APSHOT Age Job Salary Family Lives ANCIALS 60 Researcher at an…

Question Answered step-by-step APSHOT Age Job Salary Family Lives ANCIALS 60 Researcher at an… APSHOTAgeJobSalaryFamilyLivesANCIALS60Researcher at an agricultural centre$120,000/year.0,000/.Lost spouse in car accident years ago.One daughter – 37 years old10000(2,000)Barrie, Ontario. Lived there all their life.100000p(2,060)Con600$50,000 in a TFSA.$300,000 in RRSPs, invested mainly in GICs. $50,000 in unused RRSP contribution rôom.$30,000 in a chequing account, for emergencies.Mortgage: $100,000 mortgage, at a 3.1% interest rate for 18 years.Property currently worth $550,000.Expenses – $2,000/month-03 63OTHERPension: Will receive the CPP and OAS – no other pension.Will: NoneInsurance: Life insurance policy. The premium is $200 monthly. It is for a 10-year term, with 7years left. It has a $200,000 death benefit. Daughter is the beneficiary.FAMILYDaughter, Amanda, lives in Florence where she works as an art historian. Amanda is singleand doesn’t have any children.IREMENTPLANSWants to retire within 1-3 years.Wants to sell the house, and after paying off the mortgage, buy a small house in cottagecountry with a woodshop for about $300,000 and perhaps a small place in Arizona (where sheused to vacation with her spouse and where she has friends) for about $275,000 (Canadian).Part of their retirement plan is to turn their woodworking hobby into part-time employment,making custom furniture. Estimates making $20,000/year, maybe for next 10 years.Expects living expenses to be similar to what they are now – $2,000 a month.Would like to travel during the first few years of retirement, especially to Italy to see more ofher daughter and maybe join some short tours in Europe. Estimates about $6,000 per vear.While Patricia is healthy enough now, assumes that later they’ll need additional personal care.They imagine that might cost $1000/month from age 80.INANCIALGOALWould like to minimize tax expense on investment income.Would like to leave Amanda a reasonable amount of money eventually. Business BUS FIN-5561 Share QuestionEmailCopy link Comments (0)