Quote:
Originally Posted by CliffFletcher
I get a kick out of the real-life financial and retirement planning advice on sites like the Globe and Mail.
She’s a 51 year old health care administrator who earns $130k. He’s a 53 year old engineering consultant who earns $150k. She has $310k in RRSPs, he has $240k in RRSPs, and they have another $110k in a joint TFSA. They have two years left until their mortgage is paid down, and owe $25k in car payments and $30k on a line of credit. They want to know when they can retire.
The advice is a little belt-tightening and to keep working for another 6-8 years.
For once I’d like to see an appraisal of a typical Canadian family.
He’s a 56 year old insurance estimator who earns $70k. She’s a 51 year old clerk at the license registry who earns $50k. She has $80k in RRSPs, and he has $60k. They have six more years on their mortgage.
So mister G&M financial advisor, what’s the plan?
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Well the thing is no one wants to read that advice. People don’t want to hear that in person, let alone read it in the newspaper.
Years ago though, that scenario might have worked....people would work until 65 and die at 70-75. They were content to spend that 5-10 years doing very little and maybe taking a trip or two. We demand more now though and want to retire earlier and do everything possible during that initial 10-15 years. It’s a different world!