Ontario woman needs urgent boost in income to be able to retire at 70


Situation: Woman in mid-60s fears she is not ready to retire and maintain her modest way of life

Solution: Consider annuitized income, cut mutual fund management fees, cut back on gifts to kids

A woman we’ll call Hilda is self-employed in southern Ontario as a documents manager. Now 65, she expects she must continue working to age 70 in order to pay her bills in retirement. She generates $2,500 a month from her work, adds $720 per month from the Canada Pension Plan, $590 from Old Age Security and $100 from a foreign pension for total pre-tax income of $3,910 per month. After tax, she has $3,340 monthly to spend.


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