Contact Career Resources Case Studies Blog

CASE STUDIES


Client Profile

  • John is 45 year old works as a Senior Manager in an Engineering firm. His annual income is CAD 75000.
  • He has a limited budget with time bound paying capacity.
  • He is looking for a small coverage to cover final cost plus to leave something for near and dear ones.

Recommendations

  • Financial Initiative Advisory inc recommended Limited Paylife 20 pay participating policy having coverage of CAD 100,000

Reasoning

  • Thorough need analysis done by the FIG Advisor


Client Profile

Annette is 58 years old, and after 30 years of working for the same company, has decided to take the offered severance package of $50,000 at the end of the year. James is a 60 year old Engineer who has been with his current employer for long. Annette wants to proceed with retirement although James is not very much sure. They decide to find out if they have enough if they decide to retire now.


Situation

They have a small mortgage of $50,000 left on home of $700,000. They have a $300,000 recreational property in Muskoka with a small outstanding mortgage of $50,000.They are ready to downsize and move to a smaller home.


Assets to generate retirement income
Annette assets James assets
TFSA $28000 TFSA $24000
DCPP $185000 DCPP $225000
Severance package $50000 RRSP $80000
RRSP $60000

Proceeds generated from home downsizing: $120000

Their projected retirement income to survive is $54000 annualy.


Recommendations

FIG advisor made recommendation on basis of this information which was pretty tax effective. They both could retire in 1 year which made them happy.