Eric and sue, both 60, are fast approaching retirement. However, rather than looking forward to their retirement, they are becoming concerned that they haven’t saved enough to support their lifestyle. they expect to receive full government benefits and have also saved to their RRSPs on a regular basis, but will it be enough? Eric and sue also want to help their children get established as best they can. their daughter sarah, is getting married next year, and their son David and his wife are expecting their first child soon. at the same time, sue’s mother’s health is failing and they are concerned about the impact of health care costs on her financial situation.

Solution

The first step for Eric and Sue was to assess their current financial situation by completing the Cash Flow and Net Worth Worksheets (see next page). After determining their expenses today, they also estimated what their retirement lifestyle might cost them. Their Altamira Advisor then prepared their LifePlan™ which factored in their Canada Pension Plan (CPP), Old Age Security (OAS) and employer pensions, as well as inflation. Eric and were pleasantly surprised to see that they actually had a small surplus of income each year.

Although they may not be able to help out their children as much as they’d like, they plan to revisit their discretionary expenses to see where they can cut back.

Eric and Sue are happy with their LifePlan™ and can rest assured that their retirement assets are sufficient to fund their desired lifestyle in retirement. Their next step is to encourage Sue's mother to meet with their Altamira Advisor so that she can have her own LifePlan™ prepared.