Posted on 27/06/09
Comfy nest egg needs more feathering
In London, Ont., a successful corporate manager we'll call Vern, 45, grosses $215,000 a year plus bonuses averaging $30,000 a year. His salary supports his wife, whom we'll call Tess, 46, a homemaker, and their 9-year-old child. In spite of their substantial family income, $10,000 a month after taxes and deductions for life insurance premiums and pension contributions, Vern and Tess have only $92,000 in their retirement, education and chequing accounts, and a company pension plan with a value of $66,000. They have lived for the moment in the belief they will die relatively young, as members of their families did.
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