7) = $126,000
• She has no work sponsored insurance benefits
• She expects Nancy will go to college or university but no savings have been set aside for her education yet. She's not sure if she wants to fund a 4-year plan or more but she doesn't want Nancy to go without. She thinks education will cost $10,000/year in today's dollars

Feel free to make other assumptions in this plan, ie sells her home to fund retirement, length of education funded etc...