A single mom and writer, Lisa wants a simple retirement starting at 55 but worries AI will derail her plans. Read what the experts say.
About two years ago, Lisa decided to take control of her investments to avoid paying $600 in monthly management fees that her bank mutual funds charged. Her registered retirement savings plan , locked-in retirement account and tax-free savings account are all invested in dividend-paying utilities, banks, consumer goods and technology companies based largely in Canada with some in the United States. The dividends are automatically reinvested.
Specifically, she would like to know: If she chooses to downsize her home in the next few years, what purchase price for her next home would allow her to retire early? Should she direct her $100,000 inheritance to making a lump-sum payment on her mortgage or is she better off investing it? How does her potential retirement scenario change if she doesn’t receive the inheritance for another 10 to 15 years? Should she be focusing on putting savings into her TFSA or RRSP?Article contentLisa has...
“If she sells and buys a new home for $1 million or less, ideally below $900,000, paying cash , she’ll be able to retire fully,” Rempel said. “If she does have a mortgage, she will have to work until age 62. Lisa has a lot of home equity, but it produces nothing for her retirement other than low-cost accommodation, so living in a less expensive home is helpful for her.”
“If her business income reduces because of AI, she can earn less from age 55 to 65 and fully retire at age 65 instead of 62,” he said. Rempel believes Lisa should invest the inheritance in a TFSA and let the investments grow until she retires, since it will put her further ahead than just paying down the mortgage.
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