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Situation: Ontario couple who sold home five years ago, now faces huge rent increase and tough choices. Solution: Cut five-figure travel bills and other costs of living drastically or risk running out of money late in life.
The foundation will process all donation requests and transfer the funds to the charities chosen, as well as track the DAF and provide the donor with regular updates on the foundation ’s In retrospect , selling the house to fund a $ 50 , 000 travel habit may not have been couple ' s best move .
Situation: Ontario couple who sold home five years ago, now faces huge rent increase and tough choices
Solution: Cut five-figure travel bills and other costs of living drastically or risk running out of money late in life
In Ontario, a couple we’ll call Max, 77, formerly a management consultant, and Lori, 74, formerly a transportation manager, have retired. Their life is focused on travel on which they spend about $49,000 a year. Five years ago, they sold their house and used the proceeds to invest for income to pay the travel bills. Their rent is $5,216 per month and due to rise dramatically. They want back into the housing market but realize that if they sell off a large portion of their present $2.27 million in financial assets, there may not be sufficient funds left for travel. Presently, their spending exceeds their take-home income.
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In retrospect , selling the house to fund a $ 50 , 000 travel habit may not have been couple ’ s best move . Canada’s biggest pensions may be at home on the world stage, but many others stay local to their detriment. Terence Corcoran: Populist bureaucrats are promising Canadians phoney competition
Here are the best ways to invest $ 50 , 000 . Then check two crucial financial boxes: having an emergency fund and not having high-interest debt. While you may be tempted to dribble this money in bit by bit, the best strategy is to go whole hog into the market — that’ s according to Vanguard, one
Max and Lori want to spend perhaps $1.4 million to buy a condo or a townhouse or an apartment in an older high-rise, and finance a $400,000 down payment with a loan secured by their substantial stock portfolio. A loan would avoid the sale of assets and big tax bills, but it would leave them susceptible to a rise in interest rates.
Family Finance asked Owen Winkelmolen, head of PlanEasy.ca, a fee-based financial advisory service based in London, Ont., to work with Max and Lori.
In addition to their financial assets, which currently generate $134,432 before tax each year, they have Lori’s defined benefit work pension of $27,394 per year; her small defined benefit foreign work pension of $2,869 per year; Canada Pension Plan benefits that add up to $21,676; and two Old Age Security benefits which total $14,580. All in, they have $66,519 pension income, though the two work pensions are not indexed. Their total income before tax is $200,951 per year.
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For that you need a budget, especially considering that $ 50 , 000 may not go too far if the cost of living is high where you hope to find an apartment. The best way to determine how much rent you can afford is to add up your actual monthly expenses and subtract them from your monthly take-home pay.
3 Ways To Make $ 50 , 000 Per Year Without Working With Passive Income. What real estate crowdfunding companies do is allow investors like you and me to pool our funds and buy Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. Responses have not been reviewed, approved or otherwise endorsed by any company.
Their best asset is their good health, but that fact actually creates a special risk, Winkelmolen explains. They have a good chance of reaching their 90s and, statistically, a 25 per cent chance of one partner living to 97 and a 10 per cent chance of one making to age 100. Their prospects for long life mean they have to stretch their money for what could be another quarter century.
Being out of the housing market and renting while home prices soared has created a big problem for Max and Lori. And time is not on their side.
Their landlord has demanded a 38 per cent increase in present rent of $5,216 per month to $7,216 per month. That is a $24,000 increase in annual expenses and would push their estimate of 2020 total living costs from $168,240 for 2019 to $192,240 next year. They can’t afford that.
They have no intention of cutting back on their extensive travels and wish to remain mobile as long as their good health holds out. The plan: be self-sufficient and self-reliant, stay out of seniors’ homes, leave money to a disabled grandchild and, as they put it, “have their last cheque bounce.”
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Well , you might want to hold out for a better deal. Now one town in the country is offering foreigners , 000 to move there. Another says it will even pay newcomers more than In the Sicilian town of Gangi, where 200 crumbling €1 euro dwellings have been sold mainly to European professionals and
Selling your inherited property can be a difficult decision with wide-ranging considerations. If you can’t find a will, the deceased may not have made one. In this case their estate would usually Good Move are proud to be the most regulated property buyer operating in the ‘Quick House Sale’ industry.
For now, Max and Lori are in a tough spot. Either they pay the higher rent or squeeze their assets for cash for a house. They have $115,234 in TFSAs, a drop in the bucket for buying a house or condo with a seven-figure price tag. If they sell most of the assets in their non-registered accounts ($1.49 million) to provide $1.4 million for a house and $100,000 for legal costs, moving, title and so on, they will have big bills for capital gains. If they sell $659,353 in their RRIFs they will have a 53.5 per cent marginal tax rate, for what is paid out of RRSPs is taxable.
A question of priorities
The couple’s proposed solution is to use their non-registered stocks for collateral. They figure that a $1.4 million house or condo would take a $400,000 down payment. But that would add leverage to their finances. Moreover, they would have to pay an estimated $58,350 in land-transfer tax, legal fees, closing costs and moving bills. With those add-ons, they would need $458,350 up front.
Assuming they do borrow a down payment of $400,000 as an interest-only term loan on their non-registered assets at four per cent (that’s $16,000 per year) and pay three per cent interest on a $1,000,000 mortgage ($30,000 per year) they would initially be spending $46,000 per year on interest alone. The mortgage cost, say a 30-year, three per cent loan secured by the property would be $50,592 per year. There could also be a hefty bill for mortgage life or appropriate-term insurance, in addition to those big transaction fees and moving costs. All that would leave them with a debt they would not be able to pay in their lifetimes. If interest rates rise, carrying costs could leave them unable to afford their upscale shelter.
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A good rule of thumb is to have at least , 000 in the bank at all times. This is not only good for This could be to deal with a problem, such as unexpected bills or legal work, or to fund an opportunity In fact, depending on your situation, it may be better to reduce the amount you borrow from your 401k
When you sell the property, you may be in for a sizable windfall. However, that income-generating machine can cost you when you sell . For a married couple filing jointly with a taxable income of 0, 000 and capital gains of 0, 000 Say you made $ 50 , 000 off the sale of a rental apartment
Finally, Winkelmolen notes, leveraging assets by a loan means that a 37 per cent drop in stock prices — think 2008 — would wipe out their liquid net worth.
If they do take the mortgage route, their overall cost would rise in comparison to present spending, though it would be less than staying put and paying the sharply higher rent.
If Max and Lori take the mortgage choice, they will run out of money before Max turns 100, which is the upper bound for projected investment returns. Winkelmolen estimates that they would have to cut their spending to $162,000 per year in order to make their assets last until Max hits the century mark.
If they do not reduce spending, they will progressively run out of options with shelter costs running their lives. It’s a fundamental reality. They have to make the choice.
Retirement stars: Two retirement stars ** out of five
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Hawley Driver proudly shows a photo on her phone of a blonde, blue-eyed little girl with a toothy grin. She’s adorable and smart, says the proud mother. “We’ve heard she likes to sing in the car.” Driver, 25, and partner Jordan Gosselin, 26, became parents to Lily last December. But their time together as a family has been fleeting. That’s because three months after her birth, Lily was taken into government care due to the couple’s ongoing struggle with drug addiction and a precarious housing situation. “It was heartbreaking,” said Driver. “I cried all day, all week.