Susan

Case Study #3

Age: 59

Susan has worked as a professional for the majority of her career. She has been successful and has enjoyed the work and the people. 

However, she feels like she will be ready to retire in the next couple of years. Retirement for Susan means more time with friends and more travel and checking off bucket list items. 

The Challenge

Susan hasn’t saved quite enough yet.Her employer offered a small amount of RRSP matching.

Susan’s health is good and expects to live a long time. Her parents and one grandparent are all still living.

Susan has little interest in investment products, but wants to feel like she’s getting her money’s worth.

The Approach

Susan hired a financial advisor and worked with him to set a suitable retirement date, with CPP & OAS starting later. In looking over her investment portfolio, they identified ways to reduce costs and find tax savings. Susan’s portfolio is positioned for growth, but that will shift to safety as she gets closer to retirement. She also plans to buy her own pension and use her remaining investments to supplement her guaranteed income.

The Results

Now Susan knows how much she needs to set aside so that she’ll be able to retire on the date she has chosen. She is balancing her savings between an RRSP and a TFSA and she has a plan for drawing income from these accounts when she’s ready to quit working. She feels good about her plan to work a couple years more, knowing that she can travel guilt-free during semi-retirement. Susan continues to meet regularly with her advisor to be sure that her plan stays on track.

This case study is hypothetical and for illustration purposes only.

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