Robert and Timothy are 'tired of the rat race' of keeping up with the cost of living and housing while staying in jobs that don't inspire them. How can they achieve their retirement goals soonest?Robert and Timothy are in their 40s, government workers with those rare pension plans that allow them to imagine retiring early and living fuller, more satisfying lives in some quiet part of the country. Robert is 45 and earns $150,000 a year, Timothy is 41 and earns $63,000 a year.
“The ideal scenario is that we will prepare to have the child leave home for higher education when we start to fully retire,” Robert writes in an e-mail. “Will the introduction of a child impact our retirement plans?”We asked Ian Calvert, financial planner and portfolio manager at of HighView Financial Group in Toronto, to look at Robert and Timothy’s situation.
The planner assumes that by the time Robert and Timothy move to Victoria, they will have sold all three of their Toronto properties and bought a condo townhouse for $800,000. They have not yet decided when and in what order they will sell. Ideally, Robert would wait until he has retired and is in a much lower marginal tax bracket to sell. He should also consider selling one property a year to avoid reporting two large capital gains in the same year. He would begin collecting Canada Pension Plan and Old Age Security benefits at the age of 65, although he will likely face some clawback of his OAS.
globemoney Not if Meghan and Harry get there first
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