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Before Lyle and Tonia can retire, they have to pay off the $425,000 mortgage on their Alberta house, build up their non-registered savings and pay off their car loan.Because they have pension plans, Lyle and Tonia are able to hang up their hats earlier than many Canadians and not have to worry about getting by. Lyle is 48, Tonia is 53. They hope to retire in seven years, spending summers in the mountains and winters in a more moderate climate. Lyle would be 55 when they retire and Tonia 60.
When Lyle and Tonia retire, they plan to sell their house and buy two condos. They wonder how much they can afford to spend on them. Short term, they plan a trip to Europe. Longer term, they will have to replace their two vehicles. Baslaw doesn’t know why the idea of medals popped into her head, but when thinking about this interaction later, she decided seniors deserve medals for managing in today’s world.
Asked what they consider to be their biggest success in retirement, close to half of survey participants had a money-related answer, notes Carrick. Just over 42 per cent said their top success was having enough money to live the lifestyle they wanted, 4.6 per cent said it was getting financial planning help to turn their savings into income and 1.4 per cent cited their choice of when to start Canada Pension Plan and/or Old Age Security benefits.
After all, says Cestnick, after-tax returns are the only kind that can be spent or reinvested. There’s still time before year-end to keep the tax man at bay for 2023.
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