Ron and Mary both have defined-contribution matching plan to which each contributes three per cent of gross pay equalled by employers and which therefore grow at six per cent plus investment returns. Each month they save $1,000 for their RRSPs and $1,000 combined per month to their TFSAs. $4,220 monthly goes to non-registered savings.Article content
With no further savings to registered or other accounts, Ron’s $510,000 in registered investments, including his $84,000 defined-contribution pension plan, left to grow at three per cent per year after inflation would rise to a value of $685,400 in ten years when Mary would be 55 and would retire. Ron’s non-registered assets and savings held in joint name with Mary with a total value of $330,000, growing at three per cent after inflation for ten years, would rise to a value of $443,500. That sum would provide $19,722 annual income to his age 95. His DC pension and half this joint non-registered income, $9,861, would provide Ron an income of $40,340 in 2022 dollars.Article content
In this scenario, his $510,000 would rise to a value of $644,944 in six years. That would generate $27,079 per year for 40 years. The non-registered investments and savings account with a combined $330,000 value growing for six years with $3,000 monthly additions would have a value of $633,886. That sum would provide each partner half of $26,625 or $13,313 per year to his age 95, giving Ron total income of $40,392 in 2022 dollars.
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