
Case Studies
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Dave & Judy saw no light at the end of the debt tunnel.
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Planning Objectives:
Dave and Judy wanted to secure their future and transition into semi-retirement, but a $150,000 mortgage was obscuring their vision. They were both in their mid-50s and felt like they should be debt-free, given Judy's past health scare that reminded them of life's brevity.
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Situation Before Planning:
Projections indicated they could retire comfortably in seven years by working full-time, but they didn't want to carry a $100,000 mortgage into retirement. They were also exhausted from full-time work.
Results Of Planning:
Dave seized a limited opportunity before turning 55 to commute his pension. His 35 years in the public service would yield a maximum pension, not just unreduced. With a $76,000 five-year average salary, his commuted value became $1,439,000. They invested $810,000, paid off their mortgage, and set aside $200,000 for semi-retirement. Though they faced a $275,000 tax bill, having $1,000,000 invested, no debt, and semi-retirement eased their financial concerns.
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Fowler Financial Group Ltd.
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5161 Tecumseh Rd. E.
Windsor, ON N8T 1C3