Tim and Tamara are professionals in their early 40s earning a combined $258,000 a year plus bonus. They also have income from a condo they are renting out.They are looking to accumulate enough savings and investments to allow them to retire comfortably in their early to mid 60s. Their retirement spending goal is $90,000 a year after tax.Their main goal, though, is to “ensure our autistic daughter will be financially supported for the rest of her adult life,” Tim writes in an e-mail.
We asked Stephanie Douglas, partner and portfolio manager at Harris Douglas Asset Management of Toronto, to look at Tim and Tamara’s situation. Ms. Douglas is also a certified financial planner.Tim and Tamara would like to retire at ages 65 and 60, respectively, with a spending goal of $90,000 a year after tax. This will have risen to $144,000 by 2044, when Tim plans to retire, adjusted for inflation.
Tim and Tamara have been making contributions to Tim’s registered pension plan at work as well as to Tamara’s tax-free savings account and registered retirement savings plan. “Since both Tim and Tamara are in high tax brackets, I suggest any funds geared toward retirement go to their RRSP accounts first, then to their TFSAs and finally to non-registered investment accounts,” Ms. Douglas says.
As their investments grow, they could consider eventually moving to a discretionary money manager to help manage their accounts, Ms. Douglas says, “preferably one that offers them additional services such as financial planning and that can help with asset allocation.” “The trustee will have absolute discretion over the funds, so Tim and Tamara should think carefully about who they choose for this role,” the planner adds.
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