Max, 56, and Peg, 58, have a paid-off home, indexed pensions and an investment portfolio. So why are they falling short of their goals?Max and Peg's retirement spending goal is $120,000 a year after tax, which is more than they are spending now.Emergency heart surgery in his mid-50s has led Max and his wife, Peg, to rethink how much longer they want to keep working.
“There are two other real estate transactions in the mix that need to be completed to make that happen, in addition to answering the most common question in retirement planning, ‘Will I have enough?’” Once retired, Max will have indexed pensions of $3,955 a month and Peg $500 a month. That’s in addition to their Canada Pension Plan and Old Age Security benefits. They plan to take CPP and OAS at the age of 65.
Based on the Monte Carlo analysis, the plan only has a 46-per-cent chance of success, Mr. Ardrey says.