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Starting Early: Retirement Planning Jamie Lee and Ross, now 55 and still very active, have plenty of time on their hands now that the twins are away at college. They realize that time has just flown by since they married Looking back over the past years, they realize they have worked hard: Jamie Lee as the proprietor of a cupcake caf and Ross self-employed as a Web page designer. They have enjoyed raising their family and striven to make financially sound decisions. Now they are looking forward to a retirement that is just around the corner. They saved regularly and invested wisely over the years. They have rebounded nicely from the recent economic crisis, as they watched their investments closely and adjusted their strategies when they felt it necessary. They purchase vehicles with cash and do not carry credit card balances. choosing instead to use them for convenience only. The twins are pursuing their master's degrees and have tuition covered through work-study programs at the university Jamie Lee and Ross are just a few short years from realizing their goals of retinng at 65 and purchasing a home at the beach Current Financial Situation Current Financial Situation Assets (Jamie Lee and Ross combined) Chequing account: $8,500 Savings account: $53,000 Emergency fund savings account: $45.000 House: $475.000 TFSA balance: $115.000 RRSP $500.000 invested in diversified portfolio Life insurance cash value $125.000 Investments (stocks, bonda) 950.000 Car $12,500 Jamie Lee) and 516,000 Ross Liabilities (Jamie Lee and Ross combined Mortgage balance 563,000 Credit card balance: $0 Income Jamie Lee: $45,000 gross income (331,500 net income after taxes) Ross: $135.000 gross income (597,200 net income after taxes etc) Monthly Expenses Mortgage: $1,542.77 Property taxes: $400 Homeowner's insurance: $200 TFSA contribution: $600 RRSP contributions: $1,000 Utilities: $350 Food 3600 Gas/maintenance: $485 Entertainment 100 Questions Looking over Jamie Lee and Ross's assets, which ones could be valuable to them for income as retirement approaches What government pensions will they be entitled to at retirement? What is the earliest they can collect these government pensions and how would ta it early impact the pension? Assuming they continue to contribute the above amounts to the RRSPs and TFSAs, how much will they have in assets to use for retirement at age 65 Tinclude the non-registered investments as well in your calculations How much can Jamie Lee and Ross withdraw each month and still leave their SRR intact? How much can they withdraw each month that will reduce their nest cez to zero assuming they live until they are 90 years old? Assume th portfolio of assets in the various investments (RRSP, TFSAs, and non-registered assets) carns an average of 5 percent APR compounded monthly for investment accounts and percent APR compounded monthly for the savings/emergency accounts What are some issues that they may need to contend with when it comes to their retirement plans