Anne is finalizing a years\u002Dlong divorce but working overtime and wondering if it\u0027s better to declare bankruptcy so she can retire. Read on.
“I’d like to get out of debt and pay off my house ASAP,” Anne said. “What should I concentrate on first? Maximizing registered retirement savings plan contributions to get a maximum income tax return each year, paying down debt or paying down the mortgage?”
“Retirement is about two things: income needs and cash flow,” he said. “It is really the same as in the working years, except in retirement, the cash flow is passive, and this is where she should focus now: building and maximizing potential passive cash flow for her future.” A credit line at 7.45 per cent today is $600 per month instead of the $1,000 Anne is currently paying — a savings of $400 a month. This, plus her existing cash flow should provide an extra $1,000 a month she can use to start saving.
“She will need to have saved $725,000 in balanced funds yielding five per cent per year, or $575,000 in equities yielding eight per cent per year,” he said. “This, along with her pension, will allow her to generate $72,000 a year to maintain her existing lifestyle and provide $2,500 a year to travel.
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