Marek is 35 years old and earns $57,000 per year. He has a two percent defined-benefit plan based on the average of his last five years of income. He just started saving $2,500 per year in an RRSP and expects to earn 6% c.a. Assume that the average of his last five years of employment earnings is $65,000. You expect that he will qualify for annual CPP income of $13,000, and OAS income (after clawback) of approximately $6,000. How much annual income will he have if he decides to retire at age 65 and expects to live to age 85?

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Marek is currently 35 years old He earns 57000 per year currently He has a defined ... View the full answer