Short-term, they want to renovate the kitchen and buy a “newish” car. Long-term, they want to help one of their children buy a first home
Their retirement spending target? “This is hard to say because we are barely surviving now,” Marjorie adds. “Can I retire at 60? Or later?” Marjorie asks. “Can we afford to age in place in Toronto? I really want to stay in the city in our home.”
“Given both Marjorie and Phillip have had health issues, I assumed they started their CPP as soon as they retire and their OAS right at age 65,” Mr. Heath says. Their combined CPP is estimated at about $22,000 and OAS about $9,000 each. “I assumed they were both entitled to 80 per cent of the maximum CPP given Marjorie’s early retirement and Phillip’s relatively low self-employment income,” he adds.
Their $187,000 of debt – the balances on their mortgage and line of credit – will be paid down over the next few years, helped, possibly, by an inheritance. “If we assume Marjorie receives a $250,000 inheritance in five years and they use it to pay off their remaining debt, renovate their kitchen for $50,000 and buy a relatively new car for $30,000, they might end up debt-free with a little bit of cash in the bank,” Mr. Heath says.
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