Can Naresh and Whitney, both 51, retire in five years and leave no money behind?
Naresh and Whitney, both 51, are planning to retire in five years and are seeking financial advice on how to achieve their goal. They have a combined financial asset of approximately $1.5 million and are focused on maximizing their savings in the lead-up to retirement. Their financial planner recommends strategic asset drawdown and careful management of their pensions to ensure a sustainable retirement income.
- ▪Naresh and Whitney have about $1,528,665 in financial assets and $890,000 in real estate.
- ▪They aim for a retirement spending goal of $84,000 a year after tax, increasing with inflation.
- ▪Their financial planner advises them to prioritize contributions to their tax-free savings accounts and registered retirement savings plans.
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Open this photo in gallery:The couple's top priority over the next five years of employment should be adding as much to their investment accounts and cash savings as possible, says Ian Calvert, a principal and head of wealth planning at HighView Financial.Adil Boukind/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountNaresh and Whitney have recently moved back to Canada after working in Europe for a decade or so. They are both 51 years old with no children and no desire to leave an estate.She earns $163,000 a year in a senior role with an international agency. He is self-employed with variable income. Before they moved to Europe, Naresh worked as a teacher and Whitney worked for the federal government.
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