Susan age 47 has been focused on paying off the mortgageon her Toronto condo by her 48th birthday next spring.

Susan has a defined contribution pension plan at work to which her employer makes matching contributions.Total contribution is approx. $10,000 per year ($5000 employer, matched by Susan). The combined contributions will show up as a pension adjustment in box 52 of her T4 slip. The pension adjustment reduces the amount of registered retirement savings plan (RRSP) contribution room Susan will have each year. In Susan's case, the pension adjustment is about $10,000 a year. MTR is 33.89.Assume she earns 5% on her investments.

Once that's done, she will turn her attention to saving for the day a few years hence when she can retire early from the work force at the age of 53. Her goal is to have $40,000 a year after tax to spend.She earns $75,000 a year plus bonus of 15 percent ($86,000 with bonus)

Her unused RRSP room is $76,000 (RRSP carry-forward). Susan also has ahome-equity loan on which she is paying interest only- money she borrowed to invest.

Fuelling her sense of urgency is insecurity about her employment and the awareness that her age might make it difficult for her to find another job - particularly for the same compensation - if she were to lose her current one. "I am hearing rumblings that I will be made redundant, and given my age, I feel I'm unlikely to secure alternative employment," Susan writes in an e-mail.

What if Susan is laid off?

"If I were to be laid off today with a lump-sum payout of $100,000, and paid off my mortgage in full, would I be able to stop working?" she asks. If she is able to work for another five years, is she on track for a "reasonably comfortable" retirement?

Her severance pay would be taxable, so the net amount wouldn't leave enough to completely pay off the mortgage and the line of credit.She would lose the matching pension plan contribution and be faced with a reduced Canada Pension Plan (CPP) benefit.

Susan has a hodge-podge of investments - some being high-cost mutual funds with deferred sales charges (DSC). She says she would like to consolidate them into a single account, "but since my cousin is the sales rep, that may prove a bit tricky." Thanks to her employee share purchase plan, she has a substantial amount of her company's stock. She also has three separate TFSAs. Her portfolio comprises more than 80 per cent stocks and one large position in her employer's shares

CPP contribution rates, maximums and exemptions Year Maximum annual Basic Maximum Employee and Maximum pensionable exemption contributory employer annual eamings amount earnings contribution employee and rate (36) employer contribution 2018 $55,900 $3,500 $52,400 4.95 $2,593.80 2017 $55,300 $3,500 $51,800 4.95 $2,564.10 2016 $54,900 $3,500 $51,400 4.95 $2,544.30 2015 $53,600 $3,500 $50,100 4.95 $2,479.95 Maxlmum monthly payment amount Maximum annual Income to receive the GAS pension Bum OPP reduction 0.6 per month; OPP Increase 0.7 per month; OAS Threshold amount $75,910; Assume Ination is 2%: For 2018, the average monthly CPP disability benefit Is $971.23 and the maximum monthly amount is $1,335.83 Old Age Security (OAS) pension We. $5,187.60 $5,128.20 $5,088.60 $4,959.90 Old Age Security (OAS) pension Regardless of your marital status $596.67 $123,302 (individual income) Guaranteed Income Supplement (GIS) amounts for individuals receiving a full Old Age Security (OAS) pension. If you are a single, widowed or divorced pensioner $891.18 $18,096 (individual income) If your spouse/common-law partner receives the $536.48 $23,904 (combined full OAS pension income) If your spouse/common-law partner does not receive $891.18 $43,392 (combined an OAS pension income) If your spouse/common-law partner receives the $536.48 $43,392 (combined Allowance income) Monthly net income: $4,615 (after workplace deductions) Assets: Cash $15,000; stocks $255,000; TFSA $26,500; RRSP $151,000; defined contribution pension plan $165,600; residence $425,000. Total: $1-million. Monthly outlays: Mortgage $1,750; condo fees $60; property tax $130; home insurance $30; utilities $75; maintenance $50; transit $50; groceries $300; clothing $40; line of credit $300; gifts, charity $95; vacation, travel $200; personal care $30; dining out $50; subscriptions $15; doctors, dentists $50; drugstore $75; health, dental insurance $180; phone $20; RRSP $120; TFSA $40; pension plan contribution $345; unallocated expenses $200. Total: $4,205. Surplus $410. Liabilities: Mortgage $12,500 and LOC $83,000. Total: $95,500Allowance and Allowance for the Survivor amounts - July to September 2018 Maximum monthly Your situation payment amount Maximum annual income to receive the OAS pension Footnotel Allowance If your spouse/common-law partner receives $1, 133.15 $33,456 (combined income) the GISand the full OAS pension Allowance for the Survivor If you are a surviving spouse or common-law $1,350.74 $24,360 (individual income) partner