Posted AT 6:00 AM EST on 27/09/08
When debt is such an obstacle to retirement
In Toronto, a couple we'll call Frank and Wendy are both 37. Frank is an engineer. Wendy is self-employed. They have a $630,000 house on which they have a $402,000 mortgage balance. As they approach middle age, they realize they have to build a retirement plan.
Debt is the obstacle to their retirement. Currently, they spend $7,450 per month while taking in $5,000 after tax.
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