This income forecast doesn’t know a lot of things.
Rick, a 56-year-old petroleum analyst in Alberta, wants to retire in a warm country, most likely Mexico, when he turns 60. He brings home $144,000 a year, or $7,260 a month. Rick moved to Canada in 2004, but his 43-year-old girlfriend, Jane, is not a Canadian resident.
She doesn’t work, invests, or get public benefits here, and she doesn’t even have a Social Insurance Number. Rick is a careful investor who has built up a net worth of $1,238,000. His house is worth $900,000, and the loan on it is $175,000. The rest of his assets are $227,000 in RRSPs, $175,000 in TFSAs, and $130,000 in investments that aren’t tax-free. He still owes $24,000 on a loan.
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