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Our second subscriber is a 50-year-old man from Calgary, Canada, who, along with his spouse, earns $255,000 a year. As he plans to retire in 15 years, his goal is to sustain 80% of their pre-retirement income through investments and alternative income sources.
Financial Overview
With a current net worth pegged at $1 million, the breakdown includes:
Primary Residence: $650,000
Property (Land): $180,000
Investments: Approximately $300,000 in various accounts, including RRSP (similar to a 401k) and TFSA (Roth IRA equivalent).
Their monthly take-home is about $10,000 after taxes, with around 9-10% contributed to retirement accounts.