At the current rate of $620 a month, they could have the rest of the student loan paid off in about two years. If they put aside $140,000 for the down payment, they could pay $25,500 on the student loan. “They should put at least 20 per cent down to avoid Canada Mortgage and Housing Corp. Miszk increases the moving allowance to $15,000, leaving them with $165,500. This would entail closing costs and perhaps some renovations, so Mr. Now, suppose they sell and buy a larger unit for $700,000. At the end of three years, the couple would have about $286,000 in savings, assuming a growth rate of 4 per cent a year. But the $1,620 savings in debt payments means they would have an additional $1,000 of cash flow each month that could be put into a low-risk investment account and used toward a down payment on a larger home when the time is right. Rent on a two-bedroom condo of $2,400 is about $620 more than what they are paying now for their mortgage, property taxes and condo fees. Of this, $53,000 could go to paying down their student loan and back taxes. With real estate commission of 5 per cent, an estimated $5,000 in moving costs and an early payment penalty of $3,500 for the mortgage, they would be left with $175,500. After accounting for the investment plan of $2,500 a month, they are left with about $2,950 in surplus income with which to pay down debt and create an emergency fund. “There are no costs to move, and the mortgage payments/tax/condo fees are cheaper than rent.” But living in cramped quarters puts other stresses on their life, so moving to a larger unit makes sense.Įsther and Ewen’s income after taxes and expenses is $5,465 a month. “Staying in their current condo is the family’s best option from a financial perspective,” Mr. As well, he suggests they build up an emergency fund of about $45,000. To achieve this, they would have to contribute about $2,500 a month to their investments, Mr. “In this situation, their retirement savings target would be $1,523,000 at age 55.” They’ll need a portfolio that allows for both growth and income throughout their long retirement – the planner assumes they will live to the age of 90 – so he has used an average rate of return of 5 per cent a year. So the balance of about $51,500 will have to come from investments, an amount that will grow by 2 per cent a year. From age 65 on, with inflation, they will get $10,600 a year from Esther’s pension and $72,429 from their combined Canada Pension Plan and Old Age Security benefits. From 60 to 65, they will get $9,600 a year from Esther’s defined benefit pension. “From age 55 to 60, their entire income will need to come from investments,” Mr. The earliest Esther can take her small pension from a previous employer is the age of 60. Assuming they split their income, and factoring in a 2-per-cent inflation rate for 23 years, they would need about $110,000 a year pre-tax (the $60,000 after-tax target grossed up to $70,000 pre-tax, then inflated). First, the planner looks at their retirement spending goal.
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