Let’s look at the numbers. Martin currently earns $95,000 per year and takes home $57,500 after taxes and deductions. Sherry has gross income of $46,368 and takes home $33,546. Thus their combined take home income is $91,046 per year or $7,587 per month. From that sum, they allocate $6,625 per month to defined expenses such as $960 per month to their home mortgage, $400 to personal loan payments, $725 for car payments and $525 to monthly RRSP contributions.
The transition from working to retirement needs a strategy. They could sell their $400,000 home and their $325,000 cabin. The $725,000 they might realize less $25,000 in costs would net $700,000, They could buy a year-round cabin for $500,000, freeing up about $200,000 to pay off their home mortgage and all other debts, with the exception of their rental properties.
Their TFSA account with a present balance of $85,000 plus $12,000 of annual contributions for three years would grow to $131,085 in 2022 dollars assuming a return of three per cent per year after inflation and would then generate tax-free income of $5,923 annually for the following 35 years.Article content
These kinds of articles would be more useful if they featured people that didn’t have a cushy government pension to look forward to.
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