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How can Patrick, 61, and Ted, 60, successfully blend their finances?
2025-04-29 05:45:03| Spiritual Career Counseling
Open this photo in gallery:Patrick, 61, and Ted, 60, became a couple later in life. They have no dependents and live mortgage-free in a Toronto condo valued at $850,000.Now that we are both retired, it seems a good idea to integrate our finances, Patrick writes in an e-mail. Theyd like to know how best to maximize our respective savings into joint ones and minimize the tax implications.Patrick receives a defined benefit pension of $89,000 per year. Ted has no pension but has substantial investment savings. Their joint retirement spending goal is $122,700 per year after tax, adjusted for inflation.Short-term, their goals include a major home renovation ($25,000), international travel ($10,000 for one big trip and $5,000 for one or two smaller trips annually), and eventually replacing their car ($40,000).We asked Andrea Thompson, a certified financial planner and founder of advice-only financial-planning firm Modern Cents of Toronto, to look at Patrick and Teds situation.What the E...
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Employment